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Regional Markets Leading Recovery as Supply Begins to Respond to Demand

June 13, 2013 by Leave a Comment

City landscapeNational housing indicators are being led by strong regional markets experiencing key growth, as seller supply begins to respond to consumer demand, according to realtor.com’s May 2013 housing trends report. This indicates a slower but steady national trend towards sustainable market recovery.

As the spring homebuying season transitions into summer, some regions across the nation are seeing month-over-month inventories replenishing above usual seasonal patterns as sellers begin to respond to pent up demand. Many previously “hot” regional markets such as Sacramento and Stockton in California are in the process of balancing out, as surges in month-over-month listings begin to replenish depleted inventories.

“We are seeing large regional markets across the country leading the way to national recovery. These regions are acting as a microcosm for what’s slowly happening in the larger real estate market,” said Steve Berkowitz, chief executive officer of Move. “Overall, we’re seeing seller confidence beginning to respond to consumer demand. Nationally, there are more homes going on the market for a shorter amount of time. And this is happening in our hot markets on a much larger scale.”

In the U.S., May 2013 inventories rose by 5.82 percent over April 2013 and median list prices were 2.10 percent higher than April prices. Last year, realtor.com reported a 1.77 percent increase in inventory from April 2012 to May 2012 and a 0.48 percent increase in median list prices over April 2012. The May 2013 month-over-month increase in inventory signals the beginning of a less volatile market and a greater balance between supply and demand. In fact, this surge in inventory has spread to some East Coast markets including Daytona Beach, FL and Washington, D.C., whose inventories rose 21.97 percent and 12.64 percent respectively, month-over-month.

National Data:

    • In May, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,852,740) increased by 5.82 percent month-over-month. On an annual basis, May 2013 inventory decreased by 10.11 percent; compared to a 14.10 percent year-over-year decrease in May 2012.
    • The median list price ($199,000 for May 2013) rose by 2.10 percent over the month, and by 4.79 percent year-over-year.
    • The median age of inventory of for sale listings (79) fell by approximately 13 percent in comparison to May of last year.

Local Data:

  • May 2013 month-over-month inventories sprang up in some regions including: Stockton-Lodi, CA (37.06 percent increase); Sacramento, CA (35.18 percent increase); Daytona Beach, FL (21.97 percent increase); San Jose, CA (17.27 percent); Orange County, CA (16.50 percent); Anchorage, AK (16.06 percent); San Francisco, CA (14.87 percent); Oakland, CA (14.35 percent); Washington, DC-MD-VA-WV(VA) (12.64 percent) and Los Angeles-Long Beach, CA (11.29 percent).
  • California markets continue to lead the list of the country’s top performing housing markets in median list price increases, along with Phoenix, AZ; Detroit, MI; Reno, NV; Jacksonville, FL and Orlando, FL.
  • The coastal areas of the Carolinas and Philadelphia, PA, continue to be on the list of the 10 areas with the longest time on market. However, Florida markets now account for half of these markets, with a median time on market that ranged from 105 to 119 days.

The post Regional Markets Leading Recovery as Supply Begins to Respond to Demand appeared first on realtor.com® blog.

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List Price And Inventory Increases Point To Continuing Housing Recovery

May 15, 2013 by Leave a Comment

List Price And Inventory Increases Point To Housing Recovery

The home buying season shifted into high gear last month as inventory and home list prices on realtor.com® increased by 4.12 percent and 2.63 percent, month over month, respectively. As of April, homes are on the market nationwide approximately 81 days—a decrease of nearly 11 percent since April 2012—highlighting that while new homes are entering the market they are not available for long.

Despite the increase in inventory month over month, nationwide inventory declined year over year in all but 11 of the 146 markets realtor.com® monitors. Approximately 36 markets registered a decrease of listings by 20 percent or more, still highlighting near records lows of available homes.

Approximately 37 markets experienced a decline in list price since last year, a figure that has been improving throughout the home buying season. The number of markets throughout the nation experiencing a steady or slight decline in median list prices is decreasing throughout the home buying season, another positive signal for the overall housing market recovery. In April, median list prices increased in 109 markets.

National Data

  • In April, the total number of single-family homes, condos, townhomes and co-ops for sale in the U.S. (1,750,839) increased by 4.12 percent month-over-month. On an annual basis, however, inventory decreased by 13.54 percent.
  • The national median list price for single-family homes, condos, townhomes and co-ops ($194,900) increased by 2.63 percent vs. March, and 3.12 percent since April last year.
  • The median age of inventory of for sale listings (81) fell by nearly 11 percent in comparison to April last year.

Local Data

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Top Five Easiest Real Estate Markets To Crack

April 24, 2013 by Leave a Comment

Though recent signs have pointed to a lessening of the ongoing housing inventory crunch,  many markets are still experiencing shortages of homes for sale, with inventory overall declining 15.22% in March year over year. Still, there are some bright spots across the nation where the number of listings are growing, enabling first-time home buyers in particular to enter the market more easily than in cities where inventory remains low.

By looking at realtor.com site listing data, we were able to identify the top five markets in inventory growth – and the five easiest markets to crack – over the past year:

5) Ocala, FL
This Florida city experienced the fifth-highest growth in listings since 2012, with an increase of 3.09% year over year. Median listing prices have remained relatively stable at $129,900, with a slight 1.01% increase in the past 12 months.

4) Huntsville, AL
Listings in the fourth-largest city in Alabama increased 3.94% year or year, while median listing prices actually declined 2.66% to $179,964, making Huntsville a good entry market for first time buyers.

3) El Paso, TX
Inventory in this West Texas city grew 4.79% over the last 12 months while prices declined by 1.34% to their current median level of $149,950, landing El Paso the number three slot in our list.

2) Springfield, IL
With listings climbing 5.67% since last year and median prices falling by 7.69% to $119,900, the capital of Illinois is a prime entry market for first time buyers looking for affordable starter homes.

1) Shreveport-Bossier City, LA
Coming in at number one on our list of top easiest markets to crack is tourism, energy, and film production hub Shreveport, Louisiana. Listings shot up over 17% year over year, by far the highest increase on our list. Prices have eased up 4% to a median of $182,000, making this city on the Red River our top easiest market to crack.

The post Top Five Easiest Real Estate Markets To Crack appeared first on realtor.com® blog.

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Turnaround Towns: San Jose Surges into Top Five for Recovering Markets

August 24, 2012 by Leave a Comment

Turnaround Towns: San Jose Surges into Top Five for Recovering Markets photo

In a nod to the resurgent Western markets, REALTOR.com’s eye on Top Turnaround Towns in the Second Quarter of 2012 turns to San Jose where California’s third-largest city has continued along the road to recovery in surprisingly strong fashion. After coming in at #23 in the First Quarter of this year, San Jose has cracked the top-five of the Top Turnaround Towns, locking down the #5 spot behind only the markets in Boise, ID; Miami, FL; Oakland, CA;  and Phoenix-Mesa, AZ.

Higher sales and a shrinking inventory can be credited as two main reasons why San Jose has enjoyed its continued resurgence in 2012. Despite an unemployment average of 8.8%, which is more than a half-percentage point greater than the national average (8.2%), the Silicon Valley metropolis neared a four-year high in median sale price in June, with median list prices rising more than 12% compared to Q2 2011.

Contributing to this increase is a market inventory that has plummeted by 41% from last year’s Second Quarter numbers, as well as the thing that makes the world (and real estate) go ‘round, money. To put it bluntly, San Jose is flush with cash. The city currently ranks atop the nation for large cities with a highest average annual wage of $92,556, a big part of which can be attributed to numerous tech juggernauts such as Apple, Google and Facebook that call the Silicon Valley home.

Sophia Delacotte-Waldman, a real estate agent based in San Jose, confirms that Silicon Valley’s revitalized business sector has spurred growth and regeneration in the area. In particular, Delacotte-Waldman points to an upward trend in not only investors, but also relocating buyers, especially from Britain, Canada and Japan, who have relocated to the area for work.

“Attraction of the area (innovation, etc.), prices (likely to continue to go up) and the certainty that they will be able to resell easily as the real estate market is red hot right now,” explains Delacott-Waldmann, who has seen a significant shift in the market in recent years. “As you know, we are faced with a sellers’ market since the beginning of the year. Even for those who will occupy the property for a while are very confident that it will be easy to resell.”

Those in the ‘But San Jose isn’t San Francisco, so what is there to do?’ category might be surprised to learn that the city offers a rich cultural scene anchored by downtown destinations such as the San Jose Museum of Art, the Repertory Theatre, and the Tech Museum. Downtown San Jose also boasts its own NHL franchise, the San Jose Sharks, along with the San Jose Giants, a Class-A little brother of the Bay Area’s big league baseball club.

San Jose is also a great jumping off point for some of the Bay Area’s finest attractions. A wealth of public transportation options, including CalTrain, VTA bus and light-rail services readily shuttle commuters and visitors to and from major Bay Area points of interest, while the DASH shuttle service offers free transportation to major downtown San Jose destinations on weekdays.

