The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished July with 109 closed sales, which is down from 125 closed sales recorded during June. Of the 109 sales in July, 16 were distressed properties (foreclosures/short sales) representing 15% of the closed sales for the month. As of the end of July, distressed properties accounted for 17% of the active listings. There were 17 closed sales of homes valued at $500K or more during July and a total of 53 over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 4.7 months and overall it is at 7.0 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 6.7 months worth across all price brackets.
The average sold price in July was $359K which is a decrease of $17K, compared to $376K in June. The median sold price was $321K in July which is an increase of $14K from the prior month. The average price of the active listings was $543K as of the end of July while the median price for the active listings was $375K during the same period.