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Sparkle 03-31-09 02:15 AM

Zip Codes With the Biggest Listing Price Gains
 
Zip Codes With the Biggest Listing Price Gains
By Prashant Gopal , BusinessWeek.com
Mar 27th, 2009

Biggest Gainers in Biggest Metros

Around the country there have been signs of a bottom in the real estate market as sales finally begin to pick up. While prices remain well below the market's high and many homes still languish, in some Zip Codes listing prices are actually on the rise. BusinessWeek, in conjunction with Altos Research, looked at the nation's biggest metros to see where prices are up. For the most part, these were in affluent communities, such as Houston's River Oaks neighborhood, which came in No. 1, that have been less hurt by the economic downturn.
Editor's Note: One Zip Code was chosen for each metro area. The ranking was based on the annual increase in the average listing price for the chosen Zips. The asking price is based on a 90-day rolling median average ending Mar. 20. The "days on the market" figure indicates how long the average listing has been for sale.

Best Zip: 77019
Location: Houston (River Oaks neighborhood)
Metro: Houston-Sugarland-Baytown, Tex.
Annual listing price change: +14%
Average listing price: $1.1 million
Days on the market: 177 days

Houston's River Oaks community, one of the wealthiest in the nation, has seen an increase in the average listing price for a home largely because the mix of properties for sale has shifted to the higher end as those properties are taking longer to sell. Houston's economy has been one of the nation's strongest, but with the decline of oil prices and consumer spending, the once-strong housing market is also slowing.

Best Zip: 90027
Location: Los Angeles (Los Feliz neighborhood)
Metro: Los Angeles
Annual listing price change: +14%
Average listing price: $1.379 million
Days on the market: 130 days

The listing price for higher-end homes in this affluent neighborhood east of Hollywood have remained relatively strong. Los Feliz, a former Spanish land grant, is home to Griffith Park, Griffith Observatory, the Los Angeles Zoo, and the Greek Theatre. It is also the site of several of Los Angeles' most distinguished architectural residences, including Frank Lloyd Wright's Ennis House and Hollyhock House and Richard Neutra's Lovell House.

Best Zip: 94402
Location: San Mateo (Highlands-Baywood Park area), Calif.
Metro: San Francisco
Annual listing price change: +12%
Average listing price: $1.179 million
Days on the market: 90 days

The wealthy Highlands-Baywood Park area has remained strong despite weakness in the low end of the market (below $700,000). San Mateo, on the western shore of San Francisco Bay, south of San Francisco, is home to the 600-acre Coyote Point Park and Central Park, which has lighted tennis courts, ballfields, and a traditional Japanese tea garden.

Best Zip: 60093
Location: Winnetka, Ill.
Metro: Chicago
Annual listing price change: +12%
Average listing price: $1.537 million
Days on the market: 245 days

The mix of home listings in Winnetka, a wealthy suburb 16 miles north of Chicago, has shifted to the higher end as that market weakens. Winnetka is a community with tree-lined streets, three business districts, four public beaches, a public golf course, and a forest preserve.

Best Zip: 75074
Location: Plano, Tex.
Metro: Dallas-Fort Worth-Arlington
Annual listing price change: +12%
Average listing price: $172,104
Days on the market: 128 days

The Dallas suburb of Plano is one of the country's wealthiest. Plano is home to J.C. Penney, Perot Systems, Frito-Lay and other corporate headquarters.

Best Zip: 01982
Location: South Hamilton, Mass.
Metro: Boston-Cambridge-Quincy
Annual listing price change: +10%
Average listing price: $721,315
Days on the market: 153 days

The town of Hamilton, on Massachusetts' north shore, is a rural community with horse stables and farms. It is home to the private Myopia Hunt Club and the Gordon-Conwell Theological Seminary..

Best Zip: 46256
Location: Indianapolis (Yorkshire neighborhood)
Metro: Indianapolis-Anderson-Columbus, Ind.
Annual listing price change: +9%
Average listing price: $264,754
Days on the market: 205 days

Indianapolis, the state capital and the nation's 13th largest city, is a city known for its sporting events, the most famous of which is the Indianapolis 500. It is also home to major universities such as Butler University and Indiana University-Purdue University Indianapolis. The downtown has more than a dozen museums and historic sites, more than 20 memorials and parks, eight sports destinations, and 17 performing arts venues and theaters.

Best Zip: 55446
Location: Minneapolis (Plymouth)
Metro: Minneapolis-St. Paul, Minn.
Annual listing price change: +9%
Average listing price: $515,922
Days on the market: 179 days

Plymouth, a suburb 11 miles west of downtown Minneapolis, is known for its top schools and quality of life. The Minnesota Orchestra performs once a year at Music in Plymouth, a free concert at the Hilde Performance Center.

Best Zip: 78228

http://images.businessweek.com/ss/09...an_antonio.jpg
Location: San Antonio (West Side/St. Mary's University area)Best Zip: 78228
Metro: San Antonio
Annual listing price change: +9%
Average listing price: $116,652
Days on the market: 134 days

San Antonio, the second largest city in Texas, is best known as the site of the battle of the Alamo. The city also has a Six Flags Fiesta Texas amusement park and SeaWorld San Antonio. St. Mary's University in San Antonio is the oldest and largest Catholic University in the state.


Best Zip: 30067
Location: Marietta (Atlanta Country Club area), Ga.
Metro: Atlanta-Sandy Springs-Marietta
Annual listing price change: +9%
Average listing price: $456,669
Days on the market: 174 days

Marietta, 15 miles northwest of Atlanta and south of the North Georgia Mountains, has Victorian homes, historic sites, and a downtown square with restaurants and antique shops.

Click here for the full list of Zip Codes With the Biggest Listing Price Gains.

Zip Codes With the Biggest Listing Price Gains - Yahoo! Real Estate


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