“We’ve also seen areas that have traditionally been thought of as vacation towns heat up over the past couple of years,” Zillow’s Kreamer said. Some people from the Bay Area who can work remotely have picked up and moved to the coast or the forest for a change of pace.
Vacation areas are still hotĬalifornia spots where people normally go to get away have become more desirable during the pandemic, and not just for a second home or investment property. “Coastal towns will always do well,” she said. In 92009, the median list price was $1.8 million last month, but now it’s $2.08 million. Homes are sitting now.”īut even as the market is correcting, prices are “slightly ticking up” in some areas, King said.
“There are no longer 10 to 15 bids per home. “There are more choices for buyers and sellers are competing against each other,” she said. “Prices are declining and inventory is up in these ZIP codes,” she said, going from two weeks of inventory a year ago to two months currently. King noted that the market has cooled off some since about April. The demographics for the three Carlsbad ZIP codes are somewhat similar, with the median age in the early 40s, about 64% to 75% white, and 8% to 20% Hispanic. The draws include the ocean views, great beaches and weather, and the “lifestyle community” that includes plenty of outdoor activities and sports, King said, adding that schools in the area are also very good. “It still feels a bit more sleepy, the weather is great, but it’s expensive just like anywhere else.” The approach differs from that used by many Realtors, whose data comes from regional Realtor and broker databases called multiple listing services the methodologies can differ and the analyses would not be directly comparable.Ĭarlsbad Realtor Tina King said that in the past couple of years, many people have moved there from Los Angeles and the Bay Area, including executives, professionals and younger families who can work remotely. Zillow’s Home Value Index measures a region’s typical home value and housing market appreciation, currently and over time, based on multiple data sources, including seasonal variations and the values of homes nearby. “Interestingly, San Diego home values have grown much more quickly than Los Angeles home values during the pandemic, and the typical home in both places is now nearly the same,” Kreamer said. Kreamer said this trend is playing out in a big way in Southern California, where Los Angeles residents looked to San Diego and the Inland Empire, particularly first-time home buyers who can find better opportunities in those locations.Īccording to our analysis of Zillow data, six San Diego ZIP codes made the state’s top 20 with highest home value growth from May 2021 to May 2022, including three in Carlsbad, about 30 miles north of San Diego. “The pandemic and rise in remote work really put that trend into overdrive.” Southern California ZIP codes dominate “As more people look toward and move to those places seeking affordability, it creates more competition and prices start to grow more quickly,” he wrote in an email. Now, other Southern California communities dominate the list, though two Northern and Central Coast vacation spots were at the very top.Īs populations have grown in some areas, it’s been driving up home prices and making them less affordable, Kreamer noted. One pandemic hallmark trend that continues in California is people moving out of more expensive population centers to less-expensive, more suburban or remote areas, said Matt Kreamer, a data spokesperson for Zillow.ĭata from January 2020 to January 2022 previously analyzed by The Chronicle reflected that trend, with communities in Southern California’s High Desert overwhelmingly represented in the top 10 ZIP codes with the fastest average growth in typical home values. The analysis took only ZIP codes with populations of 1,000 or more into account, based on U.S. The Chronicle analyzed home value data from real estate listings company Zillow to see what ZIP codes across California had the fastest average growth in typical home values from May 2021 to May 2022.
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