The city of Portland real estate market finished June with 976 closed sales, which continues an upward trend from the 939 & 827 closed sales recorded in the prior months of May and April respectively. Of the 976 closed sales in June, 193 were distressed properties (foreclosures/short sales) representing 20% of the closed sales for the month. As of the end of June, distressed properties accounted for 30% of the active listing inventory. There were 141 closed sales of homes valued over $500K during June and a total of 348 sales over the three month period of April – June.
The inventory level is lowest in the $251-500K price bracket at 2.3 months and overall it is at only 2.9 months worth across all price brackets based solely on the June closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 3.1 months worth across all price brackets.
The average sold price in June was $320K which is up $5K from the prior month. The median sold price was $272K in June which is up from the $270K reported in the prior month of May. The average price of the active listings was $382K as of the end of June while the median price for the active listings was $273K during the same period.
New real estate listings in Portland (past 24 hours):