The Milwaukie real estate market finished October with 94 closed sales, which is between the 103 & 85 closed sales during the prior months of August and September respectively. Of the 94 closed sales in October, 1 was a distressed property (foreclosures/short sales) representing 1% of the closed sales for the month. As of today, distressed properties accounted for 6% of the active listing inventory. There were 7 closed sales of homes valued over $500K during October and a total of 23 over the three month period of August – October.
The inventory level is lowest in the $251-500K price bracket at 0.6 months and overall it is at 0.9 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 remains at 0.9 months worth across all price brackets.
The average sold price in October was $376K which is an increase of $3K, compared to $373K in September. Meanwhile, the median sold price was $362K in October which is an increase of $9K from the prior month. The average price of the active listings was $454K while the median price was $460K as of today.