The Milwaukie real estate market finished May with 77 closed sales, which is up for the 61 closed sales during the prior months of April and March. Of the 77 closed sales in May, 27 were distressed properties (foreclosures/short sales) representing 35% of the closed sales for the month. As of the end of May, distressed properties accounted for 45% of the active listing inventory. There were 2 closed sales of homes valued over $500K during May and a total of 4 over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at 2.5 months and overall it is at only 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 $217K which is an increase of $4K, compared to $213K in April. Conversely, the median sold price was $192K in May, down $8K from the prior month. The average price of the active listings was $245K as of the end of May while the median price for the active listings was $220K during the same period.