Thanks to ZipRealty.com for sending me some interesting statistics from their newly released quarterly report of home prices from their site statistics. Here are the highlights they provided:
· California is still "hottest" for ZIP codes where homes are selling the most above asking price (i.e. fetching multiple offers)
· Florida is still among the country's "coldest" with the highest number of ZIP codes selling for the most under the asking price
· Berkeley, California's 94703 ZIP code is the country's "hottest," with homes selling on average for almost eight percent above the asking price, or an additional $45,000 over list on the median priced home in that region
· Winchester, Connecticut's 06098 ZIP was the nation's "coldest" ZIP code in Q2, with homes selling there on average nearly 30 percent under list price - an average savings of more than $200,000 according to the median home price in the area
· The country's coldest markets have warmed slightly since Q2 of 2009 - with homes in the country's 10 coldest ZIP codes selling for an average of 82 cents to the dollar in Q2 of this year, as compared to an average of 78 cents to the dollar in Q2 2009.
· High-end housing markets nationwide continue to offer relative bargains for buyers. For example, in Miami's Palm Beach ZIP (33480), buyers paid an average of around 1.1 million dollars per home in Q2, an average of $232,492 below list price. In Cape Cod's Osterville ZIP (02655), homes sold, on average, for 16 percent below asking price, or an average of $180,437 under asking.
· According to the total number of home searches on www.ZipRealty.com, Phoenix and its surrounding neighborhoods continues to be the most popular searched city in the country.
I wasn’t aware the California was getting hot again in the real estate market. Maybe the pain experienced by the state in the real estate market is starting to reverse. Too bad Florida isn’t following. I understand a lot of high end properties have taken substantial haircuts including some in CA.
I’m curious to know the reasoning behind California becoming a hot market again. Surely, it cannot be because of positive economic indicators. Any other variables?
I agree…whats up with California? With everything failing and falling could it be possible that people are out there saying to themselves, “Hey, California isn’t doing so well. Let’s move there.”
Once again folks will immediately pull these numbers out of context! So Berkely is hot but those commenting say, “What’s up with California!” Our market, just across the bay from Berkely, but in the gorgeous “Wine country” of Sonoma County, sales plummeted 21% from June to July. Medain is FLAT over last year at this time. So WHAT’S UP WITH CALIFORNIA!! Our upper end market has a 2 year supply of product! You have a 1 in 20 change of selling your home! How you like those odds! Let’s keep the reporting in context please! Provacative Posts do us all no good.
Mike,
Thanks for your comment. I present Zip Realty’s reports from time to time as another source of information for real estate professionals. You are correct that any single item of information or data can be misleading if not understood in the context of a larger market area.
I think there is merit in their information, even if only to verify the location-location-location mantra. Your comment and stats for your area add to the discussion. Thanks,
Jim
As a Floridian, “cold” isn’t a word I hear too often. Since the market is this way, though, renting seems to be the way to go.