The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished November with 42 closed sales, which is down from the 55 and 56 closed sales recorded in October and September respectively. Of the 42 closed sales in November, 9 were distressed properties (foreclosures/short sales) representing 21% of the closed sales for the month. As of the end of November, distressed properties accounted for 20% of the active listings. There were 10 closed sales of homes valued at $500K or more during August and a total of 42 over the three month period of September – November.
The inventory level is lowest in the up to $250K price bracket at 5.8 months and overall it is at 7.4 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 decreases to 6.1 months worth across all price brackets.
The average sold price in November was $400K which is an increase of $6K, compared to $394K in October. The median sold price was $327K in November which is an increase of $22K from the prior month. The average price of the active listings was $533K as of the end of November while the median price for the active listings was $369K during the same period.
New real estate listings in Downtown Portland (last 7 days):