Top Florida Turnaround Town for Real Estate
Posted by Benjamin Dona on Monday, October 3rd, 2011 at 1:11pm.
Realtor.com has outlined the top 10 turnaround cities for real estate market rebounds. The report cites reasons varying from economy to perception and admittedly, had few surprises beyond a Florida market making the Top 5. The list includes markets where researchers found property values to be stabilizing, buyer traffic picking up, and where prices will likely appreciate soon.
Top five "turnaround towns:"
- Buffalo-Niagara Falls, N.Y. - List prices are increasing, and days on the market for inventory is shrinking (87 days, which is nearly half the national average).
- Los Angeles-Long Beach, CA - While housing values here have fallen 378% compared to the its 2006 housing peak, a turnaround is underway with list prices showing signs of stabilizing month-over-month and homes spending fewer days on the market. This area is also the third most searched at Realtor.com, so buyer interest appears high.
- Fort Myers-Cape Coral, FL - Vacation homes here are getting more pricey: The median list price rose over 20% in the first quarter – the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60% lower than the 2006 housing peak.
- Dallas, TX - Median list prices are down only slightly by 1% year-over-year, and the median age of Dallas’ inventory stands at 100 days. While home values here have dropped about 10% from their peak (national median drop was 31%), Dallas has not faced as steep of property value declines as other bigger cities.
- Boston, MA - Demand for homes here is starting to pick up. The median age of inventory is 130 days, which is 30 days below the national average. Median list prices are down just slightly – 0.26% year over year.
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