North Portland Real Estate Market Update – January 2012
The North Portland real estate market (which is comprised of the zip codes 97203, 97217 & 97227) finished December with 66 closed sales, which is between the 66 & 54 closed sales recorded during November and October respectively. Of the 65 closed sales in December, 18 were distressed properties (foreclosures/short sales) representing 28% of the closed sales for the month. As of the end of December, distressed properties accounted for 30% of the active listing inventory. There were no closed sales of homes valued at $500K or more during December and only 1 over the three month period of October – December.
The inventory level is lowest in the $251-500K price bracket at only 4.0 months and overall it is at 4.5 months worth across all price brackets based solely on the December closed sales rate. When looking back over the last three months average closed sales rate, the inventory picture increases slightly to 4.8 months worth across all price brackets.
The average sold price in December was $224K which is a decrease of $10K, compared to $234K in November. The median sold price in December was $202K, down from $235K in November. The average price of the active listings was $241K as of the end of December while the median price for the active listings was $210K during the same period.
