The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished April with 141 closed sales, which is between the 86 & 150 closed sales recorded during the prior months of February and March respectively. Of the 141 closed sales in April, 6 were distressed properties (foreclosures/short sales) representing just 4% of the closed sales for the month. As of the end of April, distressed properties accounted for 10% of the active listings. There were 61 closed sales of homes valued at $500K or more during April and a total of 162 over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at only 0.5 months and overall it is at 1.5 months worth across all price brackets based on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 1.7 months worth for all price brackets.
The average sold price in April was $496K which is up $6K from the prior month of March. The median sold price was $450K in March which is down $5K from the prior month. The average price of the active listings was $818K as of the end of April while the median price for the active listings was $634K during the same period.