With media coverage of the housing market focusing on the down sides and bumps in the road to recovery, it’s easy to overlook the fact that there are markets in which the green shoots of a rebound may be beginning to sprout.
10. Philadelphia, PA: Prices have fallen 16% since the downturn began in 2007, but the inventory of homes has decreased by 3.4% over the same period. Median list prices are up 2.68% over February’s numbers, off just 0.4% from last year’s mark. The median age of listings in March was 144 days, below the national median of 160 days, and 6.49% lower than in February. Philadelphia was the 8th most searched market on Realtor.com in March, moving up a slot from their 9th place showing in February.
9. San Diego, CA: The San Diego market has been improving for over a year, with the median age of listings in March at 79 days, roughly half the national median and nearly 16% lower than in February. Median list prices are down year over year, but up 1.4% month over month, and pointed in the right direction. San Diego was the 15th most searched market again in March, a position it has held for two months.
8. Austin-San Marcos, TX: This Texas powerhouse is a national leader in job growth and an increasingly popular retirement destination, two factors which are leading to a warming in the metro housing market. Median prices climbed 2.18% in the past year, and the median inventory age leveled off at 90 days in March, well under the national median and down a whopping 23.08% over February. Inventory fell by 3.17% year over year, outperforming the national trend of a 9.17% year over year increase. Austin-Sam Marcos held down the 33rd most searched market slot in March.
7. Colorado Springs, CO: Prices in Colorado Springs have fallen a mere 12% since the peak, while housing demand has risen along with the area’s population growth rate of 9% from 2000-2005. Median list prices were even with last year, though they ticked up 1.53% over February. With a median inventory age of 113, well below the national median and 11.02% lower than February’s median age. Colorado Springs rose a notch from 65th to 64th most searched market from February to March.
6. Washington, DC / Virginia Suburbs: DC has been insulated from the worst of the recession due to its large federal work force, and the market’s decline of 28.6% of value is less than the national median. Median list prices are up 4.11% year over year, outperforming the national trend of -0.25%. Listings are on the market for 87 days, half the national median, and down 25% from February. There’s good news on the inventory front as well, as surplus has risen only 1.08% over March 2010. Washington, DC was the 16th most searched market in March, jumping 2 spots from February’s search numbers.
5. Boston, MA: This East Coast market, which includes Worcester, Lawrence and Brockton, MA as well as southern New Hampshire, was the 10th most searched market in the nation last month, according to data released by Realtor.com. Since the housing peak of 2006, the Boston market has lost much less median value compared to the rest of the nation: 17% versus the national median of 31%. Demand for homes here is high, with the median age of inventory running 30 days below the national trend of 160 days. Also, median list prices here are only down 0.26% year over year.
4. Dallas, TX: This Texan town is the healthiest in the state, and was the 6th most searched market nationally last month. Values have decreased only about 10% here since the housing peak, and the market hasn’t been hard hit with foreclosures or peopel affected by subprime mortgages. Also, median list prices are down just 1% year over year, and the median age of inventory (100 days) here is much below the national trend.
3. Fort Myers-Cape Coral, FL: If you’re looking for a vacation home here, you’ll be paying much more than you would have a year ago. Median list prices increased 24.12% this March, which was the highest median price increase across the country. The market has experienced a high number of distressed sales, much like the rest of Florida, and prices are still 60% off compared to 2006’s highs. Inventory counts are lower than the national trend, though listings are spending more time on Realtor.com compared to the national average.
2. Los Angeles-Long Beach, CA: The third most searched market last month, as well as in January and February, Los Angeles-Long Beach listings are spending only 70 days on the site, 90 days below the national median. Inventory trends here are beating the national comparisons, with a month over month decrease of about 8% and a year over year increase of 1.17%. List prices have decreased 8 percent compared to last March, but they are stabilizing month-over-month. The market still has a long way to go, with values still down 378% when compared to those during the housing peak.
1. Buffalo-Niagara Falls, NY: List prices are rising and the age of inventory is declining here, which is one of the few major markets experiencing this positive trend. List prices are higher than last month’s national decline of 0.25%, and the median age of inventory is at 87 days–nearly half the national average. Total listings were stable year-over-year, rising just 0.84%.
REALTOR.com® Blogs
Banks have become very conservative when lending mortgage money today. With the current foreclosure challenges in the country, we can’t really blame them. The requirements now necessary to qualify for mortgages have gotten much more stringent and it seems will get even more stringent as we move forward. The banks want to make sure the prospective buyer has the ability to repay the loan. However, this does not just involve the borrower buying the property.
