Oregon City Real Estate Market Update – September 2011
The Oregon City real estate market finished July with 41 closed sales, which is down from the 58 and 55 closed sales recorded during June and May respectively. Of the 41 closed sales in July, 12 were distressed properties (foreclosures/short sales) representing 29% of the closed sales for the month. As of the end of July, distressed properties accounted for 29% of the active listing inventory as well. There were 2 closed sales of homes valued over $500K during July and a total of 5 over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 7.9 months and overall it is at 8.8 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 7.1 months worth across all price brackets.
The average sold price in July was $267K which is an increase of $37K, compared to $230K in June. Similarly, the median sold price in July increased to $259K, up from $204K in June. The average price of the active listings was $361K as of the end of July while the median price was $274K during the same period.
