{"id":55935,"date":"2016-12-29T05:00:34","date_gmt":"2016-12-29T13:00:34","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=55935"},"modified":"2020-10-06T20:09:36","modified_gmt":"2020-10-07T03:09:36","slug":"most-competitive-neighborhoods-of-2016","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/most-competitive-neighborhoods-of-2016\/","title":{"rendered":"Redfin Names the Most Competitive Neighborhoods of 2016"},"content":{"rendered":"

\u201cWe put the home on the market on Thursday, got immediate interest and accepted the strongest offer at $15,000 over asking price by Sunday,\u201d recalled Redfin real estate agent in Bellevue<\/span><\/a>, Marina Pelzel. She helped her clients sell their three-bedroom townhome in the red-hot neighborhood of Factoria in Bellevue, Washington in August. In addition to the high offer price, the buyers waived the inspection contingency and already had their loan fully approved by their lender, making it nearly as strong as a cash offer.<\/span><\/p>\n

Factoria<\/span><\/a> earned the distinction of being named the most competitive neighborhood for homebuyers in 2016. Our ranking is based on several indicators of competition, including the percentage of homes that sold for more than their asking price, how quickly homes went under contract and annual price growth in 2016.<\/span><\/p>\n

In Factoria, 62 percent of homes sold for over asking price and the typical home found a buyer in just seven days. <\/span><\/p>\n

Stand-out cities <\/b><\/h3>\n

Seattle was home to 10 of the country\u2019s 30 most competitive neighborhoods. In addition to Factoria, the <\/span>University District<\/span><\/a> and <\/span>Woodridge <\/span><\/a>landed in the top 10. <\/span><\/p>\n

Eight Boston-area neighborhoods ranked, led by <\/span>Washington Square<\/span><\/a> (Brookline) and <\/span>Prospect Hill<\/span><\/a> (Somerville). Denver had seven hoods in the top 30, including <\/span>Lakeside<\/span><\/a> and <\/span>West Pleasant View<\/span><\/a> (Golden). <\/span><\/p>\n

