The SE Portland real estate market finished November with 188 closed sales, which is down from 200 and 223 closed sales recorded in October and September respectively. Of the 188 closed sales in November, 55 were distressed properties (foreclosures/short sales) representing 29% of the closed sales for the month. As of the end of November, distressed properties accounted for 38% of the active listing inventory. There were 3 closed sales of homes valued at $500K or more during November and a total of 17 over the three month period of September – November.
The inventory level is lowest in the $251-500K price bracket at 3.2 months and overall it is at 4.9 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 4.5 months worth across all price brackets.
The average sold price in November was $225K which is an increase of $12K, compared to $213K in October. The median sold price in November increased to $195K, up from $175K in October. The average price of the active listings was $229K as of the end of November while the median price for the active listings was $180K during the same period.
New real estate listings in SE Portland (last 7 days):