Average Days on Market in Portland Real Estate by Area 2014
Entering into the 2014 Portland Real Estate Market it is crucial to consider the average days on market in 2013. At the end of 2013 North Portland had the fastest average days on market at a speedy 45. Average days on market is a strong indicator of what part of town is truly up-and-coming and what part of town is starting to decline. Right behind North Portland was Northwest Portland (up in the Forest Heights area), coming in at 48 average days on market. Third place was a close fight between Lake Oswego / West Linn at 91 days and Northeast Portland at 92 average days on market. This will be a surprise to some, but West Portland came in the slowest, crawling at 157 average days on market.
When your thinking about average days on market you also have to consider foreclosures and especially “short sales” which are anything but short. These distressed properties tend to linger and raise the average of the entire area. However, distress properties are on a sharp decline in the Portland market and are not having the impact they did just a few short years ago. (The Portland real estate market officially went from depreciation overall to appreciation in 2012 and that is continuing into the foreseeable future.)
For a full breakdown of the entire Portland real estate market and detailed average days on market per Portland real estate area, sign up for the official monthly market statistics here. These are “un-branded” official results used by all news sources and you can get them direct, for free.
Any other questions about the Portland real estate market, don’t be afraid to contact your top local Portland real estate agent.January 20, 2014