San Jose, CA
30 days: The home market in the center of the tech universe held fairly steady in April, with home prices up a solid 5% from last year. Median: $709,500. For the month, the average home sold at 106% of the list price, indicating bidding wars are still going strong, according to the Santa Clara County Association of Realtors.
San Francisco, CA
33 days: Bidding frenzy slowed a bit, with homes taking 18% longer to sell than last year, even as the market got tighter. Prices jumped 7% to a median $879,000. In all of California, in fact, single-family home sales were down 7% over last year, according to the California Association of Realtors. Association president Kevin Brown attributed that to investors slowing their buying.
43 days: Another robust California market, this area saw prices rise 20% to $334,900. The majority of homes–69%–sold in under 30 days, according to the Sacramento Association of Realtors. Short sales are down from 23% of the market last year to 9% in April. The market needs more homes in the $250,000 to $500,000 range, says Paula Swayne, president of the Sacramento Association of Realtors. She cited a recent home in the Land Park neighborhood, listed for $525,000, that sold a week later for $561,000. “It’s a tough market for buyers right now,” Swayne says.
47 days: April prices in the Boston area, which includes Worcester and Lawrence, rose 4% in April to a median $359,900. Too few homes on the market contributed to a 12.4% decline in sales, says the Greater Boston Association of Realtors, while pent-up buyer demand continues to send prices higher. At the current pace, the batch of for-sale listings would sell in 3.6 months, nearly half the six months considered a balance between buyers and sellers.