The Tigard real estate market finished March with 104 closed sales, which is up substantially from the 68 & 44 closed sales recorded during the prior months of February and January respectively. Of the 104 closed sales in March, 28 were distressed properties (foreclosures/short sales) representing 27% of the closed sales for the month. As of the end of March, distressed properties accounted for 34% of the active listing inventory. There were 5 closed sales of homes valued over $500K during March and a total of 6 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 3.4 months and overall it is at 3.7 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 slightly to 5.4 months worth across all price brackets.
The average sold price in March was $286K which is an increase of $42K, compared to $244K in February. Similarly, the median sold price in March increased to $261K, up from $237K in February. The average price of the active listings was $300K as of the end of March while the median price for the active listings was $269K during the same period.
New real estate listings in Tigard (last 7 days):