The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished April with 118 closed sales, which is between the 112 & 125 closed sales recorded during the prior months of February and March respectively. Of the 118 closed sales in April, 3 were distressed properties (foreclosures/short sales) representing 3% of the closed sales for the month. As of today, distressed properties account for 2% of the active listings. There were 55 closed sales of homes valued at $500K or more during April and a total of 158 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at only 0.8 months and overall it is at 2.5 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 picture remains at 2.5 months worth across all price brackets.
The average sold price in April was $566K which is a decrease of $7K, compared to $573K in March. Meanwhile, the median sold price was $480K in April which is down $15K from the prior month. The average price of the active listings was $884K while the median price was at $673K as of today.