California Dominates Turnaround Towns List; Detroit Claims Spot

BY: 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.

The No. 1 spot went to Oakland, California, where the median number of days a home spends on the market is just 15—the lowest in the nation.

Oakland also claimed the greatest increase in list price across the nation in the second quarter on an annual basis. The median list price in the second quarter of this year was $479,000, up from $339,000 in the same quarter last year.

Oakland’s inventory declined more than 34 percent over the same period.

Orange County, California, took the No. 2 spot on the list, while also staking claim to the country’s greatest decline in inventory over the year ending in the second quarter of this year – a 36.6 percent decline.

Orange County’s home prices were up 29.4 percent, and the median number of days a home spent on the market in the second quarter was 51.

The third and fourth spots on the list went to Santa Barbara-Santa Maria-Lompoc, California, and San Jose, California, respectively.

Santa Barbara’s median list price rose 34.3 percent to a notable $685,000 over the year.

Seattle, Washington; Los Angeles, Calfornia; Portland, Oregon; San Diego, California; and Reno Nevada also made it onto the second quarter list of top 10 “Turnaround Towns.”

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