Gresham Real Estate Market Update – May 2011
The real estate market in Gresham finished March with 63 closed sales, which is up from the 47 and 53 closed sales recorded during February and January respectively. Of the 63 closed sales in March, 34 were distressed properties (foreclosures/short sales) representing 54% of the closed sales for the month. As of the end of March, distressed properties accounted for 38% of the active listing inventory. There were no closed sales of homes valued over $500K during March and a total of only 2 sales over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 5.6 months and overall it is at 6.6 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 7.7 months worth across all price brackets.
The average sold price in March was $170K which is a decrease of $18K, compared to $188K in February. Similarly, the median sold price was $161K in March, down $12K from the prior month. The average price of the active listings was $218K as of the end of March while the median price for the active listings was $209K for the prior period.
