The Gresham real estate market finished October with 86 closed sales, which is down from the 104 & 117 recorded sales during the prior months of August and September respectively. Of the 86 closed sales in October, 4 were distressed properties (foreclosures/short sales) representing 5% of the closed sales for the month. As of today, distressed properties accounted for 3% of the active listing inventory. There were 3 closed sales of homes valued over $500K during October and a total of 14 over the three month period of August – October.
The inventory level is lowest in the up to $250K price bracket at 0.9 months and overall it is at 1.6 months worth across all price brackets based solely on the October closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 1.3 months worth across all price brackets.
The average sold price in October was $332K which is down $6K from the prior month of September. Meanwhile, the median sold price was $325K in September, down $5K from the prior month. The average price of the active listings was $427K while the median price was $380K as of today.