Nevada City Virtual Tour

Friday, February 4, 2011

10 Cities Where Home Prices Will Rise in 2011

10 Cities Where Home Prices Will Rise in 2011

While home prices are expected to continue to fall in most metro areas, Clear Capital's Home Data Index report says a few cities are already on the rebound and showing some gains in home values.

"There really is this segmentation of these markets occurring where the one-size-fits-all national level numbers to represent all numbers really isn't valid anymore," Alex Villacorta, senior statistician at Clear Capital, told MSNBC. "Overall we're seeing prices start to stabilize going into 2011, but unfortunately some of those markets will stabilize in the downward direction where others will see a sustained recovery."

Clear Capital takes into account unemployment rates, foreclosure rates, and real estate inventory in its index.

The following is a list of 10 cities that Clear Capital expects will rise in property value in 2011:

1. Washington, D.C.: 6.5 percent price increase
2. Houston: 3.6 percent price increase
3. Honolulu: 3.4 percent price increase
4. Memphis, Tenn.: 3.2 percent price increase
5. Columbus, Ohio: 2.1 percent price increase
6. Dallas: 1.4 percent price increase
7. New York: 1.3 percent price increase
8. Birmingham, Ala.: 0.9 percent price increase
9. Pittsburgh: 0.8 percent price increase
10. New Orleans: 0.5 percent price increase

Meanwhile, Clear Capital reports that real estate markets in Florida and the Western parts of the U.S.—such as cities in Arizona and "Breadbasket metros" like Oklahoma City, Okla., and Dayton, Ohio—likely will see the largest price drops in home values over the year. Virginia Beach, Va., is expected to have the highest drop in 2011, with a 12.8 percent price decrease, according to Clear Capital report.
My take.
Here's the rub. Real Estate is hyper localized. Don't make assumptions based on what you heard on TV.
Ask a local realtor for market data regarding your home in your neck of the woods!
 
The year-over-year decline has been much less in Grass Valley and Nevada City, a data mining company DataQuick reported.
 
In western Nevada County, the median price for December was $245,000 for 77 residences with sales that closed, compared to $265,000 for 79 residences in December 2009, according to our Multiple Listing Service figures of sales closed.

PLUS, the same month, 153 property sales were recorded countywide — a big change from the winter months a year ago when fewer than 100 property sales were recorded.

 
Gary J. Tippner
REALTOR®
Short Sales and Foreclosure Resource SFR Certified  
Network Real Estate
DRE# 01871153
1-877-311-GARY Direct
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www.callgarytoday.com - Don't buy or sell - till you have read my special reports
 
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