The SE Portland real estate market finished April with 315 closed sales, which is up from the 199 & 295 closed sales recorded in the prior months of February and March respectively. Of the 315 closed sales in April, 30 were distressed properties (foreclosures/short sales) representing 10% of the closed sales for the month. As of the end of April, distressed properties accounted for 22% of the active listing inventory. There were 35 closed sales of homes valued at $500K or more during April and a total of 101 over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at 1.1 months and overall it is at just 1.2 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 1.4 months worth across all price brackets.
The average sold price in April was $316K which is a decrease of $1K, compared to $317K in March. Meanwhile, the median sold price in April was $273K, down $7K from the prior month. The average price of the active listings was $330K as of the end of April while the median price for the active listings was $271K during the same period.