The Milwaukie real estate market finished December with 85 closed sales, which is between the 65 & 91 closed sales during the prior months of October and November respectively. Of the 85 closed sales in December, 4 were distressed properties (foreclosures/short sales) representing 5% of the closed sales for the month. As of the end of December, distressed properties accounted for 19% of the active listing inventory. There were 3 closed sales of homes valued over $500K during December and a total of 14 over the three month period of October – December.
The inventory level is lowest in the $251-500K price bracket at 0.7 months and overall it is at 0.8 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 0.9 months worth across all price brackets.
The average sold price in December was $338K which is a decrease of $25K, compared to $363K in November. Meanwhile, the median sold price was $317K in December which was down $23K from the prior month. The average price of the active listings was $407K as of the end of December while the median price for the active listings was $369K during the same period.