Metro Detroit is leading the nation in housing market recovery according to realtor.com’s most recent Quarterly Turnaround Towns Report. The region secured the No. 1 position on the Top 10 list, followed by Ann Arbor at No. 5.
“We’re noticing a clear split between markets that have experienced major highs and lows in recent years, and those that have proved more resilient,” says Errol Samuelson, president of realtor.com. “With the recent moderation in some of the more volatile markets, the subtler acceleration activity becomes more visible.”
The Turnaround Towns Report evaluates growth in key housing indicators — inventory, median list price, and days on the market. Nationally, median list prices in the third quarter rose 7.6 percent, while the median age of inventory dropped 17.7 percent and the number of available homes decreased by 3.3 percent. Detroit and Ann Arbor surpassed the averages in each category.
In metro Detroit, median list prices experienced a 44.3 percent year-over-year increase from the third quarter of 2012 to 2013. Samuelson notes that equally important is Detroit’s inventory success. This year, for-sale inventory and the age of its inventory decreased by 24.5 and 33.9 percent, respectively, in comparison to the year before. Last quarter, metro Detroit ranked seventh in the report.
Ann Arbor saw its median list prices increase by 15.2 percent, its for-sale inventory decrease by 13.5 percent decrease, and the age of its inventory drop 28.8 percent.
Three cities —Santa Barbara and Santa Maria in California and Lompoc, Fla., tied at No. 2, while Reno, Nev. ranked No. 3, and Ft. Lauderdale, Fla. was No. 4.