The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished February with 36 closed sales, which is down from the 63 & 56 closed sales recorded during the prior months of December and January respectively. Of the 36 closed sales in February, only 1 was a distressed property (foreclosures/short sales) representing just 3% of the closed sales for the month. As of the end of February, distressed properties accounted for 10% of the active listings. There were 11 closed sales of homes valued at $500K or more during February and a total of 45 over the three month period of December – February.
The inventory level is lowest in $251-500K price bracket at 3.3 months and overall it is at 4.3 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 decreases to 3.0 months worth across all price brackets.
The average sold price in February was $455K which is an increase of $73K, compared to $455K in January. Meanwhile, the median sold price was $369K in February, up $59K from the prior month. The average price of the active listings was $732K as of the end of February while the median price for the active listings was $480K during the same period.