The city of Portland real estate market finished February with 641 closed sales, which is down from the 1,023 & 756 closed sales recorded in the prior months of December and January respectively. Of the 641 closed sales in February, 28 were distressed properties (foreclosures/short sales) representing 4% of the closed sales for the month. As of the end of February, distressed properties accounted for 7% of the active listing inventory. There were 204 closed sales of homes valued over $500K during February and a total of 706 sales over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at only 1.1 months and overall it is at 1.7 months worth across all price brackets based solely on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory level declines to 1.4 months worth across all price brackets.
The average sold price in February was $444K which is up $3K from the prior month. Meanwhile, the median sold price was $390K in February which is up $7K from January. The average price of the active listings was $653K as of the end of February while the median price for the active listings was $539K during the same period.