The real estate market in Downtown Portland (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished April with 69 closed sales, which is up from 56 and 38 closed sales recorded in March and February respectively. Of the 69 closed sales in April, 16 were distressed properties (foreclosures/short sales) representing 23% of the closed sales for the month. As of the end of April, distressed properties accounted for 17% of the active listings. There were 10 closed sales of homes valued at $500K or more during April and a total of 30 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 4.3 months and overall it is at 5.6 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 7.0 months worth across all price brackets.
The average sold price in April was $360K which is a decrease of $72K, compared to $432K in March. The median sold price was $307K in April which is a decrease of $54K from the prior month. The average price of the active listings was $503K as of the end of April while the median price for the active listings was $369K during the same period.
New real estate listings in Downtown Portland (last 7 days):