The Milwaukie real estate market finished February with 38 closed sales, which is down from the 79 & 51 closed sales during the prior months of December and January respectively. Of the 38 closed sales in February, 4 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 31% of the active listing inventory. There were 3 closed sales of homes valued over $500K during February and a total of only 4 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 2.4 months and overall it is at 2.7 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 to 1.8 months worth across all price brackets.
The average sold price in February was $296K which is an increase of $38K, compared to $258K in January. Meanwhile, the median sold price was $268K in February which was up $13K from the prior month. The average price of the active listings was $293K as of the end of February while the median price for the active listings was $267K during the same period.