I was rather surprised to see Scripps Ranch listed as one of the fastest selling areas in the nation. I hadn't expected anything in San Diego to be on the list considering how depressed some other areas of the country are (hence bargain areas on sale) but I guess San Diego is still one of the more desirable places to live and people are willing to pay the price to be here.
The key I guess is that the statistic is for the shortest market time, not the lowest or highest price or most foreclosures or short sales those may be statistically tied to the shortest market time. The fact that market time anywhere in san Diego
On a side note; Sunnyvale is a relatively high priced are up in the Bay Area but its market time is a very respectable 66 days. I think this bodes well for the real estate market in the coming year.
A copy of the article from Realtor Magazine is below:
Daily Real Estate News | September 8, 2008
ZIPs Where Property Is Selling Fastest Altos Research, which tracks real estate data all over the country, identified these ZIP codes in which homes for sale spent the fewest days on the market.
In cases where communities of relatively fast-selling real estate were clustered, the best ZIP Code in the area was chosen.
Overall, expensive homes and big bargains are selling with general ease, says Ken Gold, director of the Center for Real Estate Education and Research at Ohio State University. Meanwhile, homes in middle-income neighborhoods are selling the slowest, he says.
Here's the list of the Top 10 fastest-selling ZIPs:
- Sunnyvale, Calif. 94087: 66 days on market
- Austin, Tex. 78749: 68 days on market
- San Diego, Calif. 92131: 70 days on market
- Plano, Tex. 75075: 75 days on market
- Portland, Ore. 97202: 77 days on market
- Houston, Tex. 77094: 77 days on market
- Wakefield, Mass. 01880: 79 days on market
- Seattle, Wash. 98117: 86 days on market
- Littleton, Colo. 80130: 90 days on market
- Atlanta, Ga. 30340: 91 days on market
