The SE Portland real estate market finished July 274 closed sales, which is between the 291 & 270 closed sales recorded in the prior months of June and May respectively. Of the 274 closed sales in July, 72 were distressed properties (foreclosures/short sales) representing 26% of the closed sales for the month. As of the end of July, distressed properties accounted for 38% of the active listing inventory. There were 11 closed sales of homes valued at $500K or more during July and a total of 41 over the three month period of May – July.
The inventory level is lowest in the $251-500K price bracket at only 2.5 months and overall it is at 3.0 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 remains at 3.0 months worth across all price brackets.
The average sold price in July was $236K which is a decrease of $7K, compared to $243K in June. The median sold price in July decreased to $205K, down from $209K in June. The average price of the active listings was $242K as of the end of July while the median price for the active listings was $202K during the same period.