ZipRealty Study Finds West Coast Metros Buck the Trend in Median Home Sales Price Growth
November 21 2013 - 3:45PM
Media Contact: Stacey
Corso
510.735.2667
scorso@ziprealty.com
Sacramento, Las Vegas and the SF Bay Area posted the biggest gains
as of Oct. 31.
EMERYVILLE, Calif., Nov. 21, 2013 -
ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), the
nation's most prominent online technology-powered residential real
estate brokerage firm and real estate marketing solutions
provider, has released a new Housing Trends Report, which points to
a less-frenzied real estate market compared to last spring.
While the median sales price of $267,215 at the
end of October was 14.2% higher on a year-over-year basis, the
ZipRealty report indicates that across markets, prices are
moderating, the inventory of homes has started to increase and
sold-to-list price ratios are trending downward. However,
Sacramento, Las Vegas, the San Francisco Bay Area and Phoenix were
the strongest local markets at the end of October, as median sales
prices in these metros have increased over the past 30 days,
bucking the seasonal trend seen in the overall averages.
Leading Metros for Price
Growth
| Metro Area |
Median Sales Price as of Oct.
31 |
Year-Over-Year Growth |
| 1.Sacramento |
$245,700 |
37% |
| 2.Las Vegas |
$172,100 |
32% |
| 3.San Francisco Bay Area |
$570,000 |
31% |
| 4.Los Angeles |
$352,000 |
25% |
| 5.Orlando |
$142,000 |
24% |
Housing inventory was 382,873 at the end of
October 2013, 10% fewer homes for sale than in October 2012.
"Throughout 2013, tighter inventory has contributed to rising home
sales prices as eager buyers have competed for a relatively scarce
supply of homes. Inventory levels tightened during October 2013,
starting the month at 386,500, based on the 10/15/13 Housing Trends
Report, and ending the month at 382,873 homes. However, that 1%
decline in inventory during October 2013 compares to a 5% decline
during the same time frame last year. In other words, the trend in
inventory levels points to more supply coming on, and staying on,
the market," explained Lanny Baker, ZipRealty's CEO and
President.
Metros with the Greatest Rise in
Inventory
| Metro Area |
Inventory as of Oct.
31 |
Year-Over-Year Growth |
| 1.Tucson |
5,568 |
21% |
| 2.Sacramento |
8,166 |
18% |
| 3.Las Vegas |
9,599 |
15% |
| 4.San Diego |
6,660 |
14% |
| 5.Phoenix |
21,566 |
5% |
"Sold to-list-price ratios also seem to reflect a slight increase
in supply, signaling the beginning of a less-frenzied market,
though the average across metros in ZipRealty's study was still a
selling price equal to 98.7% of the listing price. Earlier this
year, the ratio hit 100%, a very unusual sign that highlighted a
significant imbalance of buyers vs. sellers. Even in October,
one-third of the metros analyzed show sold-to-list price ratios of
100% or more," stated Mr. Baker.
###
About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider
of proprietary technology and comprehensive online marketing tools
for the residential real estate brokerage industry. For home buyers
and sellers who increasingly want control, choice and a seamless,
customized service, ZipRealty offers Internet-enabled,
state-of-the-art technology and complete access to accurate, timely
information via their website and mobile applications, which real
estate professionals can combine with their own local knowledge and
personal expertise to offer an exceptional start-to-finish client
experience. For real estate professionals who seek more productive
ways to conduct business, ZipRealty provides technology and online
marketing tools to enhance their online sales channel, including
lead generation, conversion and service of their clients.
ZipRealty's technology and online marketing products serve its
full-service, owned-and-operated residential real estate brokerage
business in 19 markets nationwide, as well as its Powered by Zip
network of leading third-party local brokerages in 20 markets.
This
announcement is distributed by Thomson Reuters on behalf of Thomson
Reuters clients.
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the
information contained therein.
Source: ZipRealty via Thomson Reuters ONE
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