The Milwaukie real estate market finished November with 51 closed sales, which is down from the 58 & 72 closed sales during the prior months of October and September respectively. Of the 51 closed sales in November, 5 were distressed properties (foreclosures/short sales) representing 10% of the closed sales for the month. As of the end of November, distressed properties accounted for 27% of the active listing inventory. There was 1 closed sale of homes valued over $500K during November and a total of 3 over the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at 2.8 months and overall it is at 3.0 months worth across all price brackets based solely on the November closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 2.5 months worth across all price brackets.
The average sold price in November was $244K which is an increase of $10K, compared to $234K in October. Meanwhile, the median sold price was $247K in November, up $21K from the prior month. The average price of the active listings was $291K as of the end of November while the median price for the active listings was $241K during the same period.