With attractions and infastracture out of the way, it’s time to take a look at what to expect in terms of what type of real estate is currently available in the city. If this market assessment has you thinking of a move towards San Jose, you’ve come to the right place. We’ve hunted up three cute homes that are now on the market in the popular seaside city.

Turnaround Towns: San Jose Surges into Top Five for Recovering Markets photo

The first is this attractive Victorian home located on the north side of the city. With its cheery golden siding and white trim, you would never guess that the recently restored home is 112 years old. There is room within its 2,300 square feet for spacious living areas and a gourmet kitchen, all finished with crown moldings and hardwood floors. Between the sunny main house and the recently built guest cottage, five bedrooms and three baths are at your disposal. And entertainers will delight in the gorgeous backyard patio: shaded by mature trees and surrounded by landscaped gardens, the deck’s built-in benches and sunken fire pit can handle a crowd. At just under $1 million, this cute house is quite a steal!

Turnaround Towns: San Jose Surges into Top Five for Recovering Markets photo

A few streets to the south, this newly constructed stone house looks like it has been here for ages. The traditional interiors are conservative and proper, with white trim, exposed beams and conservative furnishings keeping everything in line. Five bedrooms, three baths, a gourmet-equipped kitchen and formal living areas are among the main attractions of this home, and a basement gym and palatial master suite both add to the appeal of this house. Out back, the $1.8 million home has a large, verdant yard that includes fruit trees and a fountain. The large patio is serviced by an outdoor kitchen, making this a great spot for summer barbecues.

Turnaround Towns: San Jose Surges into Top Five for Recovering Markets photo

Travel over to the eastern side of the city, and this low-slung ranch house is waiting just off the fairway of the San Jose Country Club. This unique home starts things off on the right foot with a rotunda-topped entryway with a floor of checkered tile. The 4,784 square foot home is built for a crowd, with a swimming pool, in-law quarters and a dining room that can seat over 30 guests. Five bedrooms and three baths are found in the main house, along with spacious living areas. With a little updating, this $1.2 million home could be quite the looker.

Realtor.com scribe Addy Cleverly contributed to this post.

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Minneapolis On The Road To Recovery

August 9, 2012 by Leave a Comment

Minneapolis On The Road To Recovery photo

Realtor.com® has rolled out our latest Top Turnaround Towns Report, and aside from the report’s top ten cities, we’ve also been keeping an eye on significant recoveries of cities that didn’t make first string. While they haven’t made it to the top ten yet, there are a number of cities that have been showing consistent signs of improvement, with rapidly falling inventory rates and increases in average home price. The real standout of these quiet performers is the twin city metropolis of St. Paul-Minneapolis, MN.

In our first quarter report, St. Paul-Minneapolis clocked in at a respectable #20. But this quarter, the Twin Cities have shot up the list to the #12 position. This dramatic increase has been the result of an 11% increase in list prices and a 27% decrease in inventory over last year. Home prices in the twin cities are now at their highest since the great bubble-burst of October 2008. Add one of the lowest unemployment rates in the nation (5.2%), and you are looking at a Midwest success story, friends.

Minneapolis On The Road To Recovery photo

So we know the statistics are in favor of Minneapolis-St. Paul, but we’re still wondering: what’s it like to live there? To answer that question, we turned to Teresa Boardman, a licensed real estate agent and resident of St. Paul-Minneapolis.

Boardman, who operates the St. Paul Real Estate Blog, explains that the St. Paul-Minneapolis market, much like the rest of the country, suffered tremendously following the housing bubble burst. However, falling home prices coupled with a metro area unemployment rate that is lower than the national average has helped spur growth in the Twin Cities market. Furthermore, a shrinking inventory has impacted list prices in a positive way.

So, where are these homebuyers coming from? Boardman points to first-time homebuyers, parties from emerging markets and older buyers flush in cash as the major players in the current market. Economic growth in the St. Paul-Minneapolis community, particularly in the downtown area, has contributed to a number of people relocating to the area, as well as those making the move “from the ‘burbs to the urban core,” she adds.

For Annie Scott Riley, a recent Minneapolis transplant originally from Manhattan, being able to walk to places, much like she did in New York, was one of the main reasons why she and her family opted not to sacrifice her “urbanity” when buying their home. “We could have gone out to the suburbs and paid a whole lot less,” details Riley, who explained that being close to shops and restaurants actually helped to find lower prices. “So, it wasn’t the #1 dealmaker, but we found an excellent balance of location, proximity to amenities, distance to work and price.”

Minneapolis On The Road To Recovery photo

So, now we know the who and where of the St. Paul-Minneapolis real estate up-tick, leaving the question: what is it like to live there? According to Boardman and Riley, the Twin Cities has quite a diverse portfolio in the things-to-do department. When asked for specifics, both mentioned the city’s beautiful lakes and parks, walkable areas and trails, and an overall cleanliness and low crime level not often seen in large metropolitan communities.

Sports fans are also rewarded in the Twin Cities, as the area offers professional franchises in all five of the major sports, including the Minnesota Twins baseball club, which boasts a state-of-the-art downtown stadium, Target Field. Perhaps saving the best for last, there is St. Paul-Minneapolis’s thriving cultural scene, which includes, but is not limited to, an array of world class eateries, museums and theatres.

“We attend events, theater, and art exhibits all over town,” adds Riley. “This city offers just about everything that’s important to us at a high standard of living. We feel pretty lucky to have found work and moved here.”

With these facts in mind, let us take a look at just what kind of real estate is currently available in the Minneapolis market. In search of our own “urbanity,” our first stop will be the downtown area, where an historic Itasca property-turned-condominium reflects the real estate scene in the city. Listed for $515,000, the two-floor penthouse features just over 2,000-square-feet of living space, along with a swank private rooftop deck.

Minneapolis On The Road To Recovery photo

For a more suburban offering, check out this St. Paul, MN Tudor that currently lists for $344,900. Sporting an old-world brick and stucco facade, the 2,500-square-foot property is found just outside the city, in a quiet neighborhood fit for a family. Many highlights of the home’s interior mirror its exterior charm, including numerous built-ins, hardwood flooring and a wood-burning fireplace.

Minneapolis On The Road To Recovery photo

Finally, for your obligatory million dollar home listing, we head to the Saint Paul suburb of North Oaks, where a lakefront estate lists for just under $2 million. Beyond its 240 feet of private lakeshore, the 6,900-square-foot property features luxurious highlights in the form of a gourmet kitchen, high-end media room, and an amenity that no million-dollar property should be without, a wine cellar.

Minneapolis On The Road To Recovery photo

Realtor.com scribe Addy Cleverly contributed to this post.

Top photo courtesy Meet Minneapolis

Additional photos via Teresa Boardman

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REALTOR.com Real Estate Trends June 2012 (DATA)

July 17, 2012 by Leave a Comment

REALTOR.com Real Estate Trends June 2012 (DATA) photo

National - Key market indicators for June 2012 suggest much of the country’s housing market has turned the corner and is heading down a slow, but steady path to recovery.  The total US for-sale inventory of single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) remained at historic lows with 1.88 million units for sale in June, down -19% compared to a year ago, and -39% below its peak of 3.10 million units in September, 2007 when Realtor.com began monitoring these markets.

At the same time, median list prices have been on the rise since the beginning of the year and now standing at $195,000, up 2.68% on a year-over-year basis. The median age of the inventory dropped to 84 days, which is down -9.67% on an annual basis.

Lower inventories, combined with rising list prices and a generally faster moving marketplace are positive signs that the market is gaining traction and entering a solid recovery mode.  However, markets remain fragile, and this emerging recovery could be undermined by adverse economic events or loss of consumer confidence.

Key National Market Indicators for June 2012

Local Markets – With some notable exceptions, the majority of housing markets showed signs of continued improvement in June.  On a year-over-year basis, the for-sale inventory declined in all but 2 (Shreveport, LA and Philadelphia, PA) of the 146 markets covered by Realtor.com, while list prices increased in 101 markets, held steady in 26 markets, and declined in just 19 markets.  This pattern is in stark contrast to trends observed in June 2011, when median list prices were down -1% or more on an annual basis in 79 of the 146 markets covered by Realtor.com.

In general, local markets that experienced some of the highest foreclosure rates and largest list price declines since the beginning of the housing crisis are now registering the largest list price gains, while markets in the older parts of the Midwest and North East are losing ground.

Highlighted Market:  California – One of the biggest housing stories of the second half of 2011 was the dramatic draw down of inventory in Florida, which was typically accompanied by large increases in median list prices.  While inventories in most Florida markets have begun to stabilize, a similar rebalancing process now appears to be underway in most major California markets, as well as in Seattle, Phoenix, and Atlanta. These patterns suggest that the stabilization and recovery process that began in Florida over a year ago is spreading to other hard-hit areas that originally bore the brunt of the housing crisis. See page 7 for more details.

