The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished November with 86 closed sales, which is between the 93 & 80 closed sales recorded during the prior months of October and September respectively. Of the 86 sales in November, 29 were distressed properties (foreclosures/short sales) representing 34% of the closed sales for the month. As of the end of November, distressed properties accounted for 18% of the active listings. There were 9 closed sales of homes valued at $500K or more during November and a total of 32 over the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at only 3.5 months and overall it is at 6.7 months worth across all price brackets based solely on the November closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains at 6.7 months worth across all price brackets.
The average sold price in November was $319K which is an increase of $5K, compared to $314K in October. The median sold price was $287K in November which is an increase of $7K from the prior month. The average price of the active listings was $564K as of the end of November while the median price for the active listings was $399K during the same period.
New real estate listings in SW Portland (last 7 days):