Three San Francisco neighborhoods made the list. Washington, D.C. and Los Angeles also cracked the top 30, each with one neighborhood named. <\/span><\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Rank<\/strong><\/td>\nNeighborhood (City)<\/strong><\/td>\nMetro<\/strong><\/td>\nMedian Sale Price<\/strong><\/td>\n2016 Home Price Growth<\/strong><\/td>\nAvg Sale-to-List Price<\/strong><\/td>\n% Sold Above Asking<\/strong><\/td>\nMedian Days on Market<\/strong><\/td>\n% All Cash<\/strong><\/td>\n<\/tr>\n
1<\/td>\nFactoria (Bellevue)<\/a><\/td>\nSeattle, WA<\/td>\n$352,500<\/td>\n25.9%<\/td>\n104.9%<\/td>\n62.1%<\/td>\n7<\/td>\n46.3%<\/td>\n<\/tr>\n
2<\/td>\nUniversity District (Seattle)<\/a><\/td>\nSeattle, WA<\/td>\n$559,000<\/td>\n22.2%<\/td>\n105.1%<\/td>\n66.1%<\/td>\n7<\/td>\n34.8%<\/td>\n<\/tr>\n
3<\/td>\nWashington Square (Brookline)<\/a><\/td>\nBoston, MA<\/td>\n$945,000<\/td>\n30.0%<\/td>\n102.1%<\/td>\n55.9%<\/td>\n7<\/td>\n42.7%<\/td>\n<\/tr>\n
4<\/td>\nProspect Hill (Somerville)<\/a><\/td>\nBoston, MA<\/td>\n$635,000<\/td>\n30.9%<\/td>\n102.6%<\/td>\n56.9%<\/td>\n8<\/td>\n41.2%<\/td>\n<\/tr>\n
5<\/td>\nInner Richmond (San Francisco)<\/a><\/td>\nSan Francisco, CA<\/td>\n$1,900,000<\/td>\n26.0%<\/td>\n111.5%<\/td>\n83.0%<\/td>\n13<\/td>\n33.8%<\/td>\n<\/tr>\n
6<\/td>\nDolores Heights (San Francisco)<\/a><\/td>\nSan Francisco, CA<\/td>\n$1,895,000<\/td>\n30.7%<\/td>\n108.3%<\/td>\n68.0%<\/td>\n14<\/td>\n36.2%<\/td>\n<\/tr>\n
7<\/td>\nWoodridge (Bellevue)<\/a><\/td>\nSeattle, WA<\/td>\n$708,500<\/td>\n12.5%<\/td>\n107.0%<\/td>\n74.3%<\/td>\n7<\/td>\n36.8%<\/td>\n<\/tr>\n
8<\/td>\nLakeside (Wheat Ridge)<\/a><\/td>\nDenver, CO<\/td>\n$370,000<\/td>\n27.6%<\/td>\n102.1%<\/td>\n58.4%<\/td>\n6<\/td>\n32.3%<\/td>\n<\/tr>\n
9<\/td>\nWest Adams (Los Angeles)<\/a><\/td>\nLos Angeles, CA<\/td>\n$550,688<\/td>\n22.5%<\/td>\n103.7%<\/td>\n68.6%<\/td>\n12<\/td>\n37.9%<\/td>\n<\/tr>\n
10<\/td>\nBrickyard Road-Queensgate (Bothell)<\/a><\/td>\nSeattle, WA<\/td>\n$324,000<\/td>\n20.0%<\/td>\n104.8%<\/td>\n80.4%<\/td>\n5<\/td>\n25.0%<\/td>\n<\/tr>\n
11<\/td>\nSouth Delridge\/Westwood (Seattle)<\/a><\/td>\nSeattle, WA<\/td>\n$349,950<\/td>\n22.8%<\/td>\n103.9%<\/td>\n62.5%<\/td>\n7<\/td>\n29.2%<\/td>\n<\/tr>\n
12<\/td>\nWest Pleasant View (Golden)<\/a><\/td>\nDenver, CO<\/td>\n$350,000<\/td>\n20.1%<\/td>\n102.3%<\/td>\n47.8%<\/td>\n6<\/td>\n38.5%<\/td>\n<\/tr>\n
13<\/td>\nCollege View (Denver)<\/a><\/td>\nDenver, CO<\/td>\n$230,000<\/td>\n31.4%<\/td>\n100.7%<\/td>\n56.6%<\/td>\n5<\/td>\n41.7%<\/td>\n<\/tr>\n
14<\/td>\nHoffman Town (Aurora)<\/a><\/td>\nDenver, CO<\/td>\n$238,690<\/td>\n15.9%<\/td>\n101.7%<\/td>\n51.4%<\/td>\n6<\/td>\n40.4%<\/td>\n<\/tr>\n
15<\/td>\nMountlake Terrace (Seattle)<\/a><\/td>\nSeattle, WA<\/td>\n$360,000<\/td>\n31.8%<\/td>\n103.8%<\/td>\n55.8%<\/td>\n7<\/td>\n26.4%<\/td>\n<\/tr>\n
16<\/td>\nBryant (Seattle)<\/a><\/td>\nSeattle, WA<\/td>\n$760,000<\/td>\n19.3%<\/td>\n106.4%<\/td>\n66.2%<\/td>\n7<\/td>\n23.2%<\/td>\n<\/tr>\n
17<\/td>\nHighline Villages (Aurora)<\/a><\/td>\nDenver, CO<\/td>\n$184,450<\/td>\n19.0%<\/td>\n102.1%<\/td>\n60.0%<\/td>\n5<\/td>\n27.5%<\/td>\n<\/tr>\n
18<\/td>\nBelmont (Cambridge)<\/a><\/td>\nBoston, MA<\/td>\n$907,500<\/td>\n15.2%<\/td>\n103.8%<\/td>\n60.0%<\/td>\n7<\/td>\n28.1%<\/td>\n<\/tr>\n
19<\/td>\nEast Watertown (Watertown)<\/a><\/td>\nBoston, MA<\/td>\n$549,750<\/td>\n18.2%<\/td>\n103.4%<\/td>\n61.2%<\/td>\n7<\/td>\n25.9%<\/td>\n<\/tr>\n
20<\/td>\nEast Riverdale (Riverdale)<\/a><\/td>\nWashington, DC<\/td>\n$241,000<\/td>\n22.3%<\/td>\n102.7%<\/td>\n47.1%<\/td>\n14<\/td>\n45.5%<\/td>\n<\/tr>\n
21<\/td>\nSouth Everett (Everett)<\/a><\/td>\nSeattle, WA<\/td>\n$299,000<\/td>\n15.0%<\/td>\n101.9%<\/td>\n68.4%<\/td>\n7<\/td>\n30.3%<\/td>\n<\/tr>\n
22<\/td>\nWest Cambridge\/Harvard Square (Cambridge)<\/a><\/td>\nBoston, MA<\/td>\n$990,000<\/td>\n3.7%<\/td>\n108.5%<\/td>\n72.4%<\/td>\n7<\/td>\n43.3%<\/td>\n<\/tr>\n
23<\/td>\nUnion Square (Lakewood)<\/a><\/td>\nDenver, CO<\/td>\n$194,500<\/td>\n18.8%<\/td>\n101.2%<\/td>\n52.5%<\/td>\n4<\/td>\n32.0%<\/td>\n<\/tr>\n
24<\/td>\nWaverley Square (Belmont)<\/a><\/td>\nBoston, MA<\/td>\n$537,000<\/td>\n14.3%<\/td>\n102.8%<\/td>\n53.7%<\/td>\n8<\/td>\n32.6%<\/td>\n<\/tr>\n
25<\/td>\nRose Hill (Redmond\/Kirkland)<\/a><\/td>\nSeattle, WA<\/td>\n$690,000<\/td>\n34.8%<\/td>\n102.7%<\/td>\n67.0%<\/td>\n7<\/td>\n21.1%<\/td>\n<\/tr>\n
26<\/td>\nUnion Square\/Ward Two (Somerville)<\/a><\/td>\nBoston, MA<\/td>\n$661,125<\/td>\n10.2%<\/td>\n103.9%<\/td>\n60.3%<\/td>\n8<\/td>\n33.3%<\/td>\n<\/tr>\n
27<\/td>\nHorseshoe Park (Aurora)<\/a><\/td>\nDenver, CO<\/td>\n$223,000<\/td>\n23.9%<\/td>\n102.6%<\/td>\n62.7%<\/td>\n5<\/td>\n20.8%<\/td>\n<\/tr>\n
28<\/td>\nBenson Hill (Renton)<\/a><\/td>\nSeattle, WA<\/td>\n$288,500<\/td>\n17.3%<\/td>\n102.1%<\/td>\n60.2%<\/td>\n8<\/td>\n29.0%<\/td>\n<\/tr>\n
29<\/td>\nParkside (San Francisco)<\/a><\/td>\nSan Francisco, CA<\/td>\n$1,280,000<\/td>\n13.8%<\/td>\n113.4%<\/td>\n77.3%<\/td>\n18<\/td>\n31.6%<\/td>\n<\/tr>\n
30<\/td>\nJamaica Plain (Boston)<\/a><\/td>\nBoston, MA<\/td>\n$561,000<\/td>\n21.7%<\/td>\n104.9%<\/td>\n66.7%<\/td>\n7<\/td>\n18.8%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

