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CA Hottest Real Estate Markets by myCAREexpert

CA Hottest Real Estate Markets by myCAREexpert

Everyone loves California!  Here are the statistics to prove it.

 

Spring is upon us!  As the temperatures are steadily rising, so too are the nation’s hottest real estate markets.  It should be no surprise for our fellow Californians that California is dominating the housing market yet again.  Preliminary data for the month of March shows that spring home-buying season is in full bloom.

 

The Research

Realtor.com identified the 20 hottest medium- to large-size housing markets for the month of March 2016.  To estimate demand, they analyzed the number of listing views per market; and to estimate supply, they analyzed the median days a property stayed on the market.  According to preliminary data, even though inventory is on the rise, the housing inventory is down 2% overall, which is making things quite competitive in many markets, especially urban areas in California.

The median home price has continued its upward climb, and while inventory is increasing at the regular rate for this time of year, demand has actually been outpacing supply.  This is great news for sellers as homes are selling faster, but many buyers in the marketplace are seeing fewer opportunities.

The Numbers

Housing inventory has grown an estimated 3% in the month of March, but that is still 2% less than the growth we experienced in March last year.  The lack of inventory has been somewhat serendipitous for home sellers as homes are being snatched up in record time.  Homes this month spent a median of 77 days on the market – 20% faster than in February, and 13% faster than the previous year.

The decrease in inventory and increase in demand has created a snowball effect.  Many home buyers who were in the market at the end of last year got outbid or could not find a home that fit their needs.  After a holiday hiatus, those frustrated buyers are back, and more determined to buy than ever.  Realtor.com reports that visitors to their site grew 20% over last year, and there were 40% more searches for houses.

California Comes Out On Top

Like previous years, California dominates the real estate marketplace with 13 out of the 20 hottest markets, identified by Realtor.com.  These are the markets where buyers are eager and homes are selling fast!  Listings in these top markets get two to five times more views than the national average, and homes sell one to two months faster than homes in the rest of the country.

Top 20 List

Below is the official ranking from Realtor.com for the 20 hottest markets in the U.S.  California cities are in bold.

  1. San Francisco, CA
  2. Vallejo, CA
  3. Denver, CO
  4. Santa Cruz, CA
  5. Dallas, TX
  6. San Jose, CA
  7. Santa Rosa, CA
  8. Sacramento, CA
  9. San Diego, CA
  10. Stockton, CA
  11. Colorado Springs, CO
  12. Oxnard, CA
  13. Eureka, CA
  14. Modesto, CA
  15. Raleigh, NC
  16. Boston, MA
  17. Los Angeles, CA
  18. Boulder, CO
  19. San Luis Obispo, CA
  20. Lafayette, IN

 

Get Ready For A Busy Spring!

For homebuyers in the market today, it is best to come prepared.  There will be more homes on the market every week for the next three to four months of the real estate “buying season,” but there will also be even more prospective homebuyers.  We are entering the busiest season of home buying with the lowest amount of inventory in three years.  To be competitive, buyers should get pre-approved for a mortgage and be ready to act quickly if they find a home that fits their needs.

If you are a lucky homeowner in one of these top markets, it may be time to consider selling and cashing in on the real estate frenzy!

Consult with your local licensed California real estate agent to learn more about home buying and selling opportunities.

 

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This article has 4 comments

  1. Looper

    The California real estate market is a truly amazing one. I live in an area with no shortage of homes for the people who want them, so I was truly blown away to hear a story from a friend recently. He lives in San Diego and is getting ready to move to Las Vegas. He listed his home for sale and closed the deal less than 48 hours later. The buyer actually offered $30,000 MORE than the home’s asking price to close the deal because there aren’t enough homes available in the area for all of the people who want to buy.

    • vhicks332@yahoo.com

      Just goes to show you to really test the market and see what some people are willing to pay, although something tells me that other areas are no so friendly as this one. Looks like a rare little place, but I am glad some people are benefiting.

  2. donsaun99@gmail.com

    I would definitely buy a home in California if I had the chance to, of course. It has to be one of the most amazing things ever, it has already been proven.

  3. vhicks332@yahoo.com

    I am not as familiar with the California market as I would like to be, but hopefully I will be sometime in the near future (looking to move) and I have always had an eye on the San Francisco area. So much to enjoy there.

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