The number of home listings within 27 major U.S. metropolitan areas dropped significantly in December by 4.8 percent, compared to a month prior, and is down 26.3 percent compared to December 2008, according to a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the 27 markets surveyed by ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR), a national real estate brokerage.
December also marked the eighteenth consecutive month-over-month decline in the total number of home listings in the 27 markets, according to the survey.
Other highlights from ZipRealty's December Housing Inventory Index include:
-- The combined number of MLS-listed single family homes and condos within
all 27 major U.S. markets in December totaled 551,447, down from 579,413 in
November.
-- December marked the largest month-over-month decline in home listings in
2009.
-- Markets with significant month-over-month inventory declines include
Boston (13.3%), the San Francisco Bay Area (12.1%), Denver (9.2%),
Minneapolis-St. Paul (9%) and Seattle (7.9%).
-- Phoenix was one of only two markets where the number of homes listed for
sale increased, at a modest 1.8 percent. In Sacramento, ZipRealty tracked a
minor increase of .01 percent.
"Seasonality and the heavy activity by first-time homebuyers in October and November, who were rushing to take advantage of the tax credit, impacted housing inventory in December," said ZipRealty president and CEO Patrick Lashinsky.
Following is a snapshot of the housing inventory across all 27 metros that ZipRealty tracked in December 2009:
Percentage Percentage
Home Inventory Change: Change:
Market Name (SFRs and Condos) Month-over-Month Year-over-Year
------------------ ----------------- ------------------
Overall Market
Total 551,447 -4.8% -26.3%
------------------ ----------------- ------------------
Austin 7,317 -6.7% -17.6%
------------------ ----------------- ------------------
Baltimore 8,620 -5.4% -10.3%
------------------ ----------------- ------------------
Boston 26,289 -4.6% -13.3%
------------------ ----------------- ------------------
Charlotte 18,330 -4.2% -5.9%
------------------ ----------------- ------------------
Chicago 60,509 -5.7% -14.1%
------------------ ----------------- ------------------
Dallas-Ft. Worth 32,141 -3.8% -9.1%
------------------ ----------------- ------------------
Denver 14,925 -9.2% -11.1%
------------------ ----------------- ------------------
Houston 26,038 -5.0% -11.7%
------------------ ----------------- ------------------
Jacksonville 10,602 -2.2% -12.8%
------------------ ----------------- ------------------
Las Vegas 11,391 -1.4% -50.0%
------------------ ----------------- ------------------
Los Angeles 37,128 -2.1% -50.6%
------------------ ----------------- ------------------
Miami 46,201 -3% -37.3%
------------------ ----------------- ------------------
Minneapolis-St.
Paul 18,123 -9% -22.7%
------------------ ----------------- ------------------
Norfolk/Virginia
Beach 10,679 -4.3% -3.4%
------------------ ----------------- ------------------
Orange County 7,095 -5.3% -37.3%
------------------ ----------------- ------------------
Orlando 21,056 -.5% -33.9%
------------------ ----------------- ------------------
Philadelphia 30,561 -6.9% -17.3%
------------------ ----------------- ------------------
Phoenix 32,139 1.4% -38.6%
------------------ ----------------- ------------------
Raleigh/Durham 13,715 -3.8% -9.1%
------------------ ----------------- ------------------
Richmond 8,042 -5.8% -1.6%
------------------ ----------------- ------------------
Salt Lake City 14,791 -3.7% -11.2%
------------------ ----------------- ------------------
San Francisco Bay
Area 13,004 -12.1% -51.7%
------------------ ----------------- ------------------
Sacramento 15,533 .1% -20.4%
------------------ ----------------- ------------------
Seattle 26,358 -7.9% -15.8%
------------------ ----------------- ------------------
San Diego 6,826 -5.1% -52.1%
------------------ ----------------- ------------------
Tucson 5,506 -1.8% -19.5%
------------------ ----------------- ------------------
Washington, D.C. 28,528 -3.4% -30.5%
------------------ ----------------- ------------------
To view other local market housing conditions, visit ZipRealty's updated blog at: http://ziprealty.typepad.com/marketconditions/. To view all MLS-listed homes across all major metropolitan areas in which ZipRealty operates, visit www.ziprealty.com. For regular updates and housing trends, follow ZipRealty on Twitter at: http://twitter.com/ZipRealty.
About the ZipRealty Housing Inventory Index
ZipRealty pulls data from Multiple Listing Services in most of the major metropolitan areas where the real estate brokerage operates nationally. The data in this report is based on properties listed for sale according to the MLS in the metropolitan areas identified. For December 2009, ZipRealty reported data for 27 total metropolitan areas, which are defined by the brokerage and may differ slightly than standard DMAs. Due to changes to how homes are tracked by local MLSs, data for Bakersfield/Fresno, Calif., and Tampa, Fla., were omitted for December. The company pulls all data on, or about, the last day of the month for each of these markets.
About ZipRealty
ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's Web site provides users with access to comprehensive local Multiple Listing Services' home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. Founded in 1999, the company operates in 36 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.
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