The city of Portland real estate market finished May with 906 closed sales, which continues a strong upward trend from the 817 & 704 closed sales recorded in the prior months of April and March respectively. Of the 906 closed sales in May, 190 were distressed properties (foreclosures/short sales) representing 21% of the closed sales for the month. As of the end of May, distressed properties accounted for 31% of the active listing inventory. There were 118 closed sales of homes valued over $500K during May and a total of 273 sales over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at 2.4 months and overall it is at only 3.1 months worth across all price brackets based solely on the May 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 May was $316K which is up $27K from the prior month. The median sold price was $270K in May which is up from the $241K reported in the prior month of April. The average price of the active listings was $378K as of the end of May while the median price for the active listings was $272K during the same period.
New real estate listings in Portland (past 24 hours):