The NE Portland real estate market finished May with 272 closed sales, which is between the 221 & 275 closed sales recorded during the prior months of March and April respectively. Of the 272 closed sales in May, 16 were distressed properties (foreclosures/short sales) representing 6% of the closed sales for the month. As of the end of May, distressed properties accounted for 16% of the active listing inventory. There were 55 closed sales of homes valued at $500K or more during May and a total of 142 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 0.9 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 increases slightly to 1.0 months worth across all price brackets.
The average sold price in May was $372K which is down $3K from the prior month of April. The median sold price in May increased to $330K, up $5K from the month prior. The average price of the active listings was $406K as of the end of May while the median price for the active listings was $346K during the same period.