Based on 146 areas taken into consideration, Realtor.com reports that 6 out of the 10 rising markets consisted of southern metro areas. The resulting ten markets had the largest year-over-year increase in their median price list, gathered in April of this year.
To come up with the median age inventory of each market, the list date of a property was subtracted from either the end listing date or the end of the time period, depending on which was earlier. The study also took the median of all the resulting individual days as found on the website.
Among all ten rising markets, two from Florida: Fort-Myers Cape Coral and Miami had the highest leaps.
The median in Miami rose 8.6 % to $239,000 while Fort-Myers Cape Coral’s median list price rose 25.7% to $225,000. Both markets also had the largest year-over-year drops in inventory. Miami resulted with -29.9 & while Fort-Myers Cape Coral resulted with -25.3 %.
Additionally, only these two metros out of all ten moved properties at a slower rate than 95 days, the national median rate. The median age inventory for Fort-Myers was 116 days, while Miami moved properties at a median inventory age of 129 days.Shreveport-Bossier City, La., made an increase of 8.1%, resulting to $173,000. Tyler, Texas, Charleston, W.V., as well as the Virginia segment of Washington, D.C. were the other southern areas to join the list. The Virginia segment only had a median age inventory of only 57 days.
2 western metros, Anchorage, Alaska and Fort Collins-Loveland, Co., made the list, together with two Midwestern areas, Peoria-Perkin, III and Columbia, Mo. 8 out of the 10 areas underwent a year-over-year inventory decline in the last year, with six of them dropping with double-digit percentages. The remaining two with increased total listings were Anchorage, which rose 15.7%, and Tyler, with 3.6%.
The Western metro areas proved to have the fastest-dropping median list price, all in all making for 6 out of the 10 markets. The remaining four consisted of two from the Midwest and two from the South.
While no Northeastern market made it to the list, all resulting 10 markets underwent double-digit declines when compared to April of 2010.
Both Reno and Santa Barbara-Santa Maria-Lompoc, California, experienced a year-over-year inventory rise. The former rose 6% and the latter by 9.5%. Santa Barbara-Santa Maria also had the largest price decline, going down 26.2% to $498.250.
From the 8 remaining markets, 6 experienced double-digit inventory decline, with Savannah experiencing the biggest decline: -48.3%. Out of the 3 markets with a median age inventory above the national median, Savannah’s inventory age resulted to 198 days in April. However, it underwent an 11.2 % decrease from April 2010.All in all, total listings fell 8.3%.