Real Estate Cities that lead the way in high risk buying and selling
Real Estate Prices: 5 Cities being hit the hardest. I’m always reading these articles to keep a finger on the pulse. At this time, they are pretty much all saying the same areas are being hit the hardest with high inventories, long days on the market, and multiple price reductions to even get offers. Real Estate Prices here in the Coachella Valley have definitely been re setting and my short sales are increasing, but there are still plenty of sales! Local resident and agent, Kim Kelly 760-285-3578.
Real Estate Prices; 5 cities hardest hit
1. Key West, Florida: Florida in general currently accounts for 36 percent of all locations that are struggling to sell properties. Homes in Key West have the highest number of days on the market at 105, and out of 1346 listings, 224 had to be reduced.
2. Rockport, Texas: The state of Texas always comes in equal to or very near Florida in being hardest hit. The coastal town of Rockport has a medium list price of $425,000 and many are being reduced and still sitting.
3. Port Lavaca, Texas is tied with Forrest City, Arkansas: Sitting at third in median days on market at 103, Port Lavaca is losing populations and is now approx 11,000 people with a median property value of $353,000. Forrest City has a population of approx 12,000 but a much lower median value of $139,000.
4. Naples-Marco Island, Florida: Yep, back to Florida! Population of approx 376,000, an average list price of $750,000. Tons of listings right now and 17% of them have had price reductions.
5. Rio Grande City and Bay City, Texas: And surprise, surprise..back in Texas for #5. These two cities in Texas are tied at days on the market although Rio Grande City is a bit cheaper at a median list price of $230,000. Bay City has a median list price of $325,000.
