The city of Portland real estate market finished August with 1,096 closed sales, which is between the 1,188 & 1,070 closed sales recorded in the prior months of June and July respectively. Of the 1,096 closed sales in August, 9 were distressed properties (foreclosures/short sales) representing 0.8% of the closed sales for the month. As of today, distressed properties accounted for 1.2% of the active listing inventory. There were 424 closed sales of homes valued over $500K during August and a total of 1,300 sales over the three month period of June – August.

The inventory level is lowest in the up to $250K price bracket at 2.3 months and overall it is at 2.7 months worth across all price brackets based solely on the August Closed Sales Rate. Looking back over the last three months average closed sales rate, the inventory level remains steady at 2.7 months worth across all price brackets.

The average sold price in August was $504K which is up $12K from the prior month. Meanwhile, the median sold price was $449K in August which is up $9K from July. The average price of the active listings was $619K while the median price was $500K as of today.

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