Bay Area homes selling faster than anywhere else in the nation

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  • f24c8 1 b Bay Area homes selling faster than anywhere else in the nation


This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 1 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 2 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 3 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 4 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 5 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 6 of 22 – SF homes that sold in just days

 

 

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 7 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 8 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 9 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 10 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

Image 11 of 22 – SF homes that sold in just days

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Buena Vista Terrace TIC sold in 3 days. Photos: The FrontSteps

This Richmond home went into contract in hours. Photos: The FrontSteps

Image 12 of 22 – SF homes that sold in just days

This Richmond home went into contract in hours. Photos: The FrontSteps

This Richmond home went into contract in hours. Photos: The…FrontSteps

This Richmond home went into contract in hours. Photos: The FrontSteps

Image 13 of 22 – SF homes that sold in just days

This Richmond home went into contract in hours. Photos: The FrontSteps

This Richmond home went into contract in hours. Photos: The…FrontSteps

This Richmond home went into contract in hours. Photos: The FrontSteps

Image 14 of 22 – SF homes that sold in just days

This Richmond home went into contract in hours. Photos: The FrontSteps

This Richmond home went into contract in hours. Photos: The…FrontSteps

This Richmond home went into contract in hours. Photos: The FrontSteps

Image 15 of 22 – SF homes that sold in just days

This Richmond home went into contract in hours. Photos: The FrontSteps

This Richmond home went into contract in hours. Photos: The…FrontSteps

This Richmond home went into contract in hours. Photos: The FrontSteps

Image 16 of 22 – SF homes that sold in just days

This Richmond home went into contract in hours. Photos: The FrontSteps

This Richmond home went into contract in hours. Photos: The…FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

Image 17 of 22 – SF homes that sold in just days

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

Image 18 of 22 – SF homes that sold in just days

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

Image 19 of 22 – SF homes that sold in just days

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

Image 20 of 22 – SF homes that sold in just days

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

Image 21 of 22 – SF homes that sold in just days

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC sold in one day. Photos: The FrontSteps

This Seal Rock TIC, overlookin Fort Miley and the sea, sold in one day. Photos: The FrontSteps

Image 22 of 22 – SF homes that sold in just days

This Seal Rock TIC, overlookin Fort Miley and the sea, sold in one day. Photos: The FrontSteps

This Seal Rock TIC, overlookin Fort Miley and the sea, sold in one…day. Photos: The FrontSteps

In case more evidence was needed that the Bay Area offers a real estate market insanely favorable to sellers (and just plain insane for buyers), Trulia announced Wednesday that “the SF, SJ, and Oakland metro areas [are] the fastest moving markets in the nation.”

With historic low inventory continuing across the nation, buyers aren’t waiting to jump on available homes, which means a trend of fewer days on the market (DOM). But this trend is most dramatic in California—the Bay Area most dramatic of all.  Trulia reports that “among the 100 largest U.S. metros, 8 of the 10 fastest-moving housing markets are in California, and homes are selling much faster there than in the rest of the country.”

Just looking at the last two months exemplifies this finding. Out of all the homes listed in February, 2015, only  30% of homes for sale in the San Francisco Bay Area are still on the market this April, vs. 70% of homes in Long Island and Albany, NY metros.  The Bay also commands the top 3 highest median asking prices among the 10 US metros enjoying the lowest DOMs.

 

 

Not only are homes selling faster in the Bay, they’re also selling faster than they did in the same period last year.

 

 

Impressive, but local Realtor Alex Clark says the San Francisco seller doesn’t even have to wait a week these days. He offers 62 Buena Vista Terrace as example. “We accepted offers on Monday, we closed yesterday… that’s a three day close,” he wrote on The Front Steps blog. Incidentally, the tenancy in common listed at $1,295,000 and sold for $1,500,000, cash, no contingencies.

Or, this one on Seal Rock in the Outer Richmond, which sold in one day: “We put this on MLS Monday for $659,000, received two cash (pre-emptive) offers on Tuesday, and we closed for $735,000 today… not bad for an Outer Richmond 853 square foot, one bedroom TIC.” Well, not bad for the seller. Buyers, on the other hand, have to do some hoop jumping. And quickly.

Clark also wrote about representing a buyer on a home at 624 46th Ave: they made an offer and went into contract within hours of the home hitting the MLS. The gallery above allows you to peek in each of these homes (since if you blinked, you would have missed them on the market).

Bay Area buyers, beware. Despite the fact that buying a home is perhaps one of the biggest financial decisions you’ll ever make, you don’t have much time to think. You need more than lots of money to spend: you need the stomach to spend it immediately.

Anna Marie Erwert writes from both the renter and new buyer perspective, having (finally) achieved both statuses. She focuses on national real estate trends, specializing in the San Francisco Bay Area and Pacific Northwest. Follow Anna on Twitter: @AnnaMarieErwert

Article source: http://blog.sfgate.com/ontheblock/2015/04/16/bay-area-homes-selling-faster-than-anywhere-else-in-the-nation/

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