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June 10, 2016

Seattle in top 3 hottest markets

SEATTLE — Redfin says Denver, Seattle and Portland are this year's hottest real estate markets based on the percentage of listings that go under contract within 14 days.

Redfin says more than 60 percent of homes listed in those cities get snapped up wihtin two weeks.

In April 2012, a typical home in Denver sold in 36 days. In Seattle it was 50 days and in Portland it was 65 days. But in April of this year, the median time on market was just eight days in Seattle and Portland, and 10 days in Denver. In Denver, Redfin it is not unusual for a home to have more than 100 showings in a single weekend and get up to 30 offers.

“Strong job growth and relatively affordable home prices have been lightning rods of buyer demand for Denver and Portland,” Redfin chief economist Nela Richardson said. “Their economies have a lot in common with the tech enclaves to the west, Seattle and San Francisco, but there's a big difference: home prices.”

The typical home in Denver and Portland costs $850,000 less than a home in San Francisco. The typical home in Portland and Denver is $90,000 less than a typical home in Seattle.

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