The Milwaukie real estate market finished April with 61 closed sales, which is the same as the prior month of March. Of the 61 closed sales in April, 20 were distressed properties (foreclosures/short sales) representing 33% of the closed sales for the month. As of the end of April, distressed properties accounted for 49% of the active listing inventory. There was 1 closed sale of homes valued over $500K during April and a total of 3 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 2.9 months and overall it is at only 3.5 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 4.2 months worth across all price brackets.
The average sold price in April was $213K which is an increase of $21K, compared to $192K in March. Similarly, the median sold price was $200K in April, up $20K from the prior month. The average price of the active listings was $238K as of the end of April while the median price for the active listings was $209K during the same period.