Hottest Hoods Where Homes Sold The Fastest In 2016

Hottest Hoods Where Homes Sold The Fastest In 2016

A glimpse at Portland neighborhoods in which homes sold the fastest reveals that the residences stayed on the market for fewer days than they did a year earlier.

That said, those homes seemed to sell even more quickly as the year continued, yet another sign of a continued sellers' market.

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So indicates the data supplied by RMLS, which tracks residential real estate trends and which provided analyses of of the information. The Portland Business Journal processed the data a bit further to derive more details on which areas host the fastest-selling homes.

Any way you slice it, Portland's residential real estate remains absolutely sizzling.

In looking at year-over-year figures, homes sold 19.8 percent more quickly in 2016 than a year earlier, going from 35.1 days in 2015 to 28.1 days in 2016.

For all Portland ZIP codes, the average days on the market dropped to 41.1 in 2016, versus 53.9 in 2015, a 23.7 percent reduction. According to data from the National Association of REALTORS, all U.S. home sales averaged about 77 days on the market, so Portland's market is moving at lightning speed compared to most of the country.

When compared to the third quarter figures, though, the overall 2016 figures indicate that homes have begun selling even more quickly.

For instance, during the third quarter of 2016, the five areas that tied for 24th on the list — the neighborhoods include parts of Clackamas, Gresham and Hillsboro along with Portland's Hillsdale and Kenton neighborhoods —logged an average of 26 days that homes were on the market before selling.

During all of 2016, the average number of days before homes sold at the No. 25 slot, held by Tigard/Metzger and Kenton/Arbor Lodge, was 33 days.

At the No. 1 slot on the "days-sold" list, homes sold within 18 days for the full year, compared to 10 for 2016's third quarter.

The Hottest 'Hoods series tracks three Portland-area metrics: Along with today's installment on where homes sell the fastest, we also analyze the ZIP codes in which the most homes sold ( you can find it here) as well as which neighborhoods host the region's most expensive homes.

andPortland Business Journal

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Phone: 503-957-1179
Dated: January 28th 2017
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