The SE Portland real estate market finished May with 353 closed sales, which is up from the 295 & 324 closed sales recorded in the prior months of March and April respectively. Of the 353 closed sales in May, 23 were distressed properties (foreclosures/short sales) representing 7% of the closed sales for the month. As of the end of May, distressed properties accounted for 20% of the active listing inventory. There were 51 closed sales of homes valued at $500K or more during May and a total of 123 over the three month period of March – May.
The inventory level is lowest in the $251-500K price bracket at 1.0 months and overall it is at just 1.2 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 1.3 months worth across all price brackets.
The average sold price in May was $334K which is an increase of $18K, compared to $316K in April. Meanwhile, the median sold price in May was $275K, up $5K from the prior month. The average price of the active listings was $337K as of the end of May while the median price for the active listings was $275K during the same period.