SAN JOSE, Calif., Aug. 7, 2013 /PRNewswire/ -- Realtor.com®,
operated by Move, Inc. (NASDAQ: MOVE), today unveiled its
Turnaround Towns Report for the second quarter of 2013, revealing
Oakland, Calif.; Orange County, Calif.; and Santa Barbara-Santa
Maria-Lompoc are leading
the nation in recovery. The proprietary algorithm used for this
report evaluates acceleration in key housing indicators observed on
realtor.com® over the quarter - inventory, median list price
and days on market as well as weighted search and listing activity
on realtor.com®.
According to realtor.com data, nationally for Q2 2013, the
median age of inventory dropped 14.4 percent over the past year,
with typical homes selling in 83 days between April and June of
this year. Median list price rose 5.4 percent year-over-year, to
$196,000, in the second quarter of
2013. The number of homes available on the market dropped
across the country by 10.3 percent year-over-year, with an average
of 1.8 million homes on the market on any given day in the second
quarter of 2013.
Most noteworthy in the second quarter 2013 is the ranking of
Detroit at #7. Plagued by the
city's recent bankruptcy filing, the market nonetheless posted
strong improvement in the second quarter. Its median list prices on
realtor.com® are 37.8 percent higher for the quarter
than they were a year ago, while inventories are down 26.5 percent.
The market's median age of inventory is just 45 days, down 25
percent from the second quarter in 2012.
"Detroit has made remarkable
progress in the last year, shrinking its inventory of unsold homes
by more than 26 percent and becoming one of the most balanced
markets in the nation," said Steve
Berkowitz, CEO of Move. "We'll be watching the
inventory levels in the months ahead, but if this past quarter is
any indication, Detroit won't be
giving up without a fight."
Q2 2013
Rank
|
Market
|
Qtrly
Year/Year Median
List Price
|
Qtrly
Year/Year Median
Age of Inventory
|
Qtrly Year/Year
Inventory
|
1
|
Oakland,
Calif.
|
41.3%
|
-53.1%
|
-34.4%
|
2
|
Orange County,
Calif.
|
29.4%
|
-43.3%
|
-36.6%
|
3
|
Santa Barbara-Santa
Maria-Lompoc, Calif.
|
34.3%
|
-30.9%
|
-27.8%
|
4
|
San Jose,
Calif.
|
25.0%
|
-64.0%
|
-35.4%
|
5
|
Seattle-Bellevue-Everett, Wash.
|
17.2%
|
-55.8%
|
-29.9%
|
6
|
Los Angeles-Long
Beach, Calif.
|
30.3%
|
-27.2%
|
-28.9%
|
7
|
Detroit,
Mich.
|
37.8%
|
-25.0%
|
-26.5%
|
8
|
Portland-Vancouver,
Ore.
|
12.0%
|
-45.8%
|
-23.5%
|
9
|
San Diego,
Calif.
|
21.1%
|
-26.4%
|
-28.5%
|
10
|
Reno, Nev.
|
26.0%
|
-32.3%
|
-29.1%
|
Top Five Turnaround Towns
#1 - Oakland,
Calif.: Oakland has
been well on the path to recovery for more than a year. In the
second quarter of 2013, listings in the Oakland market fell more than 34 percent from
year-ago levels. Oakland led the
nation in year-over-year list price increases in the second quarter
of 2013 and houses in Oakland are
staying listed on realtor.com® for only 15 days, which
is the youngest inventory in the nation. The median list house
price in Oakland has risen from
$339,000 a year ago to $479,000 in the second quarter of 2013.
#2 - Orange County,
Calif.: With record numbers of foreclosures just four
years ago, home prices in Orange
County rose 29.4 percent above year-ago levels. In the
second quarter of this year, Orange
County had the fastest declining inventory in the nation,
with listings on realtor.com® down 36.6 percent. The median age of
Orange County homes on
realtor.com® in the second quarter of 2013 was 51 days,
far below the national median of 83 days and 43.3 percent lower
than a year ago.
#3 - Santa
Barbara-Santa
Maria-Lompoc, Calif.:
Santa Barbara's strong prices
catapulted it into third place on the list. In the second quarter
of 2013, this market's median price was up 34.3 percent over a year
ago to $685,000. Though Santa Barbara inventories were still
extraordinarily low - down 27.8 percent from the second
quarter of 2012 - they have started to recover. The average
time that Santa Barbara listings
spend on realtor.com® (56 days) dropped 30.9 percent
from the second quarter of 2012.
#4 - San Jose,
Calif.: Inventories in San
Jose dropped 35.4 percent compared to the second quarter of
2012, the second-largest drop in the nation. Year-over-year
San Jose prices were up exactly 25
percent in the second quarter of 2013, another sign that the market
is returning to normal after a combination of historically low
inventories and strong demand powered prices in San Jose and several other Northern California cities to huge
increases.
#5 - Seattle-Bellevue-Everett,
Wash.: Seattle has
worked its way into the top turnaround towns with consistently low
inventories and a young age of listings. The median age of the
market's inventory on realtor.com® in the second quarter
was only 23 days, making it the second youngest in the nation.
Homes listed for sale on realtor.com® are down 29.9
percent since the second quarter of 2012. Though Seattle's market prices are not rising as
quickly as others on this list, it is seeing resurgence in seller
confidence.
To see the full list of Turnaround Towns, please visit:
www.realtor.com/news/turnaround-towns-for-q2-2013/
About realtor.com®
Operated by Move, Inc., (NASDAQ: MOVE), realtor.com® helps
connect people with the content, tools and expertise they need to
find their perfect home. As the official website of the
National Association of REALTORS®, realtor.com® empowers consumers
to make the smartest decisions when it comes to finding a home by
leveraging direct connections with more than 800 MLSs to deliver
the most accurate and up-to-date listing information in
neighborhoods across the country, and by making timely and
meaningful connections between consumers and
REALTORS®. Whether through desktop, mobile, or tablet
versions, realtor.com® is where home happens.
About Move, Inc.
Move, Inc.
(NASDAQ:MOVE), the leader in online real estate, operates:
realtor.com®, the official website of the National
Association of REALTORS®; Move.com, a leading destination for new
homes and rental listings, moving, home and garden, and home
finance; ListHub™, the leading syndicator of real estate listings;
Moving.com™; SeniorHousingNet; SocialBios; Doorsteps, TigerLead®;
and TOP PRODUCER® Systems. Move, Inc. is based in San Jose, Calif.
Forward-Looking Statements
This press release may contain forward-looking statements,
including information about management's view of Move's future
expectations, plans and prospects, within the safe harbor
provisions under The Private Securities Litigation Reform Act of
1995. These statements involve known and unknown risks,
uncertainties and other factors which may cause the results of
Move, its subsidiaries, divisions and concepts to be materially
different than those expressed or implied in such statements. These
risk factors and others are included from time to time in documents
Move files with the Securities and Exchange Commission, including
but not limited to, its Form 10-Ks, Form 10-Qs and Form 8-Ks. Other
unknown or unpredictable factors also could have material adverse
effects on Move's future results. The forward-looking statements
included in this press release are made only as of the date hereof.
Move cannot guarantee future results, levels of activity,
performance or achievements. Accordingly, you should not place
undue reliance on these forward-looking statements. Finally, Move
expressly disclaims any intent or obligation to update any
forward-looking statements to reflect subsequent events or
circumstances.
SOURCE realtor.com