The city of Portland real estate market finished March with 955 closed sales, which is up considerably from the 622 & 674 closed sales recorded in the prior months of January and February respectively. Of the 955 closed sales in March, 70 were distressed properties (foreclosures/short sales) representing 7% of the closed sales for the month. As of the end of March, distressed properties accounted for 19% of the active listing inventory. There were 195 closed sales of homes valued over $500K during March and a total of 460 sales over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at only 0.9 months and overall it is at 1.4 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 1.8 months worth across all price brackets.
The average sold price in March was $379K which is up $9K from the prior month. Meanwhile, the median sold price was $341K in March which is up $23K from the $318K reported in February. The average price of the active listings was $520K as of the end of March while the median price for the active listings was $373K during the same period.