The SE Portland real estate market finished July with 234 closed sales, which is down from 253 and 249 closed sales recorded in June and May respectively. Of the 234 closed sales in July, 71 were distressed properties (foreclosures/short sales) representing 30% of the closed sales for the month. As of the end of July, distressed properties accounted for 32% of the active listing inventory. There were 9 closed sales of homes valued at $500K or more during July and a total of 26 over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 4.9 months and overall it is at 5.0 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 4.8 months worth across all price brackets.
The average sold price in July was $217K which is a decrease of $3K, compared to $220K in June. The median sold price in July decreased to $181K, down from $197K in June. The average price of the active listings was $244K as of the end of July while the median price for the active listings was $200K during the same period.