Milwaukie Real Estate Market Update – January 2012
The Milwaukie real estate market finished November with 55 closed sales, which is up from the 39 & 41 closed sales recorded during the prior months of October & September respectively. Of the 55 closed sales in November, 15 were distressed properties (foreclosures/short sales) representing 27% 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 2 closed sales of homes valued over $500K during November and a total of 4 over the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at only 4.6 months and overall it is at 4.9 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 to 6.0 months worth across all price brackets.
The average sold price in November was $222K which is an increase of $25K, compared to $197K in October. The median sold price was $200K in November, up $20K from the prior month. The average price of the active listings was $245K as of the end of November while the median price for the active listings was $210K during the same period.
