The Tigard real estate market finished February with 98 closed sales, which is between the 121 & 73 closed sales recorded during the prior months of December and January respectively. Of the 98 closed sales in February, 11 were distressed properties (foreclosures/short sales) representing 11% of the closed sales for the month. As of the end of February, distressed properties accounted for 18% of the active listing inventory. There were 4 closed sales of homes valued over $500K during February and a total of 16 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 1.3 months and overall it is at 1.8 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 picture remains at 1.8 months worth across all price brackets.
The average sold price in February was $327K which is an increase of $26K, compared to $301K in January. Meanwhile, the median sold price in February increased to $324K, up from $288K the month prior. The average price of the active listings was $418K as of the end of February while the median price for the active listings was $378K during the same period.