The Gresham real estate market finished March with 97 closed sales, which is up from the 52 & 61 closed sales for the prior months of January and February respectively. Of the 97 closed sales in March, 15 were distressed properties (foreclosures/short sales) representing 16% of the closed sales for the month. As of the end of March, distressed properties accounted for 28% of the active listing inventory. There were 2 closed sales of homes valued over $500K during March and a total of 5 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 1.3 months and overall it is at 1.8 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 picture increases to 2.5 months worth across all price brackets.
The average sold price in March was $248K which is up $14K from prior month of February. Meanwhile, the median sold price was $234K in March, down $2K from the prior month. The average price of the active listings was $323K as of the end of March while the median price for the active listings was $291K for the prior period.