Milwaukie Real Estate Market Update – September 2011
The Milwaukie real estate market finished July with 48 closed sales, down from the 61 and 54 closed sales recorded during June & May respectively. Of the 48 closed sales in July, 17 were distressed properties (foreclosures/short sales) representing 35% of the closed sales for the month. As of the end of July, distressed properties accounted for 31% of the active listing inventory. There were no closed sales of homes valued over $500K during the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at only 5.7 months and overall it is at 7.3 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 6.4 months worth across all price brackets.
The average sold price in July was $197K which is an increase of $9K, compared to $188K in June. The median sold price was $195K in July, up $10K from the prior month. The average price of the active listings was $256K as of the end of July while the median price for the active listings was $220K during the same period.
