SOURCE: ZipRealty

ZipRealty

December 09, 2009 08:31 ET

Number of Home Listings Declines More Than Two Percent in November, According to ZipRealty Survey

ZipRealty Reports Seventeenth Consecutive Month of Declining Housing Inventory Nationally

EMERYVILLE, CA--(Marketwire - December 9, 2009) - The number of home listings within 27 major U.S. metropolitan areas slipped 2.42 percent in November 2009, compared to a month prior, and is down 27.64 percent compared to a year ago, according to a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the markets surveyed by ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR), a national real estate brokerage.

November also marked the seventeenth consecutive month-over-month decline in the total number of home listings, based on combined Multiple Listing Service (MLS) data from these 27 areas surveyed by ZipRealty.

Other highlights from ZipRealty's November Housing Inventory Index (http://ziprealty.typepad.com/marketconditions) include:

--  The combined number of MLS-listed single family homes and condos
    within all 27 major U.S. markets in November totaled 579,413, down from
    593,794 in October.
--  Several markets heavily impacted by distressed properties experienced
    a rise in inventory in November as compared to October. Markets that
    experienced an increase in November inventory as compared to October
    included Tucson (2.6 percent), Las Vegas (1.3 percent) and Orlando (.6
    percent).
--  The Las Vegas market experienced the first month-over-month increase
    in inventory (1.3 percent) in November as compared to October that
    ZipRealty has tracked in twelve months, with a 1.86 month-over-month
    increase tracked in the same months last year.
--  Markets with the most significant year-over-year inventory declines
    have seen median list price increases over the same period, and include San
    Diego (53.7 percent inventory decline), Los Angeles (53.7 percent inventory
    decline), San Francisco Bay Area (51.8 percent inventory decline), Las
    Vegas (51.0 percent inventory decline) and Phoenix (40.7 percent inventory
    decline).
--  Markets with the most significant month-over-month inventory declines
    include Boston (8.5 percent), Minneapolis-St. Paul (6.0 percent),
    Washington, D.C. (5.0 percent), Denver (4.4 percent) and Chicago (4.0
    percent).
    

Following is a snapshot of the housing inventory across all 27 metros that ZipRealty tracked in November 2009:


                             Home
                          Inventory
                          (SFRs and  Percentage Change: Percentage Change:
Market Name                 Condos)  Month-over-Month    Year-over-Year
                          ----------- ----------------  ----------------
Overall Market Total        579,413         -2.4%            -27.6%
                          ----------- ----------------  ----------------
Austin                       7,846          -3.0%            -19.8%
                          ----------- ----------------  ----------------
Baltimore                    9,114          -2.1%            -10.7%
                          ----------- ----------------  ----------------
Boston                       30,311         -8.5%             -4.9%
                          ----------- ----------------  ----------------
Charlotte                    19,132          -.7%             -8.5%
                          ----------- ----------------  ----------------
Chicago                      64,183         -4.0%            -15.6%
                          ----------- ----------------  ----------------
Dallas-Ft. Worth             33,396         -2.1%            -12.3%
                          ----------- ----------------  ----------------
Denver                       16,437         -4.4%            -11.7%
                          ----------- ----------------  ----------------
Houston                      27,402         -1.2%            -13.6%
                          ----------- ----------------  ----------------
Jacksonville                 10,846          -.7%            -13.0%
                          ----------- ----------------  ----------------
Las Vegas                    11,548          1.3%            -50.0%
                          ----------- ----------------  ----------------
Los Angeles                  37,907          0.7%            -53.7%
                          ----------- ----------------  ----------------
Miami                        47,609          -.6%            -38.3%
                          ----------- ----------------  ----------------
Minneapolis-St. Paul         19,911         -6.0%            -22.3%
                          ----------- ----------------  ----------------
Norfolk/Virginia Beach       11,161         -1.5%             -4.8%
                          ----------- ----------------  ----------------
Orange County                7,492          -1.9%            -40.4%
                          ----------- ----------------  ----------------
Orlando                      21,168          0.6%            -35.9%
                          ----------- ----------------  ----------------
Philadelphia                 32,825         -3.8%             -8.8%
                          ----------- ----------------  ----------------
Phoenix                      31,706          3.3%            -40.7%
                          ----------- ----------------  ----------------
Raleigh/Durham               14,257         -2.3%            -12.0%
                          ----------- ----------------  ----------------
Richmond                     8,537          -1.8%             -5.4%
                          ----------- ----------------  ----------------
Salt Lake City               15,367         -1.7%            -13.8%
                          ----------- ----------------  ----------------
San Francisco Bay Area       14,797         -8.6%            -51.8%
                          ----------- ----------------  ----------------
Sacramento                   15,515          0.5%            -26.1%
                          ----------- ----------------  ----------------
Seattle                      28,614         -4.4%            -17.4%
                          ----------- ----------------  ----------------
San Diego                    7,196           -.6%            -53.7%
                          ----------- ----------------  ----------------
Tucson                       5,607           2.6%            -21.0%
                          ----------- ----------------  ----------------
Washington, D.C.             29,529         -5.0%            -33.1%
                          ----------- ----------------  ----------------


To view other local market housing conditions, visit ZipRealty's updated blog at: http://ziprealty.typepad.com/marketconditions/. To view all MLS-listed homes across all major metropolitan areas in which ZipRealty operates, visit www.ziprealty.com. For regular updates and housing trends, follow ZipRealty on Twitter at: http://twitter.com/ZipRealty.

About the ZipRealty Housing Inventory Index

ZipRealty pulls data from Multiple Listing Services in most of the major metropolitan areas where the real estate brokerage operates nationally. The data in this report is based on properties listed for sale according to the MLS in the metropolitan areas identified. In November 2009, ZipRealty reported data for 27 total metropolitan areas, which are defined by the brokerage and may differ slightly than standard DMAs. Due to changes to how homes are tracked by local MLSs, data for Bakersfield/Fresno, Calif., and Tampa, Fla., were omitted for November. The company pulls all data on, or about, the last day of the month for each of these markets.

About ZipRealty

ZipRealty is a full-service residential real estate brokerage firm. The Company utilizes its user-friendly Web site and employee real estate agents to provide home buyers and sellers with high-quality service and value. ZipRealty's Web site provides users with access to comprehensive local Multiple Listing Services' home listings data, as well as other relevant market and neighborhood information. The Company's proprietary business management system and technology platform help to reduce costs, allowing the Company to pass on significant savings to consumers. Founded in 1999, the company operates in 36 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.

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