The M Report – Krista Franks Brock
California markets dominate Realtor.com’s list of Turnaround Towns for the second quarter of this year, claiming the top four spots on the list and six of the top 10. While California may take the most spots on the top 10 list, Realtor.com says Detroit’s presence on the list is “most noteworthy.” “Though the city recently filed for bankruptcy, the market nonetheless posted strong improvement in the second quarter,” according to Realtor.com. In fact, Detroit may soon be “one of the most balanced markets in the nation,” according to Steve Berkowitz, CEO of Move, an online real estate network.
The top 10 “Turnaround Towns” are determined by an algorithm that relies on data including inventory levels, median list prices, median number of days on market, and search and listing activity on Realtor.com. Detroit claimed the No. 7 spot on the list after its inventory age fell to the second-lowest in the nation at 45 days on market. The city’s list price increased 37.8 percent from the second quarter of last year to the second quarter of this year, and its inventory declined 26.5 percent.
Link to the Realtor.com List: Turnaround Towns for Q2 2013