The West Linn real estate market finished February with 35 closed sales which is between the 43 & 24 closed sales in the prior months of December and January respectively. Of the 35 closed sales in February, only 1 was a distressed property (foreclosures/short sales) representing just 3% of the closed sales for the month. As of the end of February, distressed properties accounted for 14% of the active listing inventory. There were 16 closed sales of homes valued over $500K during February and a total of 43 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 3.1 months and overall it is at 4.2 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory increases slightly to 4.3 months worth across all price brackets.
The average sold price in February was $535K which is up $7K from the prior month of January. Meanwhile, the median sold price in February increased to $450K, up from $430K in January. The average price of the active listings was $637K as of the end of February while the median price for the active listings was $541K during the same period.