The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished May with 66 closed sales, which is up from the 58 & 47 closed sales recorded during the prior months of April and March respectively. Of the 66 closed sales in May, 8 were distressed properties (foreclosures/short sales) representing only 12% of the closed sales for the month. As of the end of May, distressed properties accounted for 22% of the active listings. There were 16 closed sales of homes valued at $500K or more during May and a total of 48 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 3.3 months and overall it is at 3.8 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 to 4.4 months worth across all price brackets.
The average sold price in May was $422K which is a decrease of $21K, compared to $443K in April. The median sold price was $356K in May which is an increase of $45K from the prior month. The average price of the active listings was $544K as of the end of May while the median price for the active listings was $378K during the same period.
New real estate listings in Downtown Portland (last 7 days):