Hillsboro Real Estate Market Update – April 2011
The real estate market in Hillsboro Oregon finished March with 92 closed sales, which is up greatly over the 48 and 47 closed sales recorded during February and January respectively. Of the 92 closed sales in March, 53 were distressed properties (foreclosures/short sales) representing 58% of the closed sales for the month. As of the end of March, distressed properties accounted for 39% of the active listing inventory.
The inventory level is lowest in the up to $250K price bracket at 4.3 months and overall it is at 4.9 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 7.3 months worth across all price brackets.
The average sold price in March was $201K which is a decrease of $11K, compared to $212K in February. Similarly, the median sold price in March decreased to $178K, down from $202K in February. The average price of the active listings in March ($289K) decreased $4K from the last reading at the end of February while the median price for the active listings ($210K) decreased $9k from the prior month.
