The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished January with 43 closed sales, which is down from the 66 closed sales recorded during the prior months of December and November. Of the 43 closed sales in January, 19 were distressed properties (foreclosures/short sales) representing 44% of the closed sales for the month. As of the end of January, distressed properties accounted for 31% of the active listing inventory. There were no closed sales of homes valued at $500K or more during the three month period of November – January.
The inventory level is lowest in the up to $250K price bracket at only 5.5 months and overall it is at 6.3 months worth across all price brackets based solely on the January closed sales rate. When 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 $193K which is a decrease of $30K, compared to $223K in December. The median sold price in January was $189K, down from $206K in December. The average price of the active listings was $244K as of the end of January while the median price for the active listings was $213K during the same period.
New real estate listings in North Portland (last 7 days):