SW Portland Real Estate Market Update – January 2012
The SW Portland real estate market (which is comprised of the zip codes 97219, 97221, 97225 & 97239) finished December with 110 closed sales, which is up from the 87 & 93 closed sales recorded during the prior months of November and October respectively. Of the 110 closed sales in December, 22 were distressed properties (foreclosures/short sales) representing 20% of the closed sales for the month. As of the end of December, distressed properties accounted for 20% of the active listings. There were 21 closed sales of homes valued at $500K or more during December and a total of 39 over the three month period of October – December.
The inventory level is lowest in the up to $250K price bracket at only 2.8 months and overall it is at 4.6 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 to 5.2 months worth across all price brackets.
The average sold price in December was $365K which is an increase of $46K, compared to $319K in November. The median sold price was $296K in December which is an increase of $11K from the prior month. The average price of the active listings was $574K as of the end of December while the median price for the active listings remained at $399K during the same period.
