The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished July with 51 closed sales, which is down from 65 and 74 closed sales recorded in June and May respectively. Of the 51 closed sales in July, 11 were distressed properties (foreclosures/short sales) representing 22% of the closed sales for the month. As of the end of July, distressed properties accounted for 17% of the active listings. There were 11 closed sales of homes valued at $500K or more during July and a total of 42 over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 5.0 months and overall it is at 8.0 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 6.4 months worth across all price brackets.
The average sold price in July was $340K which is a decrease of $66K, compared to $406K in June. The median sold price was $287K in July which is a decrease of $23K from the prior month. The average price of the active listings was $516K as of the end of July while the median price for the active listings was $360K during the same period.
New real estate listings in Downtown Portland (last 7 days):