New Opportunities Arise for Home Buyers in Select Metros; Inventory Decreases in Bay Area

ZipRealty’s February report shows new listings in Phoenix, L.A., Sacramento, San Diego and Tucson.

READ FULL REPORT HERE

EMERYVILLE, Calif., March 25, 2014 – ZipRealty, Inc. (http://www.ziprealty.com) (NASDAQ: ZIPR), a leading online residential real estate brokerage and provider of technology and marketing solutions, has released a new report that shows where home buyers can find new real estate opportunities in select metros nationwide.

“As the spring home-buying season kicks in to full gear, there are finally signs of new inventory opportunities for home buyers in select cities based on our latest research,” said ZipRealty CEO Lanny Baker. Some of the most encouraging trends are found in the western U.S.

  • In the month ended Feb. 28, 2014, the number of new listings for sale was 23% higher year-over-year in Phoenix.
  • New listings were up 20% year-to-year in Los Angeles.
  • Sacramento, San Diego and Tucson all saw a 14% increase in newly listed properties year-over-year.

Conversely, where inventory remains tight and the flow of new listings has not yet thawed, sellers have the upper hand, as is the case in Texas, on the East Coast, in the Mountain States and Midwest.

  • Newly listed properties in Austin and Philadelphia dropped (18%) year-over-year as of 2/28/14.
  • Denver home listings declined (13%)
  • SF Bay Area, Long Island and Richmond, Va., home listings fell (9%).

Overall, there was a 1% overall increase in new home listings in the metros surveyed by ZipRealty.

Median home sales prices in the metros surveyed by ZipRealty in February were approximately $262,000, an 11.7% year-over-year increase. And in spite of a spike in new listings hitting the market in Los Angeles and Sacramento, sales prices continued to increase in these metros: Sacramento was the leader in price growth at the end of February year-over-year, jumping 33% and Los Angeles was in the top five, with price growth of 20%.

About ZipRealty, Inc.
ZipRealty is a leading national real estate brokerage and provider of proprietary technology and comprehensive online marketing tools for the residential real estate brokerage industry. For home buyers and sellers who increasingly want control, choice and a seamless, customized service, ZipRealty offers Internet-enabled, state-of-the-art technology and complete access to accurate, timely information via their website and mobile applications, which real estate professionals can combine with their own local knowledge and personal expertise to offer an exceptional start-to-finish client experience. For real estate professionals who seek more productive ways to conduct business, ZipRealty provides technology and online marketing tools to enhance their online sales channel, including lead generation, conversion and service of their clients. ZipRealty’s technology and online marketing products serve its full-service, owned-and-operated residential real estate brokerage business in 19 markets nationwide, as well as its Powered by Zip network of leading third-party local brokerages in 20 markets.

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