Vallejo Real Estate Market Last Reasonably Priced Town In Bay Area
July 9, 2018
Finding an affordable home in the Bay Area has been like finding a diamond in the ruff. That is until Vallejo, which has become one of the most sought after real estate markets in the country.
On Wednesday, the KPIX 5 team went to see a home in East Vallejo that had been on the market for a couple of hours.
It won’t last for long, according to Coldwell Banker Solano Pacific realtor Linda Daraskavich.
“It is a hot market. We have just over a month’s supply of inventory, meaning if nothing is listed after today, it would take a little over a month to deplete the supply,” Daraskavich told KPIX 5.
Situated on a corner lot, the 1,600 suare foot three-bedroom, two-bathroom home is listed at $439,000, which is below the city’s median home price of $460,000.
That price is considered a steal of compared to the median home price in San Francisco having recently hit a record-breaking $1.6 million.
“People really want to buy a house and this is the place that they can afford it,” said Daraskavich. “We have a lot of people coming over the bridge and Vallejo is improving.”
At one time known for gang-related activity, the town is now near the top of Realtor.com’s hottest U.S. markets. After claiming the top spot last summer, it is at number five currently. Rankings are solely based on most listing views and least days on the market.
Daraskavich said she has been closing properties in under 10 days on average. She even said there have been bidding wars. A three-bedroom, two-bathroom home on Capilano Drive, which was listed at nearly $600,000, sold for $150,000 over asking price.
Vallejo’s ferry service to San Francisco has also been attracting commuters who want to avoid making the 30-plus mile drive each way. Daraskavich has discovered that purchasing a starter home while staying in the Bay Area is more doable here.
“I think at first they feel like, ‘Oh, I have to move to Vallejo.’ And then they get here and it’s not so bad,” said Daraskavich.
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