The real estate market in SW Portland (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished January with 48 closed sales, which is less than half of the 109 closed sales recorded during the prior month of December. Of the 48 closed sales in January, 12 were distressed properties (foreclosures/short sales). There were 7 closed sales of homes valued at $500K or more during January and a total of 44 over the three month period of November – January.
The inventory level is lowest in the under $250K price bracket at 10.3 months and overall it is at 13.3 months worth across all price brackets based solely on the January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture improves to 7.9 months worth across all price brackets.
The average sold price in January was$361K which is a decrease of $43K, compared to $404K in December. Similarly, the median sold price in January declined to $297K from $335K in December. The average price of the active listings ($532K) is higher than the average sold prices in January by $171K while the median price for the active listings ($368K) is up $71K over the comparable median sold prices in January which reflects a lot of slow moving inventory in the higher-end of the market.
New real estate listings in SW Portland (last 7 days):