A recent report by Realtor.com has named several California cities in its top 20 hottest real estate market in the nation.
Among the determining factors were how many times a listing in the particular city gets viewed by a consumer and how many days a listing is on market before its sold. The listings in the hottest real estate market were viewed 1.5 times to 3 times more than other listings and those listings were sold 24 to 41 days quicker than the national average.
This report could also be an indication of the real estate market coming back in cities such as, Sacramento, Santa Rosa and Vallejo where investors are now finding an opportunity for a better return on their investment. I managed to find an 8 unit property in Santa Rosa for my client with a GRM under 10 just last year and the value has appreciated drastically since then. Located a 29 unit property for the same client in Sacramento with a GRM under 8 . I found a 14 unit in Vallejo for another client of mine with a GRM under 10 just recently.
“These hottest markets are the best in the country from both a supply and demand perspective,” said the Realtor.Com’s chief economist Jonathan Smoke. “Sellers are seeing listings move much more quickly than the rest of the country and at an accelerating pace from just last month. Meanwhile, these markets are clearly attractive to buyers as the listings in these markets are viewed as much as three times more often than the national average.”
The Realtor.Com’s top 20 hottest market is as follow:
1. San Francisco, Calif.
2. Denver, Colo.
3. Dallas, Texas.
4. Vallejo, Calif.
5. Santa Rosa, Calif.
6. San Jose, Calif.
7. Midland, Texas.
8. San Diego, Calif.
9. Ann Arbor, Mich.
10. Santa Cruz, Calif.
11. Detroit, Mich.
12. Sacramento, Calif.
13. Stockton, Calif.
14. Yuba City, Calif.
15. Columbus, Ohio
16. Austin, Texas
17. Los Angeles, Calif.
18. Oxnard, Calif.
19. San Antonio, Texas.
20. Fort Wayne, Ind.
Marin County real estate remains robust as well having surpassed the highs of 2007 with inventory still the greatest challenge for buyers.