The NE Portland real estate market finished March with 216 closed sales, which is up from the 160 & 173 closed sales recorded during the prior months of January and February respectively. Of the 216 closed sales in March, 20 were distressed properties (foreclosures/short sales) representing 9% of the closed sales for the month. As of the end of March, distressed properties accounted for 22% of the active listing inventory. There were 32 closed sales of homes valued at $500K or more during March and a total of 91 over the three month period of January – March.
The inventory level is lowest in the $251-5000K price bracket at only 0.8 months and overall it is at 1.2 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 1.4 months worth across all price brackets.
The average sold price in March was $357K which is up $8K from the prior month of February. The median sold price in March increased to $315K, up $15K from the month prior. The average price of the active listings was $393K as of the end of March while the median price for the active listings was $284K during the same period.