Portland Real Estate Market Update – January 2012
The city of Portland real estate market finished December with 676 closed sales, which is up from the 615 & 652 closed sales recorded in the prior months of November and October respectively. Of the 676 closed sales in December, 198 were distressed properties (foreclosures/short sales) representing 29.3% of the closed sales for the month. As of the end of December, distressed properties accounted for 29.5% of the active listing inventory. There were 67 closed sales of homes valued over $500K during December and a total of 183 sales over the three month period of October – December.
The inventory level is lowest in the up to $250K price bracket at 4.0 months and overall it is at 4.4 months worth across all price brackets based solely on the December closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases slightly to 4.5 months worth across all price brackets.
The average sold price in December was $282K which is a decrease of $3K, compared to $285K in November. The median sold price was $230K in December, down $17K over the $247K posted in November. The average price of the active listings was $359K as of the end of December while the median price for the active listings was $250K during the same period.
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