The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished March with 119 closed sales, which is up from the 94 & 98 closed sales recorded during the prior months of January and February respectively. Of the 119 closed sales in March, there were no distressed properties (foreclosures/short sales) representing 0% of the closed sales for the month. As of the end of March, distressed properties accounted for 2% of the active listings. There were 72 closed sales of homes valued at $500K or more during March and a total of 185 over the three month period of January – March.
The inventory level is lowest in the up to $250K price bracket at only 0.7 months and overall it is at 1.8 months worth across all price brackets based on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 2.1 months worth for all price brackets.
The average sold price in March was $581K which is up $4K from the prior month of February. The median sold price was $552K in March which is down $7K from the prior month. The average price of the active listings was $780K as of the end of March while the median price for the active listings was $700K during the same period.