The city of Portland real estate market finished January with 508 closed sales, which is down considerably from the 690 & 620 closed sales recorded in the prior months of December and November respectively. Of the 508 closed sales in January, 182 were distressed properties (foreclosures/short sales) representing 35.8% of the closed sales for the month. As of the end of January, distressed properties accounted for 30.2% of the active listing inventory. There were 59 closed sales of homes valued over $500K during January and a total of 177 sales over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at 5.0 months and overall it is at 5.4 months worth across all price brackets based solely on the January closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 4.6 months worth across all price brackets.
The average sold price in January was $278K which is a decrease of $3K, compared to $281K in December. The median sold price was $235K in January, up $5K over the $230K posted in December. The average price of the active listings was $361K as of the end of January while the median price for the active listings was $249K during the same period.