New Index Tracks Where Homebuyers Want to Go

By E-Renter Tenant Screening
Posted on November 18, 2011 under Housing Trends, Rental Market | icon: commentBe the First to Comment

tenant screening, prescreening, tenant credit checkTrulia is a real estate website where home buyers, renters, and sellers can track sales and rental activity in any city or neighborhood. The website recently launched a new report that reveals where renters and homebuyers live now, compared to where they want to live in the future.

The report tracked searches on the site between July 1 and September 30, 2011. The results may reveal where demand could be increasing ahead of actual sales and lease information. Trulia’s Chief Economist said that they believe the low prices in areas like Florida, Nevada and California will draw more prospective movers – who will be attracted to buying, rather than renting homes, as rental markets continue to tighten.

The company created an index for each metro area, based on the numbers of property views by people who live elsewhere. It also took into account the number of out-of-area property searches conducted by locals in each metro region.

The Top Ten High Demand Metro Areas For Homebuyers

1. Sarasota, FL: Foreclosure jumped 57% last quarter; home prices have fallen 51.4% since the peak and are expected to decline another 6.5% through Q2 2012. For every person in Sarasota looking for a home elsewhere, 6.03 people from out of the area are looking at Sarasota real estate.

2. Riverside, CA: High unemployment and poor economic conditions led to 55.4% drop in home prices from the peak and they are expected to decline another 14.8% through Q2 2012. For every person in Riverside looking for a home elsewhere, 4.36 people from out of the area are looking at Riverside real estate.

3. Charleston, SC: Real estate prices are down 23.3% since the peak and are expected to decline another 1.6% through Q2 2012. For every person in Charleston looking for a home elsewhere, 2.25 people from out of the area are looking at Charleston real estate. Retirement destination.

4. Fort Lauderdale, FL: Median home price went from $400K to under $200K in five years. Real estate prices are down 48.4% since the peak and are expected to decline another 9.2% through Q2 2012. For every person in Fort Lauderdale looking for a home elsewhere, 2.15 people from out of the area are looking at Fort Lauderdale real estate. Lots of retirees.

5. Cape Coral, FL: The market is bad here, but bargains exist. Real estate prices are down 59.3% since the peak and are expected to decline another 12.2% through Q2 2012. For every person in Cape Coral looking for a home elsewhere, 2.09 people from out of the area are looking at Cape Coral real estate.

6. West Palm Beach – Boca Raton, FL: One in four home sales in past year was a foreclosure. Real estate prices are down 50.2% since the peak and are expected to decline another 9.6% through Q2 2012. For every person in West Palm Beach looking for a home elsewhere, 1.99 people from out of the area are looking at West Palm Beach real estate.

7. Fort Worth – Arlington, TX: Home prices going up. Real estate prices are down just 5.9% since the peak and are expected to increase 2.7% through Q2 2012. For every person in Fort Worth looking for a home elsewhere, 1.97 people from out of the area are looking at Fort Worth real estate. Mostly from Dallas.

8. Oxnard, CA: Mecca for retirees. Real estate prices are down 40% since the peak and are expected to decline an additional 6% through Q2 2012. For every person in Oxnard looking for a home elsewhere, 1.92 people from out of the area are looking at Oxnard real estate.

9. Las Vegas: Two out of three homes underwater. Real estate prices are down 60% since the peak and are expected to decline an additional 11.4% through Q2 2012. For every person in Vegas looking for a home elsewhere, 1.88 people from out of the area are looking at Vegas real estate.

10. Orlando, FL: Hit hard by the housing crisis. Real estate prices are down 53.4% since the peak and are expected to decline an additional 11.4% through Q2 2012. For every person in Orlando looking for a home elsewhere, 1.87 people from out of the area are looking at Orlando real estate.

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