The Gresham real estate market finished July with 67 closed sales, which is between the 63 & 79 closed sales for the prior months of June and May respectively. Of the 67 closed sales in July, 28 were distressed properties (foreclosures/short sales) representing 42% of the closed sales for the month. As of the end of July, distressed properties accounted for 38% of the active listing inventory. There were no closed sales of homes valued over $500K during July and only one sale over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 3.1 months and overall it is at 4.1 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases just slightly to 4.0 months worth across all price brackets.
The average sold price in July was $196K which is unchanged from the prior month of June. Meanwhile, the median sold price was $187K in July, up $7K from the prior month. The average price of the active listings was $256K as of the end of July while the median price for the active listings was $234K for the prior period.