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Real Estate Statistics

Top 10 metros with greatest drop in for-sale inventory

Realtor.com: Spring buying season shows promise

BY INMAN NEWS, TUESDAY, APRIL 17, 2012.

Inman News®

Image via <a href="http://www.shutterstock.com/gallery-171067p1.html">higyou</a>/<a href="http://www.shutterstock.com">Shutterstock</a>Image via higyou/Shutterstock

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.
  • Atlanta
  • 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.

Carroll County Real Estate Market Statistics

We are all guilty (media included) of looking at year-to-year sales and price statistics rather than the long-term view of  county data. 

Beginning in 1998, the state of NH median price of a single family home was $127,500.  In 2005, that number peaked at $270,000, a remarkable 112 percent increase (or a 16 percent per year average increase), since which time we’ve seen the median price declines (down 1.9 percent in 2006 and 1.6 percent in 2007, then down 9.9 percent in 2008 and 9.8 percent in 2009.)

The following statistics is for Carroll County and  includes the statewide year-end data from 1998  to 2009.  This information  is based on real data (not media speculation and hype)  and is encouraging to most of us in the real estate industry.

 
NEW HAMPSHIRE/CARROLL COUNTY 

SINGLE-FAMILY RESIDENTIAL HOME SALES
 
Statewide: 1998 to Present
Year       Units sold              % change              Median price        % change              DOM      % change
1998       14,507                   N/A                         $127,500               N/A                         146         N/A

1999       15,727                   +8.4                        $136,900               +7.4                        115         -21

2000       15,376                   -2.2                        $157,500               +15.0                      100         -4

2001       14,684                   -4.5                         $179,900               +14.2                      82           -18

2002       15,640                   +6.5                        $207,000              +15.1                      78           -5

2003       16,044                   +2.6                        $229,900               +11.1                      77           -1

2004       17,050                   +6.3                        $254,702               +10.8                      78           +1

2005       16,264                   -4.6                        $270,000               +6.0                        83           +6

2006       13,364                   -17.8                       $265,000               -1.9                         108         +30

2007       11,989                   -10.3                       $260,800               -1.6                         127         +18

2008       10,208                   -14.9                       $235,000               -9.9                         133         +5

2009       10,832                   +6.1                        $212,000               -9.8                         149         +12

 

Carroll County: 1998 to present

Year       Units sold              % change              Median price        % change              DOM      % change

1998       1,209                      N/A                         $95,000                   N/A                        275         N/A

1999       1,377                      +13.9                      $96,500                   +1.6                       205         -25

2000       1,379                      +0.1                        $113,000                +17.1                      164         -20

2001       1,277                      -7.4                        $129,900                +15.0                       121         -26

2002       1,363                      +6.7                        $146,000               +12.4                      109         -10

2003       1,373                      +0.7                        $169,000               +15.8                     98           -10

2004       1,532                      +11.6                      $199,000               +17.8                      108         +10

2005       1,420                      -7.3                        $210,000               +5.5                       114           +6

2006       1,166                      -17.9                       $220,000               +4.8                        135         +18

2007       738                         -36.7                       $229,000               +4.1                        154         +14

2008       648                         -12.2                       $205,000               -10.5                       168         +9

2009       714                         +10.2                      $185,000               -9.8                         157         -7

 

SOURCE: Northern New England Real Estate Network/NHAR