The Vallejo-Fairfield area is still among the country’s hottest real estate markets, but hovers in third place, according to Realtor.com.
This only means that home-buyers are still flocking to the area, Solano Association of Reators President Johnny Walker said Thursday.
“The Realtor.com Hottest Markets List is a snapshot in any given month of active listings viewed by prospective buyers versus the days on market as an indicator of supply,” he said. “Compared to the super hot markets in San Francisco/Oakland and San Jose/South Bay, landing in the number three position these past two months actually bodes quite well for Vallejo as we continue to benefit from buyers seeking more affordable areas.”
As local inventory increases and we enter the more active spring-summer buying season, we should see the area’s rankings climb, he said.
Nadine Woloshin, senior vice president of Realtor.com, said the Vallejo-Fairfield area is one of 13 in California to make the firm’s top 20 list in January.
“Spurred by the years-long tech boom in the San Francisco Bay Area, the top three spots on realtor.com’s monthly list were San Francisco, San Jose, and Vallejo,” she said. “During January, homes in those metropolitan areas sold 45 to 50 days more quickly than homes in the rest of the country, on average.”
Only five other states — Colorado, Texas, Ohio, Michigan and Idaho — made the most recent top 20 list.
Chico moved up 13 spots since December, tying it with Midland, Texas for the top movers spot for the month, the report shows. This puts Chico into the top 20 for the first time since last April, it says.
“There is no doubt that housing in many parts of California is as hot as the Mojave in August,” realtor.com economic research director Javier Vivas said in a news release. “Even with sky-high prices, homes in places like the Bay Area typically sell twice as quickly as homes in the rest of the country, thanks to a supercharged economy and a major dearth of available properties. Barring a major change in the state’s economic strength, we expect these housing market conditions to continue for the foreseeable future.”
The report shows that it takes a home in the top-ranked San Francisco-Oakland-Hayward area a median of 39 days to sell, down from 44 in December, when the area ranked second.
The area switched spots with now second-ranked San Jose-Sunnyvale, Santa Clara, where the median age of inventory fell from 36 to 33 days.
The average age of inventory in Solano County is 44 days, unchanged from December.
Ranked 20, Boise City, Idaho’s median age of inventory rose to 66 from 59 days in December, when it ranked 26.
Article source: https://www.eastbaytimes.com/2018/01/29/solano-county-remains-nations-third-hottest-real-estate-market/