The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished February with 107 closed sales, which is down from the 124 & 129 closed sales recorded during the prior months of December and January respectively. Of the 107 closed sales in February, 6 were distressed properties (foreclosures/short sales) representing 6% of the closed sales for the month. As of the end of February, distressed properties accounted for 1% of the active listings. There were 40 closed sales of homes valued at $500K or more during February and a total of 145 over the three month period of December – February.
The inventory level is lowest in the up to $250K price bracket at only 0.8 months and overall it is at 2.0 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 picture declines slightly to 1.8 months worth across all price brackets.
The average sold price in February was $507K which is a decrease of $25K, compared to $532K in January. Meanwhile, the median sold price was $425K in February which is down $40K from the prior month. The average price of the active listings was $852K as of the end of February while the median price for the active listings was at $675K during the same period.