The Milwaukie real estate market finished March with 72 closed sales, which is up from the 52 & 38 closed sales during the prior months of January and February respectively. Of the 72 closed sales in March, 6 were distressed properties (foreclosures/short sales) representing 8% of the closed sales for the month. As of the end of March, distressed properties accounted for 37% of the active listing inventory. There were no closed sales of homes valued over $500K during March and a total of only 3 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 1.1 months and overall it is at 1.3 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 1.7 months worth across all price brackets.
The average sold price in March was $267K which is a decrease of $29K, compared to $296K in February. Meanwhile, the median sold price was $262K in March which was down $6K from the prior month. The average price of the active listings was $297K as of the end of March while the median price for the active listings was $289K during the same period.