Portland neighborhoods among most competitive for homebuyers in - KPTV - FOX 12

Portland neighborhoods among most competitive for homebuyers in U.S.

Posted: Updated: Dec 29, 2015 06:26 PM
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Four Portland neighborhoods were among the 30 most competitive for home buyers in the entire country, according to a new report from real estate company Redfin.

The top 30 most competitive neighborhoods for 2015 were all located in four cities. Along with Portland, home buyers had the toughest time finding a place in Boston, San Francisco and Seattle.

The rankings were based on statistics including the percentage of homes that sold above asking price, how quickly they sold and the percentage of Redfin offers that faced bidding wars.

Coming in fifth on Redfin's list was the Hawthorne neighborhood in southeast Portland. The median home sale price there was $521,250, with 56 percent of homes selling above asking price.

The median time spent on the market in the Hawthorne neighborhood was seven days in 2015, with 90 percent of potential home buyers with Redfin facing a bidding war.

The Belmont district, also in southeast Portland, came in 15th on the list. The median sale price for homes there was $486,250 and homes typically lasted less than seven days on the market.

More than 53 percent of homes sold above their asking price, with 92 percent of Redfin buyers facing bidding wars for the homes.

The Brentwood neighborhood also came in at number 18 on the list, with the Woodstock neighborhood at number 23. 

Real estate broker Caitlin Williams of Kelly Williams Portland Central told Fox 12 she's not surprised.

"I’d say at least half my clients this year are moving [from out of state] to Oregon, specifically Portland, and they want the inner northeast, inner southeast, Belmont, Woodstock area,” Williams said.  "I’d say half of my people moving here are job changes, and the other half are lifestyle changes.  They want the schools, they want better neighborhoods, and to get out of the bigger cities [in California, Texas and Florida].”

Williams credited the demand in the Hawthorne, Belmont, Brentwood and Woodstock neighborhoods with a mix of factors, including Portland's vibe and historic culture along with walkability to shops, restaurants and parks - all in close proximity to downtown.

She said median home prices in the Hawthorne-Belmont area have risen about $200,000 in the last three years, from roughly $350,000 or $400,000 to $550.000 or $600,000.

"A lot of my clients are getting pushed out of these neighborhoods... and the incomes haven't necessarily kept up with the prices," she said.  

According to real estate company Zillow, homes in the Portland metro area gained $22 billion in value in 2015, up 9.6 percent from the previous year.

The cumulative value of all homes in the metro area is $252 billion.

Renters paid $4.2 billion in rent in 2015, according to Zillow.

Williams' advice to home buyers in the market right now?  Be open to considering other neighborhoods with similar qualities - and be patient.

"Don’t fall in love with the first house you want to make an offer on," she said.  "It might be typical for us to make three or four offers.  It’s never over until we close on the house.” 

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