The NE Portland real estate market finished November with 145 closed sales, which is down from the 162 & 172 closed sales recorded during the prior months of October and September respectively. Of the 145 closed sales in November, 29 were distressed properties (foreclosures/short sales) representing 20% of the closed sales for the month. As of the end of November, distressed properties accounted for 31% of the active listing inventory. There were 10 closed sales of homes valued at $500K or more during November and a total of 27 over the three month period of September – November.
The inventory level is lowest in the $251-500K price bracket at only 3.6 months and overall it is at 4.6 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 is the same at 4.2 months worth across all price brackets.
The average sold price in November was $280K which is an increase of $20K, compared to $260K recorded in October. Similarly, the median sold price in November increased to $248K, up from $230K the month prior. The average price of the active listings was $269K as of the end of November while the median price for the active listings was $219K during the same period.