Are you in the market for a new home this spring? If you’re shopping anywhere in California you might want to get a move on.
In fact, Southern California alone boasts four of the nine fastest paced housing markets in the country. And it looks like that pace is only quickening.
Recently Sold by Luxury LA Homes
Online real estate giant Trulia worked the numbers on how long listings were staying active. They found that only 43% of Los Angeles County homes remained on the market month-to-month, as opposed to a nationwide average of 60%. That sell through rate was good enough for eighth-quickest in country.
Alongside the fast moving homes of Los Angeles, California claims the number one fastest-moving market in the country. In San Francisco, only 26% of home listings remain month-to-month.
Recently Sold Craftsman Triplex
Just south of us in Orange County, the rate was also lower at 41%. In fact, eight of the top ten fastest moving markets in the U.S. were in California. So what’s driving this market velocity? Simple supply and demand.
“Inventory and new supply is quite tight. That’s driving, on the supply side, the fast-moving markets,” said Trulia housing economist Ralph McLaughlin. “And then California is a leading market for job growth, and, especially in the Bay Area, a lot of those are higher-paying jobs that allow people to get mortgages and buy homes. It’s a double-whammy effect.”
Though not moving at the blistering pace of California, the whole country is seeing faster turnover. A full seventy-five percent of the 100 biggest markets had a lower percentage of homes on the market for two months compared to a year ago.
View from Recently Sold Home by Luxury LA Homes
You might think that higher-priced markets would be the slowest to sell, but in areas where homes are appreciating faster than average, they’re also selling more quickly. This is especially true for our backyard.
“California’s going fast, just like usual,” McLaughlin added. So while prices continue upward and houses fly off the streets, local Southern California buyers have to close quickly.
In such a competitive and fast-paced market, it’s more important than ever to be represented by an experienced real estate professional fighting for your side of the deal.
If you’re looking to buy or sell anywhere in Los Angeles, please call us at 323-829-8811. Or email Susan Andrews at susan@luxurylahomes.com.
Contact us anytime if you ever wonder “What’s my home worth”? Or visit HollywoodHillsValue.com for a free no obligation home valuation.