The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished March with 138 closed sales, which is up sharply the 45 & 35 closed sales recorded during the prior months of January and February respectively. Of the 138 closed sales in March, there were 2 distressed properties (foreclosures/short sales) sold for the month. As of the end of March, distressed properties accounted for only 2% of the active listings. There were 93 closed sales of homes valued at $500K or more during March and a total of 128 over the three month period of January – March.
The inventory level is lowest in the $751-1,000K price bracket at 0.8 months and overall it is at 1.0 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 increases to 1.8 months worth across all price brackets.
The average sold price in March was $803K which is an increase of $258K, compared to $545K in February. Meanwhile, the median sold price was $655K in March, up $186K from the prior month. The average price of the active listings was $817K as of the end of March while the median price for the active listings was $580K during the same period.