National Perspective

Median List Prices – The nationwide median list price in June for SFH/CTHCOPS rose to $195,000, roughly the same as last month ($194,900) but 2.68% higher than it was a year ago.  While list prices remained relatively constant throughout the 2011 home buying season, they have been rising steadily for the past five months, suggesting a growing optimism on the part of sellers.  While list prices are below their peak of about $250,000 in early 2007–when Realtor.com began tracking these data–the recent upward trend is a positive sign and serves as a leading indicator of future increases in housing prices.

For Sale Inventories – The national for-sale inventory of SFH/CTHCOPS in June (1,886,690) was slightly higher (+0.52%) than it was in May but down -19.35% on an annual basis. Similar to the rising list prices this year, the consistent year-over-year declines in inventory is another positive sign that the overall market is in a stronger position than a year ago.  Since the beginning of 2012, total inventory has averaged about 1.8 to 1.9 million units, the lowest levels since January 2007.

Median Age of Inventory — The median age of the inventory of for sale listings was 84 days in June,  roughly the same as the past three months, but -9.67% below the median age one year ago (June 2011).  While the median age of the inventory is highly seasonal, the year-over-year decline is consistent with other data showing a significant improvement in market conditions compared to one year ago.

Local Market Variations

For Sale Inventories (y/y) – For sale inventories of SFH/CTHCOPS in June declined on an annual basis in all but 3 of the 146 MSAs monitored by Realtor.com, with for-sale inventory dropping -20% or more in 67 of the 146 markets covered.  While the rate of decline has moderated over the past few months, this pattern suggests the majority of markets are working through their excess inventories. The 10 MSAs with the largest year-over-year declines in their for-sale inventories in June 2012 are listed below.

For-Sale Inventory

10 MSAs with the Greatest Year-Over-Year Inventory Reductions

June 2012 vs. June 2011
Oakland, CA -57.92%
Fresno, CA -49.10%
Bakersfield, CA -47.37%
Seattle-Bellevue-Everett, WA -42.85%
San Jose, CA -41.98%
San Francisco, CA -39.68%
Phoenix-Mesa, AZ -39.50%
Stockton-Lodi, CA -38.92%
Riverside-San Bernardino, CA -38.08%
Atlanta, GA -37.92%

Only 2 areas experienced a year-over-year increase in their for-sale inventories— Shreveport, LA (+26.59%), and Philadelphia PA (+4.31%).  Increasing inventories in these markets most likely reflect the impact of continued weaknesses in local economies. Median List Prices (y/y) – On a year-over-year basis, June median list prices were up by 1% or more in 101 of 146 MSAs, and up by 5% or more in 49 MSAs.  Median list prices were down -1% or more in 19 markets, while no markets experienced a decline of more than 5%.  The remaining 26 markets haven’t experienced significant changes in median list prices compared to a year ago. These results represent a steady improvement, and an indication that the majority of housing markets are beginning to turn around.

Median List Prices – Largest y/y Increases – While Florida markets continue to register some of the highest year-over-year increases in median list price, the increases are not as large as they have been in the past 12 months. However, top performers now include many major California markets and hard hit areas such as Phoenix, AZ and Seattle, WA, markets that also experienced large declines in their for-sale inventories.  The 10 markets with the largest year-over-year list price increase are shown below.

Median List Price

10 MSAs with the Greatest Year-over-Year List Price Increases

June 2012 vs. June 2011
Santa Barbara-Santa Maria-Lompoc, CA 33.14%
Phoenix-Mesa, AZ 32.19%
San Francisco, CA 15.44%
Boise City, ID 14.94%
Oakland, CA 14.84%
Miami, FL 14.34%
Fort Myers-Cape Coral, FL 14.30%
Washington, DC-MD-VA-WV(MD) 14.00%
Washington, DC-MD-VA-WV(DC) 13.63%
Seattle-Bellevue-Everett, WA 12.92%

Median List Prices – Largest y/y Declines – For more than a year, markets that never experienced a rapid run-up in prices just before the housing crisis began have recently registered among the highest rates of list price decline.  June was no exception.  While the declines were not as large or as prevalent as they have been in the past few months, they illustrate the evolving nature of this country’s housing problems are shifting away from the sand states and into older, more industrialized areas experiencing the brunt of the economic downturn.

Median List Price

10 MSAs with the Greatest Year-over-Year List Price Declines

June 2012 vs. June 2011
Allentown-Bethlehem-Easton, PA -4.76%
Peoria-Pekin, IL -4.76%
Toledo, OH -4.35%
Syracuse, NY -3.22%
Milwaukee-Waukesha, WI -3.15%
Philadelphia, PA-NJ(NJ) -2.95%
Reading, PA -2.92%
Tyler, TX -2.79%
Roanoke, VA -2.75%
Knoxville, TN -2.71%

Median Age of Inventory (y/y) – The median age of the inventory continued to be relatively high in coastal areas of the Carolinas and parts of Florida, although conditions have improved compared to a year ago. The areas with the longest time on market are shown below:

Median Age of Inventory

10 MSAs with the Longest Median Days on Market

June 2012 vs. June 2011
South-SC-RSA 147
Myrtle Beach, SC 137
Naples, FL 131
Wilmington, NC 124
Reading, PA 121
Central-FL-RSA 116
Gainesville, FL 114
Punta Gorda, FL 114
West Palm Beach-Boca Raton, FL 113
Charleston-North Charleston, SC 113
Mobile, AL 113

California markets continue to register among those with the lowest time on market compared to other areas of the country. The median age of inventory was also relatively low in Denver, CO, Anchorage, AK, Seattle-Bellevue-Everett, WA, Detroit, MI, Phoenix-Mesa, AZ and Minneapolis-St. Paul, MN.

Median Age of Inventory

10 MSAs with the Shortest Median Days on Market

June 2012 vs. June 2011
Oakland, CA 24
Denver, CO 33
Fresno, CA 43
Anchorage, AK 43
Bakersfield, CA 44
San Francisco, CA 45
Seattle-Bellevue-Everett, WA 45
San Jose, CA 45
Detroit, MI 47
Phoenix-Mesa, AZ 48

California: Where Has All The Inventory Gone?

The drawdown of inventory observed late last year in several key Florida markets later known as the ‘The Florida Phenomenon’ may be moving out west.  In fact, for several months Realtor.com data shows that while prices are on the rise in Phoenix, Seattle and in 10 California markets, inventory levels in these same markets have dropped significantly and the median age of inventory continues to decline.  These patterns and the rebalancing from The Sunshine State to The Golden State suggest the stabilization and recovery that began in Florida over a year ago is taking up residence out west.

In taking a closer look, all of these markets with the greatest year-over-year inventory declines in June, with the exception of Seattle, share both a history of extraordinary high levels of foreclosures and a related condition, negative equity.

Negative equity, which occurs when homeowners owe more on their mortgage than their home is worth, makes it virtually impossible for a homeowner to sell.  Though some 28.5% of homeowners with a mortgage were underwater or nearly so at the end of the first quarter 2012, California, Arizona, and Georgia ranked among the top 6 states for negative equity, with negative equity rates ranging from 35% to 49%. The negative equity share of mortgages in California rose slightly in Q1 2012 to 30.5% from 29.9% Q4 2011.

Foreclosures: Another major factor in the overall decline of inventory is the very low level of foreclosures for sale. For example, REO inventory in California in June was down -48.8% from a year ago while REO inventory in Seattle last month was -45.43% lower than a year ago.  REO inventory in Phoenix was down -54.8% from June 2011.

MSA Total Listings: % YY ? REO Inventory Y/Y Negative Equity Share in State
Oakland, CA -57.92% -28.54% 34.60%
Fresno, CA -49.10% -45.78% 34.60%
Bakersfield, CA -47.37% -49.54% 34.60%
Seattle-Bellevue-Everett, WA -42.85% -45.43% 25.10%
San Jose, CA -41.98% -44.02% 34.60%
San Francisco, CA -39.68% -13.83% 34.60%
Phoenix-Mesa, AZ -39.50% -54.8% 53.10%
Stockton-Lodi, CA -38.92% -38.87% 34.60%
Riverside-San Bernardino, CA -38.08% -42.71% 34.60%
Atlanta, GA -37.92% *data not available 39.90%
Sacramento, CA -35.95% -46.31% 34.60%
Pueblo, CO -34.59% *data not available 34.60%
Santa Barbara-Santa Maria-Lompoc-CA -34.28% 9.85% 34.60%
San Diego, CA -33.50% -42.39% 34.60%
Tampa-St. Petersburg-Clearwater, FL -32.50% *data not available 49.1%

U.S. Olympic Host Cities

Host City Year Median List Price In Host Year Median List Price 

June 2012

 Median List Price: % YY ? Total Listings 

June 2012

 Total Listings: % YY ? Unemployment Rate
Atlanta 1996 Summer Games $116,000 $170,000 6.51% 45,273 -37.92% 8.60%
Lake Placid 1932 Winter Games $27,700 $464,450 7.02% 142 -4.80% 10.10%
Lake Placid 1980 Winter Games $1,666,500 $464,450 7.02% 142 -4.80% 10.10%
Los Angeles 1932 Summer Games $21,000 $350,000 6.06% 24,717 -26.40% 10.20%
Los Angeles 1984 Summer Games $158,000 $350,000 6.06% 24,717 -26.40% 10.20%
Salt Lake City 2002 Winter Games $164,500 $210,000 8.24% 6,614 -31.23% 5.70%
Squaw Valley 1960 Winter Games $77,600 $602,500 10.65% 71 -11.85% 9.80%
St. Louis 1904 Summer Games $7,150 $166,000 1.25% 14,611 -18.11% 7.50%

Atlanta, GA – 1996: With increasing list prices, decreasing inventory and a low median age of inventory (68 days), Atlanta was a hard hit area now showing signs of stability. Though its unemployment rate is still higher than the national rate of 8.2%, the growing wireless and online retail industries are expected to increase job opportunities. The area is the home base of both AT&T Mobility and UPS.

