Number of Homes in West Palm Beach Area Listed For Sale Down 21.61%; Home Prices Holding Strong in Zip Code 33458

WALTHAM, Mass., May 15, 2012 /PRNewswire/ -- Pro Teck Valuation Services' May HomeValueForecast.com Update explores important housing indicators, such as the number of home sales and its impact on home prices nationwide and in select markets.  May's HomeValueForecast.com demonstrates that many metro areas, including West Palm Beach-Boca Raton-Boynton Beach, hardest hit by price declines may be recovering due to increasing home sales and other leading indicators.

"One of the most important developments in the past year for the residential real estate market has been the significant decline in the inventory of homes for sale. In West Palm and Boca Raton, the number of homes currently listed is down 21.61 percent from a year ago," said Tom O'Grady, president and CEO of Pro Teck Valuation Services.  

In addition, this month's HomeValueForecast.com included a listing of the 10 best and 10 worst performing metros as ranked by our market condition ranking model. West Palm Beach-Boca Raton-Boynton Beach, FL was listed as one of the top CBSAs in May. 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 metros with regard to a number of leading real estate market indicators, including: number of active listings, average listing price, number of sales, average active market time, average sold price, number of foreclosure sales and number of new listings.

May's top CBSAs include:

Boise City, Nampa, ID
Dallas-Plano-Irving, TX
Warren-Troy-Farmington Hills, MI
West Palm Beach-Boca Rotan-Boynton Beach, FL
Detroit-Livonia-Dearborn, MI
Peoria, IL
San Jose-Sunnyvale-Santa Clara, CA
Salt Lake City, UT
Cape Coral-Ft. Myers, FL
Fayetteville-Springdale-Rogers, AR-MO

Highlighting HomeValueForecast.com's belief that all real estate trends are local, May's analysis also shows that the West Palm Beach-Boca Raton-Boynton Beach, FL CBSA is no exception to having experienced significant price declines since the market peak in 2005-2006.  According to HomeValueForecast.com, the price peak in this metro occurred in the 4th quarter of 2005 and prices have since declined 52 percent.

"Like any market, bargain prices will bring out buyers – this is clearly happening in the West Palm Beach CBSA," added Sklarz.  "Nearly all of the important market indicators are showing positive trends on a year-over-year basis including declining inventory, declining market times and less distressed sales activity to name a few."

HomeValueForecast.com went a step further and analyzed the housing price data for ZIP code 33458 in Jupiter, FL.  Home prices in this ZIP code have held up better than in the overall West Palm metro since the market peak.

In addition, HomeValueForecast.com predicts that this ZIP code will perform better than the overall CBSA over the next several years.  In addition to being one of the higher priced markets in the West Palm CBSA, the ZIP code has seen buyers make larger down payments when purchasing.  The average LTV ratio here has historically been around 77% compared to approximately 85% for the overall metro.

HomeValueForecast.com's unique micro market data provides timely and comprehensive information on sales, listings, and off-market activity for 90 percent 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. For the full monthly update including specific charts related to Florida data, check out www.HomeValueForecast.com.

Reporters who are interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to [email protected].

About HomeValueForecast.com

HomeValueForecast.com 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.

HomeValueForecast.com 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 corporate 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. 

SOURCE Pro Teck Valuation Services

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