The price per square foot of homes rose year-over-year in January in eight of 25 markets tracked by Radar Logic Inc., a real estate data and analytics company, according to a report released this week.
Radar Logic’s monthly RPX report, based on 28 days of price-per-square-foot data, found that the price per square foot rose most in Boston (up 15.5 percent, to $187.84 per square foot) year-over-year in January, and dropped most in Las Vegas (down 21.4 percent, to $76.18 per square foot) during that period.
Overall, the composite price-per-square foot for all 25 markets dropped 4.2 percent in January, year-over-year, which the company said "corresponded to a rapid increase in motivated sales’ share of total sales."
The price per square foot was up 8.5 percent in San Diego, 6.5 percent in San Francisco and Denver, 6.4 percent in St. Louis, 6.3 percent in San Jose, 5.6 percent in Charlotte and 2.3 percent in Los Angeles in January compared to the same month last year.
Behind Las Vegas, the most significant annual price-per-square-foot declines reported by Radar Logic were in Chicago (-18.4 percent), Miami (-17.6 percent), Detroit (-13.2 percent), Seattle (-10.4 percent), Atlanta (-10 percent) and Jacksonville (-9.7 percent).
St. Louis had the only monthly rise in price per square foot, up 3.3 percent, with Charlotte flat at $89.11 per square foot and San Francisco’s price per square foot down 10.9 percent from December 2009.
San Francisco had the highest price-per-square foot in January among the 25 markets, at $250.73, while Detroit was lowest, at $65.46 per square foot.
Radar Logic also reported that Las Vegas had the highest year-over-year gain in January for "transaction count," which the company notes may not be inclusive of all sales transactions in a given market area, while Boston was the lone market with an annual drop (-5.6 percent) in transaction count.
Chicago (up 103.7 percent), Detroit (up 101.4 percent), Miami (up 83.3 percent) and New York City (69.9 percent) also had sharp annual rises in transaction count.
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