The sprawling Bay Area mega-region took the top five spots nationally in real estate hotness in 2017, according to the National Association of REALTORS. It also nailed the 12th and 16th spots, for those of you keeping score at home.
Anyone here commuting from San Diego?
In case you’re wondering, San Diego came in sixth. I’m still not counting San Diego as part of our mega-region. Not yet, anyway.
San Francisco and San Jose, those usual suspects and perennial top-10 favorites, ranked second and third respectively in 2017 market activity as determined by the NAR: cities where “homes attract the most listing views and spend the fewest days on market”.
But several Bay Area mega-region cities not known for their robust brand surprised to the upside last year. Stockton, not long ago the “foreclosure capital” of the nation, was 5th nationally. Vallejo, which not long ago declared municipal bankruptcy, nailed first. Sacramento, where home prices are still below their pre-Great Recession peak according to the Federal Housing Finance Agency’s (FHFA) Home Price Index, was fourth on NAR’s national top-20 list.
These cities–or more properly, Statistical Metropolitan Areas–turned in a consistently strong showing all year, with the exception of Santa Rosa, where the recent wildfires caused it to slip seven spots to sixteenth.
But as California’s numerous natural disasters have shown, acts of God don’t affect the Golden State’s property values over the long term.
copyright © John Fyten 2017