|By PR Newswire||
|February 4, 2014 10:35 AM EST||
WALTHAM, Mass., Feb. 4, 2014 /PRNewswire-iReach/ -- Pro Teck Valuation Services' January Home Value Forecast (HVF) update highlights the impact of foreclosure sales on market recovery and inventories the top and bottom markets for the month.
"Long Island leads Home Value Forecast's ranking as the hottest real estate market in the nation in our January Home Value Forecast," said Tom O'Grady, CEO of Pro Teck Valuation Services. "Many factors account for Long Island's strong market, including foreclosures making up an inconsequential 2.18 percent of sales and available housing inventory at only 3.63 months. Looking at the extended forecast, we see Long Island reaching peak highs again within five years."
This month's Home Value Forecast update also includes a listing of the 10 best and 10 worst performing metros as ranked by its market condition ranking model. The rankings are run for the single family home markets in the top 200 CBSAs on a monthly basis. They highlight the best and worst metros with regard to a number of leading real estate market indicators, including: sales/listing activity and prices, months of remaining inventory (MRI), days on market (DOM), sold-to-list price ratio and foreclosure and REO activity.
"In our January HVF top ten, California is again well represented, with six of our top 10 metros from the state. In particular, the Los Angeles market has seen a major shift, with sales prices up over 24 percent from the last rolling quarter," added O'Grady.
January's top CBSAs include:
- Nassau County-Suffolk County, NY
- Los Angeles-Long Beach-Glendale, CA
- Ann Arbor, MI
- Anaheim-Santa Ana-Irvine, CA
- Oxnard-Thousand Oaks-Ventura, CA
- San Diego-Carlsbad, CA
- San Luis Obispo-Paso Robles-Arroyo Grande, CA
- Santa Maria-Santa Barbara, CA
- Ashville, NC
- Houston-The Woodlands-Sugar Land, TX
"Comparing Long Island (Nassau-Suffolk) to our bottom CBSA this month, Jacksonville, FL, brings it all into focus. While Long Island had less than 3 percent of its sales as foreclosures, Jacksonville is experiencing 81.15 percent of its sales as foreclosures, which means 'banks' are the seller in more than four of every five homes purchased," added O'Grady. "Looking at the five year forecast, Jacksonville's prices are not expected to get anywhere near its 2007 peak. Foreclosures will continue to hamper the market from returning to true market fundamentals for the foreseeable future."
The bottom CBSAs for January were:
- Montgomery, AL
- Port St. Lucie, FL
- Cape Coral-Ft. Myers, FL
- Elkhart-Goshen, IN
- Grand Junction, CO
- Jacksonville, NC
- Mobile, AL
- Saginaw, MI
- Homosassa Springs, FL
- Jacksonville, FL
About Home Value Forecast
Home Value Forecast (HVF) was created from a strategic partnership between Pro Teck Valuation Services and Collateral Analytics. HVF provides insight into the current and future state of the U.S. housing market, and delivers 14 market snapshot graphs from the top 30 CBSAs.
HVF is built using numerous data sources including public records, local market MLS and general economic data. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service. To learn more about Home Value Forecast and Pro Teck's full suite of residential real estate valuation products, visit www.proteckservices.com. You can find Pro Teck on Twitter at @ProTeckServices.
Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to [email protected].
A Core Based Statistical Area (CBSA) is a U.S. geographic area defined by the Office of Management and Budget (OMB) based around an urban center of at least 10,000 people and adjacent areas that are socioeconomically tied to the urban center by commuting. The term "CBSA" refers collectively to both Metropolitan Statistical Areas (MSA) and micropolitan areas. Micropolitan areas are based around Census Bureau-defined urban clusters of at least 10,000 and fewer than 50,000 people. Metropolitan Statistical Areas (MSAs) are defined as urban clusters of more than 50,000 people.
Media Contact: Janice Walker, Pro Teck Valuation Services, 781-290-6528, [email protected]
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SOURCE Pro Teck Valuation Services
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