Happy Valley Real Estate Market Update – May 2011
The real estate market in Happy Valley finished March with 42 closed sales, which is slightly above the 41 and 33 closed sales recorded during February and January respectively. Of the 42 closed sales in March, 16 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. As of the end of March, distressed properties accounted for 33% of the active listing inventory. There were 4 closed sales of homes valued over $500K during March and a total of 11 sales over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 7.4 months and overall it is at 8.0 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 8.7 months worth across all price brackets.
The average sold price in March was $323K which is an increase of $44K, compared to $279K in February. The median sold price was $335K in March, up $70K from the month prior. The average price of the active listings was $363K as of the end of March while the median price for the active listings was $325K during the same period.
