Metro areas in the South and West dominated a list of the 10 most-searched markets on

Metro areas in the South and West dominated a list of the 10 most-searched markets on Realtor.com in April, according to monthly data released by the site Wednesday.

The search rankings are based on the number of visitors that viewed properties in 146 metro areas in the U.S.

Chicago was the most-searched market among the metro areas, followed by the only other Midwestern metro on the top 10 list, Detroit. Three Western metros rounded out the top five: Las Vegas, Phoenix, and Los Angeles-Long Beach.

Except for Philadelphia in the Northeast at No. 7, the rest of the metros on the list were in the South: Tampa-St. Petersburg-Clearwater, Fla.; Atlanta; Dallas; and Orlando, Fla. The metro areas in the top 10 did not change from March.

Each of the 10 most-searched markets saw their median list price fall year-over-year in April. Detroit saw the biggest drop, down 18.2 percent to $89,900, followed by Atlanta, with a 13.6 percent drop to $159,900.

Dallas saw the smallest drop in median list price, down 1.1 percent to $189,900, followed by Philadelphia with a 4 percent drop to $240,000.

The U.S. median list price fell 4 percent to $191,900.

Search Rank Geographic Area Median List Prices    Median Age of Inventory
  $ % yr.-over-yr. change 
# days on site
% yr.-over-yr. change
           
  United States $191,900 -4% 95 13.1%
           
1 Chicago $212,000 -11.3% 102 15.9%
2 Detroit $89,900 -18.2% 62 72.2%
3 Las Vegas $125,000 -10.7% 89 2.3%
4 Phoenix-Mesa $147,900 -10.4% 79 8.2%
5 Los Angeles-Long Beach $325,000 -12.2% 61 -1.6%
6 Tampa-St. Petersburg-Clearwater, Fla. $143,000 -10.6% 103 -4.6%
7 Philadelphia $240,000 -4% 81 20.9%
8 Atlanta $159,900 -13.6% 81 3.8%
9 Dallas $189,900 -1.1% 70 16.7%
10 Orlando, Fla. $158,000 -6% 94 -6.9%

Source: Realtor.com

Total listings inventory fell year-over-year in all but two markets in the top 10: Las Vegas, where it rose 8.3 percent; and Philadelphia, where it rose 0.1 percent. Inventory fell the most in Orlando, -33.8 percent, and in Detroit, -23.7 percent. In the U.S. overall, listings inventory fell 8.3 percent last month.

Eight of the 10 most-searched markets had a lower median age of inventory than the U.S. median (95 days). Realtor.com calculates the median by subtracting a property’s listed date from whichever is earlier: the end listing date or the end of the month, and taking the median of all the resulting individual days on site.

Los Angeles-Long Beach was the fastest-moving market among the 10, with a median inventory age of 61 days. Detroit was close behind at a median 62 days. Seven out of the 10 markets saw their median inventory age rise year-over-year in April and Detroit saw the biggest jump, up 72.2 percent.

Tampa-St. Petersburg-Clearwater had the highest median inventory age among the 10 markets: 103 days, followed by Chicago: 102 days.

Eight of the 10 markets had higher foreclosure rates than the national average in first-quarter 2011. Nationwide, 1 in 191 housing units received a foreclosure filing — default notice, scheduled auction, or bank repossession — last quarter, according to RealtyTrac.

  Geographic area Foreclosure activity rate (Q1 2011)
  United States 1 in 191 housing units
     
1 Chicago 1 in 125 units
2 Detroit 1 in 90 units
3 Las Vegas 1 in 31 units
4 Phoenix-Mesa 1 in 48 units
5 Los Angeles-Long Beach 1 in 98 units
6 Tampa-St. Petersburg-Clearwater, Fla. 1 in 158 units
7 Philadelphia 1 in 371 units
8 Atlanta 1 in 79 units
9 Dallas 1 in 211 units
10 Orlando, Fla. 1 in 148 units

Source: RealtyTrac

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