The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished May with 179 closed sales, which is between the 167 & 193 closed sales recorded during the prior months of March and April respectively. Of the 179 closed sales in May, only 4 were distressed properties (foreclosures/short sales) representing just 2% of the closed sales for the month. As of the end of May, distressed properties accounted for 10% of the active listings. There were 51 closed sales of homes valued at $500K or more during May and a total of 149 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 1.7 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 1.7 months worth across all price brackets.
The average sold price in May was $476K which is an increase of $29K, compared to $447K in April. Meanwhile, the median sold price was $415K in May which is up $20K from the prior month. The average price of the active listings was $647K as of the end of May while the median price for the active listings was at $532K during the same period.