The Milwaukie real estate market finished January with 51 closed sales, which is down from the 61 & 79 closed sales during the prior months of November and December respectively. Of the 51 closed sales in January, 9 were distressed properties (foreclosures/short sales) representing 18% of the closed sales for the month. As of the end of January, distressed properties accounted for 30% of the active listing inventory. There were no closed sales of homes valued over $500K during January and a total of only 3 over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 1.8 months and overall it is at 2.2 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 just slightly to 1.8 months worth across all price brackets.
The average sold price in January was $258K which is a decrease of $14K, compared to $272K in December. Meanwhile, the median sold price was $255K in January which was unchanged from the prior month. The average price of the active listings was $287K as of the end of January while the median price for the active listings was $275K during the same period.