The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished May with 151 closed sales, which is up from the 92 & 129 closed sales recorded during the prior months of March and April respectively. Of the 151 closed sales in May, 7 were distressed properties (foreclosures/short sales) representing just 5% of the closed sales for the month. As of the end of May, distressed properties accounted for 24% of the active listing inventory. There were 12 closed sales of homes valued at $500K or more in May and a total of 28 closed sales during the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at only 0.7 months and overall it is at 0.8 months worth across all price brackets based solely on the May closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture rises just slightly to 1.0 months worth across all price brackets.
The average sold price in May was $352K which is up $21K from the prior month of April. The median sold price in May was $340K, up $30K from $310K the prior month. The average price of the active listings was $367K as of the end of May while the median price for the active listings was $354K during the same period.