For home buyers in Northern California, speed is the name of the game.
Of the top 10 fastest-moving housing markets, 8 are located in Northern California, with San Francisco, San Jose and Oakland taking the top three spots, according to a report from Trulia. At least 70% of homes in these three areas sold in two months or less.
"California has seen very strong job growth, especially in coastal markets," said Ralph McLaughlin, housing economist at Trulia. Lack of supply in these markets also plays a factor. "The amount of new housing that gets built is relatively small compared to other parts of the country."
San Francisco, which had a median asking price of $1,099,000 in April, topped the list and has particularly low new construction levels thanks to its topography and building regulations, according to McLaughlin. "The process of adding new supply is more difficult here ... for natural and legal reasons."
It would appear that Northern California Real Estate is VERY STRONG!
30,600 new and resale home transactions closed escrow in California in November 2015. In step with the annual sales cycle, this continues a downward trend experienced since this summer, which saw the highest home sales volume numbers in California since 2006. November’s home sales volume was 4% higher than a year earlier.
2014 ended with just over 415,000 home sales in California. This is 31,000, or 7%, fewer sales than took place in 2013. The better news is sales volume year-to-date is 8% higher than 2014 as of November, just below 2013 levels.
Expect 2015 sales volume reports to show an 8% increase over 2014. Sales volume is likely to pick up in the first half of 2016 as job numbers continue to grow, to fall back in the months following the inevitable fixed rate mortgage (FRM) rate increase, likely around mid-2016.
Here is some more very useful information from the National Association of REALTORS on Sales in Northern California - follow link>