A survey by Pro Teck Home Valuation shows that home listings are down 21% from a year ago. The biggest change is in the Phoenix, AZ area where home listings are off by almost 50%. Other cities with 30% or more declines include Miami, FL; Ft. Lauderdale, FL; Atlanta, GA; Orlando, FL; Tampa, FL; Riverside, CA; Sacramento, CA; and Jacksonville, FL. Note that all of these markets have figured heavily in the foreclosure mess.
Pro Teck looked at the markets where supply and demand add up to less then 5 months of remaining inventory to determine which markets have turned into sellers’ markets. Right now those top markets are: Phoenix, AZ; San Jose, CA; Seattle, WA; Fresno, CA; Salt Lake City, UT; Riverside, CA; San Diego, CA; Ft. Lauderdale, CA; and Detroit, MI according to Pro Teck’s research. These low MRI cities may well be in recovery now. The average months remaining inventory is 6.3 months nationwide.
The same article lists the top and the bottom core based statistical areas (CBSAs) according to Home Value Forecast. Michael Sklarz, principal of collateral analytics for Home Value Forecast noted that rust belt states such as Michigan and Illinois seem to be starting the recovery process as the number of their active listings declined over the past year.
The high CBSAs have low inventory but offer competitive pricing and higher rent yields. They include: Boise, ID; Dallas, TX; Warren-Troy-Farmington Hills, MI; West Palm Beach-Boca Raton-Boynton Beach, FL; Detroit, MI; Peoria, IL; San Jose, CA; Salt Lake City, UT; Cape Coral-Ft. Myers, FL; Fayetteville-Springdale-Rogers, AR-MO.
The weakest CBSAs are not bargains by comparison and show long months remaining inventory. They include: Winston-Salem, NC; Virginia Beach-Norfolk-Newport News, VA-NC; New York-White Plains-Wayne, NY-NJ; Norwich-New London, CT; Hartford, CT; Newark, NJ; Duluth, MN; Nassau-Suffolk, NY; Poughkeepsie, NY; New Haven, CT. Note most of these cities are along the east coast.
Property for Sale is Getting Scarce in Some Markets is a post from: REWealthCoach.com, Bob Massey's site for real estate investment news, information, tips, videos and podcasts. Visit today! All material is copyright © 2010 Foundation Publishing, LLC.
