Phoenix and five nearby cities -- Scottsdale, Mesa, Chandler,
Gilbert and Glendale -- along with three cities in Florida --
Naples, Orlando and Fort Lauderdale -- and the Las Vegas suburb of
Summerlin, were the hottest cities in the U.S. for home buyers in
Q1 of 2009, according to the number of home searches on the online
real estate brokerage site, ZipRealty (NASDAQ: ZIPR)
(www.ZipRealty.com).
Also, according to ZipRealty's Q1 "Home Hunters Report" released
today, distressed properties (foreclosures and short sales) in five
of the country's most affected housing markets -- Phoenix, Ft.
Myers/Naples, Fla., Las Vegas, Southern California, and Sacramento,
Calif., -- are spending on average 20 percent fewer days on the
market in Q1 2009 compared to Q1 2008.
"Banks have sped up the process for getting foreclosed homes on
the market, and continue to lower prices to sell them," said Leslie
Tyler, vice president and chief home hunter for ZipRealty. "The
drop in days on market versus last year highlights that distressed
properties in these hard hit markets are starting to move, which is
a hopeful sign."
"In markets where prices have fallen the most, such as many
California cities, Phoenix and Las Vegas, we continue to see strong
buyer interest," said Tyler. "The market is being driven right now
by first time buyers and investors because of the affordability in
these areas."
Hottest Cities by Search Activity
Areas where prices have been hardest hit continue to dominate as
the most popular destinations for homeseekers. The Phoenix metro
area claimed six of the top 10 most searched cities nationwide,
capturing two additional spots since the Q4 2008 report while
pushing out Houston and Atlanta. Two additional Florida cities
joined Orlando in the top 10 this quarter, while Las Vegas held its
position from the previous report.
All of the top 25 most searched U.S. cities were in Sunbelt
states, including five in California, eight in Arizona, one in
Texas, four in Las Vegas, six in Florida and one in Georgia. For
the exact ranking of these 25 cities, as well as the full list of
the top-five most searched ZIP codes in each of 33 markets served
by ZipRealty, visit http://onlinepressroom.net/ziprealty/.
Hottest/Coldest ZIP Codes by Sale-to-List Price Trends
The "Home Hunters Report" also shows that homes sold in the
Inland Empire community of Hesperia, Calif., (92344), are fetching
the highest sales-to-list price ratio for sold homes during the
same time period at 116 percent.
In addition to Hesperia, ZIP codes fetching the highest accepted
offers above asking price include Daly City, Calif., (94015),
Purcellville, Va., (20132), Chicago, Ill., near the South Side
(60616), and Dallas, Tex., (75211). On the other end of the
spectrum, neighborhoods with the lowest sales-to-list price ratios
include Fort Lauderdale, Fla., (33304), where homes are going for
more than 30 percent below asking price on average, and Dinuba,
Calif., (93618), Granbury, Tex., (76048) and Harvey, Ill.,
(60426).
The highest and lowest sales-to-list price ratios in several
ZipRealty markets include the following:
Market Hottest Coldest
------ ------- -------
Boston Somerville (02144) Fall River (02721)
98.09% 90.48%
San Francisco Bay Area Daly City (94015) Sebastopol (95472)
110.70% 87.46%
Chicago Near South Side (60616) Harvey (60426)
105.86% 76.86%
Las Vegas East Las Vegas (89142) Red Rock Country Club (89135)
99.58% 91.44%
Miami Pembroke Pines (33025) Coconut Grove (33133)
113.27% 81.34%
New York Corona (11368) Fairfield, Conn. (06824)
101.76% 83.92%
Phoenix Mesa (85206) Scottsdale (85262)
101.36% 85.10%
Seattle Spanaway (98387) Bellevue (98004)
100.33% 89.07%
Southern California Hesperia (92344) Mission Hills (91345)
116.84% 86.16%
Hot and cold ZIP codes for all 31 markets that ZipRealty serves
are available here: http://onlinepressroom.net/ziprealty/.
About the Report http://onlinepressroom.net/ziprealty/
Each quarter, ZipRealty compiles real estate listing and sales
data from the Multiple Listing Services offered in 31 of the 36
major U.S. metropolitan areas in which the real estate brokerage
operates and proprietary internal rankings and data. The data
pulled and cited within this report is for the fourth quarter of
2008, beginning January 1 through March 31, 2009.
This report is intended to convey information on the general
market conditions where ZipRealty operates, not on ZipRealty's
operating results. ZipRealty's operating results may be materially
different from the general trends shown in this report. Please do
not draw any conclusions about ZipRealty's operating results based
on the information contained in this report but, instead, to refer
to ZipRealty's earnings releases and periodic reports as they are
made public. Our next earnings call is on May 5, 2009, at 5 pm
Eastern Time.
About ZipRealty, Inc.
ZipRealty is a full-service residential real estate brokerage
firm. The Company utilizes its user-friendly Web site and employee
real estate agents to provide home buyers and sellers with
high-quality service and value. ZipRealty's Web site provides users
with access to comprehensive local Multiple Listing Services' home
listings data, as well as other relevant market and neighborhood
information. The Company's proprietary business management system
and technology platform help to reduce costs, allowing the Company
to pass on significant savings to consumers. Founded in 1999, the
company operates in 36 major markets in 22 states and the District
of Columbia. For more information on ZipRealty, visit
www.ziprealty.com or call 1-800-CALL-ZIP.
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Contact: Marielle Covington Allison & Partners 415-277-4929
ziprealty@allisonpr.com
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