The NE Portland real estate market finished June with 220 closed sales, which is between the 228 & 186 closed sales recorded during the prior months of May and April respectively. Of the 220 closed sales in June, 49 were distressed properties (foreclosures/short sales) representing 22% of the closed sales for the month. As of the end of June, distressed properties accounted for 34% of the active listing inventory. There were 26 closed sales of homes valued at $500K or more during June and a total of 68 over the three month period of April – June.
The inventory level is lowest in the $251-500K price bracket at only 2.1 months and overall it is at 2.7 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 slightly to 2.8 months worth across all price brackets.
The average sold price in May was $293K which is equal to the prior month of May. The median sold price in June decreased to $252K, down $7K from $259K the month prior. The average price of the active listings was $274K as of the end of June while the median price for the active listings was $231K during the same period.
New real estate listings in NE Portland (last 7 days):