Oregon City Real Estate Market Update – May 2011
The real estate market in Oregon City finished March with 58 closed sales, which is up over the 33 and 29 closed sales recorded during February and January respectively. Of the 58 closed sales in March, 29 were distressed properties (foreclosures/short sales) representing 50% of the closed sales for the month. As of the end of March, distressed properties accounted for 30% of the active listing inventory. There were no closed sales of homes valued over $500K during the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 3.7 months and overall it is at 5.9 months worth across all price brackets based solely on the increased March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 8.5 months worth across all price brackets.
The average sold price in March was $213K which is a decrease of $2K, compared to $215K in February. Similarly, the median sold price in March decreased to $203K, down from $210K in February. The average price of the active listings was $356K as of the end of March while the median price was $270K during the same period.
