Once a month, Realtor.com publishes a list of the “20 Hottest Real Estate Market” . The only thing many have in common is that there are in California–50% of the list
Part of the trend in California is that rising markets in real estate lift all boats. An expert from Realtor.com explained some reasons. According to Jonathan Smoke, chief economist of realtor.com:
…close to 550,000 new listings came onto the market in April, which helped total inventory grow 2% over March. However, home sales are accelerating so quickly, the added inventory still isn’t keeping up with demand.
The median age of inventory, which fell 22 days from February to March, dropped by six more days in April. So there are 4% fewer homes available for sale compared with this time last year, and homes are selling five days faster.
“Pent-up demand, lower mortgage rates, and strong employment continue to power the strongest and healthiest real estate market we have seen in a decade.
The hot list includes the California cities based on the number within the 20: 1) San Francisco, 2) Vellago, 4) Santa Rosa, 7) Santa Cruz, 8) Sacramento, 13) San Diego, 14) Stockton, 18) Oxnard, and 19) Modesto.
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The California list shows how widespread the recovery is within the state. It is 500 miles from San Francisco to San Diego. Stockton is well inland from the coast and was among the areas hardest hit by the recession and bursting of the housing bubble. The same is true of Sacramento. San Francisco is unique because it is one of the highest priced housing markets. The tech boom is almost certainly the reason for its presence on the “hot market” list.
The balance of the list is spread across the country. Several are in the Midwest: 9) Ann Arbor, 10) Columbus, 17) Lafayette, IN, Fort Wayne, IN, Sioux City, Iowa.
The rest of the markets are spread across the country: 3) Denver, 6) Dallas, 11) Boston, 12) Colorado Springs, and 15) Raleigh.
No need to look at a map. The cities, are, essentially everywhere
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