February’s Home Value Forecast highlights enhanced scoring system to define and rank real estate market conditions on CBSA, zip code, and neighborhood level.
WALTHAM, MA – Pro Teck Valuation Services’ February Home Value Forecast shows the majority of U.S. Core Based Statistical Areas (CBSAs) demonstrating more positive than negative market trends despite weak or soft status for top U.S. CSBAs.
This month’s analysis includes an enhanced scoring system ranking housing market conditions in several areas from “hot” to “distressed.” February’s Home Value Forecast explores significant differences in the San Francisco, CA real estate market conditions and corresponding home price performance within individual ZIP codes.
“The vast majority of housing markets are improving as of the first quarter of 2012. Fortunately, we are seeing an improving jobs picture, low interest rates and a slowing of distress sales on the market as a percentage of all sales,” said Tom O’Grady, president and CEO of Pro Teck Valuation Services. “Many markets remain weak but even within weak markets there are bright spots such as low inventories within lower priced segments.”
As part of its monthly update, Home Value Forecast developed a CBSA level real estate market ranking system. The rankings are run for the single family home markets in the top 200 CBSAs on a monthly basis to highlight the best and worst performing metros with regard to a number of leading real estate market based indicators including average active market time, average listing price, number of foreclosure sales, number of active listings, number of new listings, average sold price, and number of sales. Home Value Forecast also includes the ratio of Foreclosure Sales to Total Regular and REO Sales as an indicator to measure distressed sales activity.
Home Value Forecast shows the distribution for the top 200 CBSAs of the net number of positive indicators from the rankings above. In the February analysis, the majority of CBSAs are showing more positive than negative internal market trends. The indicators are forward-looking so they are forecasting improving conditions in a high percentage of important CBSAs.
- February’s top CBSAs include a number of Florida communities:
Crestview-Fort Walton Beach-Destin
Fort Lauderdale-Pompano Beach-Deerfield Beach
Port St. Lucie
West Palm Beach-Boca Raton-Boynton Beach
- Other top CBSA’s included:
Warren-Troy-Farmington Hills, MI
Canton-Massillon, OH; Dayton, OH
- The bottom CBSAs for February were:
Killeen-Temple-Fort Hood, TX
New Haven-Milford, CT
Norwich-New London, CT
Hartford-West Hartford-East Hartford, CT
Home Value Forecast’s unique micro market data provides timely and comprehensive information on sales, listings, and off-market activity for 90% of the U.S. housing stock. This data enables Pro Teck to provide home price indexing, forecasting, and market analytics from a national, regional and ZIP/neighborhood level. This month’s newsletter also features a comparison of real estate market conditions in San Francisco, CA and a ZIP code within it – highlighting the fact that all real estate is local.
Home Value Forecast has developed an enhanced scoring system to rank relative housing market conditions from hot to distressed. This overall market condition scale uses a variety of scoring indicators including price trends, inventory trends, foreclosure trends, and more to provide a score that reflects both current conditions and trends in conditions. This month’s “Lessons from the Data” include an in-depth analysis on the strength of the housing markets in Midland, TX; Rochester, NY; San Francisco, CA; Salt Lake City, UT; Cleveland, OH; Yuba City, CA; and San Diego, CA.
For the full monthly update, a deeper dive into “Lessons from the Data,” the methodology and the markets, check out Home Value Forecast.
About Home Value Forecast
Home Value Forecast was created from a strategic partnership between Pro Teck Valuation Services and Collateral Analytics. HVF provides insight into the current and future state of the U.S. housing market, and delivers 14 market snapshot graphs from the top 30 CBSAs.
Each month Home Value Forecast delivers a monthly briefing along with “Lessons from the Data,” an in-depth article based on trends unearthed in the data.
HVF is built using numerous data sources including public records, local market MLS and general economic data. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a subscription to the service. To learn more about Home Value Forecast and Pro Teck’s full suite of residential real estate valuation products visit us at www.proteckservices.com.
Media Contact: Janice Walker, JD Walker Communications, LLC
781-290-6528 or firstname.lastname@example.org.