Portland ranked 10th in the nation for "flash sales," a measure of the speediness of its residential real estate market.
Redfin Realty, a Web-based real estate firm, reports 115 Portland-area homes sold in less than 24 hours in the past five months, a phenomenon it terms “flash sales.”
“Real estate is just the latest facet of the numbers that has sped up to the point where the biggest purchase of one’s life can be completed in a matter of hours,” Redfin said.
Portland's appearance on the list is hardly surprising. A low supply of for-sale homes in the market has favored sellers for more than a year, leading to bidding wars for the best-situated properties.
The Regional Multiple Listing Service reports the current inventory stands at about 4.5 months. The average price of a local home in February was $282,000, 10.5 percent more than a year ago. For the year, Portland-area home prices are running 13.1 percent ahead of the same period in 2012.
Phoenix is the speediest city in the nation with a whopping 540 flash sales, Redfin said. Chicago was second with 261 and Houston third at 188.
The rest of the list:
- Dallas 184
- Austin 163
- San Diego 135
- Los Angeles 132
- Sacramento 128
- Denver 115
- Las Vegas 100
- Baltimore 97
- Washington D.C. 87
- Seattle 87
- San Jose 74
*courtesy of the Portland Business Journal
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