In certain housing markets, it seems homes are selling like hot cakes. Buyers in California are feeling the heat more than anyone, with four of the top five fastest-moving housing markets in The Golden State.
Orange County, San Diego, Sacramento and Los Angeles topped the list, with Las Vegas coming in at no. 5, according to data from ZipRealty.
In Orange County, the median days homes spent on the market dropped from 52 to 15, a 71% decrease year-over-year in March. Additionally, 29% of homes in Orange County sold in seven days or less. Conversely, the median home price shot up 27% year-over-year o $495,000.
San Diego saw a similar change year-over-year, with the median days on market dropping 59% from 49 days to 20 in March. One-quarter of San Diego houses sold in seven days or less, and the median home price jumped 22% to $390,000.
Sacramento’s homes stayed on the market 57% longer, dropping from 28 to 12 on a year-over-year basis. Nearly one-third of Sacramento homes sell in seven days or less, while the median home prices rose 31% to $390,000.
The final California city to make the top-five list is Los Angeles, whose median days on the market dropped 56% from 52 to 15 in 2013. L.A.’s median home prices increased 26% to $307,564 and 29% of its homes sold in seven days or less.
The dramatic drop in time these homes are staying on the market coupled with the sharp increase in median home prices point toward the supply-and-demand problem that many home buyers are facing.
As one of the most “bubbly” states prior to the crisis, California was one of the hardest hit states during the recession. Because it had further to go, The Golden State is seemingly making the quickest and most dramatic progress of any state in the recovery.