Limited housing supply in the ever-growing Bay Area has led the listing-to-sale period for homes on the market to drop to as low as 9 days.
According to Mercury News, the median time on the market for an existing home in Santa Clara County was as low as 9 days in December. Other areas like San Mateo, Alameda, Contra Costa County, and San Francisco saw average periods of 12, 13, 16, and 18 days respectively.
The rushed homebuying periods are aggravated by a limited housing supply, which is at low levels not seen since 2004, according to the California Association of Realtors. The area is also seeing high demand due to an increase of tech jobs at places like Apple’s new headquarters in Cupertino.
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