SOURCE: ZipRealty

ZipRealty

November 05, 2009 08:30 ET

Number of Home Listings Declines Nearly Three Percent in October, According to ZipRealty

ZipRealty Reports Sixteenth Consecutive Month of Declining Housing Inventory Nationally

EMERYVILLE, CA--(Marketwire - November 5, 2009) - The number of home listings within 27 major U.S. metropolitan areas slipped 2.82 percent in October 2009, compared to a month prior, and is down 28.65 percent compared to a year ago, according to a survey of home listings information provided by MLS in these markets conducted by the national real estate brokerage ZipRealty (www.ziprealty.com) (NASDAQ: ZIPR).

October also marked the sixteenth consecutive month-over-month decline in the total number of home listings, based on combined Multiple Listing Service (MLS) data from these 27 areas where ZipRealty operates.

Other highlights from ZipRealty's October 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 October totaled 593,794, down from
    611,026 in September.
--  Two Arizona markets experienced an increase in inventory in October
    compared to September, as Phoenix inventory increased by 4 percent and
    Tucson inventory increased by 2 percent.
--  Markets with significant month-over-month inventory declines include
    Las Vegas (5.8 percent), Minneapolis (5.3 percent) and Chicago and Seattle
    (5 percent each). Median sale prices continue to decline in each of these
    markets.
--  Markets on the West Coast led the list of the largest year-over-year
    declines in home inventory, including Los Angeles (56.3 percent), San Diego
    (55.1 percent), San Francisco Bay Area (51.1 percent) and Las Vegas (50.7
    percent).
    

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

                                         Percentage         Percentage
                     Home Inventory        Change:            Change:
Market Name        (SFRs and Condos)  Month-over-Month     Year-over-Year
                   ------------------ -----------------  -----------------
Overall Market
 Total                        593,794              -2.8%             -28.7%
                   ------------------ -----------------  -----------------
Austin                          8,085              -3.6%             -21.4%
                   ------------------ -----------------  -----------------
Baltimore                       9,306              -3.3%             -11.6%
                   ------------------ -----------------  -----------------
Boston                         33,109              -3.7%              -6.0%
                   ------------------ -----------------  -----------------
Charlotte                      19,263              -3.1%              -9.4%
                   ------------------ -----------------  -----------------
Chicago                        66,827              -5.0%             -16.6%
                   ------------------ -----------------  -----------------
Dallas-Ft. Worth               34,126              -3.5%             -10.6%
                   ------------------ -----------------  -----------------
Denver                         17,197              -3.9%             -12.6%
                   ------------------ -----------------  -----------------
Houston                        27,734              -1.9%             -15.9%
                   ------------------ -----------------  -----------------
Jacksonville                   10,922              -1.3%             -14.8%
                   ------------------ -----------------  -----------------
Las Vegas                      11,404              -5.8%             -50.7%
                   ------------------ -----------------  -----------------
Los Angeles                    37,634              -0.8%             -56.3%
                   ------------------ -----------------  -----------------
Miami                          47,890              -2.6%             -39.2%
                   ------------------ -----------------  -----------------
Minneapolis-St.
 Paul                          21,178              -5.3%             -26.0%
                   ------------------ -----------------  -----------------
Norfolk/Virginia
 Beach                         11,331              -2.8%              -4.9%
                   ------------------ -----------------  -----------------
Orange County                   7,634              -1.8%             -41.7%
                   ------------------ -----------------  -----------------
Orlando                        21,035              -2.1%             -36.6%
                   ------------------ -----------------  -----------------
Philadelphia                   34,130              -2.9%              -9.1%
                   ------------------ -----------------  -----------------
Phoenix                        30,696               4.0%             -41.5%
                   ------------------ -----------------  -----------------
Raleigh/Durham                 14,599              -1.7%             -11.2%
                   ------------------ -----------------  -----------------
Richmond                        8,695              -2.8%              -5.5%
                   ------------------ -----------------  -----------------
Salt Lake City                 15,630              -3.3%               -15%
                   ------------------ -----------------  -----------------
San Francisco Bay
 Area                          16,189              -4.3%             -51.1%
                   ------------------ -----------------  -----------------
Sacramento                     15,441               0.0%             -30.7%
                   ------------------ -----------------  -----------------
Seattle                        29,946              -5.0%             -18.7%
                   ------------------ -----------------  -----------------
San Diego                       7,237               1.0%             -55.1%
                   ------------------ -----------------  -----------------
Tucson                          5,465               2.0%             -23.7%
                   ------------------ -----------------  -----------------
Washington, D.C.               31,091              -3.7%             -33.6%
                   ------------------ -----------------  -----------------

More Information about the 27 markets surveyed by ZipRealty

--  To view a chart of the ten markets that experienced the biggest month-
    over-month inventory declines, visit
    http://ziprealty.typepad.com/files/top-10-month-over-month-inventory.jpg.
--  To view a chart of the ten markets that experienced the biggest year-
    over-year inventory declines, visit
    http://ziprealty.typepad.com/files/top-10-year-over-year-inventory.jpg.
--  To view a chart of the ten markets with the biggest month-over-month
    drop in median list price, visit
    http://ziprealty.typepad.com/files/top-10-month-over-month-list-price.jpg.
--  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 where
    ZipRealty operates, visit www.ziprealty.com.
--  For regular updates and housing trends, follow ZipRealty on Twitter
    at: @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 October 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 October. 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.

Contact Information