The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished June with 144 closed sales, which is up from the 136 & 108 closed sales recorded during the prior months of May and April respectively. Of the 144 closed sales in June, 19 were distressed properties (foreclosures/short sales) representing 13% of the closed sales for the month. As of the end of June, distressed properties accounted for 22% of the active listings. There were 30 closed sales of homes valued at $500K or more during June and a total of 79 over the three month period of April – June.
The inventory level is lowest in the $251-500K price bracket at only 2.6 months and overall it is at 3.9 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 to 4.3 months worth across all price brackets.
The average sold price in June was $397K which is a decrease of $20K, compared to $417K in May. The median sold price was $356K in June which is an increase of $19K from the prior month. The average price of the active listings was $556K as of the end of June while the median price for the active listings was at $390K during the same period.
New real estate listings in SW Portland (last 7 days):