The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished May with 71 closed sales, which is between the 59 & 98 closed sales recorded during the prior months of March and April respectively. Of the 71 closed sales in May, there were no distressed properties (foreclosures/short sales) sold for the month. As of the end of May, distressed properties accounted for 5% of the active listings. There were 22 closed sales of homes valued at $500K or more during May and a total of 72 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at 1.1 months and overall it is at 2.1 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 decreases slightly to 1.9 months worth across all price brackets.
The average sold price in May was $462K which is a decrease of $53K, compared to $515K in April. Meanwhile, the median sold price was $375K in May, down $55K from the prior month. The average price of the active listings was $857K as of the end of May while the median price for the active listings was $630K during the same period.