The Milwaukie real estate market finished August with 103 closed sales, which is up from the 98 & 90 closed sales during the prior months of June and July respectively. Of the 103 closed sales in August, 3 were distressed properties (foreclosures/short sales) representing 3% of the closed sales for the month. As of today, distressed properties accounted for 4% of the active listing inventory. There were 7 closed sales of homes valued over $500K during August and a total of 24 over the three month period of June – August.
The inventory level is lowest in the up to $250K price bracket at 0.8 months and overall it is at 1.3 months worth across all price brackets based solely on the August closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases just slightly to 1.4 months worth across all price brackets.
The average sold price in August was $377K which is a decrease of $8K, compared to $385K in July. Meanwhile, the median sold price was $375K in August which is an increase of $25K from the prior month. The average price of the active listings was $469K while the median price was $419K as of today.