As we all know, there are a wide variety of measures and indices that gauge the health of the Real Estate market. One of the most important of there are the New Residential Sales figures, which incidentally, were up 6.8% from July 2010 to July of this year.
Another such measure, and quite an interesting one, is one that was recently discussed in an article on Inman News ("11 fastest-moving real estate markets in July"). As described in the article, "Realtor.com released a list of metros with the lowest median age of inventory at the site -- a measurement of how long a property from a given metro area typically spends on the site". Essentially, the logic is that if homes are not sitting in inventory for too long while waiting to be sold, this indicates quick turnover, and thus, a fast-moving market.
The biggest winner in this category, per the Realtor.com site, was Denver (median age of inventory was 32 days, which was the lowest among the Metros). Additionally, 6 California metros appeared in the list, and Detroit made the list, which is a good sign for their struggling Housing Market.
Now, the converse of this measure would be the Metros with the highest median age of inventory, thus, slow-moving markets. The slowest one? Naples, Florida, with the highest median age of 153 days. Naples was not lonely in the list, as 7 of the 10 Metros tagged as the slowest-moving markets were in Florida.
Inventory data is definitely not a new concept, but when it is examined from this perspective, it certainly paints a picture of the markets that are moving, shaking, and in some cases, sleeping.
What are your thoughts/comments on this?
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Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog: http://blogging.lease2buy.com
HomeRun Homes Websites: http://www.lease2buy.com and http://www.homerunhomes.com
TAGS: #RealEstate #NewResidentialSales #inventory #Realtor #California #Detroit #Florida
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