The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished March with 98 closed sales, which is up 66% from the 59 closed sales recorded during the prior months of February and January respectively. Of the 98 closed sales in march, 15 were distressed properties (foreclosures/short sales) representing only 15% of the closed sales for the month. As of the end of March, distressed properties accounted for 21% of the active listings. There were 26 closed sales of homes valued at $500K or more during March and a total of 57 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at only 2.8 months and overall it is at 3.8 months worth across all price brackets based on the strong March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 5.1 months worth for all price brackets.
The average sold price in March was $386K which is a decrease of $41K, compared to $427K in February. The median sold price was $378K in March which is a decrease of $2K from the prior month. The average price of the active listings was $509K as of the end of March while the median price for the active listings was $421K during the same period.