The city of Portland real estate market finished September with 983 closed sales, which is down from the 1,110 & 1,206 closed sales recorded in the prior months of July and August respectively. Of the 1,206 closed sales in September, 14 were distressed properties (foreclosures/short sales) representing 1% of the closed sales for the month. As of today, distressed properties accounted for 1% of the active listing inventory. There were 307 closed sales of homes valued over $500K during September and a total of 1,106 sales over the three month period of July – September.
The inventory level is lowest in the up to $250K price bracket at only 1.3 months and overall it is at 2.2 months worth across all price brackets based solely on the September closed sales rate. Looking back over the last three months average closed sales rate, the inventory level decreases to 2.0 months worth across all price brackets.
The average sold price in September was $463K which is down $13K from the prior month. Meanwhile, the median sold price was $419K in September which is down $2K from August. The average price of the active listings was $616K while the median price was $500K as of today.