What\u2019s driving the competition? Continuously low inventory is one key factor. A six-month supply of homes for sale signals a balanced market between buyers and sellers, but home supply in most metros featured in the top 30 hovered near one or two months throughout the year. <\/span><\/p>\n

How to win in a competitive market<\/b><\/h3>\n

The results this year were similar to our findings last year. The top 30 <\/span>most competitive neighborhoods in 2015<\/span><\/a> were located in just four cities: Boston, Portland, San Francisco and Seattle. While Portland remains a hot seller\u2019s market, it was edged out by Denver this year in the top 30. <\/span><\/p>\n

In the most competitive neighborhoods, bidding wars, escalating prices and fast sales are the rule, not the exception. Many buyers realize they may not be able to get their dream home in these markets, and must instead make some concessions on location, price, move-in readiness or other factors. Redfin <\/span>real estate agents<\/span><\/a> have some strategies on how to compete in a tough market. <\/span><\/p>\n

Matt Schorr, a Redfin <\/span>real estate agent in San Francisco<\/span><\/a>, says it\u2019s helpful to submit a streamlined offer that makes it easy for the seller to close quickly. \u201cStart by choosing a local mortgage lender who knows your market and can fully underwrite your loan before you even go under contract, that way the seller knows your financing is secure, and your offer will better compete with all-cash offers,\u201d Schorr said. \u201cAnother way to strengthen your offer is to shorten or waive your inspection contingency. Prior to doing so, make sure you and your real estate agent closely review the seller’s disclosures and any pre-inspections for red flags.\u201d<\/span><\/p>\n

Bidding war strategies often come with risks for the buyer, so we recommend speaking to a Redfin agent in your neighborhood to determine the right strategy for you. Below are links to more information about how to successfully buy a home in a competitive market<\/span><\/p>\n