San Francisco tops Realtor's list of Hottest Real Estate Markets in the U.S. for the month of August.
In the latest study completed by Realtor's economic research team, the site's analysts used various metrics to come up with the list of hottest real estate markets. The team reviewed the listing views by market for the month of August and used that as an indicator of buyer demand, along with the median days on market as an identifier for real estate supply.
Based on their study, Realtor has come up with 20 active real estate markets in the U.S., with San Francisco at the top spot. Other real estate markets that made it to the top 3 list are Dallas and Denver at second and third places, respectively. These markets reportedly have 1.8 to 3 times viewing transactions per listing compared to the national average. Apart from that, these markets have also seen quicker inventory movements, ranging from 29 to 48 days than the rest of the country. Also, these areas saw a drop in the number of days that properties remained on the market, wherein the combined average, based on Realtor's study, is 13 percent year over year.
The San Francisco market is also considered a hot real estate area according to a recent Redfin report, as reported on the San Francisco Business Journal. The report indicated that 77.3 percent of homes sold in the Bay Area for the month of July were purchased for above list price. Mark Colwell, a Redfin agent, even mentioned that he isn't seeing any slowdown to happen in the San Francisco real estate market. Although one downside is that home buyers have reportedly given up on the city, states the publication, especially with the fierce competition in the market.
Colwell explained, "San Francisco remains very hot, but I do think we're starting to and will see a cap on prices. It's going to vary by property type and neighborhood. You can buy a one-bedroom condo for $1.4 million. That price may continue to creep up a bit, but I don't think we'll be paying more than $2 million for one in the near future."
Meanwhile, a total of 11 California cities made it to Realtor's Hottest Real Estate Market list for August. These cities included Vallejo, Santa Rosa, San Jose, San Diego, Sacramento, Santa Cruz, Los Angeles, Oxnard, Stockton and Yuba City.
