The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished March with 121 closed sales, which is between the 129 & 110 closed sales recorded during the prior months of January and February respectively. Of the 121 closed sales in March, 2 were distressed properties (foreclosures/short sales) representing 2% of the closed sales for the month. As of the end of March, distressed properties accounted for 1% of the active listings. There were 59 closed sales of homes valued at $500K or more during March and a total of 153 over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at only 1.1 months and overall it is at 2.0 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 picture remains at 2.0 months worth across all price brackets.
The average sold price in March was $575K which is an increase of $72K, compared to $503K in February. Meanwhile, the median sold price was $495K in March which is up $70K from the prior month. The average price of the active listings was $888K as of the end of March while the median price for the active listings was at $679K during the same period.