The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished July with 126 closed sales, which is down from the 146 & 136 closed sales recorded during the prior months of June and May respectively. Of the 126 closed sales in July, 16 were distressed properties (foreclosures/short sales) representing 13% of the closed sales for the month. As of the end of July, distressed properties accounted for 19% of the active listings. There were 23 closed sales of homes valued at $500K or more during July and a total of 84 over the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at only 3.1 months and overall it is at 4.5 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 4.2 months worth across all price brackets.
The average sold price in July was $412K which is an increase of $15K, compared to $397K in June. The median sold price was $340K in July which is a decrease of $16K from the prior month. The average price of the active listings was $566K as of the end of July while the median price for the active listings was at $406K during the same period.