As many had expected, the Californian housing market has remained relatively stagnant over the past couple months, leading many to wonder what the rest of the year has in store for us. Well the wait may be over, as it looks like spring may bring good news – and more business – to those selling in California.
A recent report from Zillow, one of the largest online databases tracking housing markets across the nation, concluded that California had some of the best real estate markets for sellers. Of their top ten markets listed, four are located here in the Golden State. San Jose took first place in their rankings, followed by San Francisco, Los Angeles, and Riverside respectively.
According to Zillow, a seller’s market does not necessarily mean prices are skyrocketing – which makes sense considering prices have been pretty flat for some time. Instead, these markets are ranked based on quick sales, few price cuts and homes selling at or above asking price. The opposite can be said about a buyer’s market, where sales take longer to close and price cuts are more common.
So what is it about the Californian market that seems to be giving sellers an edge? Some link it back to a relatively strong job market, which in turn spurs a higher demand. With more buyers on the market and a limited supply of homes, we end up with increased home value appreciation.
In addition to ranking the top ten markets nationwide, Zillow also compiled data on a local level to see which neighborhoods were faring better for buyers and sellers around the city of Los Angeles. According to their report, Eagle Rock is the best seller’s market in LA, followed by Canyon Country, Tjunga, Mar Vista and Valencia. On the other hand, Hollywood Hills is the best buyer’s market, followed by Beverly Glen, Northwood, San Pedro, and Venice.
Do you agree that California is a seller’s market? We’d love to hear your thoughts.
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