The city of Portland real estate market finished July with 850 closed sales, which is down considerably from the 1,001 & 945 closed sales recorded in the prior months of June and May respectively. Of the 850 closed sales in July, 162 were distressed properties (foreclosures/short sales) representing 19% of the closed sales for the month. As of the end of July, distressed properties accounted for 27% of the active listing inventory. There were 104 closed sales of homes valued over $500K during July and a total of 367 sales over the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at 2.8 months and overall it is at 3.4 months worth across all price brackets based solely on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 3.1 months worth across all price brackets.
The average sold price in July was $319K which is down $1K from the prior month. The median sold price was $265K in July which is down from the $272K reported in the prior month of June. The average price of the active listings was $388K as of the end of July while the median price for the active listings was $283K during the same period.