The real estate market in SE Portland finished February with 135 closed sales, which is down from 140 & 201 closed sales recorded January and last December respectively. Of the 135 closed sales in February, 65 were distressed properties (foreclosures/short sales) representing 48% of the closed sales for the month. There were 2 closed sales of homes valued at $500K or more during February and a total of 12 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 8.4 months and overall it is at 9.0 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture improves to 7.6 months worth across all price brackets.
The average sold price in February was $194K which is a decrease of $4K, compared to $198K in January. Similarly, the median sold price in February decreased to $160K, down from $182K in January. The average price of the active listings in February ($224K) decreased $48K from the last reading in January while the median price for the active listings ($185K) decreased by $35K from the prior month as well.
New real estate listings in SE Portland (last 7 days):