The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished April with 70 closed sales, which is between the 74 & 66 closed sales recorded during the prior months of March and February respectively. Of the 70 closed sales in April, 17 were distressed properties (foreclosures/short sales) representing 24% of the closed sales for the month. As of the end of April, distressed properties accounted for 36% of the active listing inventory. There were no closed sales of homes valued at $500K or more last month and a total of 1 closed sale during the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 3.5 months and overall it is at 3.8 months worth across all price brackets based solely on the April closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture remains the same at 3.8 months worth across all price brackets.
The average sold price in April was $215K which is a decrease of $17K, compared to $232K in March. The median sold price in April was $203K, down $18K from $221K in March. The average price of the active listings was $252K as of the end of April while the median price for the active listings was $212K during the same period.
New real estate listings in North Portland (last 7 days):