The city of Portland real estate market finished April with 1,131 closed sales, which is up considerably from the 681 & 980 closed sales recorded in the prior months of February and March respectively. Of the 1,131 closed sales in April, 68 were distressed properties (foreclosures/short sales) representing 6% of the closed sales for the month. As of the end of April, distressed properties accounted for 17% of the active listing inventory. There were 245 closed sales of homes valued over $500K during April and a total of 579 sales over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at only 0.8 months and overall it is at 1.2 months worth across all price brackets based solely on the April 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 April was $393K which is up $15K from the prior month. Meanwhile, the median sold price was $339K in April which is down $1K from the $340K reported in March. The average price of the active listings was $539K as of the end of April while the median price for the active listings was $407K during the same period.