The real estate market in SE Portland finished April with 202 closed sales, which is up from 197 and 140 closed sales recorded March and February respectively. Of the 202 closed sales in April, 82 were distressed properties (foreclosures/short sales) representing 41% of the closed sales for the month. As of the end of April, distressed properties accounted for 36% of the active listing inventory. There were 8 closed sales of homes valued at $500K or more during April and a total of 14 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 5.8 months and overall it is at 6.0 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 6.7 months worth across all price brackets.
The average sold price in April was $210K which is a decrease of $4K, compared to $214K in March. Conversely, the median sold price in April increased to $174K, up from $171K in March. The average price of the active listings was $228K as of the end of April while the median price for the active listings was $188K during the same period.
New real estate listings in SE Portland (last 7 days):