The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished November with 65 closed sales, which is up from the 53 & 60 closed sales recorded during October and September respectively. Of the 65 closed sales in November, 14 were distressed properties (foreclosures/short sales) representing 22% of the closed sales for the month. As of the end of November, distressed properties accounted for 29% of the active listing inventory. There were no closed sales of homes valued at $500K or more during November and only 1 over the three month period of September – November.
The inventory level is lowest in the $251-500K price bracket at only 3.3 months and overall it is at 4.6 months worth across all price brackets based solely on the November closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture increases slightly to 5.0 months worth across all price brackets.
The average sold price in November was $234K which is an increase of $19K, compared to $215K in October. The median sold price in November was $231K, up from $210K in October. The average price of the active listings was $242K as of the end of November while the median price for the active listings was $210K during the same period.
New real estate listings in North Portland (last 7 days):