The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished August with 51 closed sales, which is down from the 53 and 67 closed sales recorded in July and June respectively. Of the 51 closed sales in August, 7 were distressed properties (foreclosures/short sales) representing 14% of the closed sales for the month. As of the end of August, distressed properties accounted for 16% of the active listings. There were 12 closed sales of homes valued at $500K or more during August and a total of 38 over the three month period of June – August.
The inventory level is lowest in the $251-500K price bracket at 6.2 months and overall it is at 7.1 months worth across all price brackets based solely on the August 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 August was $435K which is an increase of $94K, compared to $341K in July. The median sold price was $384K in August which is an increase of $74K from the prior month. The average price of the active listings was $519K as of the end of August while the median price for the active listings was $370K during the same period.
New real estate listings in Downtown Portland (last 7 days):