The San Diego real estate market ranked as the fourth “hottest” in the country in October, based on traffic to online sales listings.
Realtor.com, the consumer website of the National Association of Realtors, reported that a typical San Diego property was on the market for just 40 days in October, compared to the national median of 73 days.
The only markets hotter than San Diego were also in California: San Jose/Silicon Valley, Vallejo/Fairfield and San Francisco/Oakland.
“This month we aren’t just experiencing still-summery weather — we’re also seeing a sizzlingly competitive housing market at a time when things are usually cooling off for the fall,” said Danielle Hale, chief economist at Realtor.com. “With not enough homes on the market to meet the high demand, homes are selling 8 percent more quickly than a year ago even though prices are as high as they’ve ever been.”
But she noted that “one potential bright-spot for market-fatigued buyers is that new listings are up slightly from one year ago.”
California continued to dominate the list of hot markets, with 10 of the top 20 in October. But nine other states — Massachusetts, Michigan, Colorado, Ohio, Texas, Tennessee, New York and Wisconsin — had at least one hot market.