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Business and Finance
Wed, July 22, 2009 ZipRealty: California and Phoenix Homes Hottest for Homebuyers, According to ZipRealty Q2 2009 "Home Hunter Report"
EMERYVILLE, CA--(Marketwire - July 22, 2009) - Eight out of 10 of the country's hottest ZIP codes for home sales are located in California -- Bay Area: Oakland (94606 and 94601), Richmond (94805) -- Southern California: San Pedro (90731), San Diego (92114), Hermosa Beach (90254), Chula Vista (91913), Rialto (92376). Those areas fetch the highest sales-to-list price ratio for sold homes among 31 markets served by leading real estate brokerage ZipRealty (
On the cold end of the spectrum, six of the 10 ZIP codes selling the most below asking price are located in Florida -- Miami (33142), Palm Beach (33462), Boca Raton (33431), Fort Lauderdale (33331), Saint Petersburg (33707), and Naples (34102).
Also according to ZipRealty's Q2 "Home Hunter Report" released today, Phoenix and five nearby cities -- Scottsdale, Chandler, Gilbert, Mesa and Glendale -- along with two Las Vegas suburbs -- Summerlin and Henderson -- rounded out by Orlando and Atlanta ranked as the most popular cities in the U.S. for homebuyers, according to the number of home searches on [ www.ZipRealty.com ] in Q2 of 2009.
"As housing inventory shrinks dramatically across many California markets and banks and sellers are pricing homes low enough to drive buyer demand, we're actually seeing bidding wars again in some places," said Leslie Tyler, vice president and chief home hunter for ZipRealty. "However, many California banks may be holding onto 'shadow inventory,' or distressed properties that are not yet listed in the MLS, meaning more homes could come on the market pretty quickly to change the dynamic."
"In markets like Southern Florida that still show relatively high inventory levels, banks and sellers are accepting offers well below asking price," continued Tyler. "These are the markets where buyers are getting the biggest discounts off sellers' asking prices."
Also according to the report, distressed properties (foreclosures and short sales) in four of the country's five most affected housing markets -- Phoenix, Las Vegas, Southern California, and Sacramento -- are spending on average the same amount of time on the market in Q2 2009 as they did one year ago, in Q2 2008. Only one market, Ft. Myers/Naples, Fla., has seen a sustained decrease in days on market, as properties sold more than 39% faster on average in Q2 2009 than in Q2 2008. For more detailed information about distressed properties' days on market, visit [ http://www.ziprealty.com/whitepaper/homehunterreport/secondquarter2009.pdf ].
Hottest Cities by Search Activity
Based on the volume of searches on ZipRealty's Web site, areas where prices have been hardest hit continue to dominate as the most popular destinations for homeseekers. The Phoenix metro again claimed six of the top 10 most searched cities by ZipRealty.com users nationwide. Las Vegas suburb Henderson joined the city of Summerlin in the top 10 this quarter, while Orlando held its position and Atlanta rounded out the most searched-for cities by ZipRealty.com users.
All of the top 25 most searched U.S. cities were in Sunbelt and Sunshine states, including eight in Nevada, seven in Arizona, five in Florida, two each in California and Texas and one in Georgia. For the exact ranking of these 25 cities, as well as the top-five most searched ZIP codes in 10 major markets served by ZipRealty, visit [ http://www.ziprealty.com/whitepaper/homehunterreport/secondquarter2009.pdf ].
Hottest/Coldest ZIP Codes by Sale-to-List Price Trends
The "Home Hunter Report" also shows that homes sold in the Phoenix suburb Youngtown, Ariz. (85363), are fetching the highest sales-to-list price ratio for sold homes during the same time period at 111 percent.
In addition to Youngtown, ZIP codes fetching the highest accepted offers above asking price include San Pedro, Calif., (90731), New Haven, Conn., (06515), Oakland, Calif., (94606) and San Diego -- Encanto, Calif., (92114). On the other end of the spectrum, neighborhoods with the lowest sales-to-list price ratios include Atlanta, Ga., (30326), where homes are going for more than 30 percent below asking price on average, Miami, Fla., (33142), Palm Beach -- Lantana, Fla., (33462), Wareham, Mass., (02571) and Boca Raton, Fla. (33431).
The highest and lowest sales-to-list price ratios in several ZipRealty markets include the following:
Market Hottest Coldest Boston Sudbury (01776) Wareham (02571) 99.74% 79.21% San Francisco Bay Oakland (94606) Healdsburg (95448) Area 105.61% 93.34% Chicago Near South Side Plainfield (60544) (60616) 84.94% 101.11% Las Vegas Las Vegas (89104) Summerlin (89134) 100.59% 86.87% Miami Port Saint Lucie Miami (33142) (34953) 77.48% 98.75% New York Metro Levittown (11756) Great Neck (11021) 100.85% 87.27% Phoenix Youngtown (85363) Eloy (85231) 111.08% 80.90% Seattle Puyallup (98375) Mercer Island (98040) 99.85% 83.22% Southern California San Pedro (90731) Fillmore (93015) 108.90% 86.10%
Hot and cold ZIP codes for all 31 markets that ZipRealty tracks in this report are available here: [ http://www.ziprealty.com/whitepaper/homehunterreport/secondquarter2009.pdf ].
About the Report
[ http://www.ziprealty.com/whitepaper/homehunterreport/secondquarter2009.pdf ] 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. The data pulled and cited within this report is for the second quarter of 2009, beginning April 1, 2009, through June 30, 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 refer to ZipRealty's earnings releases and periodic reports as they are made public.
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.
