Happy Valley Real Estate Market Update – September 2011
The Happy Valley real estate market finished July with 46 closed sales, which is down from the 69 and 52 closed sales recorded during June and May respectively. Of the 46 closed sales in July, 19 were distressed properties (foreclosures/short sales) representing 41% of the closed sales for the month. As of the end of July, distressed properties accounted for 23% of the active listing inventory. There was 1 closed sale of homes valued over $500K during July and a total of 6 sales over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 5.2 months and overall it is at 8.2 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 6.8 months worth across all price brackets.
The average sold price in July was $291K which is an increase of $1K, compared to $290K in June. The median sold price was $297K in July, up $2K from the month prior. The average price of the active listings was $374K as of the end of July while the median price for the active listings was $327K during the same period.
