Saturday, August 31, 2013

Saturday Stats: San Jose (Silicon Valley) Has the Fastest Moving Real Estate Market

We all know the real estate market in San Jose is hot, but it turns out that it is hotter than the rest of the US-- including the metro over to the north--in at least a couple metrics. This past June, a staggering 52% of new real estate listings were under contract within 2 weeks, higher than any other market evaluated.

San Jose also has the lowest level of supply in the report. Supply is the ratio of active listings at the end of the month to closed sales. More than six months of supply is a buyer's market and less than six months is a seller's market. With 1.1 months of supply, San Jose/Silicon Valley is a seller's dream. The downside is that kind of number will put upward pressure on prices and make it more difficult for new buyers to afford homes, and will likely have the side effect of pushing up rents as well.

Source: Redfin

Table 1: Speed by Market, June 2013

Speed RankingMarketPending in 2 WeeksPending in 1 WeekOnly on MLS-Powered Sites# Flash SalesMonths of Supply
#1San Jose, CA52.0%19.9%45.7%311.1
#2San Francisco, CA49.2%17.9%31.7%701.2
#3Ventura, CA48.4%31.2%50.9%161.6
#4Denver, CO44.4%27.9%32.5%391.6
#5Washington DC44.1%32.0%60.1%2151.9
#6Los Angeles, CA44.0%24.8%48.3%1651.6
#7Inland Empire, CA43.9%27.4%40.7%711.9
#8San Diego, CA43.6%26.8%37.5%601.6
#9Sacramento, CA43.1%23.7%66.7%221.7
#10Seattle, WA42.5%29.9%71.2%311.9
#11Austin, TX42.2%30.3%63.7%792.5
#12Houston, TX38.1%24.7%71.5%1042.4
#13Portland, OR36.4%26.2%20.1%572.5
#14Phoenix, AZ32.7%23.6%30.2%1352.1
#15Dallas, TX29.5%19.7%72.0%1302.5
#16Baltimore, MD28.7%19.1%50.7%603.2
#17Miami, FL24.2%16.3%29.1%274.2
#18Atlanta, GA23.0%12.7%52.4%395.7
#19Chicago, IL13.9%8.7%44.3%1764.3
#20Raleigh, NC11.4%8.4%17.4%423.9
#21Las Vegas, NV11.0%6.0%24.7%134.0
#22Philadelphia, PA9.1%4.0%25.2%65.4

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