The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished July with 86 closed sales, which is down from the 107 & 114 closed sales recorded during the prior months of June and May respectively. Of the 86 closed sales in July, 14 were distressed properties (foreclosures/short sales) representing 16% 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 2 closed sale of homes valued at $500K or more in July and a total of 6 closed sales during 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 3.1 months worth across all price brackets based solely on the July closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture decreases slightly to 2.6 months worth across all price brackets.
The average sold price in July was $253K which is an increase of $2K, compared to $251K in June. The median sold price in July was $229K, down $11K from $240K in June. The average price of the active listings was $256K as of the end of July while the median price for the active listings was $215K during the same period.