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| Lanny Baker |
EMERYVILLE, CA, Feb.13, 2014 – Although the housing market in most cities soared
in 2013, the fireworks began to subside by year’s end, based on the latest
analysis of housing market trends by ZipRealty, Inc. (http://www.ziprealty.com)
(NASDAQ: ZIPR), the nation’s most prominent online technology-powered
residential real estate brokerage firm and real estate marketing solutions
provider.
Median sales prices in the markets surveyed by ZipRealty
ended 2013 rising 11% over the prior year, cooling off from the 15% to 16%
gains seen in the summer and fall.
“Overall demand across the 24 metros surveyed by ZipRealty
still outweighs supply, with pending sales up 13% and the inventory of homes
for sale down 8% year-over-year.
“Price momentum is lagging in the East, with Baltimore and
Long Island sales prices flat year-over-year. Philadelphia saw 1% sales price
growth and Boston edged up 5%,” says Lanny Baker, CEO of ZipRealty.
The sold-to-list
price ratio also appears to be decelerating: the average ratio according to the
ZipRealty survey dropped to 98.4% as of Dec. 31, 2013. The sold-to-list price
ratio remained steady at approximately 99% from May to August 2013, but then
slowly trended downward throughout the autumn months.
Sold-to-list price ratios dropped the most year-over-year as
of Dec. 31, 2013 in these metros:
1) Long Island –
96%
2) Chicago –
96.9%
3) Philadelphia –
97%
Markets where homes achieved 100% of their full listing
price as of year-end 2013 include:
1) The San
Francisco Bay Area
2) Sacramento
3) Los Angeles
4) San Diego
Total housing inventory in the markets surveyed by ZipRealty
ended 2013 in negative territory at (8%) year-over-year, with a Midwestern
market and two Texas metros showing the greatest declines in inventory as of
Dec. 31.
1) Chicago
inventory fell 25%
2) Houston
inventory fell 22%
3) Dallas
inventory fell 21%
For a complete copy of the company’s news release, please
contact:
Stacey Corso
510.735.2667
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