Each month, HVF Monthly Housing Market Report uses a number of leading real estate market-based indicators to report on activity in the single-family home markets in the top 200 metropolitan areas (CBSAs) in the U.S.
Three of the Top 10 Metros Selling Above Asking Price
This month’s Top 10 CBSAs include three California metros, four from Washington state, and one each from Idaho, Colorado and New Hampshire.
It’s interesting to note that the three California CBSAs on this month’s list are all averaging selling prices above listing price. These metros include:
- San Jose, CA – 104.55% of List Price
- San Francisco, CA – 109.67% of List Price
- Oakland, CA – 101.89% of List Price
What’s happening here is limited supply is leading to bidding wars, over-list offers and quick sales. The three California CBSAs also have the three shortest Days on Market this month at 39, 41 and 43 days respectively.
So where do prices go from here? Looking at San Francisco’s recent history, it appears prices may continue to rise.
Interested in learning more about one of the metros featured in this month’s market report? Contact Pro Teck for more in-depth information on each CBSA included in this month’s report.
About Pro Teck’s Monthly Market Report
The Home Value Forecast uses a ranking system that is purely objective and is based on directional trends of nine market indicators. Each indicator is given a score based on whether the trend is positive, negative or neutral for that series. For example, a declining trend in active listings would be positive, as will be an increasing trend in average price. A composite score for each CBSA is calculated by summing the directional scores of each of its indicators. From the universe of the top 200 CBSAs, each month we highlight topics and trends in the real estate market.