The NE Portland real estate market finished July with 204 closed sales, which is down a little from the 220 closed sales recorded during the prior month of June. Of the 204 closed sales in July, 50 were distressed properties (foreclosures/short sales) representing 25% of the closed sales for the month. As of the end of July, distressed properties accounted for 26% of the active listing inventory. There were 24 closed sales of homes valued at $500K or more during July and a total of 63 over the three month period of May – July.
The inventory level is lowest in the $501-750K price bracket at only 2.0 months and overall it is at 4.2 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 is the same at 4.2 months worth across all price brackets.
The average sold price in July was $268K which is an increase of $7K, compared to $261K recorded in June. Similarly, the median sold price in July Increased to $230K, up from $218K the month prior. The average price of the active listings was $279K as of the end of July while the median price for the active listings was $230K during the same period.
New real estate listings in NE Portland (last 7 days):