The Gresham real estate market finished May with 93 closed sales, which is up from the 80 & 78 recorded during the prior months of March and April respectively. Of the 93 closed sales in May, 6 were distressed properties (foreclosures/short sales) representing 7% of the closed sales for the month. As of today, distressed properties accounted for 6% of the active listing inventory. There was 2 closed sales of homes valued over $500K during May and a total of 4 over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at 0.8 months and overall it is at 1.6 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 1.8 months worth across all price brackets.
The average sold price in May was $330K which is up $2K from the prior month of April. Meanwhile, the median sold price was $319K in May, down $11K from the prior month. The average price of the active listings was $435K while the median price was $410K as of today.