The NE Portland real estate market finished February with 172 closed sales, which is between the 241 & 159 closed sales recorded during the prior months of December and January respectively. Of the 172 closed sales in February, 14 were distressed properties (foreclosures/short sales) representing 8% of the closed sales for the month. As of the end of February, distressed properties accounted for 22% of the active listing inventory. There were 26 closed sales of homes valued at $500K or more during February and a total of 96 over the three month period of December – February.
The inventory level is lowest in the $251-5000K price bracket at only 1.3 months and overall it is at 1.6 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 1.4 months worth across all price brackets.
The average sold price in February was $348K which is down $9K from the prior month of January. The median sold price in February increased to $300K, up $5K from the month prior. The average price of the active listings was $391K as of the end of February while the median price for the active listings was $297K during the same period.