The NW Portland real estate market (which is comprised of the zip codes 97210, 97229 & 97231) finished April with 116 closed sales, which is between the 99 & 122 closed sales recorded during the prior months of February and March respectively. Of the 116 closed sales in April, there were 2 distressed properties (foreclosures/short sales) representing 2% of the closed sales for the month. As of the today, distressed properties accounted for 2% of the active listings. There were 72 closed sales of homes valued at $500K or more during April and a total of 212 over the three month period of February – April.
The inventory level is lowest in the $251-500K price bracket at 1.5 months and overall it is at 2.4 months worth across all price brackets based on the April closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases just slightly to 2.5 months worth for all price brackets.
The average sold price in April was $594K which is up $10K from the prior month of March. The median sold price was $570K in April which is up $11K from the prior month. The average price of the active listings was $757K while the median price for the active listings was $666K as of today.