3 Sizzling Summer Markets: American Cities Commanding Top Dollar per Square Foot
August is here, so we can look back on summer’s hot months of June and July to see which American cities have also been heating up: this week we pulled data on the price per square foot of homes sold in all the territories ZipRealty serves. Here are our top three territories showing the highest price per square, plus the transaction volume of market sold units by the month. While you’ll notice in some cases a drop in price per square year-over-year, these were still our three hottest American markets in June and July, 2011, a sizzling that isn’t likely to cool too much in August, at least for the top 2 cities.
But first, the top 3, from least expensive to most expensive:
3. Westchester County: an expensive borough of New York
2. The Silicon Valley: California’s computer and technology hub
1. San Francisco
One reason we can be cautiously optimistic about continued heat in these markets looking forward is the inventory found in each city. For the top 2 cities highlighted here, inventory is at a low. And since we understand that based on supply and demand, low supply equals high demand, the Silicon Valley and San Francisco look hot indeed.
Westchester, meanwhile, shows relatively high inventory.
Thus, we will have to see if seasonality (the warm, balmy days of summer) is driving the price per square up. If so, that price may cool down when chilly months return. However, chilly months are a ways off yet for New York, so overall, Westchester could sizzle on into August…and beyond.