After battling an onslaught of foreclosures, Phoenix is now a shining example of a turnaround market, Move Inc. declared.
Move Inc. (Nasdaq), the operator of Realtor.com, released its Top Turnaround Town Report to give real estate professionals and homebuyers a heads up on markets that are seemingly stepping in a more positive direction.
Phoenix is considered a turnaround city with its median list price up nearly 30% from last year. Meanwhile, the metro has a 7.5% unemployment rate, compared to the national unemployment rate of 8.3%. The median age of the area's inventory also is 37.8% lower than a year ago, and inventory levels are down 44.20%.
Six California cities also are listed on the turnaround list, with Miami (third) and the Seattle-Bellevue-Everett area (sixth) also making the list.
The Oakland, Calif., market ranks second on the list with a 10.79% spike in median list prices over last year, a 58.33% drop in the median age of its inventory and a 56.61% fall in its total inventory levels when comparing current data to a year ago. Oakland battles a higher unemployment rate of 8.5%.
Q2 2012 Rank
Median List Prices
Year/Year Median Age of Inventory
Unemployment rate (June 2012)[i]
Search/ Listing Ratio Rank
Boise City, ID
San Jose, CA
San Francisco, CA
Santa Barbara-Santa Maria-Lompoc, CA
Miami rounds out the top three, with its median list price going up 19.41% from last year, the median age of its inventory declining 49.62% and its total inventory dropping 33.15% from year ago levels.
The markets ranking fourth through 10th include: Boise City, Idaho; San Jose, Calif; Seattle-Bellevue; Bakersfield, Calif.; San Francisco; and Fresno.
Miami has apparently secured its place as the only East Coast market in the Top 10 List of Turnaround Towns, according to Move Inc.
Phoenix, meanwhile, has maintained its No. 1 spot for the second straight quarter as investors and buyers sweep in to nab real estate at attractive pricing levels.