The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished April with 127 closed sales, which is up from the 77 & 91 closed sales recorded during the prior months of February and March respectively. Of the 127 closed sales in April, only 3 were distressed properties (foreclosures/short sales) representing just 2% of the closed sales for the month. As of the end of April, distressed properties accounted for 29% of the active listing inventory. There were 9 closed sales of homes valued at $500K or more in April and a total of 20 closed sales during the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at only 0.6 months and overall it is at 0.8 months worth across all price brackets based solely on the April closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture rises just slightly to 1.1 months worth across all price brackets.
The average sold price in April was $330K which is up $8K from the prior month of March. The median sold price in April was $310K, up $10K from $300K the prior month. The average price of the active listings was $364K as of the end of April while the median price for the active listings was $349K during the same period.