Realtor.com Lists Top 10 Turnaround Towns

February 20, 2012

in News

Realtor.com Lists Top 10 Turnaround Towns

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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