  • Olympic Highlights: Gymnast Kerri Strug led the U.S. women’s team to its first gold medal after vaulting on an injured ankle. In track and field, Michael Johnson set a world record for the 200 meter and won two golds while Carl Lewis won his 4th long jump gold medal.

Lake Placid, NY: This small village in the Adirondacks is a resort community with healthy real estate trends. Median list prices in the area are increasing while inventory counts are dropping, though unemployment is much higher than nationally. The area’s economy is based on tourism, mainly skiing and hiking enthusiasts from the Northeast and Canada. A recent tourism study indicates visitors are opting for shorter trips when visiting the area, which may be affecting the local economy.

  • Olympic highlights (1932): Speed skater Jack Shea became the first person to ever win two gold medals at a Winter Olympics.
  • Olympic highlights (1980): The famous “Miracle on Ice” hockey game between the USA and USSR (the underdog USA team won 4-3). Speed skater Eric Heiden wins five gold medals, and sets a world record and four Olympic records.


Los Angeles, CA: Like Atlanta, this former Olympic city is experiencing signs of stability as inventories decline while median list prices rise. Unemployment, however, is still high at 2% above the national rate. Jobs are increasing mainly in the leisure and hospitality sectors, and more than 9,000 positions were added in May.

  • Olympic highlights (1932): Victory podiums were used for the first time. Takeichi Nishi wins a gold medal in show jumping, the only Japanese athlete to win a gold in an equestrian event to this day. Tenth Street was renamed Olympic Boulevard in honor of the Games.
  • Olympic highlights (1984): More than 14 countries including the Soviet Union, Cuba, and East Germany boycotted the games because the U.S. boycotted the 1980 Moscow games. Track and field star Carl Lewis appears at his first Olympics, and wins four gold medals.  Mary Lou Retton becomes the first American to win the gymnastics all-around competition.


Salt Lake City, UT – 2002: Like other former U.S. Olympic host markets, median list prices are on the rise as inventory levels are on the decline. The area’s unemployment rate is far below the nation’s. Utah is expected to have large growth in jobs this year in the high-tech vertical — with digital storage company EMC hiring — as well as in the manufacturing, leisure and business service industries.

  • Olympic highlights: Canadian figure skating duo Jamie Salé and David Pelletier were awarded a second gold medal after a controversy involving the score of a French judge. Australian short track skater Steven Bradbury won a gold medal after witnessing three competitors crash during the semifinal and four crash at the finals. The first Olympics since 9/11 featured a patriotic theme, including the American flag that flew at Ground Zero and honor guards from New York’s police and fire departments.

Squaw Valley, CA – 1960: Though it’s one of the smallest places in the world to ever host the Olympics, the community has a strong median list price–which grew in June–as well as decreasing inventory. Unemployment is higher than the national rate, though job prospects in the Placer County area are growing. Projections show a 43% increase in employment by 2020, especially in the areas of construction, transportation and hospitality–and recreational opportunities are plentiful.

  • Olympic highlights: This Olympic Games features the first athlete’s village. Walt Disney produced the opening and closing ceremonies for CBS. Soviet Union athletes dominate the competition: speed skaters Yevgeny Grishin and Lidiya Skoblikova are the only multiple gold medalists, and the Soviet Union wins the most medals overall (21 total).

St. Louis, MO – 1904: Positive real estate trends in the oldest U.S. Olympic host city include a healthy inventory level paired with a rising median list price. Unemployment is below the national rate, and long-term job growth is expected with small businesses leading the way. St. Louis is also home to a number of companies recently mentioned as ‘The 100 Best Companies to Work For’ — Build-A-Bear Workshop, Edward Jones, and Scottrade, among others.

  • Olympic highlights: The event was part of the World’s Fair and lasted more than four months. American gymnast George Eyser, who had a wooden left leg, won six medals. The marathon took place during extreme heat and dust clouds.


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REALTOR.com Real Estate Trends May 2012 (INFOGRAPHIC)

June 13, 2012 by Leave a Comment

As part of our monthly Real Estate Data Trends report, we’ve decided to highlight how the national and local real estate markets have changed over the past month. As you can see the total US for-sale inventory of single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) now stands at 1.88 million units, down -20.07% compared to a year ago and the median list price in May, which has been rising steadily since January, was up 3.17% on annual basis and now stands at $194,900.

The top MSAs with the greatest year-over-year reductions included; Oakland, CA, Fresno, CA, Bakersfield, CA, Phoenix-Mesa, AZ, and Seattle-Bellevue-Everett, WA. The top MSAs with the greatest year-over-year list price increases included; Phoenix-Mesa, AZ, Santa Barbara-Santa Maria-Lompoc, CA, Chattanooga, TN-GA(TN), Boise City, ID, and Miami, FL.

REALTOR.com Real Estate Trends May 2012 (INFOGRAPHIC) photo

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Realtor.com Real Estate Trends – March 2012 (DATA)

April 17, 2012 by Leave a Comment

National Trends – As the 2012 home buying season begins, key indicators are overall pointing in the right direction – towards stability.  The total US for-sale inventory in March 2012 was down by -21.48% compared to March 2011, declining in all but two of the 146 markets covered by Realtor.com.  The median age of the inventory fell by -19.82% on a year-over-year basis and the median national list price was up by 5.56%.   These positive indicators contrast with the situation at the beginning of the 2011 home buying season, when the median list price was down by -4.81% on an annual basis and the age of the inventory was up by 26.14%.  If the market continues to hold its own, 2012 could confirm the beginning of a broad-based housing recovery.

Year-over-Year % Change March 2012 vs March 2011 March 2011 vs March 2010
Number of Listings -21.48% -9.22%
Median Age of Inventory -19.82% +26.14%
Median List Price +5.56% -4.81%

Local Market Variations – The geography of the country’s housing conditions also looks very different that it did one year ago last month.  With the exception of the Washington DC metro area, most of markets with the highest median list price increases that also experienced the largest reductions in their for-sale inventories were among the hardest hit by the foreclosure crisis.   This is positive news.  Although foreclosed properties continue to account for a high proportion of overall sales, the four markets with the largest year-over-year increase in median list prices –Phoenix AZ, Miami FL, Boise City ID, and Punta Gorda FL— now appear to be into the recovery process as their list prices are on the increase.

While some of the hardest hit markets — Las Vegas and many parts of California – still lag, markets that didn’t experience the dramatic run-up in housing values preceding the housing crisis— Chicago and Philadelphia– now exhibit persistent signs of weakness.  These patterns suggest the nature of the country’s housing challenges have fundamentally changed, and conditions once attributed to the decline of the housing boom now primarily reflect weaknesses in local economies.

National Perspective

Median List Prices -The nationwide median list price for single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) was $189,900 in March 2012, up from $188,000 in February 2012 and 5.56% higher compared to a year ago.  At the same time last year—the beginning of the 2011 home buying season–the median national list price was $179,900, 4.81% below the median list price in March 2010.  While higher list prices don’t always translate into higher sales prices, they can signal a growing optimism on the part of sellers about their local market conditions and buyer demand.

For Sale Inventories – The national for-sale inventory of SFH/CTHCOPS was up by 1.45% in March compared to February, a largely seasonal effect associated with the start of the spring home buying season.  On a year-over-year basis, the total number of listings was down by -21.48% percent in March 2012, another positive sign that the overall market is in a stronger position than it was one year ago.

Median Age of Inventory — The median age of the inventory of for sale listings was 89 days in March 2012, down from 111 days in February and -19.82% below the median age in March 2011.  While the monthly reduction in the age of the inventory is seasonal in nature, the year-over-year decline in the median age of the total for-sale inventory is consistent with a significantly stronger market heading into the 2012 home buying season.  Last year at this time, the median age of the inventory was up by 26.14% on an annual basis.

