The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished March with 56 closed sales, which is up from the 36 closed sales recorded during the prior month of February respectively. Of the 56 closed sales in March, only 3 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 9% of the active listings. There were 12 closed sales of homes valued at $500K or more during March and a total of 37 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at 0.8 months and overall it is at 2.5 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 just slightly to 2.8 months worth across all price brackets.
The average sold price in March was $421K which is a decrease of $34K, compared to $455K in February. Meanwhile, the median sold price was $333K in March, down $36K from the prior month. The average price of the active listings was $826K as of the end of March while the median price for the active listings was $574K during the same period.