Heat Index: The 50 metro neighborhoods most prized by homebuyers in Q3 2018

Heat Index: The 50 metro neighborhoods most prized by homebuyers in Q3 2018





By   – Data Editor, Portland Business Journal
 Updated 
Another quarter brings another reshuffling of Portland's Hottest 'Hoods deck of the most home sales, highest-priced and fastest-selling homes. While sales have been trending slower this year, sizzling hot spots remain across the metro area.

This iteration of the Heat Index is a bigger, better analysis of local real estate data generously provided by RMLS. 

First, it brings more 'hoods into play by including all Clark County, Wash., ZIP codes, seven of which broke into this quarter's top 50 in the slides above. This addition of Vancouver and its surrounding communities boosted the total quarterly homes sold to 10,184 in the four-county metro area. 

In the third quarter last year, omitting Clark County, there were only 8,865 homes sold, illustrating the residential importance of these northern suburbs. At the same time, we eliminated a dozen or so Oregon ZIP codes in Columbia, Yamhill, Marion and other counties that we don't define as the metro area. 

Second, the Heat Index is now less "average." Rather than mean values, RMLS is now providing us with median sale-price and median days-on-market data for each ZIP code, so the values are less influenced by market outliers and conform to the median residential stats to which readers are more accustomed. 

In the big picture, among 98 metro-area ZIP codes in the third quarter, the median home sale price was $417,205, when adjusted for number of sales. While not directly comparable, the average sale price among 97 Oregon-only ZIP codes in the third quarter last year was $435,719. Either the average is skewed higher by a few million-dollar home sales, Clark County offers more affordable prices, or both. 

Keep reading and see the top 50 neighborhoods here:  
https://www.bizjournals.com/portland/news/2018/10/23/heat-index-the-50-metro-neighborhoods-most-prized.html

Popular posts from this blog

Advice Young Adults Need to Avoid Buyer’s Remorse

Advice Young Adults Need to Avoid Buyer’s Remorse March 4, 2019 Most young adults have financial regrets about their home purchase, a new Bankrate survey shows, but much of their grief could have been avoided with proper planning. That’s where you come in: Younger buyers have a need for more professional guidance about the costs of homeownership. Sixty-three percent of millennial homeowners—more than any other generation—expressed buyer’s remorse, most often pertaining to closing costs, home maintenance, and other hidden expenses, according to the survey of more than 2,000 consumers. “When you buy a house, you can’t call the maintenance company or a landlord to fix major issues; it’s all on you,” says Luis Rosa, a financial planner in Henderson, Nev. Extra expenses, such as needing a new air conditioner, furnace, or water heater, often catch first-time buyers by surprise, Rosa adds. “I always advise home buyers to create savings buckets and open a savings account
Read more

Housing Slowdown Doesn’t Scare First-Time Buyers

Housing Slowdown Doesn’t Scare First-Time Buyers March 4, 2019 Despite recent declines in home sales, sluggish growth in single-family home construction, and mounting affordability concerns, first-time buyers are outperforming other segments of the market, according to a new report released by Genworth Mortgage Insurance. “The first-time home buyer market has been more resilient during the [housing] slowdown compared to repeat buyers,” writes Tian Liu, chief economist at Genworth Mortgage Insurance. About 482,000 first-time buyers purchased homes in the fourth quarter of 2018. Though that’s 3 percent lower than a year ago, it bests the 7 percent year-over-year decline in repeat buyer activity, according to the report. “This is a reminder that first-time home buyers differ from other buyer groups in terms of why they buy,” Liu notes. “Their purchase decisions are more likely driven by the fact that many are starting families and reaching peak homebuying ages. Even
Read more

What Buyers Should Ask After a Home Inspection

What Buyers Should Ask After a Home Inspection October 9, 2018 You are here Home News and Commentary Daily News What Buyers Should Ask After a Home Inspection Share Facebook Twitter LinkedIn Print October 9, 2018 After an inspector has finished a home report, buyers may feel overwhelmed by any flaws that might have been found. That’s why it’s important they take the opportunity to learn more so that they can move forward confidently in the transaction. A recent article at realtor.com® recommends home buyers ask their inspector clarifying questions like: “I don’t understand this; what does it mean?” or “Is this a major or minor problem?” and “Do I need to call in another expert for a follow-up?” Home inspectors are bound to uncover something in a home; no home is perfect. But the majority of the problems they uncover will likely be minor. Have the home inspector clarify which problems fall within the “minor” or “major” categories. Keep in mind: “The inspector can't tel
Read more