The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished April with 129 closed sales, which continues an upward swing from the 99 and 60 closed sales recorded during the prior months of March and February respectively. Of the 98 closed sales in April, 22 were distressed properties (foreclosures/short sales) representing 17% of the closed sales for the month. As of the end of April, distressed properties accounted for 22% of the active listings. There were 31 closed sales of homes valued at $500K or more during April and a total of 74 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at only 2.3 months and overall it is at 3.0 months worth across all price brackets based on the strong April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 4.0 months worth for all price brackets.
The average sold price in April was $386K which is the same as the prior month of March. The median sold price was $355K in April which is a decrease of $22K from the prior month. The average price of the active listings was $521K as of the end of April while the median price for the active listings was $444K during the same period.
New real estate listings in NW Portland (last 7 days):