Portland Real Estate Market Update – April 2011
The real estate market in Portland finished March with 699 closed sales, which is considerably higher than the 468 and 450 closed sales recorded during February and January respectively. Of the 699 closed sales in March, 175 were distressed properties (foreclosures/short sales) representing 25% of the closed sales for the month. As of the end of March, distressed properties accounted for 28% of the active listings. There were 77 closed sales of homes valued over $500K during March and a total of 147 sales over the three month period of January – March.
The inventory level is lowest in the $251-500K price bracket at 5.4 months and overall it is at 5.7 months worth across all price brackets based solely on the March closed sales rate. Looking back over the last three months average closed sales rate, the inventory picture increases to 7.5 months worth across all price brackets.
The average sold price in March was $288K which is an increase of $20K, compared to $268K in February. The median sold price was $240K in March, up $9K from the prior month. The average price of the active listings ($349K) increased $46K from the last reading in February while the median price for the active listings ($250K) decreased $5K from the prior month.
No comments:
Post a Comment