The real estate market in North Portland (which is comprised of the zip codes 97203, 97217 & 97227) finished April with 65 closed sales, which is between the 73 and 59 closed sales recorded during March and February respectively. Of the 65 closed sales in March, 15 were distressed properties (foreclosures/short sales) representing 23% of the closed sales for the month. As of the end of March, distressed properties accounted for almost 28% of the active listing inventory.
The inventory level is lowest in the up to $250K price bracket at 4.9 months and overall it is at 5.4 months worth across all price brackets based solely on the April closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture increases to 5.3 months worth across all price brackets.
The average sold price in April was $215K which is an increase of $3K, compared to $212K in March. Conversely, the median sold price in April was $205K, down slightly from $206K in March. The average price of the active listings was $237K as of the end of April while the median price for the active listings was $219K during the same period.