The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished July with 49 closed sales, which is up down considerably from the 80 & 69 closed sales recorded during the prior months of June and May respectively. Of the 49 closed sales in July, 11 were distressed properties (foreclosures/short sales) representing only 22% of the closed sales for the month. As of the end of July, distressed properties accounted for 16% of the active listings. There were 19 closed sales of homes valued at $500K or more during July and a total of 59 over the three month period of May – July.
The inventory level is lowest in the up to $250K price bracket at 4.6 months and overall it is at 5.5 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 to 4.1 months worth across all price brackets.
The average sold price in July was $468K which is an increase of $44K, compared to $424K in June. The median sold price was $390K in July which is an increase of $70K from the prior month. The average price of the active listings was $594K as of the end of July while the median price for the active listings was $411K during the same period.