The SE Portland real estate market finished February with 192 closed sales, which is between the 305 & 173 closed sales recorded in the prior months of December and January respectively. Of the 192 closed sales in February, 23 were distressed properties (foreclosures/short sales) representing 12% of the closed sales for the month. As of the end of February, distressed properties accounted for 26% of the active listing inventory. There were 29 closed sales of homes valued at $500K or more during February and a total of 76 over the three month period of December – February.
The inventory level is lowest in the $251-500K price bracket at 1.9 months and overall it is at 2.3 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 tightens to 2.0 months worth across all price brackets.
The average sold price in February was $317K which is an increase of $26K, compared to $291K in January. Meanwhile, the median sold price in February was $265K, up $26K from the prior month. The average price of the active listings was $303K as of the end of February while the median price for the active listings was $244K during the same period.