The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished February with 74 closed sales, which is between the 114 & 65 closed sales recorded during the prior months of December and January respectively. Of the 74 closed sales in February, 2 were distressed properties (foreclosures/short sales) representing just 3% of the closed sales for the month. As of the end of February, distressed properties accounted for 5% of the active listing inventory. There were 12 closed sales of homes valued at $500K or more in February and a total of 33 closed sales during the three month period of December – February.

The inventory level is lowest in the up to $250K price bracket at only 0.8 months and overall it is at 1.3 months worth across all price brackets based solely on the February Closed Sales Rate. When looking back over the last three months average closed sales rate, the inventory picture decreases to 1.1 months worth across all price brackets.

The average sold price in February was $378K which is up $27K from the prior month of January. The median sold price in February was $381K, up $31K from $350K the prior month. The average price of the active listings was $493K as of the end of February while the median price for the active listings was $465K during the same period.

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New real estate listings in North Portland (last 7 days):

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