Southern California house hunters aren't the only ones in the nation being forced to act quickly. Homeowners' reluctance to sell isn't just a local challenge.
Data from Realtor.com shows seller's market conditions in most of the nation's 100 largest counties. Helping drive the trend is a sharp nationwide drop in inventories of existing homes listed for sale, a healthy economy and high consumer confidence.
As a result, a key selling-speed metric — the median days on the market — quickened in 75 of those 100 large counties. Something to think about if you often complain about how hard it is to buy a home locally.
My trusty spreadsheet tells me that the number of houses listed in broker networks in the Top 100 counties in June dropped 10 percent in a year. That supply shortfall in the past year means these communities shrank the time existing homes were for sale: down five days to a median 44 days on the market.
So, is it any surprise that the Top 100's median listing price — $360,000 — was up 9 percent since June 2016?
Yes, Southern California is pricey housing, with four of the nation's 13 most-expensive big markets. Yes, the typical listing in Southern California's six counties went from new listing to sale in less time this year than in 2016.
But nowhere in Southern California ranks anywhere near the speediest among the nation's 100 largest counties. Nor did any local county have a bigger median one-year percentage price hike than the national norm.
Perhaps Southern Californians can gain solace knowing other house hunters suffer, too.
In Seattle's King County, buyers had the nation's shortest window to act. June's median listing of $675,000 was on the market just 19 days.
Just to the north, Snohomish County, with a median of $459,900, was next quickest nationally at 20 days. Then came 23 days for Arapahoe County, just east of Denver, with a median of $464,900.
Filling out the 10 quickest-selling counties were four from Northern California: Alameda, San Mateo, Santa Clara and Sacramento. Also in this club were Salt Lake (Utah), Multnomah (Ore.), plus Denver and Macomb (Mich.) that tied at No. 10 with 30 days.
Compare how fast those house hunters must make deals with the quickest in Southern California: Orange County, where the median listing was just 34 days old. But that ranked only 22nd nationwide.
And Orange County wasn't sluggish by any means. Listings were on the market nine days longer a year ago — or a 21 percent change — the 10th largest shrinkage among the Top 100. Orange County's median listing was $799,000 — the nation's sixth highest — up 5 percent in a year.
Realtor.com researcher Javier Vivas says the Southern California region is now experiencing the extreme house-hunting shortages that have plagued places like the Bay Area or Denver for several years.
"The region is really catching up to the hottest markets," Vivas says. "It's not the hottest market, but demand is definitely outpacing the inventory."
After Orange County, Southern California's swiftest markets were Los Angeles and San Diego counties, both at 37 days on market — tied for 27th nationally.
L.A. inventory was five days shorter vs. a year ago. Median was $679,900 — 12th highest — up 6 percent in a year. San Diego inventory's age shrank by three days as its median of $679,000 — 13th highest — rose 6 percent in a year.
If you need yet another example of how expensive local housing is, consider that San Bernardino County, SoCal's cheapest market, ranked 57th out of the Top 100 nationwide for price.
That was after San Bernardino's median listing price of $329,900 was up 6 percent in a year. Its listings stayed 42 days on market — 45th out of 100 and 11 days faster in a year, or 21 percent (12th biggest improvement).
Riverside County's inventory sped up the most in Southern California and third nationwide. Its 44 days on market — 47 out of 100 — was down 20 days in a year or 31 percent. The median listing was $410,000 — No. 36 and up 6 percent in a year.
And Ventura County was the only place in the region where home choices got cheaper.
Ventura's median listing was 39 days on market — 39th out of the Top 100 and down seven days vs. 2016. Still, the median price of $699,000 — 10th highest -- was off 5 percent in a year.
Of course, if the local housing scene is too competitive for your tastes, you could shop for a residence in Miami's Dade County — slowest among the top 100.
Its 109 days on market — more than double any Southern California market — is up 20 days vs. a year ago. That South Florida buyer lethargy probably explains why Miami's $439,000 median listing price is off 2 percent since 2016.
Anybody around Southern California remember...that kind of buyer's market?
