The Milwaukie real estate market finished June with 64 closed sales, which is between the 78 & 61 closed sales during the prior months of May and April respectively. Of the 64 closed sales in June, 24 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. As of the end of June, distressed properties accounted for 46% of the active listing inventory. There was 1 closed sale of homes valued over $500K during June and a total of 4 over the three month period of April – June.
The inventory level is lowest in the up to $250K price bracket at 3.2 months and overall it is at only 3.7 months worth across all price brackets based solely on the June closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 3.5 months worth across all price brackets.
The average sold price in June was $199K which is a decrease of $18K, compared to $217K in May. Similarly, the median sold price was $186K in June, down $9K from the prior month. The average price of the active listings was $233K as of the end of June while the median price for the active listings was $212K during the same period.