The Gresham real estate market finished March with 55 closed sales, which is up strongly from the 35 sales for the prior months of February and January. Of the 55 closed sales in March, 33 were distressed properties (foreclosures/short sales) representing 60% of the closed sales for the month. As of the end of March, distressed properties accounted for 51% of the active listing inventory. There were no closed sales of homes valued over $500K during March and a total of only 2 sales over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 3.6 months and overall it is at 4.4 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 5.8 months worth across all price brackets.
The average sold price in March was $175K which is a decrease of $2K, compared to $177K in February. Meanwhile, the median sold price was $167K in March, down $6K from the prior month. The average price of the active listings was $226K as of the end of March while the median price for the active listings was $189K for the prior period.
New real estate listings in Gresham (last 7 days):