The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished April with 57 closed sales, which is between the 35 & 63 closed sales recorded during the prior months of February and March respectively. Of the 57 closed sales in April, there was 1 distressed property (foreclosures/short sales) sold for the month. As of today, distressed properties accounted for only 3% of the active listings. There were 25 closed sales of homes valued at $500K or more during April and a total of 68 over the three month period of February – April.
The inventory level is lowest in the up to $250K price bracket at 1.5 months and overall it is at 2.7 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 increases slightly to 3.0 months worth across all price brackets.
The average sold price in April was $678K which is an increase of $91K, compared to $587K in March. Meanwhile, the median sold price was $482K in April, up $17K from the prior month. The average price of the active listings was $849K while the median price was $585K as of today.