Realtor.com’s 3rd Quarter 2012 “Turnaround Towns” report has recently ranked Oakland as the top U.S. market undergoing the most dramatic positive changes in home prices!!! This quarterly report factors price appreciation, inventory, inventory reductions, searches by homebuyers and unemployment rates in ranking the top U.S. cities.
For the 3rd Quarter of 2012 (July, August and September), seven of the top ten cities are in California and three of the top four cities are in the Bay Area. Though being on the list does not necessarily mean that an area is currently in great shape, it does bode well for the market’s future recovery.
Realtor.com’s vice president Curt Beardsley recently stated that “those turnaround markets are on the path to becoming more normalized, stable markets. What stands out in Oakland is that the inventory reduction is so dramatic there. There is pent-up demand for properties that just aren’t there yet. If a house does come on the market, it sells and sells very quickly.”
3rd Quarter 2012 Top Turnaround Towns
3) San Jose
4) San Francisco
5) Bellevue-Everett, Washington
7) Santa Barbara-Santa Maria-Lompoc
8) Phoenix-Mesa, Arizona
10) Miami, Florida