When it comes to supply and demand, metro San Diego was the eighth “hottest” home market in the United States in May, said a monthly report from Realtor.com. San Diego County jumped five spots from April to make the Top 10 of the website’s hotness index. This is the highest we have ranked in the month of May since Realtor.com launched the study three years ago.
The Vallejo-Fairfield market was ranked first and San Francisco was second. Realtor.com decides what are the hottest markets by looking at active days on market for homes sold each month. This is based on how long listings stay online and the number of page views per listing on its website. The median online listing time for a home in San Diego County was 37 days before selling, down from 41 days the month before. We had reached the No. 5 hotness spot, our highest ever, on the January 2016 list. San Diego typically averages around #10.
Although what may considered a “hot” market for some, particularly sellers, might not be others. “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.”
A lack of homes, coupled with job growth and low interest rates, has pushed home prices up 6.4 percent in the last 12 months in San Diego County. The median home price here was $489,000 in April, said spokesperson for real estate tracking company CoreLogic, Inc.
The ranking only focuses on home sales’ time and does not take into account the percentage of residents who can afford* to purchase.
* If you or someone you know has not owned a home in the last three years, call us about low or no down payment loans including grant money from the state of California and start owning your piece of paradise!