The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished January with 66 closed sales, which is down considerably from the 110 & 88 closed sales recorded during the prior months of December and November respectively. Of the 66 closed sales in January, 23 were distressed properties (foreclosures/short sales) representing 35% of the closed sales for the month. As of the end of January, distressed properties accounted for 20% of the active listings. There were 7 closed sales of homes valued at $500K or more during January and a total of 37 over the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at only 3.7 months and overall it is at 7.3 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 5.5 months worth across all price brackets.
The average sold price in January was $317K which is a decrease of $48K, compared to $365K in December. The median sold price was $275K in January which is a decrease of $21K from the prior month. The average price of the active listings was $582K as of the end of January while the median price for the active listings remained at $415K during the same period.
New real estate listings in SW Portland (last 7 days):