The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished March with 150 closed sales, which is up sharply from the 76 & 86 closed sales recorded during the prior months of January and February respectively. Of the 150 closed sales in March, 7 were distressed properties (foreclosures/short sales) representing just 5% of the closed sales for the month. As of the end of March, distressed properties accounted for 10% of the active listings. There were 64 closed sales of homes valued at $500K or more during March and a total of 138 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at only 0.5 months and overall it is at 1.4 months worth across all price brackets based on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 2.0 months worth for all price brackets.
The average sold price in March was $490K which is up $20K from the prior month of February. The median sold price was $455K in March which is up $7K from the prior month. The average price of the active listings was $788K as of the end of March while the median price for the active listings was $624K during the same period.