The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished July with 87 closed sales, which is above the 80 and 60 closed sales recorded during June and May respectively. Of the 87 closed sales in July, 12 were distressed properties (foreclosures/short sales) representing only 14% of the closed sales for the month. As of the end of July, distressed properties accounted for 28% of the active listing inventory.
The inventory level is lowest in the $251-500K price bracket at only 2.8 months and overall it is at 3.9 months worth across all price brackets based solely on the July closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture increases to a still low 4.5 months worth across all price brackets.
The average sold price in July was $252K which is an increase of $44K, compared to $208K in June. The median sold price in July was $240K, up from $183K in June. The average price of the active listings was $235K as of the end of July while the median price for the active listings was $213K during the same period.