Local Market Variations

For Sale Inventories (y/y) – For sale inventories of SFH/CTHCOPS in March 2012 declined in all but two of the 146 MSAs monitored by Realtor.com compared to a year ago, with the for-sale inventory in more than half of all markets (78) dropping by -20% or more.  While inventories have been declining for more than a year, the declines were larger and more widespread compared to one year ago.

Areas with the greatest declines in their for-sale inventories tended to be concentrated in high foreclosure states such as Florida, Arizona, and California—a pattern that has persisted for much of the past 12 months and suggests these markets are turning around.  The ten MSAs with the largest year-over-year declines in March 2012 are listed below.

For-Sale Inventory

10 MSAs with the Greatest Year-over-Year Reductions

 

March 2012 vs March 2011

  

March 2011 vs March 2010
Oakland, CA -51.91% Shreveport-Bossier City, LA -47.51%
Bakersfield, CA -50.35% Grand Rapids-Muskegon-Holland, MI -36.33%
Phoenix-Mesa, AZ -48.00% Fort Myers-Cape Coral, FL -30.29%
Fresno, CA -45.56% Boise City, ID -28.10%
Miami, FL -42.34% Orlando, FL -27.57%
Fort Lauderdale, FL -39.66% Nashville, TN -25.09%
Seattle-Bellevue-Everett, WA -39.38% Madison, WI -24.33%
Atlanta, GA -39.26% Iowa City, IA -23.92%
Orlando, FL -39.00% Jersey City, NJ -23.44%
Portland-Vancouver, OR-WA(OR) -38.79% Fort Wayne, IN -23.27%

Only two markets—Philadelphia PA and Hartford CT—registered a year-over-year increase in their for-sale inventory in March 2012, and these changes were very small.  The other eight other areas showing the least signs of improvement tended to be concentrated in the North East corridor.

For-Sale Inventory

10 MSAs with the Greatest Year-over-Year Increases

March 2012 vs March 2011  

March 2011 vs March 2010
Philadelphia, PA-NJ(PA) 6.31% Anchorage, AK 12.97%
Hartford, CT 1.29% Las Vegas, NV-AZ(NV) 9.75%
New Haven-Brdgprt-Stmfrd-Dnbry-Wtrbry,CT -0.49% Reno, NV 8.82%
Shreveport-Bossier City, LA -0.72% Oakland, CA 8.62%
New York, NY -1.42% New York, NY 6.88%
Reading, PA -2.48% Harrisburg-Lebanon-Carlisle, PA 6.73%
El Paso, TX -2.86% Santa Barbara-Santa Maria-Lompoc, CA 5.94%
Philadelphia, PA-NJ(NJ) -3.43% San Diego, CA 5.33%
Springfield, IL -4.10% Baton Rouge, LA 4.45%
Wilmington-Newark, DE-MD(DE) -5.59% Sacramento, CA 4.36%

Median List Prices (y/y) – In March 2012, the median list price was up by 1% or more on an annual basis in the majority (111 MSAs) of the 146 MSAs monitored by Realtor.com, and up year-over-year by 5% or more in 70 MSAs.  The median list price was down by -1% or more in 17 markets on a year-over-year basis, with only 2 markets registering declines of -5% or more.  The remaining 18 markets haven’t experienced a significant change in median list prices compared to a year ago. These statistics represent a steady and significant year-over-year improvement in median list prices in the majority of markets monitored by Realtor.com since the onset of the 2011 home buying season

While higher listing prices may not necessarily translate into higher sales prices, these data suggest a growing optimism on the part of sellers that the market is beginning to turn around.

Note: Markets are classified as stable if the change in median list price was between -.99 and +.99 percent.

Median List Prices – Largest y/y Increases – Five of the ten markets with the largest year-over-year increases in median list price in March 2012 are in Florida. Phoenix-Mesa, Washington DC, and Boise, ID also appear on the list of top 10 MSAs with the largest year-over-year increases in media list prices for March 2012.  The relatively large increases in the median list price in most Florida markets compared to one year ago suggest that these hard-hit areas may have reached bottom and are now into the recovery mode.  However, the large shadow inventory of potential foreclosures in the state could easily undermine the nascent recovery process.

Median List Price

10 MSAs with the Greatest Year-over-Year List Price Increases

 

March 2012 vs March 2011

  

March 2011 vs March 2010
Phoenix-Mesa, AZ 23.45% Fort Myers-Cape Coral, FL 36.63%
Miami, FL 22.27% Lakeland-Winter Haven, FL 8.25%
Boise City, ID 19.73% Fort Wayne, IN 7.61%
Punta Gorda, FL 17.50% Fort Pierce-Port St. Lucie, FL 6.74%
Washington, DC-MD-VA-WV(MD) 17.44% Trenton, NJ 6.56%
Washington, DC-MD-VA-WV(DC) 17.35% Des Moines, IA 6.46%
Santa Barbara-Santa Maria-Lompoc, CA 15.95% Shreveport-Bossier City, LA 6.39%
Daytona Beach, FL 15.47% Columbia, MO 6.33%
West Palm Beach-Boca Raton, FL 15.38% Sarasota-Bradenton, FL 6.27%
Naples, FL 15.38% Washington, DC-MD-VA-WV(VA) 6.06%

Median List Prices – Largest y/y Declines – In contrast to Florida, median list prices continue to be down on a year-over-year basis initially hard-hit areas, including Las Vegas and many parts of California.   However, markets that never experienced a rapid run-up in housing prices are now registering among the highest rates of list price declines.  This pattern suggests a shift in both the nature and location of the nation’s housing problems—away from the sand states and into older, more industrialized areas that are experiencing the brunt of the economic downturn.  The ten markets with the largest year-over-year list price declines in March are shown below.

Median List Prices

10 MSAs with the Greatest Year-over-Year List Price Declines

March 2012 vs March 2011 March 2011 vs March 2010
Chicago, IL -9.48% Santa Barbara-Santa Maria-Lompoc, CA -29.12%
Knoxville, TN -5.41% Detroit, MI -20.38%
Orange County, CA -4.42% Atlanta, GA -15.53%
Sacramento, CA -4.35% Phoenix-Mesa, AZ -14.20%
Philadelphia, PA-NJ(PA) -3.77% Minneapolis-St. Paul, MN-WI(MN) -13.88%
Jersey City, NJ -3.26% Seattle-Bellevue-Everett, WA -13.06%
Los Angeles-Long Beach, CA -2.95% Tampa-St.Petersburg-Clearwater, FL -12.45%
York, PA -2.88% Chicago, IL -10.68%
Wilmington-Newark, DE-MD(DE) -2.88% Las Vegas, NV-AZ(NV) -9.64%
Reading, PA -2.78% San Francisco, CA -9.51%

Median Age of Inventory – The median age of the inventory exceeded 120 days in 16 markets in March 2012, down from 34 markets in February and down from 46 markets in January 2012.  Most of the markets with the oldest inventories are resort communities, particularly in Florida and the Carolinas.

Median Age of Inventory

MSAs with the Longest Median Days on Market

March 2012 March 2011
South-SC-RSA 169 South-SC-RSA 182
Asheville, NC 157 Santa Fe, NM 174
Santa Fe, NM 157 Asheville, NC 170
Myrtle Beach, SC 152 Pensacola, FL 167
Wilmington, NC 144 Wilmington, NC 162
Reading, PA 142 Reading, PA 160
Charleston-North Charleston, SC 135 Myrtle Beach, SC 157
Portland, ME 134 Albany-Schenectady-Troy, NY 145
West-AZ-RSA 129 Portland, ME 145
Gainesville, FL 129 Naples, FL 143

MSAs with the lowest median days on market are heavily concentrated in California, a pattern that has been persisted over time.  However, time on market is now also relatively low in Denver, CO, Washington DC and Iowa City, IA.

Median Age of Inventory

MSAs with the Shortest Median Days on Market

March 2012 March 2011
Oakland, CA 28 Denver, CO 46
Denver, CO 33 Oakland, CA 48
Fresno, CA 44 Fresno, CA 55
Bakersfield, CA 44 San Francisco, CA 56
Iowa City, IA 45 Iowa City, IA 57
San Francisco, CA 46 Los Angeles-Long Beach, CA 62
Washington, DC-MD-VA-WV(VA) 50 Stockton-Lodi, CA 63
San Jose, CA 51 San Jose, CA 63
Detroit, MI 52 Washington, DC-MD-VA-WV(VA) 64
Minneapolis-St. Paul, MN-WI(MN) 52 Bakersfield, CA 64
Washington, DC-MD-VA-WV(DC) 52 Anchorage, AK 66

March 2012: Phoenix

Just a year ago, Phoenix’s inventory of 31,427 listings were 13.05% fewer than in 2010, and the typical median list price home in Phoenix listing spent 80 days in Realtor.com’s inventory.

