5 markets ripe for appreciation
CHICAGO – May 6, 2011 – Realtor.com recently unveiled a list of markets where property values are stabilizing, buyer traffic is picking up, and prices will likely appreciate soon.
Top five “turnaround towns”
1. 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).
2. Los Angeles-Long Beach, Calif.: While housing values here have fallen 378 percent 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.
3. Fort Myers-Cape Coral, Fla.: Vacation homes here are getting more pricey here: The median list price has risen 24.12 percent in March – the highest median price increase nationwide. However, distressed sales have weighed heavily on this market so prices are still 60 percent lower than the 2006 housing peak.
4. Dallas, Texas: Median list prices are down only slightly by 1 percent year-over-year, and the median age of Dallas’ inventory stands at 100 days. While home values here have dropped about 10 percent from their peak (national median drop was 31 percent), Dallas has not faced as steep of property value declines as other bigger cities.
5. Boston, Mass.: 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 percent – year over year.
Source: “Top 10 Early Turnaround Towns From REALTOR.com, Part II,” Realtor.com (April 28, 2011)
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