Oregon City Real Estate Market Update – January 2012
The Oregon City real estate market finished November with 45 closed sales, which is on par with the 45 & 41 closed sales recorded during the prior months of October and September respectively. Of the 45 closed sales in November, 14 were distressed properties (foreclosures/short sales) representing 31% of the closed sales for the month. As of the end of November, distressed properties accounted for 29% of the active listing inventory. There were 2 closed sales of homes valued over $500K during November and a total of 9 over the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at 5.6 months and overall it is at 6.5 months worth across all price brackets based solely on the November closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 6.7 months worth across all price brackets.
The average sold price in November was $273K which is an increase of $15K, compared to $258K in October. Similarly, the median sold price in November increased to $245K, up from $213K in October. The average price of the active listings was $325K as of the end of November while the median price was $269K during the same period.
