The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished May with 77 closed sales, which is up from the 63 & 58 closed sales recorded during the prior months of March and April respectively. Of the 77 closed sales in May, there were no distressed properties (foreclosures/short sales) sold for the month. As of today, distressed properties accounted for only 3% of the active listings. There were 38 closed sales of homes valued at $500K or more during May and a total of 91 over the three month period of March – May.

The inventory level is lowest in the $251-500K price bracket at 1.9 months and overall it is at 2.5 months worth across all price brackets based solely on the May Closed Sales Rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 2.9 months worth across all price brackets.

The average sold price in May was $639K which is a decrease of $35K, compared to $674K in April. Meanwhile, the median sold price was $490K in May, up $15K from the prior month.  The average price of the active listings was $804K while the median price was $576K as of today.

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

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