If you’re planning to buy or sell a home in Southern California soon, this might be a good time to start working with one of our agents.
Our state’s residential real estate activity leads the nation, capturing half of the 20 spots in the “hottest” markets list compiled by the National Association of REALTORS® (NAR) and published on realtor.com.
In Southern California, the San Diego-Carlsbad market ranked No.11, and Los Angeles-Long Beach-Anaheim was No. 15.
Chief Economist Jonathan Smoke’s team ranked the 20 hottest U.S. real estate markets for buyers and sellers in May. Looking at the 300 largest markets, they used the number of views per listing on realtor.com to gauge demand, and the median age of inventory to assess supply.
The team’s findings, released at the start of June, show that California markets rank so highly because of tight supply and economic-powered growth in demand.
In addition, strong interest in Southern California continues from overseas buyers. On realtor.com/international, which lists homes for sale to more than 45 countries in 11 languages, Southern California is consistently among the top 10 most-searched regions.
Buyers from Asia and Europe are still especially interested in investing in Southern California– and it’s not just because of the great weather, major corporate headquarters, and visitor attractions. Eighty-five percent of buyers abroad shopping for homes in California told the California Association of REALTORS® 2014 International Clients Survey they only considered purchasing a residence in the U.S. because its stable government and financial system would guarantee them a worthy home investment.
If you’re a buyer: especially a first-timer–lower- to average-priced homes are selling quickly, so find an experienced agent to assist in your house hunt. This type of agent can make the process less intimidating and help you find “hidden gems.”
If you’re a seller: California’s low housing supply and rising demand from interested buyers means homes are receiving multiple offers and possibly improved sales prices. Work with a great agent to get the best possible deal, and be prepared for a quick sale.
Download a free copy of “Your Market Update | At-A-Glance” our quarter two market report.