The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished April with 190 closed sales, which is above the 110 & 167 closed sales recorded during the prior months of February and March respectively. Of the 190 closed sales in April, only 9 were distressed properties (foreclosures/short sales) representing just 5% of the closed sales for the month. As of the end of April, distressed properties accounted for 11% of the active listings. There were 50 closed sales of homes valued at $500K or more during April and a total of 125 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 just 1.3 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 1.6 months worth across all price brackets.
The average sold price in April was $446K which is an increase of $17K, compared to $429K in March. Meanwhile, the median sold price was $395K in April which is up $5K from the prior month. The average price of the active listings was $666K as of the end of April while the median price for the active listings was at $530K during the same period.