Gresham Real Estate Market Update – January 2012
The Gresham real estate market finished November with 59 closed sales, which is on par with the 59 & 63 closed sales recorded during October and September respectively. Of the 59 closed sales in November, 31 were distressed properties (foreclosures/short sales) representing 52% of the closed sales for the month. As of the end of November, distressed properties accounted for 41% of the active listing inventory. There were no closed sales of homes valued over $500K during the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at 4.0 months and overall it is at 5.1 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 decreases just slightly to 5.0 months worth across all price brackets.
The average sold price in November was $189K which is a increase of $5K, compared to $184K in October. Meanwhile, the median sold price was $175K in November, down $5K from the prior month. The average price of the active listings was $231K as of the end of November while the median price for the active listings was $210K for the prior period.
