Friday, August 7, 2009


Radar Logic, a national real estate data and analytics company, has released its list of the top ten metropolitan areas where prices increased the most from April to May of this year:

1. Milwaukee, Wis., 4.9 percent
2. Charlotte, 4.7 percent
3. Boston, 4.6 percent
4. Cleveland, 4 percent
5. Washington, DC, 3.7 percent
6. St. Louis, 3.3 percent
7. Columbus, Ohio, 3.2 percent
8. Seattle, 2.8 percent
9. Denver, 2.3 percent
10. Philadelphia, 1.8 percent

It's good to seen Denver on the list, but again I would caution both buyers and sellers to recognize that it is activity at the bottom of the market (below $250,000) that is driving these positive numbers.

Below $250,000, I have seen many homes that sold as foreclosures in the $90k - $120k range a year ago being rehabbed and flipped for twice that price today. That is appreciation far in excess of 2.3%!

But above $400,000, with very few exceptions, it's hard to find any areas in town that are appreciating. In fact, many higher end communities (especially newer ones) have seen value losses of 5% to 10% in the past year.

It remains a very segmented market.

We'll take good news wherever we can find it, but remember that generalized statistics can be misleading. As always, it's important to remember that "your market" may not be synonymous with "the market".