There are “hot” and “cold” housing markets spread out all over the country as each market has recovered at its own pace. The gap between hot and cold housing communities in some cases exists within the same core-based statistical area (CBSA), according to Pro Teck Valuation Services’ latest Home Value Forecast.
One extreme case is the Nassau County-Suffolk County, New York CBSA, which ranks seventh overall in CBSAs for May and the data generally indicates a seller’s market for housing. For example, sales are up 11 percent, active listings are down 44 percent, and months of remaining inventory (MRI) is down almost 50 percent. Another indicator of a seller’s market in Nassau-Suffolk is a 55 percent drop in the number of active days on the market, down to 41.
Within the Nassau-Suffolk CBSA, the community of Roslyn stands out as a hot market with an average house price of just below $1.2 million—an all-time high for that area. However, in Island Park, less than 20 miles from Roslyn, home prices average around $288,000 after peaking at $500,000 in 2006.
“At Home Value Forecast we like to say that all real estate trends are local, and what’s happening in one community doesn’t translate to the next,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “This is very true in Long Island, where the differences between wealthy communities and the rest is significant.”
Top 10 CBSAs this month include:
- Boise City, ID
- Portland-Vancouver-Hillsboro, OR-WA
- Sacramento-Roseville-Arden-Arcade, CA
- Seattle-Bellevue-Everett, WA
- Stockton-Lodi, CA
- Los Angeles-Long Beach-Glendale, CA
- Nassau County-Suffolk County, NY
- Portland-South Portland, ME
- Riverside-San Bernardino-Ontario, CA
- Oakland-Hayward-Berkeley, CA
Bottom 10 CBSAs this month include:
- Midland, TX
- Billings, MT
- Virginia Beach-Norfolk-Newport News, VA-NC
- Racine, WI
- Rockford, IL
- Atlantic City-Hammonton, NJ
- Gary, IN
- Jackson, MI
- Jacksonville, NC
- Madison, WI
Averaging CBSAs often do not show the entire real estate picture, according to Pro Teck. In many cases, such as that in Nassau-Suffolk, real estate markets within the CBSA have “recovered” or “rebounded,” while in others they are still struggling.
“Of the 143 ZIP codes we track in the Nassau-Suffolk CBSA, only 28 communities, 19.6 percent of the total, have exceeded pre-crash home price highs,” said O’Grady. “As the recovery continues, we look for that number to increase.”
Click here to view the entire Pro Teck Home Valuation Forecast for May.