The city of Portland real estate market finished April with 913 closed sales, which is between the 663 & 1,023 closed sales recorded in the prior months of February and March respectively. Of the 913 closed sales in April, 27 were distressed properties (foreclosures/short sales) representing 3% of the closed sales for the month. As of today, distressed properties accounted for 4% of the active listing inventory. There were 307 closed sales of homes valued over $500K during April and a total of 903 sales over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at only 0.9 months and overall it is at 1.6 months worth across all price brackets based solely on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory level increases slightly to 1.7 months worth across all price brackets.
The average sold price in April was $476K which is down $33K from the prior month. Meanwhile, the median sold price was $418K in April which is down $11K from March. The average price of the active listings was $667K while the median price was $545K as of today.