Today’s real estate trend data from Realtor.com paints a dramatically different picture.  In fact, for sale inventory in Phoenix, AZ has fallen -48% in one year, the median age of inventory is down to 58 days and best of all – Phoenix, AZ is leading the nation in year-over-year price increases, meaning list prices are 23.45% higher in March 2012 compared to March 2011.

The reality of the astounding turnaround in Phoenix, AZ is starting to sink in across the country as we look back at emerging trends starting in late 2011.  In January 2012, Phoenix, AZ ranked #2 on Realtor.com’s list of Top Ten Turnaround Towns for the fourth quarter of 2011.

Last month, an Arizona State University report found supply down, foreclosures down further and home prices up.  “Supply is tight in a pretty extreme way, and it looks likely to stay that way for months,” said Mike Orr, author of the study.

However, home values still have a long way to go to recover to pre-boom levels. Metro Phoenix’s median existing-home price is currently $124,500, about $20,000 below the area’s median in 2002, and well below the $267,000 from the height of the boom in summer 2006.

Filed Under: Real Estate News Tagged With: ,

Realtor.com Real Estate Trends – March 2012 (DATA)

April 17, 2012 by Leave a Comment

National Trends – As the 2012 home buying season begins, key indicators are overall pointing in the right direction – towards stability.  The total US for-sale inventory in March 2012 was down by -21.48% compared to March 2011, declining in all but two of the 146 markets covered by Realtor.com.  The median age of the inventory fell by -19.82% on a year-over-year basis and the median national list price was up by 5.56%.   These positive indicators contrast with the situation at the beginning of the 2011 home buying season, when the median list price was down by -4.81% on an annual basis and the age of the inventory was up by 26.14%.  If the market continues to hold its own, 2012 could confirm the beginning of a broad-based housing recovery.

Year-over-Year % Change March 2012 vs March 2011 March 2011 vs March 2010
Number of Listings -21.48% -9.22%
Median Age of Inventory -19.82% +26.14%
Median List Price +5.56% -4.81%

Local Market Variations – The geography of the country’s housing conditions also looks very different that it did one year ago last month.  With the exception of the Washington DC metro area, most of markets with the highest median list price increases that also experienced the largest reductions in their for-sale inventories were among the hardest hit by the foreclosure crisis.   This is positive news.  Although foreclosed properties continue to account for a high proportion of overall sales, the four markets with the largest year-over-year increase in median list prices –Phoenix AZ, Miami FL, Boise City ID, and Punta Gorda FL— now appear to be into the recovery process as their list prices are on the increase.

While some of the hardest hit markets — Las Vegas and many parts of California – still lag, markets that didn’t experience the dramatic run-up in housing values preceding the housing crisis— Chicago and Philadelphia– now exhibit persistent signs of weakness.  These patterns suggest the nature of the country’s housing challenges have fundamentally changed, and conditions once attributed to the decline of the housing boom now primarily reflect weaknesses in local economies.

National Perspective

Median List Prices -The nationwide median list price for single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) was $189,900 in March 2012, up from $188,000 in February 2012 and 5.56% higher compared to a year ago.  At the same time last year—the beginning of the 2011 home buying season–the median national list price was $179,900, 4.81% below the median list price in March 2010.  While higher list prices don’t always translate into higher sales prices, they can signal a growing optimism on the part of sellers about their local market conditions and buyer demand.

For Sale Inventories – The national for-sale inventory of SFH/CTHCOPS was up by 1.45% in March compared to February, a largely seasonal effect associated with the start of the spring home buying season.  On a year-over-year basis, the total number of listings was down by -21.48% percent in March 2012, another positive sign that the overall market is in a stronger position than it was one year ago.

Median Age of Inventory — The median age of the inventory of for sale listings was 89 days in March 2012, down from 111 days in February and -19.82% below the median age in March 2011.  While the monthly reduction in the age of the inventory is seasonal in nature, the year-over-year decline in the median age of the total for-sale inventory is consistent with a significantly stronger market heading into the 2012 home buying season.  Last year at this time, the median age of the inventory was up by 26.14% on an annual basis.

Local Market Variations

For Sale Inventories (y/y) – For sale inventories of SFH/CTHCOPS in March 2012 declined in all but two of the 146 MSAs monitored by Realtor.com compared to a year ago, with the for-sale inventory in more than half of all markets (78) dropping by -20% or more.  While inventories have been declining for more than a year, the declines were larger and more widespread compared to one year ago.

Areas with the greatest declines in their for-sale inventories tended to be concentrated in high foreclosure states such as Florida, Arizona, and California—a pattern that has persisted for much of the past 12 months and suggests these markets are turning around.  The ten MSAs with the largest year-over-year declines in March 2012 are listed below.

For-Sale Inventory

10 MSAs with the Greatest Year-over-Year Reductions

 

March 2012 vs March 2011

  

March 2011 vs March 2010
Oakland, CA -51.91% Shreveport-Bossier City, LA -47.51%
Bakersfield, CA -50.35% Grand Rapids-Muskegon-Holland, MI -36.33%
Phoenix-Mesa, AZ -48.00% Fort Myers-Cape Coral, FL -30.29%
Fresno, CA -45.56% Boise City, ID -28.10%
Miami, FL -42.34% Orlando, FL -27.57%
Fort Lauderdale, FL -39.66% Nashville, TN -25.09%
Seattle-Bellevue-Everett, WA -39.38% Madison, WI -24.33%
Atlanta, GA -39.26% Iowa City, IA -23.92%
Orlando, FL -39.00% Jersey City, NJ -23.44%
Portland-Vancouver, OR-WA(OR) -38.79% Fort Wayne, IN -23.27%

Only two markets—Philadelphia PA and Hartford CT—registered a year-over-year increase in their for-sale inventory in March 2012, and these changes were very small.  The other eight other areas showing the least signs of improvement tended to be concentrated in the North East corridor.

For-Sale Inventory

10 MSAs with the Greatest Year-over-Year Increases

March 2012 vs March 2011  

March 2011 vs March 2010
Philadelphia, PA-NJ(PA) 6.31% Anchorage, AK 12.97%
Hartford, CT 1.29% Las Vegas, NV-AZ(NV) 9.75%
New Haven-Brdgprt-Stmfrd-Dnbry-Wtrbry,CT -0.49% Reno, NV 8.82%
Shreveport-Bossier City, LA -0.72% Oakland, CA 8.62%
New York, NY -1.42% New York, NY 6.88%
Reading, PA -2.48% Harrisburg-Lebanon-Carlisle, PA 6.73%
El Paso, TX -2.86% Santa Barbara-Santa Maria-Lompoc, CA 5.94%
Philadelphia, PA-NJ(NJ) -3.43% San Diego, CA 5.33%
Springfield, IL -4.10% Baton Rouge, LA 4.45%
Wilmington-Newark, DE-MD(DE) -5.59% Sacramento, CA 4.36%

Median List Prices (y/y) – In March 2012, the median list price was up by 1% or more on an annual basis in the majority (111 MSAs) of the 146 MSAs monitored by Realtor.com, and up year-over-year by 5% or more in 70 MSAs.  The median list price was down by -1% or more in 17 markets on a year-over-year basis, with only 2 markets registering declines of -5% or more.  The remaining 18 markets haven’t experienced a significant change in median list prices compared to a year ago. These statistics represent a steady and significant year-over-year improvement in median list prices in the majority of markets monitored by Realtor.com since the onset of the 2011 home buying season

While higher listing prices may not necessarily translate into higher sales prices, these data suggest a growing optimism on the part of sellers that the market is beginning to turn around.

Note: Markets are classified as stable if the change in median list price was between -.99 and +.99 percent.

Median List Prices – Largest y/y Increases – Five of the ten markets with the largest year-over-year increases in median list price in March 2012 are in Florida. Phoenix-Mesa, Washington DC, and Boise, ID also appear on the list of top 10 MSAs with the largest year-over-year increases in media list prices for March 2012.  The relatively large increases in the median list price in most Florida markets compared to one year ago suggest that these hard-hit areas may have reached bottom and are now into the recovery mode.  However, the large shadow inventory of potential foreclosures in the state could easily undermine the nascent recovery process.

Median List Price

10 MSAs with the Greatest Year-over-Year List Price Increases

 

March 2012 vs March 2011

  

March 2011 vs March 2010
Phoenix-Mesa, AZ 23.45% Fort Myers-Cape Coral, FL 36.63%
Miami, FL 22.27% Lakeland-Winter Haven, FL 8.25%
Boise City, ID 19.73% Fort Wayne, IN 7.61%
Punta Gorda, FL 17.50% Fort Pierce-Port St. Lucie, FL 6.74%
Washington, DC-MD-VA-WV(MD) 17.44% Trenton, NJ 6.56%
Washington, DC-MD-VA-WV(DC) 17.35% Des Moines, IA 6.46%
Santa Barbara-Santa Maria-Lompoc, CA 15.95% Shreveport-Bossier City, LA 6.39%
Daytona Beach, FL 15.47% Columbia, MO 6.33%
West Palm Beach-Boca Raton, FL 15.38% Sarasota-Bradenton, FL 6.27%
Naples, FL 15.38% Washington, DC-MD-VA-WV(VA) 6.06%

Median List Prices – Largest y/y Declines – In contrast to Florida, median list prices continue to be down on a year-over-year basis initially hard-hit areas, including Las Vegas and many parts of California.   However, markets that never experienced a rapid run-up in housing prices are now registering among the highest rates of list price declines.  This pattern suggests a shift in both the nature and location of the nation’s housing problems—away from the sand states and into older, more industrialized areas that are experiencing the brunt of the economic downturn.  The ten markets with the largest year-over-year list price declines in March are shown below.

