Editor’s note: Data collected and analyzed by Realtor.com through March 2012. Includes single-family homes, condos, townhomes and co-ops.
U.S. housing market trends tracked by Realtor.com show a trifecta of promise: a shrinking number of homes on the market, fresher inventory, and an increase in median list price.
In 146 metros tracked by Realtor.com, the number of for-sale listings was down 21 percent in March compared to a year ago. All but two markets — Philadelphia and Hartford, Conn. — saw listing inventory decline, and 78 markets registered declines of 20 percent or more.
Nationwide, the median number of days a home had been on the market was down nearly 20 percent, to 89 days, and median list price was up 5.6 percent, to $189,900.
Back in March 2011, Realtor.com statistics also showed for-sale listing inventory down about 9 percent from a year ago. But inventory age was up 26 percent at the time.
| Data Point | Percent Change, March 2012 vs. March 2011 |
| Number of Listings | -21.48% |
| Median Age of Inventory | -19.82% |
| Median List Price | 5.56% |
Some of the metros in states hit hardest by foreclosures — California, Arizona and Florida — saw the highest drop in for-sale listings over the last year.
The Oakland, Calif., metro area tops the list with a 52 percent year-over-year drop in housing inventory. Not too far away, geographically speaking, the Bakersfield, Calif., metro stands at No. 2 with a 50 percent drop in inventory for the year. Phoenix, Fresno, Calif., and Miami round out the top five, respectively.
The other metros in the top 10, in order, are:
- Fort Lauderdale, Fla.
- Seattle-Bellevue-Everett, Wash.
- Atlanta
- Orlando, Fla.
- Portland-Vancouver, Ore.-Wash.
As a sign of a shift in the housing market, none of this March’s year-over-year top 10 metros for for-sale listings drops were in last year’s top 10, when Shreveport-Bossier City, La., topped the list with a 47 percent drop, followed by Grand Rapids-Muskegon-Holland, Mich., and Fort Myers-Cape Coral, Fla., respectively.
Location: Oakland, Calif.
| Year-over-year for-sale inventory change | -51.91% |
| Median list price | $336,120 |
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Location: Bakersfield, Calif.
| Year-over-year for-sale inventory change | -50.35% |
| Median list price | $139,900 |
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Location: Phoenix-Mesa, Ariz.
| Year-over-year for-sale inventory change | -48% |
| Median list price | $179,000 |
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Location: Fresno, Calif.
| Year-over-year for-sale inventory change | -45.56% |
| Median list price | $159,500 |
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Location: Miami
| Year-over-year for-sale inventory change | -42.34% |
| Median list price | $269,000 |
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Location: Fort Lauderdale, Fla.
| Year-over-year for-sale inventory change | -39.66% |
| Median list price | $168,000 |
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Location: Seattle-Bellevue-Everett, Wash.
| Year-over-year for-sale inventory change | -39.38% |
| Median list price | $314,900 |
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Location: Atlanta
| Year-over-year for-sale inventory change | -39.26% |
| Median list price | $159,900 |
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Location: Orlando, Fla.
| Year-over-year for-sale inventory change | -39% |
| Median list price | $155,000 |
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Location: Portland-Vancouver, Ore.-Wash.
| Year-over-year for-sale inventory change | -38.79% |
| Median list price | $249,900 |
Inman News reporter Paul Hagey compiled this report.