Realtor.com sees search surge in some markets
Largest growth is concentrated within California, Florida
By Inman News, Friday, August 22, 2008.Real estate search site Realtor.com has seen a jump in online searches within dozens of market areas in July compared to the same month last year, with surges in searches within some markets that have experienced heavy foreclosure activity, like the Stockton-Lodi, Calif., area, Las Vegas and Detroit.
According to data by comScore Media Metrix, a Web metrics company, the volume of traffic at Realtor.com rose 29 percent overall, time spent on the site rose 26 percent and number of page views grew 22 percent year-over-year in July, Realtor.com parent company Move Inc. reported.
Searches on Realtor.com grew 140.9 percent in the Stockton-Lodi market in July 2008 compared to July 2008, according to the report, with searches growing 93.9 percent in Las Vegas; 86.3 percent in Riverside-San Bernardino, Calif.; 73.6 percent in Oakland, Calif.; 71.4 percent in San Jose, Calif.; 69.5 percent in Fort Myers-Cape Coral, Fla.; 66.2 percent in Naples, Fla.; 65 percent in Sacramento, Calif.; 62.8 percent in Orange County, Calif.; 56.7 percent in Miami, Fla.; 51.8 percent in Detroit, Mich. and 50 percent in Fresno, Calif.
Ten of the 20 markets that saw the biggest year-over-year growth in searches at Realtor.com in July are located in California, and seven are located in Florida -- and real estate markets in both states have been among the hardest hit during the real estate downturn, with sharp declines in sales and prices and sharp rises in foreclosure activity in some market areas in these states.
At the lower end of the markets with year-over-year search increases at Realtor.com are Roanoke, Va., up 1 percent; Wilmington, N.C., up 1.1 percent; Portland-Vancouver, Ore.-Wash., up 1.1 percent; Raleigh-Durham-Chapel Hill, N.C., up 1.2 percent; and Boise City, Idaho up 1.5 percent.
According to Hitwise, another online metrics company, the average visit duration for real estate category Web sites in July was 11 minutes and 28 seconds, down slightly from 11 minutes and 45 seconds in June 2008 but up from 11 minutes and seven seconds in July 2007.
Realtor.com consistently ranks at the top of the comScore and Hitwise list of top real estate category Web sites for its volume of online visitors -- the site had a 7.33 percent market share of visits to real estate category Web sites in July 2008, compared with second-place Yahoo Real Estate with a 3.06 percent market share.
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Submitted by Wenceslao Fernandez Jr, BS, Realtor, CDPE on August 23, 2008 - 8:38am.
In spite of the gloom and doom we continue to see in all media, it is good to know that folk may finally be waking up to the fact that this bottom may not be too far away.
Millions missed the top and got cought holding a hot potatoe. By the time it was all over the news, they had all missed the top and were trapped.
Similarly, trying to time the bottom (when it comes and how long it lasts) may proof to be equally futile. By the time they get the news that it is OK to buy real estate again, they would have all missed the bottom.
The question is, when its 2013 (just 5 years from now), and you look back at the opportunities that you missed in 2008, will you be glad you waited or will you be kicking yourself for not having had the vision to buy your first or move-up home (even other investment property).
Remember, luck is when preparation meets opportunity. Will you be celebrating your luck in 5 years or accusing others of being lucky?
www.MiamiRealEstateKing.com
Certified Distressed Property Expert
Miami-Dade County, Florida.
Submitted by Laurie Manny on August 23, 2008 - 11:57am.
Laurie Manny
Long Beach California Realtor
http://www.longbeachrealestatehome.com
Searches seem to be up for many in the real estate industry and not just in the USA, Realtors from other countries have also indicated that searches and traffic have surged recently, it is not limited to just Realtor.com.
My own sites have surged as well with one site reflecting a 94.4% increase in July '08 and an overall increase for the year of 187.5%; another site increased 11.4% in July '08 and 323.2% for the year 2008.
Real estate is local, consumers shop the local Realtor sites as well as Realtor.com, Yahoo and Trulia, and almost always end up with a local Realtor. Local Realtors would be well advised to work on their own sites and rank above these monsters to drive the local traffic directly to their sites.
It is not impossible, I do.
Submitted by Lynn Wilber on August 23, 2008 - 2:35pm.
This article reaffirms what I have been seeing the last few weeks. In the 12 years I have been selling real estate in Naples FL, I am amazed at how busy I have been in AUGUST! Our general manager recently e-mailed all our agents that in the first 15 days of August 2007 our office had 46 pending sales. This year in the same time period we have 72 pending sales! Those searches on Realtor.com seem be to turning into pending sales.
Lynn H. Wilber
Downing Frye Realty, Inc.
Naples, FL
http://www.NaplesWave.com
Submitted by Dennis Pease on August 23, 2008 - 10:42pm.
Dennis Pease
Eugene Oregon Real Estate
Those statistics confirm what I have seen nearly all year. I have experienced a considerable increase in web traffic to my site and sales. I believe the savvy buyers realize we are at or close to the bottom of the market and they are looking for good deals. Sellers that want to sell are coming to terms that their homes are not what they were worth 2 years ago.
August 2008 has been my best month since 2005, with Bank Owned REO's topping my sales list.
I agree with Laurie, real estate is local and there is no reason that a good agent website shouldn't be outranking the likes of the realtor.com, trulia, zillow, etc.