Median List Prices

10 MSAs with the Greatest Year-over-Year List Price Declines

March 2012 vs March 2011 March 2011 vs March 2010
Chicago, IL -9.48% Santa Barbara-Santa Maria-Lompoc, CA -29.12%
Knoxville, TN -5.41% Detroit, MI -20.38%
Orange County, CA -4.42% Atlanta, GA -15.53%
Sacramento, CA -4.35% Phoenix-Mesa, AZ -14.20%
Philadelphia, PA-NJ(PA) -3.77% Minneapolis-St. Paul, MN-WI(MN) -13.88%
Jersey City, NJ -3.26% Seattle-Bellevue-Everett, WA -13.06%
Los Angeles-Long Beach, CA -2.95% Tampa-St.Petersburg-Clearwater, FL -12.45%
York, PA -2.88% Chicago, IL -10.68%
Wilmington-Newark, DE-MD(DE) -2.88% Las Vegas, NV-AZ(NV) -9.64%
Reading, PA -2.78% San Francisco, CA -9.51%

Median Age of Inventory – The median age of the inventory exceeded 120 days in 16 markets in March 2012, down from 34 markets in February and down from 46 markets in January 2012.  Most of the markets with the oldest inventories are resort communities, particularly in Florida and the Carolinas.

Median Age of Inventory

MSAs with the Longest Median Days on Market

March 2012 March 2011
South-SC-RSA 169 South-SC-RSA 182
Asheville, NC 157 Santa Fe, NM 174
Santa Fe, NM 157 Asheville, NC 170
Myrtle Beach, SC 152 Pensacola, FL 167
Wilmington, NC 144 Wilmington, NC 162
Reading, PA 142 Reading, PA 160
Charleston-North Charleston, SC 135 Myrtle Beach, SC 157
Portland, ME 134 Albany-Schenectady-Troy, NY 145
West-AZ-RSA 129 Portland, ME 145
Gainesville, FL 129 Naples, FL 143

MSAs with the lowest median days on market are heavily concentrated in California, a pattern that has been persisted over time.  However, time on market is now also relatively low in Denver, CO, Washington DC and Iowa City, IA.

Median Age of Inventory

MSAs with the Shortest Median Days on Market

March 2012 March 2011
Oakland, CA 28 Denver, CO 46
Denver, CO 33 Oakland, CA 48
Fresno, CA 44 Fresno, CA 55
Bakersfield, CA 44 San Francisco, CA 56
Iowa City, IA 45 Iowa City, IA 57
San Francisco, CA 46 Los Angeles-Long Beach, CA 62
Washington, DC-MD-VA-WV(VA) 50 Stockton-Lodi, CA 63
San Jose, CA 51 San Jose, CA 63
Detroit, MI 52 Washington, DC-MD-VA-WV(VA) 64
Minneapolis-St. Paul, MN-WI(MN) 52 Bakersfield, CA 64
Washington, DC-MD-VA-WV(DC) 52 Anchorage, AK 66

March 2012: Phoenix

Just a year ago, Phoenix’s inventory of 31,427 listings were 13.05% fewer than in 2010, and the typical median list price home in Phoenix listing spent 80 days in Realtor.com’s inventory.

Today’s real estate trend data from Realtor.com paints a dramatically different picture.  In fact, for sale inventory in Phoenix, AZ has fallen -48% in one year, the median age of inventory is down to 58 days and best of all – Phoenix, AZ is leading the nation in year-over-year price increases, meaning list prices are 23.45% higher in March 2012 compared to March 2011.

The reality of the astounding turnaround in Phoenix, AZ is starting to sink in across the country as we look back at emerging trends starting in late 2011.  In January 2012, Phoenix, AZ ranked #2 on Realtor.com’s list of Top Ten Turnaround Towns for the fourth quarter of 2011.

Last month, an Arizona State University report found supply down, foreclosures down further and home prices up.  “Supply is tight in a pretty extreme way, and it looks likely to stay that way for months,” said Mike Orr, author of the study.

However, home values still have a long way to go to recover to pre-boom levels. Metro Phoenix’s median existing-home price is currently $124,500, about $20,000 below the area’s median in 2002, and well below the $267,000 from the height of the boom in summer 2006.

Filed Under: Real Estate News Tagged With: ,

Realtor.com Real Estate Trends – March 2012 (DATA)

April 17, 2012 by Leave a Comment

National Trends – As the 2012 home buying season begins, key indicators are overall pointing in the right direction – towards stability.  The total US for-sale inventory in March 2012 was down by -21.48% compared to March 2011, declining in all but two of the 146 markets covered by Realtor.com.  The median age of the inventory fell by -19.82% on a year-over-year basis and the median national list price was up by 5.56%.   These positive indicators contrast with the situation at the beginning of the 2011 home buying season, when the median list price was down by -4.81% on an annual basis and the age of the inventory was up by 26.14%.  If the market continues to hold its own, 2012 could confirm the beginning of a broad-based housing recovery.

Year-over-Year % Change March 2012 vs March 2011 March 2011 vs March 2010
Number of Listings -21.48% -9.22%
Median Age of Inventory -19.82% +26.14%
Median List Price +5.56% -4.81%

Local Market Variations – The geography of the country’s housing conditions also looks very different that it did one year ago last month.  With the exception of the Washington DC metro area, most of markets with the highest median list price increases that also experienced the largest reductions in their for-sale inventories were among the hardest hit by the foreclosure crisis.   This is positive news.  Although foreclosed properties continue to account for a high proportion of overall sales, the four markets with the largest year-over-year increase in median list prices –Phoenix AZ, Miami FL, Boise City ID, and Punta Gorda FL— now appear to be into the recovery process as their list prices are on the increase.

While some of the hardest hit markets — Las Vegas and many parts of California – still lag, markets that didn’t experience the dramatic run-up in housing values preceding the housing crisis— Chicago and Philadelphia– now exhibit persistent signs of weakness.  These patterns suggest the nature of the country’s housing challenges have fundamentally changed, and conditions once attributed to the decline of the housing boom now primarily reflect weaknesses in local economies.

National Perspective

Median List Prices -The nationwide median list price for single family homes, condos, townhomes and co-ops (SFH/CTHCOPS) was $189,900 in March 2012, up from $188,000 in February 2012 and 5.56% higher compared to a year ago.  At the same time last year—the beginning of the 2011 home buying season–the median national list price was $179,900, 4.81% below the median list price in March 2010.  While higher list prices don’t always translate into higher sales prices, they can signal a growing optimism on the part of sellers about their local market conditions and buyer demand.

For Sale Inventories – The national for-sale inventory of SFH/CTHCOPS was up by 1.45% in March compared to February, a largely seasonal effect associated with the start of the spring home buying season.  On a year-over-year basis, the total number of listings was down by -21.48% percent in March 2012, another positive sign that the overall market is in a stronger position than it was one year ago.

Median Age of Inventory — The median age of the inventory of for sale listings was 89 days in March 2012, down from 111 days in February and -19.82% below the median age in March 2011.  While the monthly reduction in the age of the inventory is seasonal in nature, the year-over-year decline in the median age of the total for-sale inventory is consistent with a significantly stronger market heading into the 2012 home buying season.  Last year at this time, the median age of the inventory was up by 26.14% on an annual basis.

Local Market Variations

For Sale Inventories (y/y) – For sale inventories of SFH/CTHCOPS in March 2012 declined in all but two of the 146 MSAs monitored by Realtor.com compared to a year ago, with the for-sale inventory in more than half of all markets (78) dropping by -20% or more.  While inventories have been declining for more than a year, the declines were larger and more widespread compared to one year ago.

Areas with the greatest declines in their for-sale inventories tended to be concentrated in high foreclosure states such as Florida, Arizona, and California—a pattern that has persisted for much of the past 12 months and suggests these markets are turning around.  The ten MSAs with the largest year-over-year declines in March 2012 are listed below.

