The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished April with 96 closed sales, which is up sharply from the 36 & 59 closed sales recorded during the prior months of February and March respectively. Of the 96 closed sales in April, only 4 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 5% of the active listings. There were 36 closed sales of homes valued at $500K or more during April and a total of 59 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 0.8 months and overall it is at 1.4 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 to 2.1 months worth across all price brackets.
The average sold price in April was $511K which is an increase of $91K, compared to $420K in March. Meanwhile, the median sold price was $424K in April, up $85K from the prior month. The average price of the active listings was $866K as of the end of April while the median price for the active listings was $601K during the same period.