More ‘Hot Markets’ Outside California

ZipRealty report tracks sales-to-list-price ratios

By Inman News, Tuesday, October 27, 2009.

A “Hot Market” list compiled by ZipRealty spotlighting ZIP codes where homes are selling for the greatest premium above list price shows increasing diversity outside of California.

California landed four markets on the third-quarter Hot Market list, with two Arizona markets — Glendale and Phoenix — making the list for the first time, ZipRealty said in releasing its Third Quarter 2009 Home Hunter Report. By comparison, California had eight of the top 10 markets in ZipRealty’s second-quarter Hot Market list.

The 10 ZIP codes with the highest sales-price-to-list-price ratio among 33 markets tracked by ZipRealty were Rancho Bernardo, Calif., 92127 (124.9 percent sales-to-list ratio); Davie, Fla., 33328 (123.2 percent); Grand Prairie, Texas, 75050 (120.1 percent); Commerce (Los Angeles), Calif., 90022 (118.5 percent); Everett, Wash., 98205 (109.3 percent); Whitestone (Queens), N.Y., 11357 (108.5 percent); Glendale, Ariz., 85307 (107.6 percent); Phoenix, Ariz., 85035 (106.3 percent); Oakland, Calif., 94608 (105.6 percent; and Arleta (Los Angeles), Calif., 91331 (105.3 percent).

The 10 coldest ZIP codes —  those with the lowest sales-to-list-price ratio — were New Hope, Pa., 18938 (80.9 percent); Jacksonville, Fla., 32209 (80.8 percent); Miami Beach, Fla., 33140 (79.8 percent); Palm Beach, Fla., 33480 (79.7 percent); North Miami, Fla., 33181 (79.5 percent); Miami, Fla., 33183 (79.1 percent); Atlanta, Ga., 30326 (78.6 percent); North Ft. Myers, Fla., 33903 (75.3 percent); Stone Mountain, Ga., 30083 (74.7 percent); and Denton, Texas, 76208 (70 percent).

ZipRealty also tracks the average number of days that distressed properties took to sell in five major markets where foreclosures and short sales continue to dominate home listings.

In those five markets, average days on market for distressed properties was greatest in Phoenix (97 days), followed by Fort Myers/Naples, Fla. (83 days), Las Vegas (56 days), Southern California (74 days), and Sacramento, Calif. (30 days).

Average days on market for distressed properties in Sacramento was down by 30 percent from a year ago, the report said, and remained about the same in Ft. Myers/Naples and Phoenix. Days on market increased 11 percent from a year ago in Las Vegas and 18 percent in Southern California.

Areas where prices have been hardest hit continue to generate the most search volume in areas serviced by, the report said.

Five of the top 10 most-searched markets were in the Phoenix metro area, and Las Vegas-area markets Henderson and Summerlin again ranked in the top 10. Atlanta remained on the list, and Kissimmee, Fla., joined nearby Orlando on the top 10 most-searched markets.