The Tualatin real estate market finished May with 24 closed sales, which is between the 17 & 32 closed sales recorded during the prior months of April and March respectively. Of the 24 closed sales in May, 8 were distressed properties (foreclosures/short sales) representing 33% of the closed sales for the month. As of the end of May, distressed properties accounted for 33% of the active listing inventory. There were 3 closed sales of homes valued over $500K during May and a total of 10 sales over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at 2.8 months and overall it is 5.3 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases just slightly to 5.2 months worth across all price brackets.
The average sold price in May was $345K which is a decrease of $81K, compared to $426K in April. This decline was the result of two large sales ($925K & $2.2MM) closing in April. Similarly, the median sold price in May decreased to $250K, down from $375K in April. The average price of the active listings was $456K as of the end of May while the median list price was $359K during the same period.
New real estate listings in Tualatin (last 7 days):