Real Estate is Hot in These 10 Markets
Trulia recently reported their estimate of the top 10 fastest moving housing markets. The data come from homes listed for sale on Trulia between February 5 and April 5, 2015. Hot real estate markets had the smallest percentage of homes that had been listed on February 5 still available for sale on April 5. This estimate measures the demand for home buying compared to the supply of housing on the market.
10. Salt Lake City, Utah - In Salt Lake City, 45% of the homes on the market in February were still for sale on April 5. This number is down from 51% in April 2014. Median home prices in Salt Lake City are $299,900. Salt Lake City has the lowest median home price
9. Ventura County, California - 43% of homes were still on the market as of April 5, which is a decline from 50% in the previous year. The median asking price for a home in Ventura County is $589,999.
8. Los Angeles, California - Los Angeles had 43% of homes still on the market after two months, which is a slight improvement from 45% in April 2014. Median home prices in Los Angeles are $549,000.
7. Sacramento, California - At $396,950, Sacramento has the second lowest median home price out of the ten. 42% of homes were still on the market after two months. This is a small improvement from 45% in April 2014.
6. Seattle, Washington - Like Sacramento, Seattle also had 42% of home still available for sale after two months compared to 45% last year. The median asking price in Seattle was $409,993.
5. Orange County, California - In Orange County, 41% of homes remained on the market after two months. This is a slight improvement over the 45% of homes remaining on the market last year. The median asking price in Orange County was $699,000.
4. San Diego, California - San Diego had the greatest improvement over last year with an 11% drop to 33% of home remaining on the market after two months. The median asking price for a home in San Diego was $549,990.
3. Oakland, California - Oakland remained steady at around 30% of homes still for sale after two months. The median asking price for a home in Oakland in February was $598,000.
2. San Jose, California - Like Oakland, San Jose saw a slight improvement from 31% of homes on the market after two months to 30% this year. The median asking price for a home in San Jose is also the second highest in the top ten. In February the median asking price for a home was $800,000.
1. San Francisco, California - All of the data suggests that the housing market in San Francisco is tight. San Francisco had the highest median asking price at $1,099,000. In addition, only 26% of homes were still on the market after two months, which is even less than the 28% reported in April 2014.
Gennady Barsky is a real estate mogul who hails from New York City.