Top 10 Metro Areas with greatest drop in for-sale inventory : Similar in the Coachella Valley
The Coachella Valley (Palm Springs, Palm Desert area) has been experiencing very similar patterns to those mentioned in this article regarding the Top 10 metros with greatest drop in for-sale inventory. The Median home prices for sale in the Coachella Valley have been steady to increasing in most areas, inventory has been dropping quickly and days on market for new listings has also been decreasing. As a result, there have been multiple offers on many properties the day they are listed with many offers over asking price. One of my listings that is in escrow has 15 back-up offers. To check out these statitistics for each of the desert cities click on the Statistics tab or the Desert Cities tab on my website, JerryShea.com
Realtor.com: Spring buying season shows promise
Editor's note: Data collected and analyzed by Realtor.com through March 2012. Includes single-family homes, condos, townhomes and co-ops.
U.S. housing market trends tracked by Realtor.com show a trifecta of promise: a shrinking number of homes on the market, fresher inventory, and an increase in median list price.
In 146 metros tracked by Realtor.com, the number of for-sale listings was down 21 percent in March compared to a year ago. All but two markets -- Philadelphia and Hartford, Conn. -- saw listing inventory decline, and 78 markets registered declines of 20 percent or more.
Nationwide, the median number of days a home had been on the market was down nearly 20 percent, to 89 days, and median list price was up 5.6 percent, to $189,900.
Back in March 2011, Realtor.com statistics also showed for-sale listing inventory down about 9 percent from a year ago. But inventory age was up 26 percent at the time.
Data Point Percent Change, March 2012 vs. March 2011 Number of Listings -21.48% Median Age of Inventory -19.82% Median List Price 5.56%
Some of the metros in states hit hardest by foreclosures -- California, Arizona and Florida -- saw the highest drop in for-sale listings over the last year.
The Oakland, Calif., metro area tops the list with a 52 percent year-over-year drop in housing inventory. Not too far away, geographically speaking, the Bakersfield, Calif., metro stands at No. 2 with a 50 percent drop in inventory for the year. Phoenix, Fresno, Calif., and Miami round out the top five, respectively.
The other metros in the top 10, in order, are:
- Fort Lauderdale, Fla.
- Seattle-Bellevue-Everett, Wash.
- Orlando, Fla.
- Portland-Vancouver, Ore.-Wash.
As a sign of a shift in the housing market, none of this March's year-over-year top 10 metros for for-sale listings drops were in last year's top 10, when Shreveport-Bossier City, La., topped the list with a 47 percent drop, followed by Grand Rapids-Muskegon-Holland, Mich., and Fort Myers-Cape Coral, Fla., respectively.
Location: Oakland, Calif.
Year-over-year for-sale inventory change -51.91% Median list price $336,120