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Hot in Housing: The Bay Area Rules

The Bay Area—chiefly San Francisco, San Jose and Vallejo—is on a hot streak, with no pointers to a slowdown this year, according to data newly released from realtor.com®. In January, homes in the San Francisco-Oakland-Hayward metropolitan area lasted a median 39 days on-market; in the San Jose-Sunnyvale-Santa-Clara metro, a median 33 days; and in the Vallejo-Fairfield metro, a median 44 days.

“There is no doubt that housing in many parts of California is as hot as the Mojave in August,” says Javier Vivas, director of Economic Research at realtor.com. “Even with sky-high prices, homes in places like the Bay Area typically sell twice as quickly as homes in the rest of the country, thanks to a supercharged economy and a major dearth of available properties. Barring a major change in the state’s economic strength, we expect these housing market conditions to continue for the foreseeable future.”

How does the Bay Area compare to the rest of the U.S.? In January, days on market nationally registered at 89—an astounding 56 days, or almost two months, more than in the San Jose metro, the fastest of the month.

The housing markets ranking in realtor.com’s Hotness Index for January:

  1. San Francisco-Oakland-Hayward, Calif.
    Age of Inventory (Median): 39 days
  1. San Jose-Sunnyvale-Santa Clara, Calif.
    Age of Inventory (Median): 33 days
  1. Vallejo-Fairfield, Calif.
    Age of Inventory (Median): 44 days
  1. Colorado Springs, Colo.
    Age of Inventory (Median): 55 days
  1. Midland, Texas
    Age of Inventory (Median): 59 days
  1. San Diego-Carlsbad, Calif.
    Age of Inventory (Median): 46 days
  1. Santa Rosa, Calif.
    Age of Inventory (Median): 50 days
  1. Sacramento-Roseville-Arden-Arcade, Calif.
    Age of Inventory (Median): 56 days
  1. Denver-Aurora-Lakewood, Colo.
    Age of Inventory (Median): 59 days
  1. Stockton-Lodi, Calif.
    Age of Inventory (Median): 55 days

The Hotness Index is based on demand, measured by realtor.com views, and supply, measured by days on market.

For more information, please visit www.realtor.com.

DeVita_Suzanne_60x60Suzanne De Vita is RISMedia’s online news editor. Email her your real estate news ideas at sdevita@rismedia.com. For the latest real estate news and trends, bookmark RISMedia.com.

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