The city of Portland real estate market finished March with 994 closed sales, which is up sharply from the 762 & 659 closed sales recorded in the prior months of January and February respectively. Of the 994 closed sales in March, 25 were distressed properties (foreclosures/short sales) representing 3% of the closed sales for the month. As of the end of March, distressed properties accounted for 5% of the active listing inventory. There were 376 closed sales of homes valued over $500K during March and a total of 793 sales over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at only 0.9 months and overall it is at 1.3 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory level increases to 1.6 months worth across all price brackets.
The average sold price in March was $510K which is up $66K from the prior month. Meanwhile, the median sold price was $429K in March which is up $39K from February. The average price of the active listings was $661K as of the end of March while the median price for the active listings was $548K during the same period.