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 Wednesdaythat “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.
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