Realtors have named the San Luis Obispo area one of the 15 hottest real estate markets in the United States. [Consumer Affairs]
The realtor.com list ranks homes sales markets based on fastest turnover and most listing views. The San Luis Obispo, Paso Robles and Arroyo Grande market placed 13th.
In all, eight California locations including San Diego, San Francisco, Santa Cruz and Oxnard, Thousand Oaks and Ventura made the list.The Dallas, Fort Worth area ranked No. 1.
Realtor.com chief economist Jonathan Smoke said all of a the locations on the list had some of the healthiest or were becoming some of the healthiest economies in the country.
California has been particularly hot over the last two years, Smoke said. During the downturn, California had more price declines and foreclosures, but it worked through the overhang quickly because it is a non-judicial state for foreclosures, he said.
Home prices have increased nationally due to a shortage of homes for sale and an increase of prospective buyers. A Realtor.com analysis of data from the first three weeks of April showed the median list price increased to $225,000, rising 9 percent over the previous year and 2 percent since March.