The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished June with 76 closed sales, which is up from the 69 & 60 closed sales recorded during the prior months of May and April respectively. Of the 76 closed sales in June, 16 were distressed properties (foreclosures/short sales) representing only 21% of the closed sales for the month. As of the end of June, distressed properties accounted for 18% of the active listings. There were 24 closed sales of homes valued at $500K or more during June and a total of 57 over the three month period of April – June.
The inventory level is lowest in the up to $250K price bracket at only 2.7 months and overall it is at 3.7 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 4.1 months worth across all price brackets.
The average sold price in June was $428K which is an increase of $13K, compared to $415K in May. The median sold price was $320K in June which is a decrease of $15K from the prior month. The average price of the active listings was $568K as of the end of June while the median price for the active listings was $391K during the same period.
New real estate listings in Downtown Portland (last 7 days):