The SE Portland real estate market finished May with 262 closed sales, down just slightly from the 264 closed sales recorded in the prior month of April. Of the 262 closed sales in May, 81 were distressed properties (foreclosures/short sales) representing 31% of the closed sales for the month. As of the end of May, distressed properties accounted for 41% of the active listing inventory. There were 14 closed sales of homes valued at $500K or more during May and a total of 24 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 2.4 months and overall it is at 3.2 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 3.4 months worth across all price brackets.
The average sold price in May was $238K which is an increase of $23K, compared to $215K in April. The median sold price in May increased to $205K, up from $177K in April. The average price of the active listings was $232K as of the end of May while the median price for the active listings was $194K during the same period.
New real estate listings in SE Portland (last 7 days):