The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished June with 106 closed sales, which is between the 114 & 74 closed sales recorded during the prior months of May and April respectively. Of the 106 closed sales in June, 17 were distressed properties (foreclosures/short sales) representing 16% 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 3 closed sale of homes valued at $500K or more in June and a total of 4 closed sales during the three month period of April – June.
The inventory level is lowest in the $251-500K price bracket at only 1.9 months and overall it is at 2.4 months worth across all price brackets based solely on the June closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture increases slightly to 2.6 months worth across all price brackets.
The average sold price in June was $252K which is an increase of $21K, compared to $231K in May. The median sold price in June was $239K, up $15K from $224K in May. The average price of the active listings was $257K as of the end of June while the median price for the active listings was $214K during the same period.
New real estate listings in North Portland (last 7 days):