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Number of Home Listings Declines More Than Two Percent in November, According to ZipRealty Survey

^{Published on 2009-12-09 05:46:59 - Market Wire}
 

EMERYVILLE, CA--(Marketwire - December 9, 2009) - The number of home listings within 27 major U.S. metropolitan areas slipped 2.42 percent in November 2009, compared to a month prior, and is down 27.64 percent compared to a year ago, according to a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the markets surveyed by ZipRealty ([ www.ziprealty.com ]) (NASDAQ: [ ZIPR ]), a national real estate brokerage.

November also marked the seventeenth consecutive month-over-month decline in the total number of home listings, based on combined Multiple Listing Service (MLS) data from these 27 areas surveyed by ZipRealty.

Other highlights from ZipRealty's November Housing Inventory Index ([ http://ziprealty.typepad.com/marketconditions ]) include:

 -- The combined number of MLS-listed single family homes and condos within all 27 major U.S. markets in November totaled 579,413, down from 593,794 in October. -- Several markets heavily impacted by distressed properties experienced a rise in inventory in November as compared to October. Markets that experienced an increase in November inventory as compared to October included Tucson (2.6 percent), Las Vegas (1.3 percent) and Orlando (.6 percent). -- The Las Vegas market experienced the first month-over-month increase in inventory (1.3 percent) in November as compared to October that ZipRealty has tracked in twelve months, with a 1.86 month-over-month increase tracked in the same months last year. -- Markets with the most significant year-over-year inventory declines have seen median list price increases over the same period, and include San Diego (53.7 percent inventory decline), Los Angeles (53.7 percent inventory decline), San Francisco Bay Area (51.8 percent inventory decline), Las Vegas (51.0 percent inventory decline) and Phoenix (40.7 percent inventory decline). -- Markets with the most significant month-over-month inventory declines include Boston (8.5 percent), Minneapolis-St. Paul (6.0 percent), Washington, D.C. (5.0 percent), Denver (4.4 percent) and Chicago (4.0 percent). 

Following is a snapshot of the housing inventory across all 27 metros that ZipRealty tracked in November 2009:

 Home Inventory (SFRs and Percentage Change: Percentage Change: Market Name Condos) Month-over-Month Year-over-Year ----------- ---------------- ---------------- Overall Market Total 579,413 -2.4% -27.6% ----------- ---------------- ---------------- Austin 7,846 -3.0% -19.8% ----------- ---------------- ---------------- Baltimore 9,114 -2.1% -10.7% ----------- ---------------- ---------------- Boston 30,311 -8.5% -4.9% ----------- ---------------- ---------------- Charlotte 19,132 -.7% -8.5% ----------- ---------------- ---------------- Chicago 64,183 -4.0% -15.6% ----------- ---------------- ---------------- Dallas-Ft. Worth 33,396 -2.1% -12.3% ----------- ---------------- ---------------- Denver 16,437 -4.4% -11.7% ----------- ---------------- ---------------- Houston 27,402 -1.2% -13.6% ----------- ---------------- ---------------- Jacksonville 10,846 -.7% -13.0% ----------- ---------------- ---------------- Las Vegas 11,548 1.3% -50.0% ----------- ---------------- ---------------- Los Angeles 37,907 0.7% -53.7% ----------- ---------------- ---------------- Miami 47,609 -.6% -38.3% ----------- ---------------- ---------------- Minneapolis-St. Paul 19,911 -6.0% -22.3% ----------- ---------------- ---------------- Norfolk/Virginia Beach 11,161 -1.5% -4.8% ----------- ---------------- ---------------- Orange County 7,492 -1.9% -40.4% ----------- ---------------- ---------------- Orlando 21,168 0.6% -35.9% ----------- ---------------- ---------------- Philadelphia 32,825 -3.8% -8.8% ----------- ---------------- ---------------- Phoenix 31,706 3.3% -40.7% ----------- ---------------- ---------------- Raleigh/Durham 14,257 -2.3% -12.0% ----------- ---------------- ---------------- Richmond 8,537 -1.8% -5.4% ----------- ---------------- ---------------- Salt Lake City 15,367 -1.7% -13.8% ----------- ---------------- ---------------- San Francisco Bay Area 14,797 -8.6% -51.8% ----------- ---------------- ---------------- Sacramento 15,515 0.5% -26.1% ----------- ---------------- ---------------- Seattle 28,614 -4.4% -17.4% ----------- ---------------- ---------------- San Diego 7,196 -.6% -53.7% ----------- ---------------- ---------------- Tucson 5,607 2.6% -21.0% ----------- ---------------- ---------------- Washington, D.C. 29,529 -5.0% -33.1% ----------- ---------------- ---------------- 

To view other local market housing conditions, visit ZipRealty's updated blog at: [ http://ziprealty.typepad.com/marketconditions/ ]. To view all MLS-listed homes across all major metropolitan areas in which ZipRealty operates, visit [ www.ziprealty.com ]. For regular updates and housing trends, follow ZipRealty on Twitter at: [ http://twitter.com/ZipRealty ].

About the ZipRealty Housing Inventory Index

ZipRealty pulls data from Multiple Listing Services in most of the major metropolitan areas where the real estate brokerage operates nationally. The data in this report is based on properties listed for sale according to the MLS in the metropolitan areas identified. In November 2009, ZipRealty reported data for 27 total metropolitan areas, which are defined by the brokerage and may differ slightly than standard DMAs. Due to changes to how homes are tracked by local MLSs, data for Bakersfield/Fresno, Calif., and Tampa, Fla., were omitted for November. The company pulls all data on, or about, the last day of the month for each of these markets.

About ZipRealty

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.