The Gresham real estate market finished January with 52 closed sales, which is down from the 65 & 87 closed sales for the prior months of November and December respectively. Of the 52 closed sales in January, 9 were distressed properties (foreclosures/short sales) representing 17% of the closed sales for the month. As of the end of January, distressed properties accounted for 26% of the active listing inventory. There was 1 closed sale of homes valued over $500K during January and a total of 3 over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 2.6 months and overall it is at 3.7 months worth across all price brackets based solely on the January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 2.8 months worth across all price brackets.
The average sold price in January was $212 which is down $26K from prior month of December. Meanwhile, the median sold price was $219K in January, down $12K from the prior month. The average price of the active listings was $293K as of the end of January while the median price for the active listings was $261K for the prior period.