The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished March with 91 closed sales, which is up from the 75 & 77 closed sales recorded during the prior months of January and February respectively. Of the 91 closed sales in March, 5 were distressed properties (foreclosures/short sales) representing just 6% of the closed sales for the month. As of the end of March, distressed properties accounted for 25% of the active listing inventory. There were 7 closed sales of homes valued at $500K or more in March and a total of 16 closed sales during the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at only 1.0 months and overall it is at 1.2 months worth across all price brackets based solely on the March closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture rises just slightly to 1.3 months worth across all price brackets.
The average sold price in March was $322K which is up $21K from the prior month of February. The median sold price in March was $300K, up $11K from $289K the prior month. The average price of the active listings was $372K as of the end of March while the median price for the active listings was $351K during the same period.