The West Linn real estate market finished March with 47 closed sales which is up from 24 & 36 closed sales in the prior months of January and February respectively. Of the 47 closed sales in March, only 1 was a distressed property (foreclosures/short sales) representing just 2% of the closed sales for the month. As of the end of March, distressed properties accounted for 14% of the active listing inventory. There were 12 closed sales of homes valued over $500K during March and a total of 37 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 1.6 months and overall it is at 3.1 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory increases to 4.1 months worth across all price brackets.
The average sold price in March was $418K which is down $111K from the prior month of February. Meanwhile, the median sold price in March decreased to $400K, down from $442K in February. The average price of the active listings was $690K as of the end of March while the median price for the active listings was $559K during the same period.