The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished February with 77 closed sales, which is between the 95 & 75 closed sales recorded during the prior months of December and January respectively. Of the 77 closed sales in February, 11 were distressed properties (foreclosures/short sales) representing 14% of the closed sales for the month. As of the end of February, distressed properties accounted for 21% of the active listing inventory. There were 4 closed sales of homes valued at $500K or more in February and a total of 12 closed sales during the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at only 1.3 months and overall it is at 1.5 months worth across all price brackets based solely on the February closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture dips slightly to 1.4 months worth across all price brackets.
The average sold price in February was $301K which is even with the prior month of January. The median sold price in January was $289K, up $9K from $280K the prior month. The average price of the active listings was $372K as of the end of February while the median price for the active listings was $364K during the same period.