The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished February with 84 closed sales, which is between the 102 & 76 closed sales recorded during the prior months of December and January respectively. Of the 84 closed sales in February, 6 were distressed properties (foreclosures/short sales) representing 7% of the closed sales for the month. As of the end of February, distressed properties accounted for 9% of the active listings. There were 36 closed sales of homes valued at $500K or more during February and a total of 113 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at only 1.2 months and overall it is at 2.3 months worth across all price brackets based on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines slightly to 2.2 months worth for all price brackets.
The average sold price in February was $470K which is down $59K from the prior month of January. The median sold price was $448K in February which is down $27K from the prior month. The average price of the active listings was $775K as of the end of February while the median price for the active listings was $636K during the same period.