Realtor.com released its list of the top 10 turnaround towns for the 2011 fourth quarter. While the 10 towns listed – eight of which are in Florida – suffered from high foreclosure rates, they are now rebounding. The current list was developed based on market rankings on year-over-year median price appreciation, reduction in year-over-year median age of inventory, and inventory reduction levels from Realtor.com, as well as unemployment rates on a year-over-year basis, according to a release from Move.com. Miami, Florida, at number one, had sales of existing single-family homes shoot up 51 percent in the third quarter compared to a year ago, according to the Miami Association of Realtors. The median age of inventory is down 30 percent from a year ago. Phoenix, Arizona is returning to stability, with median list prices up 15.38 percent compared to a year ago. Orlando, Florida saw its median age of inventory go down to 73 days, a 36 percent drop from a year ago and inventory also declined 44 percent compared to a year ago. Fort Myers-Cape Coral, Florida saw its sale price increase 20 percent over the past year, more than any other Florida market, though sales are down 13 percent. [Read this article]
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