The Milwaukie real estate market finished May with 90 closed sales, which is up from the 82 & 64 closed sales during the prior months of March and April respectively. Of the 90 closed sales in May, 7 were distressed properties (foreclosures/short sales) representing 8% of the closed sales for the month. As of today, distressed properties accounted for 5% of the active listing inventory. There were 4 closed sale of homes valued over $500K during May and a total of 12 over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at 0.5 months and overall it is at 1.3 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 rises slightly to 1.5 months worth across all price brackets.
The average sold price in May was $349K which is a decrease of $21K, compared to $370K in April. Meanwhile, the median sold price was $349K in May which is a decrease of $14K from the prior month. The average price of the active listings was $436K while the median price was $394K as of today.