The city of Portland real estate market finished March with 688 closed sales, which is a huge increase over the 560 & 525 closed sales recorded in the prior months of February and January respectively. Of the 688 closed sales in March, 177 were distressed properties (foreclosures/short sales) representing 25.7% of the closed sales for the month. As of the end of March, distressed properties accounted for 32.6% of the active listing inventory. There were 69 closed sales of homes valued over $500K during March and a total of 182 sales over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 3.2 months and overall it is at only 4.0 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 4.6 months worth across all price brackets.
The average sold price in March was $283K which is the same as the prior month. The median sold price was $241K in March, up $6K over the $235K posted in February. The average price of the active listings was $359K as of the end of March while the median price for the active listings was $257K during the same period.