11 fastest-moving real estate markets in July

Realtor.com: California metros dominate among most active markets


California metros dominated a list of 11 fast-moving real estate markets in July, reported property search site Realtor.com.

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.

Denver, which topped the list in June, once again had the lowest median age of inventory among metros at a median 32 days. That’s a 38.5 percent drop in the median year-over-year — the biggest drop among the 11 most active markets.

Six California metros made the list, with Oakland the fastest-moving among the six. Oakland’s median age of inventory was 46 days. The six metros include a mix of markets hit hard by foreclosures — Fresno, Bakersfield, Stockton-Lodi — and relatively high-cost metros in the San Francisco Bay Area — Oakland, San Jose and San Francisco.

Metros with lowest median age of inventory (July 2011)

                MSA     Median age of inventory (in days) % yr.-over-yr. change
1)      Denver, Colo. 32 days -38.5%
2)      Oakland, Calif. 46 days -8.0%
3)      Fresno, Calif. 51 days -23.9%
4)      Shreveport-Bossier City, La. 59 days -15.7%
5)      Bakersfield, Calif. 62 days -3.1%
6)      San Jose, Calif. 65 days 1.6%
7)      Stockton-Lodi, Calif. 65 days 1.6%
8)      Anchorage, Alaska 65 days 0.0%
9)      Boulder-Longmont, Colo. 66 days  -12.0%
10)   Detroit, Mich. 67 days -4.3%
11) San Francisco, Calif. 67 days 4.7%

Source: Realtor.com

Florida markets dominated a list of metros with the slowest-moving real estate. Naples, Fla., posted the highest median age of inventory, 153 days — a 5.5 percent rise from July 2010. While seven of the 11 fastest-moving markets saw their median age of inventory drop year-over-year in July, eight of the 10 slowest markets saw their median rise year-over-year.

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Metros with highest median age of inventory (July 2011)

                MSA     Median age of inventory (in days) % yr.-over-yr. change
1)      Naples, Fla. 153 days 5.5%
2)      Savannah, Ga. 150 days -44.0%
3)      Punta Gorda, Fla. 150 days 11.1%
4)      Myrtle Beach, S.C. 149 days 0.0%
5)      Wilmington, N.C. 148 days 7.3%
6)      Gainesville, Fla. 141 days 9.3%
7)      Ocala, Fla. 140 days 13.8%
8)      West Palm Beach-Boca Raton, Fla. 139 days -2.1%
9)      Fort Pierce-Port St. Lucie, Fla. 138 days  7.0%
10)   Pensacola, Fla. 136 days 3.8%

Source: Realtor.com

Methodology: The median age of inventory data was calculated by determining all of the listing categories that were active during July 2011, and subtracting the date properties were listed on the site from the earlier of the following: their end listing date or the end of July, taking a median of all of the individual days on site counts, according to Realtor.com.

"This term accounts for properties that were withdrawn from a (multiple listing service) and subsequently relisted," according to Realtor.com, and the company’s count can differ from MLSs’ days on market count, as the Realtor.com count relies on when each property was added to the website and removed from the website.

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