The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished February with 97 closed sales, which is between the 137 & 93 closed sales recorded during the prior months of December and January respectively. Of the 97 closed sales in February, there was 1 distressed property (foreclosures/short sales) representing 1% of the closed sales for the month. As of the end of February, distressed properties accounted for 2% of the active listings. There were 64 closed sales of homes valued at $500K or more during February and a total of 196 over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at only 0.5 months and overall it is at 1.9 months worth across all price brackets based on the February closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture declines slightly to 1.7 months worth for all price brackets.
The average sold price in February was $577K which is up $10K from the prior month of January. The median sold price was $558K in February which is up $57K from the prior month. The average price of the active listings was $794K as of the end of February while the median price for the active listings was $712K during the same period.