Listings do not last long in northern California
Real estate website Trulia recently proclaimed that eight of the nation’s top 10 fastest-moving housing markets are located in California, led by San Francisco at number one, San Jose at number two, and Oakland at number three. The markets are so hot that astounding 70% of homes in these three areas sold in two months or less.
A strong job market combined with a lack of supply in these markets creates high demand, with apparently declining regard for home owner cost. This evolving reality is especially true in San Francisco, which had a median asking price of $1,099,000 in April with only 26% of the listings remaining on the market after 60 days.
Farther east in the Golden State, homes in Sacramento are also selling at a rapid pace with 42% of homes listed in April still available 60 days later, down slightly from 44% the year prior. This year the median asking price has risen to $347,000.
According to Trulia, in Fairfield, located between the two dynamic metro markets, the median sales price for homes in the quarter ending May 15 was $327,500. Movato noted homes remained on the market an average of just 40 days. Indicative of most of highly sought-after California, sales prices have appreciated a dramatic 52.3% in Fairfield over the last five years.
The average listing price for Fairfield homes for sale on Trulia was $441,632 for the week ending May 6, an of increase of 6.2%, or $25,604, compared to the prior week. Concurrently, the average price per square foot for Fairfield was at $191, an increase of 8.5% compared to the same period last year.
Trulia’s report further noted, 40% of homes moved off the market in the most recent two-month period on a national level, showing a slight increase from 38% during the same time period in 2014. On average, lower-priced homes in the fast-moving markets sold the quickest overall, with half still on the market after two months.
10 fastest-moving housing markets according to Trulia:
(homes still for sale after 60 days as of April 2015)
1 San Francisco 26%
2 San Jose 30%
3 Oakland 30%
4 San Diego 33%
5 Orange County 41%
6 Seattle, WA 42%
7 Sacramento 42%
8 Los Angeles 43%
9 Ventura County 43%
10 Salt Lake City, UT 45%