Today I am sharing a part of Realtor.com’s Top 10 Turnaround Town Report–a group of markets showing the greatest promise for growth and price appreciation despite the national economic situation.
Though the list was dominated by six Florida markets, the Midwest and West also had a strong showing on the report. The four additional markets include Phoenix, Mesa, AZ, Boise City, ID, Fort Wayne, IN, and Ann Arbor, MI.
Why did these four metros make this list? Not only did these markets have lower unemployment rates year-over-year in the third quarter of 2011, but also showed median list price appreciation and lower inventory counts and median age of inventory.
Here’s why each Midwest/West market made our top 10:
Phoenix, Mesa, AZ: Like many Florida markets, Phoenix-Mesa foreclosure activity hit high levels during the housing downturn. Now, foreclosures there have decreased 25 percent compared to the second quarter, and are down 40 percent compared to third quarter 2010. Ranked 4th on the turnaround list, inventory is also down close to 48 percent, while median age of inventory decreased more than 23 percent, according to Realtor.com’s October 2011 Real Estate Trend Data report.
Boise City, ID: Number eight on the turnaround report, Boise has seen a year-over-year inventory count decrease of more than 40 percent, according to Realtor.com October real estate data. Also, the market has experienced a median list price increase of more than 14 percent, and a more than 23 percent drop in median age of inventory. Further, new foreclosures counts have decreased since January.
Fort Wayne, IN: In Fort Wayne, ranked 9th on the turnaround report, foreclosures have decreased more than 13 percent in the third quarter of 2010 to just 183 units. Also, the total of newly listed foreclosures fell 19 percent compared to last year. Prices of foreclosure homes are up 6.5 percent here, compared to other cities’ overall 2.7 percent price decline, due to strong demand and falling supply.
Ann Arbor, MI: With prices up and inventory down, the No. 10-ranked Ann Arbor fills the last spot on the turnaround report. According to Realtor.com’s October data, median list prices increased more than 8 percent year-over-year, while total inventory is down almost 25 percent. Home sale prices are also steadily increasing, and rose 4.4 percent for the year. The supply of homes is now considered balanced, with a months’ supply at 6.8 percent, a decrease of 11 percent.
Realtor.com’s Top Ten Turnaround Town Report is compiled using a formula based on price appreciation, changes in inventory, median age of inventory, searches by Realtor.com visitors, and unemployment data.
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