The NE Portland real estate market finished September with 230 closed sales, which is between the 235 & 221 closed sales recorded during the prior months of August and July respectively. Of the 230 closed sales in September, 41 were distressed properties (foreclosures/short sales) representing 18% of the closed sales for the month. As of the end of September, distressed properties accounted for 31% of the active listing inventory. There were 13 closed sales of homes valued at $500K or more during September and a total of 57 over the three month period of July – September.
The inventory level is lowest in the $251-500K price bracket at only 2.0 months and overall it is at 2.6 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains at 2.6 months worth across all price brackets.
The average sold price in September was $275K which is down $36K from the prior month of August. The median sold price in September decreased to $249K, down from $270K the month prior. The average price of the active listings was $281K as of the end of September while the median price for the active listings was $234K during the same period.