--- where homes are selling fastest! That would be our own 97202! Altos Research which covers real estate data all over the country, complied a list and 97202 was 5th on the list at an average of 77 days on market. You can see the whole list and read the article at Realtor Magazine.
Realtor Magazine pulled their info from a longer article featured in Business Week which explains how Altos arrived at their rankings. ("The ranking was based on the age of the average active home listing in each Zip Code on Aug. 22. The highest-ranked Zips had listings with the fewest "days on the market" (DOM). In cases where communities of relatively fast-selling real estate were clustered together, the best Zip Code in that area was chosen. The selected Zips had average and median DOM of no fewer than 101 days. The Zips were ranked based on the median DOM .....The annual DOM change compares the days on the market on Aug. 22 to a year earlier.")
The Regional Multiple Listing Service (RMLS) has just published the Market Report for August and are showing 101 days for the Eastside of Portland. We're doing pretty good in the 97202 zip code at 24 days less than the 101 days for the eastside of Portland, and 121 days market time for metro Portland, as reported n the most recent RMLS Market Report (August). Their statisitics are based on closed sales.
Hard to say what is going happen over the next days, let alone the rest of the month of September, given the volatility in the major markets. Here in Portland, inventory is down a bit, 9.9 months as compared to 10 months in July, interest rates falling and great choices for buyers - seems like it could be a good month for us!
Let me know if you'd like a more complete report on the previous month's market activity. There is lots more to think about in it!
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