Downtown Portland Real Estate Market Update – January 2012
The downtown Portland real estate market (which is comprised of the zip codes 97201, 97204, 97205 & 97209) finished December with 52 closed sales, which is between the 45 & 55 closed sales recorded in November and October respectively. Of the 52 closed sales in December, 19 were distressed properties (foreclosures/short sales) representing 37% of the closed sales for the month. As of the end of December, distressed properties accounted for 21% of the active listings. There were 8 closed sales of homes valued at $500K or more during December and a total of 35 over the three month period of October – December.
The inventory level is lowest in the up to $250K price bracket at only 3.0 months and overall it is at 5.3 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 5.5 months worth across all price brackets.
The average sold price in December was $346K which is a decrease of $60K, compared to $406K in November. The median sold price was $271K in December which is a decrease of $54K from the prior month. The average price of the active listings was $549K as of the end of December while the median price for the active listings was $374K during the same period.
