The NE Portland real estate market finished May with 276 closed sales, which is up from the 211 & 214 closed sales recorded during the prior months of March and April respectively. Of the 276 closed sales in May, 7 were distressed properties (foreclosures/short sales) representing 3% of the closed sales for the month.  As of today, distressed properties accounted for 3% of the active listing inventory. There were 93 closed sales of homes valued at $500K or more during May and a total of 225 over the three month period of March – May.

The inventory level is lowest in the up to $250K price bracket at only 1.1 months and overall it is at 1.4 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 1.7 months worth across all price brackets.

The average sold price in May was $474K which is up $30K from the prior month of April. The median sold price in May also increased to $425K, up $25K from the month prior. The average price of the active listings was $561K while the median price was $490K as of today.

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

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