For-Sale Inventory

10 MSAs with the Greatest Year-over-Year Reductions

 

March 2012 vs March 2011

  

March 2011 vs March 2010
Oakland, CA -51.91% Shreveport-Bossier City, LA -47.51%
Bakersfield, CA -50.35% Grand Rapids-Muskegon-Holland, MI -36.33%
Phoenix-Mesa, AZ -48.00% Fort Myers-Cape Coral, FL -30.29%
Fresno, CA -45.56% Boise City, ID -28.10%
Miami, FL -42.34% Orlando, FL -27.57%
Fort Lauderdale, FL -39.66% Nashville, TN -25.09%
Seattle-Bellevue-Everett, WA -39.38% Madison, WI -24.33%
Atlanta, GA -39.26% Iowa City, IA -23.92%
Orlando, FL -39.00% Jersey City, NJ -23.44%
Portland-Vancouver, OR-WA(OR) -38.79% Fort Wayne, IN -23.27%

Only two markets—Philadelphia PA and Hartford CT—registered a year-over-year increase in their for-sale inventory in March 2012, and these changes were very small.  The other eight other areas showing the least signs of improvement tended to be concentrated in the North East corridor.

For-Sale Inventory

10 MSAs with the Greatest Year-over-Year Increases

March 2012 vs March 2011  

March 2011 vs March 2010
Philadelphia, PA-NJ(PA) 6.31% Anchorage, AK 12.97%
Hartford, CT 1.29% Las Vegas, NV-AZ(NV) 9.75%
New Haven-Brdgprt-Stmfrd-Dnbry-Wtrbry,CT -0.49% Reno, NV 8.82%
Shreveport-Bossier City, LA -0.72% Oakland, CA 8.62%
New York, NY -1.42% New York, NY 6.88%
Reading, PA -2.48% Harrisburg-Lebanon-Carlisle, PA 6.73%
El Paso, TX -2.86% Santa Barbara-Santa Maria-Lompoc, CA 5.94%
Philadelphia, PA-NJ(NJ) -3.43% San Diego, CA 5.33%
Springfield, IL -4.10% Baton Rouge, LA 4.45%
Wilmington-Newark, DE-MD(DE) -5.59% Sacramento, CA 4.36%

Median List Prices (y/y) – In March 2012, the median list price was up by 1% or more on an annual basis in the majority (111 MSAs) of the 146 MSAs monitored by Realtor.com, and up year-over-year by 5% or more in 70 MSAs.  The median list price was down by -1% or more in 17 markets on a year-over-year basis, with only 2 markets registering declines of -5% or more.  The remaining 18 markets haven’t experienced a significant change in median list prices compared to a year ago. These statistics represent a steady and significant year-over-year improvement in median list prices in the majority of markets monitored by Realtor.com since the onset of the 2011 home buying season

While higher listing prices may not necessarily translate into higher sales prices, these data suggest a growing optimism on the part of sellers that the market is beginning to turn around.

Note: Markets are classified as stable if the change in median list price was between -.99 and +.99 percent.

Median List Prices – Largest y/y Increases – Five of the ten markets with the largest year-over-year increases in median list price in March 2012 are in Florida. Phoenix-Mesa, Washington DC, and Boise, ID also appear on the list of top 10 MSAs with the largest year-over-year increases in media list prices for March 2012.  The relatively large increases in the median list price in most Florida markets compared to one year ago suggest that these hard-hit areas may have reached bottom and are now into the recovery mode.  However, the large shadow inventory of potential foreclosures in the state could easily undermine the nascent recovery process.

Median List Price

10 MSAs with the Greatest Year-over-Year List Price Increases

 

March 2012 vs March 2011

  

March 2011 vs March 2010
Phoenix-Mesa, AZ 23.45% Fort Myers-Cape Coral, FL 36.63%
Miami, FL 22.27% Lakeland-Winter Haven, FL 8.25%
Boise City, ID 19.73% Fort Wayne, IN 7.61%
Punta Gorda, FL 17.50% Fort Pierce-Port St. Lucie, FL 6.74%
Washington, DC-MD-VA-WV(MD) 17.44% Trenton, NJ 6.56%
Washington, DC-MD-VA-WV(DC) 17.35% Des Moines, IA 6.46%
Santa Barbara-Santa Maria-Lompoc, CA 15.95% Shreveport-Bossier City, LA 6.39%
Daytona Beach, FL 15.47% Columbia, MO 6.33%
West Palm Beach-Boca Raton, FL 15.38% Sarasota-Bradenton, FL 6.27%
Naples, FL 15.38% Washington, DC-MD-VA-WV(VA) 6.06%

Median List Prices – Largest y/y Declines – In contrast to Florida, median list prices continue to be down on a year-over-year basis initially hard-hit areas, including Las Vegas and many parts of California.   However, markets that never experienced a rapid run-up in housing prices are now registering among the highest rates of list price declines.  This pattern suggests a shift in both the nature and location of the nation’s housing problems—away from the sand states and into older, more industrialized areas that are experiencing the brunt of the economic downturn.  The ten markets with the largest year-over-year list price declines in March are shown below.

Median List Prices

10 MSAs with the Greatest Year-over-Year List Price Declines

March 2012 vs March 2011 March 2011 vs March 2010
Chicago, IL -9.48% Santa Barbara-Santa Maria-Lompoc, CA -29.12%
Knoxville, TN -5.41% Detroit, MI -20.38%
Orange County, CA -4.42% Atlanta, GA -15.53%
Sacramento, CA -4.35% Phoenix-Mesa, AZ -14.20%
Philadelphia, PA-NJ(PA) -3.77% Minneapolis-St. Paul, MN-WI(MN) -13.88%
Jersey City, NJ -3.26% Seattle-Bellevue-Everett, WA -13.06%
Los Angeles-Long Beach, CA -2.95% Tampa-St.Petersburg-Clearwater, FL -12.45%
York, PA -2.88% Chicago, IL -10.68%
Wilmington-Newark, DE-MD(DE) -2.88% Las Vegas, NV-AZ(NV) -9.64%
Reading, PA -2.78% San Francisco, CA -9.51%

Median Age of Inventory – The median age of the inventory exceeded 120 days in 16 markets in March 2012, down from 34 markets in February and down from 46 markets in January 2012.  Most of the markets with the oldest inventories are resort communities, particularly in Florida and the Carolinas.

Median Age of Inventory

MSAs with the Longest Median Days on Market

March 2012 March 2011
South-SC-RSA 169 South-SC-RSA 182
Asheville, NC 157 Santa Fe, NM 174
Santa Fe, NM 157 Asheville, NC 170
Myrtle Beach, SC 152 Pensacola, FL 167
Wilmington, NC 144 Wilmington, NC 162
Reading, PA 142 Reading, PA 160
Charleston-North Charleston, SC 135 Myrtle Beach, SC 157
Portland, ME 134 Albany-Schenectady-Troy, NY 145
West-AZ-RSA 129 Portland, ME 145
Gainesville, FL 129 Naples, FL 143

MSAs with the lowest median days on market are heavily concentrated in California, a pattern that has been persisted over time.  However, time on market is now also relatively low in Denver, CO, Washington DC and Iowa City, IA.

Median Age of Inventory

MSAs with the Shortest Median Days on Market

March 2012 March 2011
Oakland, CA 28 Denver, CO 46
Denver, CO 33 Oakland, CA 48
Fresno, CA 44 Fresno, CA 55
Bakersfield, CA 44 San Francisco, CA 56
Iowa City, IA 45 Iowa City, IA 57
San Francisco, CA 46 Los Angeles-Long Beach, CA 62
Washington, DC-MD-VA-WV(VA) 50 Stockton-Lodi, CA 63
San Jose, CA 51 San Jose, CA 63
Detroit, MI 52 Washington, DC-MD-VA-WV(VA) 64
Minneapolis-St. Paul, MN-WI(MN) 52 Bakersfield, CA 64
Washington, DC-MD-VA-WV(DC) 52 Anchorage, AK 66

March 2012: Phoenix

Just a year ago, Phoenix’s inventory of 31,427 listings were 13.05% fewer than in 2010, and the typical median list price home in Phoenix listing spent 80 days in Realtor.com’s inventory.

Today’s real estate trend data from Realtor.com paints a dramatically different picture.  In fact, for sale inventory in Phoenix, AZ has fallen -48% in one year, the median age of inventory is down to 58 days and best of all – Phoenix, AZ is leading the nation in year-over-year price increases, meaning list prices are 23.45% higher in March 2012 compared to March 2011.

The reality of the astounding turnaround in Phoenix, AZ is starting to sink in across the country as we look back at emerging trends starting in late 2011.  In January 2012, Phoenix, AZ ranked #2 on Realtor.com’s list of Top Ten Turnaround Towns for the fourth quarter of 2011.

Last month, an Arizona State University report found supply down, foreclosures down further and home prices up.  “Supply is tight in a pretty extreme way, and it looks likely to stay that way for months,” said Mike Orr, author of the study.

However, home values still have a long way to go to recover to pre-boom levels. Metro Phoenix’s median existing-home price is currently $124,500, about $20,000 below the area’s median in 2002, and well below the $267,000 from the height of the boom in summer 2006.

Filed Under: Real Estate News Tagged With: ,
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