The Gresham real estate market finished February with 59 closed sales, which is between the 87 & 52 closed sales for the prior months of December and January respectively. Of the 59 closed sales in February, 13 were distressed properties (foreclosures/short sales) representing 22% of the closed sales for the month. As of the end of February, distressed properties accounted for 29% of the active listing inventory. There were 2 closed sales of homes valued over $500K during February and a total of 4 over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at 2.0 months and overall it is at 2.9 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 decreases slightly to 2.6 months worth across all price brackets.
The average sold price in February was $236K which is up $24K from prior month of January. Meanwhile, the median sold price was $236K in February, up $17K from the prior month. The average price of the active listings was $309K as of the end of February while the median price for the active listings was $278K for the prior period.