The NE Portland real estate market finished March with 188 closed sales, which is up from the 148 & 135 closed sales recorded during the prior months of February and January respectively. Of the 188 closed sales in March, 48 were distressed properties (foreclosures/short sales) representing 26% of the closed sales for the month. As of the end of March, distressed properties accounted for 39% of the active listing inventory. There were 15 closed sales of homes valued at $500K or more during March and a total of 40 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at only 2.0 months and overall it is at 2.9 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 slightly to 3.5 months worth across all price brackets.
The average sold price in March was $274K which is a decrease of $3K, compared to $277K recorded in February. Similarly, the median sold price in March decreased to $234K, down from $246K the month prior. The average price of the active listings was $257K as of the end of March while the median price for the active listings was $216K during the same period.
New real estate listings in NE Portland (last 7 days):