The city of Portland real estate market finished April with 789 closed sales, which continues and upward trend from the 703 & 565 closed sales recorded in the prior months of March and February respectively. Of the 789 closed sales in April, 208 were distressed properties (foreclosures/short sales) representing 26.4% of the closed sales for the month. As of the end of April, distressed properties accounted for 32.6% of the active listing inventory. There were 86 closed sales of homes valued over $500K during April and a total of 209 sales over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at 3.0 months and overall it is at only 3.6 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 4.1 months worth across all price brackets.
The average sold price in April was $290K which is up $8K from the prior month. The median sold price was $241K in April which is the same as the prior month of March. The average price of the active listings was $367K as of the end of April while the median price for the active listings was $261K during the same period.
New real estate listings in Portland (past 24 hours):