Number of Home Listings Declines More Than Five Percent in December, According to ZipRealty Survey
ZipRealty reports four consecutive months of declining housing inventory nationwide
EMERYVILLE, Calif. (January 6, 2011) - The number of home listings within 26 major U.S. metropolitan areas slipped 5.27 percent in December 2010, compared to a month prior, according to a monthly report of homes listed for sale on Multiple Listing Services (MLS) in the markets surveyed by national real estate brokerage, ZipRealty (www.ziprealty.com; NASDAQ: ZIPR).
Inventory grew at a steady pace year-over-year for the first eight months of 2010, and December is up 11.2 percent compared to a year ago, based on combined Multiple Listing Service (MLS) data from these 26 areas surveyed by ZipRealty. Las Vegas, San Francisco Bay Area and San Diego saw more than 50 percent growth from the same time last year.
Other highlights from ZipRealty's December Housing Inventory Index include:
The combined number of MLS-listed single-family homes and condos within all 26 major U.S. markets in December totaled 595,922, down from 629,086 in November.
All but one survey market experienced declines in inventory in December as compared to November. Markets that experienced sharp decreases included Boston (14.4 percent inventory decline), San Francisco Bay Area (12.8 percent inventory decline) and Washington DC (8.5 percent inventory decline).
Overall market inventory for the 26 areas surveyed peaked in September 2010 with 675,872 homes listed for sale.
The Las Vegas market was hit severely by foreclosures in December and total inventory was 17,090, up from 11,391 in December 2009.
Following is a snapshot of the housing inventory across all 26 metros that ZipRealty tracked in December 2010:
About the ZipRealty Housing Inventory Index ZipRealty pulls data from Multiple Listing Services in most of the major metropolitan areas where the real estate brokerage operates nationally. The data in this report is based on properties listed for sale according to the MLS in the metropolitan areas identified. In December 2010, ZipRealty reported data for 26 total metropolitan areas, which are defined by the brokerage and may differ slightly than standard Designated market Areas (DMAs) The company pulls all data on, or about, the last day of the month for each of these markets.
About ZipRealty, Inc. ZipRealty is a leading full-service residential real estate brokerage that uses an innovative combination of a comprehensive online presence, robust proprietary technology and knowledgeable local agents to offer its clients fast, responsive and transparent service. The Company's award-winning, user-friendly website gives its users access to comprehensive local Multiple Listing Services home listings data, as well as other relevant market and neighborhood information and tools. The Company's proprietary technology, including its agent platform and customer relationship tools, helps it to enhance customer service while increasing agent efficiency and reducing costs, allowing the Company to pass on significant savings to consumers as permitted by law. Founded in 1999, the company operates in 35 major markets in 22 states and the District of Columbia. For more information on ZipRealty, visit www.ziprealty.com or call 1-800-CALL-ZIP.
Contact: John Oldham ZipRealty 510-735-2805 firstname.lastname@example.org
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding ZipRealty, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.