The SE Portland real estate market finished May with 365 closed sales, which is up from the 321 & 313 closed sales recorded in the prior months of March and April respectively. Of the 365 closed sales in May, 17 were distressed properties (foreclosures/short sales) representing 5% of the closed sales for the month. As of today, distressed properties accounted for 5% of the active listing inventory. There were 76 closed sales of homes valued at $500K or more during May and a total of 212 over the three month period of March – May.
The inventory level is lowest in the up to $250K price bracket at 0.7 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 1.5 months worth across all price brackets.
The average sold price in May was $402K which is a decrease of $2K, compared to $404K in April. Meanwhile, the median sold price in May was $354K, down $6K from the prior month. The average price of the active listings was $479K while the median price was $425K as of today.
New real estate listings in SE Portland (last 7 days):