The city of Portland real estate market finished May with 1,161 closed sales, which is up from the 985 & 1,157 closed sales recorded in the prior months of March and April respectively. Of the 1,161 closed sales in May, 54 were distressed properties (foreclosures/short sales) representing 5% of the closed sales for the month. As of the end of May, distressed properties accounted for 15% of the active listing inventory. There were 278 closed sales of homes valued over $500K during May and a total of 727 sales over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 0.9 months and overall it is at 1.3 months worth across all price brackets based solely on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains at 1.3 months worth across all price brackets.
The average sold price in May was $404K which is up $12K from the prior month. Meanwhile, the median sold price was $355K in May which is up $20K from the $335K reported in April. The average price of the active listings was $535K as of the end of May while the median price for the active listings was $409K during the same period.