Gresham Real Estate Market Update – April 2011
The real estate market in Gresham finished February with 47 closed sales, which is below the 53 & 55 closed sales recorded during January and last December respectively. Of the 47 closed sales in February, 30 were distressed properties (foreclosures/short sales) representing 64% of the closed sales for the month. There were no closed sales of homes valued over $500K during January and a total of only 3 sales over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at 8.2 months and overall it is at 9.1 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture improves to 8.2 months worth across all price brackets.
The average sold price in February was $188K which is a decrease of $10K, compared to $198K in January. The median sold price was $173K in February, down $17K from the prior month. The average price of the active listings was $221K as of the end of February while the median price for the active listings was $210K for the prior period.
