The real estate market in Gresham Oregon finished January with 52 closed sales, which is slightly below the 55 closed sales recorded during last December but up from the 42 in November. Of the 52 closed sales in January, 30 were distressed properties (foreclosures/short sales) representing 58% of the closed sales for the month. There were 2 closed sales of homes valued over $500K during January and a total of 3 sales over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 7.1 months and overall it is at 8.2 months worth across all price brackets based solely on the below average January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines slightly to 8.6 months worth across all price brackets.
The average sold price in January was $199K which is a decrease of $24K, compared to $223K in December. The median sold price was $193K in January, down $13K from the prior month. The average price of the active listings ($221K) decreased $2K from the last reading in January while the median price for the active listings ($210K) remained unchanged from the prior period.