{"id":2695,"date":"2021-12-08T21:59:36","date_gmt":"2021-12-08T21:59:36","guid":{"rendered":"https:\/\/preprod.realtrends.com\/blog\/2021\/12\/08\/eureka-california-an-oasis-for-climate-and-equity-refugees\/"},"modified":"2025-03-13T02:39:47","modified_gmt":"2025-03-13T02:39:47","slug":"eureka-california-an-oasis-for-climate-and-equity-refugees","status":"publish","type":"post","link":"https:\/\/preprod.realtrends.com\/blog\/2021\/12\/08\/eureka-california-an-oasis-for-climate-and-equity-refugees\/","title":{"rendered":"Eureka, California: An oasis for climate (and equity) refugees"},"content":{"rendered":"\n

In Boise, Idaho, home prices are through the roof<\/a>. The locals blame California exiles. Even in Vermont, real estate agents say climate refugees<\/a> from the Golden State are scooping up old farmhouses from the Northeast Kingdom down to Bennington. <\/p>\n\n\n\n

But the Californians who wish to remain in-state are descending on Eureka, the rare California town with relatively modest home prices, making it a haven for those who cash in on the equity gained through their previous abode.<\/p>\n\n\n\n

Set on the Pacific Ocean with the Coastal Ranges and Redwood Forest to the east in Humboldt County, Eureka is California\u2019s hidden gem, however, more and more people have begun to discover the city\u2019s charm, agents said.<\/p>\n\n\n\n

\u201cIt is very active and it is very competitive,\u201d local California Real Estate<\/strong> agent Tom Hunt said. \u201cIt seems like buyers are so hungry to get something that they\u2019re just bringing their best offer early and then they are willing to compete by either getting rid of their contingencies or just trying to bring more cash.\u201d<\/p>\n\n\n\n

In October<\/a>, Realtor.Com<\/strong> ranked Eureka third on its list of hottest markets in the country. The median list price of a home in Eureka was $399,000, a 19.1% increase from a year ago, according to Realtor.com<\/a>, however this is drastically lower than the median list price for the state<\/a> of nearly $800,000. This dramatic jump in price in Eureka, however, has two main catalysts.<\/p>\n\n\n\n

\u201cWe have a housing shortage right now,\u201d Marci Pigg, a local Coldwell Banker Cutten Realty<\/strong> agent said. \u201cIn the past, on average, we would have 380 to 450 homes on the market at any given time and at the current moment, we have 117 residential homes on the market. Plus, demand is super high. We have people moving here from all over.\u201d<\/p>\n\n\n\n

Such a high level of demand has resulted in the median number of days a home is sitting on the market dipping to just 10 days, which, according to local Ming Tree, Realtors<\/strong> agent Annalise von Borstel, is probably artificially increased.<\/p>\n\n\n\n

\u201cWhat sellers are doing is they\u2019re listing their home and then saying, \u2018We aren\u2019t going to look at offers until this date,\u2019\u201d von Borstel said. \u201cThey are anticipating multiple offers. They want a bidding war. But it they were to just put the house on the market, they could easily be under contract potentially that same day or the next day at the latest.\u201d<\/p>\n\n\n\n

Von Borstel also said that it was nearly unheard of for a home to not have multiple offers.<\/p>\n\n\n\n

\u201cIt is literally every house,\u201d she said. \u201cThe number of offers just depends on the pricing strategy. If it is priced lower, you know there is going to be 14 to 15 offers. If is it priced higher, there may be only two or three to compete against, but I would say 99% are multiple offer situations.\u201d<\/p>\n\n\n\n

With the announcement<\/a> of plans earlier this summer for local Humboldt State University<\/strong> to become California\u2019s third polytechnic institution, it is clear that demand for housing in the area is only going to increase.<\/p>\n\n\n\n

\u201cI wish I could say that we are about to get a ton of new housing, but there is nothing on the immediate horizon that is going to change out inventory situation,\u201d von Borstel said. \u201cTopographically and geographically we are a very challenging place to build. We have a lot of watersheds, a lot of sloping and earth dynamics. We have coastal zones. There are a couple of project on the horizon, but they haven\u2019t broken ground yet. HSU is definitely going to be investing in housing in order to deal with the influx of people coming to the university, but again that is going to be a couple of years down the line.\u201d<\/p>\n\n\n\n

Hunt expressed similar sentiments, but also noted that he is still seeing new homes coming on the market every week.<\/p>\n\n\n\n

\u201cLast Thursday, 14 houses hit the market, but there are just so many buyers out there, especially with the current interest rates, that they just aren\u2019t staying,\u201d Hunt explained.<\/p>\n\n\n\n

Aside from relatively low housing costs as compared to other parts of California, the area\u2019s relative safety from wildfires is also attracting buyers to the area (though Eureka residents. dohave to worry about wildfires).<\/p>\n\n\n\n

\u201cWe are seeing a lot of people from the fires that have been displaced and are needing and wanting to move up to a more comfortable climate,\u201d local eXp Realty<\/strong> agent Tracie Creps said. \u201cIt is definitely one of the things attracting people, if people want to stay in California, but have a lower fire risk.\u201d<\/p>\n\n\n\n

This influx of buyers from the southern part of the state has also helped home prices in Eureka reach new heights.<\/p>\n\n\n\n

\u201cWithin the state a lot of people are moving here either for retirement or because they can work remotely, from more expensive areas, usually it\u2019s the Bay Area, and they end up selling their million-dollar condo and move up here and purchase an acreage ranch for $500,000,\u201d von Borstel said. \u201cWe call those buyers the equity refugees.\u201d  <\/p>\n\n\n\n

Although home prices are continuing to rise to unprecedented levels, local agents are not sure the end is in sight.<\/p>\n\n\n\n

\u201cI got an offer accepted earlier this week and it feel like winning an Ironman because it is so competitive,\u201d Pigg said. \u201cI would hope that it\u2019ll level out, just so our local folks don\u2019t get squeezed out of the market, but I think it will continue going up. But with the lack of local jobs and just with our local economy here, I don\u2019t see things continuing at this pace.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Californians who wish to remain in-state are descending on Eureka, the rare California town with relatively modest home prices, making it a haven for those who cash in on the equity gained through their previous abode.<\/p>\n","protected":false},"author":34740,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[1760],"class_list":["post-2695","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nEureka, California: An oasis for climate (and equity) refugees - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Californians who wish to remain in-state are descending on Eureka, the rare California town with relatively modest home prices, making it a haven for those who cash in on the equity gained through their previous abode.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/preprod.realtrends.com\/blog\/2021\/12\/08\/eureka-california-an-oasis-for-climate-and-equity-refugees\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eureka, California: An oasis for climate (and equity) refugees\" \/>\n<meta property=\"og:description\" content=\"Californians who wish to remain in-state are descending on Eureka, the rare California town with relatively modest home prices, making it a haven for those who cash in on the equity gained through their previous abode.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/preprod.realtrends.com\/blog\/2021\/12\/08\/eureka-california-an-oasis-for-climate-and-equity-refugees\/\" \/>\n<meta property=\"og:site_name\" content=\"RealTrends - 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