The NE Portland real estate market finished April with 270 closed sales, which is up from the 173 & 219 closed sales recorded during the prior months of February and March respectively. Of the 270 closed sales in April, 16 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 21% of the active listing inventory. There were 54 closed sales of homes valued at $500K or more during April and a total of 112 over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at only 0.7 months and overall it is at 0.9 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 1.1 months worth across all price brackets.
The average sold price in April was $377K which is up $21K from the prior month of March. The median sold price in April increased to $325K, up $11K from the month prior. The average price of the active listings was $392K as of the end of April while the median price for the active listings was $303K during the same period.