The Gresham real estate market finished May with 79 closed sales, which is up from the 69 & 55 closed sales for the prior months of April and March respectively. Of the 79 closed sales in May, 37 were distressed properties (foreclosures/short sales) representing 47% of the closed sales for the month. As of the end of May, distressed properties accounted for 45% of the active listing inventory. There was 1 closed sale of homes valued over $500K during May which was also the only sale over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at 2.3 months and overall it is at 3.1 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 increases to 3.6 months worth across all price brackets.
The average sold price in May was $186K which is a decrease of $9K, compared to $195K in April. Meanwhile, the median sold price was $179K in May, down $6K from the prior month. The average price of the active listings was $246K as of the end of May while the median price for the active listings was $227K for the prior period.
New real estate listings in Gresham (last 7 days):