Where Are the “Spillover Markets” in California?
It is clear going into 2021 that the last year reshaped house-hunting patterns while driving a whole lot of buying activity. The notable take-away when examining the areas of greater activity is that much of the action is taking place in locations close to larger metro regions, but with lower prices. These have been dubbed, “Spillover Markets”, and have changed the looks of the status-quo.
According to realtor.com, several cities in California have made the “hot list” of smaller markets recording remarkable growth this past year:
METRO MEDIAN DAYS ON MARKET MEDIAN LISTING PRICE
Stockton 37 $480,000
Vallejo 27 $525,000
Sacramento 36 $599,000
Yuba City 53 $445,000
Modesto 43 $459,000
Fresno 38 $365,000
This trend has created a dearth of homes for sale because of the buyers flooding in from the Bay Area armed with extra cash. One expert estimated that at least 60% of the buyers are out-of-towners. Not surprising when you look at the median listing prices above and compare them with San Francisco’s of around $1million.
If you need to move fast on your purchase in one of these “spillover markets” or anywhere else in California, give Sun Pacific Mortgage a call at 707-523-2099 to see how we can get you out of your metro home and into a quieter more peaceful home in the suburbs. Our private money loan programs can be quite beneficial to making this happen.
The content of this blog contains general advice only and does not consider individual financial circumstances, desired loan amounts or existing real estate or lending transactions. This information is intended for licensed Real Estate Agents and licensed Lenders/Mortgage Brokers and is posted on our company website and specific blog sites with the express purpose of reaching such licensed individuals.