Tigard Real Estate Market Update – February 2012
The Tigard real estate market finished December with 85 closed sales, which is between the 89 & 81 closed sales recorded during the prior months of November and October respectively. Of the 85 closed sales in December, 20 were distressed properties (foreclosures/short sales) representing 24% of the closed sales for the month. As of the end of December, distressed properties accounted for 28% of the active listing inventory. There were no closed sales of homes valued over $500K during December and a total of only 5 sales over the three month period of October – December.
The inventory level is lowest in the up to $250K price bracket at 3.2 months and overall it is at 4.8 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains at 4.8 months worth across all price brackets.
The average sold price in December was $223K which is a decrease of $31K, compared to $254K in November. Similarly, the median sold price in December decreased to $222K, down from $242K in November. The average price of the active listings was $300K as of the end of December while the median price for the active listings was $265K during the same period.
