The Milwaukie real estate market finished April with 81 closed sales, which is up from the 40 & 74 closed sales during the prior months of February and March respectively. Of the 81 closed sales in April, 8 were distressed properties (foreclosures/short sales) representing 10% of the closed sales for the month. As of the end of April, distressed properties accounted for 36% of the active listing inventory. There was 1 closed sale of homes valued over $500K during April and a total of only 4 over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at 1.1 months and overall it is at 1.2 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 1.5 months worth across all price brackets.
The average sold price in April was $289K which is an increase of $23K, compared to $266K in March. Meanwhile, the median sold price was $270K in April which was up $8K from the prior month. The average price of the active listings was $321K as of the end of April while the median price for the active listings was $282K during the same period.