The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished March with 161 closed sales, which is considerablu above the 82 & 107 closed sales recorded during the prior months of January and February respectively. Of the 161 closed sales in March, only 6 were distressed properties (foreclosures/short sales) representing just 4% of the closed sales for the month. As of the end of March, distressed properties accounted for 14% of the active listings. There were 45 closed sales of homes valued at $500K or more during March and a total of 96 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at only 0.8 months and overall it is at just 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 1.9 months worth across all price brackets.
The average sold price in March was $430K which is a decrease of $11K, compared to $441K in February. Meanwhile, the median sold price was $380K in March which is up $5K from the prior month. The average price of the active listings was $678K as of the end of March while the median price for the active listings was at $524K during the same period.