The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished May with 144 closed sales, which is between the 151& 142 closed sales recorded during the prior months of March and April respectively. Of the 144 closed sales in May, only 2 were distressed properties (foreclosures/short sales) representing just 1% of the closed sales for the month. As of the end of May, distressed properties accounted for 11% of the active listings. There were 87 closed sales of homes valued at $500K or more during May and a total of 214 over the three month period of March – May.
The inventory level is lowest in the $501-750K price bracket at only 0.9 months and overall it is at 1.4 months worth across all price brackets based on the May closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture remains constant at 1.4 months worth for all price brackets.
The average sold price in May was $567K which is up $70K from the prior month of April. The median sold price was $550K in May which is up $99K from the prior month. The average price of the active listings was $808K as of the end of May while the median price for the active listings was $602K during the same period.