The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished July with 109 closed sales, which is down from the 154 & 127 closed sales recorded during the prior months of June and May respectively. Of the 109 closed sales in July, 13 were distressed properties (foreclosures/short sales) representing only 12% of the closed sales for the month. As of the end of July, distressed properties accounted for 19% of the active listings. There were 34 closed sales of homes valued at $500K or more during July and a total of 106 over the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at only 2.6 months and overall it is at 3.6 months worth across all price brackets based on the July closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture decreases to 3.0 months worth for all price brackets.
The average sold price in July was $473K which is up $46K from the prior month of June. The median sold price was $430K in July which is an increase of $41K from the prior month. The average price of the active listings was $557K as of the end of July while the median price for the active listings was $466K during the same period.