The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished February with 106 closed sales, which is between the 139 & 81 closed sales recorded during the prior months of December and January respectively. Of the 106 closed sales in February, only 5 were distressed properties (foreclosures/short sales) representing just 5% of the closed sales for the month. As of the end of February, distressed properties accounted for 11% of the active listings. There were 27 closed sales of homes valued at $500K or more during February and a total of 85 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at only 1.5 months and overall it is at 2.5 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 slightly to 2.4 months worth across all price brackets.
The average sold price in February was $440K which is a decrease of $19K, compared to $459K in January. Meanwhile, the median sold price was $368K in February which is down $37K from the prior month. The average price of the active listings was $643K as of the end of February while the median price for the active listings was at $483K during the same period.