The real estate market in Milwaukie finished February with 51 closed sales, up considerably from the 28 and 35 closed sales recorded during January and last December respectively. Of the 51 closed sales in February, 22 were distressed properties (foreclosures/short sales) representing 43% of the closed sales for the month. There were no closed sales of homes valued over $500K during February and a total of 2 sales over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at only 4.8 months and overall it is at 6.1 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture worsens to 8.2 months worth across all price brackets.
The average sold price in February was $199K which is a decrease of $8K, compared to $207K in January. The median sold price was $195K in February, down $8K from the prior month. The average price of the active listings was $256K as of the end of Febuary while the median price for the active listings was $220K during the same period.