The NE Portland real estate market finished July with 217 closed sales, which is down from the 226 & 229 closed sales recorded during the prior months of June and May respectively. Of the 217 closed sales in July, 39 were distressed properties (foreclosures/short sales) representing 18% of the closed sales for the month. As of the end of July, distressed properties accounted for 32% of the active listing inventory. There were 15 closed sales of homes valued at $500K or more during July and a total of 71 over the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at only 2.1 months and overall it is at 2.7 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 just slightly to 2.6 months worth across all price brackets.
The average sold price in July was $279K which is down $15K from the prior month of June. The median sold price in July remained at $252K, same as the month prior. The average price of the active listings was $278K as of the end of July while the median price for the active listings was $238K during the same period.