The report from realtor.com shows that our home town San Diego is #8 in the hottest cities for Real Estate in the month of May. We jumped 5 spots from last April making it to the top 10 list! This is the highest we have ranked since the study started three years ago.
So who beat us? Well the Vallejo-Fairfield market was ranked first and San Francisco was second.
You might be wondering how Realtor.com decides what are the hottest markets? They do this by looking at homes’ days on market. Pretty much how long it takes from when a home is listed to when it sells. Realtors here are doing a great job finding people homes and selling those looking to move. Now this isn’t the only factor. Realtor.com also uses page views or visits to the listings on their site as a measurement tool for a hot market.
Now let’s take a look at the top ten list from the Realtor.com Hotness Index
San Francisco-Oakland-Hayward, Calif.
Santa Rosa, Calif.
Dallas-Fort Worth-Arlington, Texas
San Diego-Carlsbad, Calif.
San Jose-Sunnyvale-Santa Clara, Calif.
“Market hotness has very different meanings,” said Javier Vivas, economic researcher for Realtor.com. “In our very basic interpretation, we’re simply saying there is pent up demand and limited supply.”
One thing to keep in mind is that the hotness ranking does not take affordability into consideration and as we all know the median home price has jumped back up tremendously and its estimated that only 28% of households in the US could afford a median-priced home here in San Diego County.
Please come back for more interest sting articles and news about the San Diego County Real Estate market.