The SE Portland real estate market finished March with 287 closed sales, which is up from the 173 & 197 closed sales recorded in the prior months of January and February respectively. Of the 287 closed sales in March, 29 were distressed properties (foreclosures/short sales) representing 10% 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 36 closed sales of homes valued at $500K or more during March and a total of 83 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 1.1 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 to 1.9 months worth across all price brackets.
The average sold price in March was $319K which is an increase of $4K, compared to $315K in February. Meanwhile, the median sold price in arch was $280K, up $15K from the prior month. The average price of the active listings was $312K as of the end of March while the median price for the active listings was $249K during the same period.