The real estate market in Milwaukie finished March with 47 closed sales, down from the 51 closed sales recorded during February but still up considerably from the 28 sales posted for January respectively. Of the 47 closed sales in march, 18 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. As of the end of March, distressed properties accounted for 37% of the active listing inventory. There were no closed sales of homes valued over $500K during March and only 1 sale over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at only 5.0 months and overall it is at 6.4 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 7.2 months worth across all price brackets.
The average sold price in March was $19oK which is a decrease of $9K, compared to $199K in February. The median sold price was also $190K in March, down $5K from the prior month. The average price of the active listings was $255K as of the end of March while the median price for the active listings was $225K during the same period.