The Sacramento area ranked No. 3 on a national list of top home sellers' markets, according to the latest buyer/seller market rankings by Seattle-based data tracker Zillow.
California markets dominated the top of Zillow's latest list measuring locally strong demand, with San Jose and San Francisco coming in first and second, respectively. The top 10 also included Los Angeles, San Diego and Riverside.
The top three buyers' markets were in Chicago, Cleveland and Philadelphia. No California markets cracked that top 10.
Zillow analyzed sales prices compared with asking prices, the number of days listings spent on Zillow and the percentage of homes on the market with a price cut, and then ranked the 30 largest metro areas in the respective categories.
"Many of the strongest sellers' markets are in areas that were hardest hit by the housing bust, places like California, Nevada and Arizona, which may seem counterintuitive," said Stan Humphries, Zillow's chief economist. "But much of that strength is driven by investor interest, as many distressed and non-distressed homes are purchased and transformed into rentals.
"This investor activity is contributing to very low inventory levels, which increases demand and helps drive up prices, particularly for less expensive homes in these markets."
Within the Sacramento regional market, North Highlands was the top sellers' market, followed in order by Orangevale, the city of Sacramento, Rancho Cordova and Elk Grove.
Regionally, Auburn was the top buyers' market, followed in order by Granite Bay, Placerville, Loomis and South Lake Tahoe.
© Copyright The Sacramento Bee. All rights reserved.
• Read more articles by Mark Glover
What You Should Know About Comments on Sacbee.com
Sacbee.com is happy to provide a forum for reader interaction, discussion, feedback and reaction to our stories. However, we reserve the right to delete inappropriate comments or ban users who can't play nice. (See our full terms of service here.)
Here are some rules of the road:
• Keep your comments civil. Don't insult one another or the subjects of our articles. If you think a comment violates our guidelines click the "Report Abuse" link to notify the moderators. Responding to the comment will only encourage bad behavior.
• Don't use profanities, vulgarities or hate speech. This is a general interest news site. Sometimes, there are children present. Don't say anything in a way you wouldn't want your own child to hear.
• Do not attack other users; focus your comments on issues, not individuals.
• Stay on topic. Only post comments relevant to the article at hand.
• Do not copy and paste outside material into the comment box.
• Don't repeat the same comment over and over. We heard you the first time.
• Do not use the commenting system for advertising. That's spam and it isn't allowed.
• Don't use all capital letters. That's akin to yelling and not appreciated by the audience.
• Don't flag other users' comments just because you don't agree with their point of view. Please only flag comments that violate these guidelines.
You should also know that The Sacramento Bee does not screen comments before they are posted. You are more likely to see inappropriate comments before our staff does, so we ask that you click the "Report Abuse" link to submit those comments for moderator review. You also may notify us via email at feedback@sacbee.com. Note the headline on which the comment is made and tell us the profile name of the user who made the comment. Remember, comment moderation is subjective. You may find some material objectionable that we won't and vice versa.
If you submit a comment, the user name of your account will appear along with it. Users cannot remove their own comments once they have submitted them.
Order Reprint
About Comments
Reader comments on Sacbee.com are the opinions of the writer, not The Sacramento Bee. If you see an objectionable comment, click the "Report Abuse" link below it. We will delete comments containing inappropriate links, obscenities, hate speech, and personal attacks. Flagrant or repeat violators will be banned. See more about comments here.