The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished May with 112 closed sales, which is up considerably from the 73 & 74 closed sales recorded during the prior months of April and March respectively. Of the 112 closed sales in May, 24 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 34% of the active listing inventory. There was 1 closed sale of homes valued at $500K or more in May and a total of 2 closed sales during the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 1.9 months and overall it is at 2.3 months worth across all price brackets based solely on the May closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture increases modestly to 2.9 months worth across all price brackets.
The average sold price in May was $232K which is an increase of $16K, compared to $216K in April. The median sold price in May was $227K, up $27K from $200K in April. The average price of the active listings was $256K as of the end of May while the median price for the active listings was $216K during the same period.
New real estate listings in North Portland (last 7 days):