The NE Portland real estate market finished May with 220 closed sales, which is up from the 185 & 191 closed sales recorded during the prior months of April and March respectively. Of the 220 closed sales in May, 46 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 were 29 closed sales of homes valued at $500K or more during May and a total of 57 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 2.1 months and overall it is at 2.6 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 2.9 months worth across all price brackets.
The average sold price in May was $296K which is an increase of $25K from the prior month of April. Similarly, the median sold price in May increased to $260K, up $21K from $239K the month prior. The average price of the active listings was $273K as of the end of May while the median price for the active listings was $227K during the same period.
New real estate listings in NE Portland (last 7 days):