SE Portland Real Estate Market Update – January 2012
The SE Portland real estate market finished December with 204 closed sales, which is up from 194 & 203 closed sales recorded in the prior months of November and October respectively. Of the 204 closed sales in December, 77 were distressed properties (foreclosures/short sales) representing 38% of the closed sales for the month. As of the end of December, distressed properties accounted for 40% of the active listing inventory. There were 6 closed sales of homes valued at $500K or more during December and a total of 18 over the three month period of October – December.
The inventory level is lowest in the $251-500K price bracket at 3.5 months and overall it is at 4.2 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 just slightly to 4.3 months worth across all price brackets.
The average sold price in December was $208K which is a decrease of $17K, compared to $225K in November. The median sold price in December decreased to $169K, down from $197K in November. The average price of the active listings was $218K as of the end of December while the median price for the active listings was $175K during the same period.
