The city of Portland real estate market finished February with 665 closed sales, which is between the 944 & 618 closed sales recorded in the prior months of December and January respectively. Of the 665 closed sales in February, 60 were distressed properties (foreclosures/short sales) representing 9% of the closed sales for the month. As of the end of February, distressed properties accounted for 18% of the active listing inventory. There were 133 closed sales of homes valued over $500K during February and a total of 427 sales over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at only 1.6 months and overall it is at 2.2 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines to 2.0 months worth across all price brackets.
The average sold price in February was $369K which is equal to the prior month. Meanwhile, the median sold price was $318K in February which is down $2K from the $320K reported in January. The average price of the active listings was $496K as of the end of February while the median price for the active listings was $367K during the same period.