The SE Portland real estate market finished June 288 closed sales, up from the 268 & 267 closed sales recorded in the prior months of May and April respectively. Of the 288 closed sales in June, 77 were distressed properties (foreclosures/short sales) representing 27% of the closed sales for the month. As of the end of June, distressed properties accounted for 40% of the active listing inventory. There were 16 closed sales of homes valued at $500K or more during June and a total of 37 over the three month period of April – June.
The inventory level is lowest in the $251-500K price bracket at only 2.3 months and overall it is at 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 3.0 months worth across all price brackets.
The average sold price in June was $242K which is an increase of $4K, compared to $238K in May. The median sold price in June increased to $208K, up from $202K in May. The average price of the active listings was $240K as of the end of June while the median price for the active listings was $199K during the same period.
New real estate listings in SE Portland (last 7 days):