New report states Bay Area is the nation’s best market for home sellers
As reported last month in the San Francisco Business Times, a new report from Zillow said that the Bay Area's high home appreciation values and limited inventory has actually made it the nation's best market for home sellers, although the area is showing signs of softening.
“Even though San Francisco is a seller’s market, it has slowed down in the last few months with more price cuts occurring this year versus last year," Svenja Gudell, Zillow's chief economist, told the Business Times. "It is still super hot in terms of competition, but not as hot as it used to be."
For the rankings, Zillow crunched the percentage of its listings with a price cut by the average time listings stay on the market.
As part of its findings, in the San Francisco metro area (which includes East Bay), 5.4 percent of listings cut their price and homes stay on the market for 51 days.
That is compared to 7 percent of listings with a price cut that stayed an average of 90 days on the market nationally, Zillow said.
The top five nationwide sellers' markets are all in the Bay Area. Berkeley came in first with zero percent of listings having a price cut and homes spending about 41days on Zillow.
Next came San Mateo (with 3.8 percent of listings having a price cut and homes spending 45 days on Zillow); Redwood City (3.8 percent and 46 days); Pleasant Hill (zero percent and 49 days) and Fremont (4.1 percent and 49 days).
Zillow’s research confirmed that the region's residential real estate boom continues to outperform the rest of the country.
"Home values in the San Francisco metro are up 4.8 percent over the past year, which is considerably slower than a year ago, when they were rising 13 percent year-over-year," Gudell said. "Buyers in San Francisco will notice the difference compared to last year, but overall San Francisco still remains one of the most competitive markets in the country.”
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