If you understand the basic premise of supply and demand, it should come as no surprise that a number of California cities made Zillow’s recent list of the hottest seller markets. But just how far ahead of the pack are California metros? Read on to find out. San Francisco topped Zillow’s list of the best seller markets in the US in 2016. According to Zillow’s analysis of home sales across the city, the median price of a home was an impressive $800,000 in 2016. But perhaps even more impressive, homes sold in an average of just 51 days; and of all the properties listed, only 5.4% suffered from price cuts.
To compare, the national average days on market in 2016 was 78. Not surprisingly, the less time homes are on the market, the less susceptible they are to price cuts, which is beneficial to sellers. And to contrast, Zillow reports that the top buyer’s market is Baltimore, Maryland – where the average time on market of 104 days gives home shoppers significantly more negotiating power.
In addition to San Francisco, San Jose, Sacramento, Los Angeles and San Diego all made the top ten list for hottest sellers markets for similar reasons. Take a look:
If you own property in one of these cities and are considering selling, now is an excellent time. Data continues to show that buyers are motivated and are making strong offers, and that homes are selling quickly. Questions about selling? Trying to figure out when to list? We’re happy to help! Email us at [email protected] or give us a call at 866-307-1523.