Number of Home Listings Declines Nearly Three Percent in October, According to ZipRealty EMERYVILLE, CA--(Marketwire - 11/05/09) - The number of home listings within 27 major
U.S. metropolitan areas slipped 2.82 percent in October 2009, compared to a
month prior, and is down 28.65 percent compared to a year ago, according to
a survey of home listings information provided by MLS in these markets
conducted by the national real estate brokerage ZipRealty
(www.ziprealty.com) (NASDAQ:ZIPR - News). October also marked the sixteenth consecutive month-over-month decline in the total number of home listings, based on combined Multiple Listing Service (MLS) data from these 27 areas where ZipRealty operates. Other highlights from ZipRealty's October 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 October totaled 593,794, down from
611,026 in September.
-- Two Arizona markets experienced an increase in inventory in October
compared to September, as Phoenix inventory increased by 4 percent and
Tucson inventory increased by 2 percent.
-- Markets with significant month-over-month inventory declines include
Las Vegas (5.8 percent), Minneapolis (5.3 percent) and Chicago and Seattle
(5 percent each). Median sale prices continue to decline in each of these
markets.
-- Markets on the West Coast led the list of the largest year-over-year
declines in home inventory, including Los Angeles (56.3 percent), San Diego
(55.1 percent), San Francisco Bay Area (51.1 percent) and Las Vegas (50.7
percent).
Following is a snapshot of the housing inventory across all 27 metros that ZipRealty tracked in October 2009:
Percentage Percentage
Home Inventory Change: Change:
Market Name (SFRs and Condos) Month-over-Month Year-over-Year
------------------ ----------------- -----------------
Overall Market
Total 593,794 -2.8% -28.7%
------------------ ----------------- -----------------
Austin 8,085 -3.6% -21.4%
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Baltimore 9,306 -3.3% -11.6%
------------------ ----------------- -----------------
Boston 33,109 -3.7% -6.0%
------------------ ----------------- -----------------
Charlotte 19,263 -3.1% -9.4%
------------------ ----------------- -----------------
Chicago 66,827 -5.0% -16.6%
------------------ ----------------- -----------------
Dallas-Ft. Worth 34,126 -3.5% -10.6%
------------------ ----------------- -----------------
Denver 17,197 -3.9% -12.6%
------------------ ----------------- -----------------
Houston 27,734 -1.9% -15.9%
------------------ ----------------- -----------------
Jacksonville 10,922 -1.3% -14.8%
------------------ ----------------- -----------------
Las Vegas 11,404 -5.8% -50.7%
------------------ ----------------- -----------------
Los Angeles 37,634 -0.8% -56.3%
------------------ ----------------- -----------------
Miami 47,890 -2.6% -39.2%
------------------ ----------------- -----------------
Minneapolis-St.
Paul 21,178 -5.3% -26.0%
------------------ ----------------- -----------------
Norfolk/Virginia
Beach 11,331 -2.8% -4.9%
------------------ ----------------- -----------------
Orange County 7,634 -1.8% -41.7%
------------------ ----------------- -----------------
Orlando 21,035 -2.1% -36.6%
------------------ ----------------- -----------------
Philadelphia 34,130 -2.9% -9.1%
------------------ ----------------- -----------------
Phoenix 30,696 4.0% -41.5%
------------------ ----------------- -----------------
Raleigh/Durham 14,599 -1.7% -11.2%
------------------ ----------------- -----------------
Richmond 8,695 -2.8% -5.5%
------------------ ----------------- -----------------
Salt Lake City 15,630 -3.3% -15%
------------------ ----------------- -----------------
San Francisco Bay
Area 16,189 -4.3% -51.1%
------------------ ----------------- -----------------
Sacramento 15,441 0.0% -30.7%
------------------ ----------------- -----------------
Seattle 29,946 -5.0% -18.7%
------------------ ----------------- -----------------
San Diego 7,237 1.0% -55.1%
------------------ ----------------- -----------------
Tucson 5,465 2.0% -23.7%
------------------ ----------------- -----------------
Washington, D.C. 31,091 -3.7% -33.6%
------------------ ----------------- -----------------
More Information about the 27 markets surveyed by ZipRealty
-- To view a chart of the ten markets that experienced the biggest month-
over-month inventory declines, visit
http://ziprealty.typepad.com/files/top-10-month-over-month-inventory.jpg.
-- To view a chart of the ten markets that experienced the biggest year-
over-year inventory declines, visit
http://ziprealty.typepad.com/files/top-10-year-over-year-inventory.jpg.
-- To view a chart of the ten markets with the biggest month-over-month
drop in median list price, visit
http://ziprealty.typepad.com/files/top-10-month-over-month-list-price.jpg.
-- 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 where
ZipRealty operates, visit www.ziprealty.com.
-- For regular updates and housing trends, follow ZipRealty on Twitter
at: @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 October 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 October. 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. Contact:
Source: ZipRealty
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