The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished March with 91 closed sales, which is up from the 77 & 71 closed sales recorded during the prior months of February and January respectively. Of the 91 closed sales in March, 20 were distressed properties (foreclosures/short sales) representing 22% of the closed sales for the month. As of the end of March, distressed properties accounted for 20% of the active listings. There were 9 closed sales of homes valued at $500K or more during March and a total of 30 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at only 2.9 months and overall it is at 5.1 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 5.9 months worth across all price brackets.
The average sold price in March was $335K which is a decrease of $48K, compared to $383K in February. The median sold price was $293K in March which is a decrease of $10K from the prior month. The average price of the active listings was $577K as of the end of March while the median price for the active listings was at $435K during the same period.
New real estate listings in SW Portland (last 7 days):