The US’ most attractive property markets
After property values in the US plummeted in 2009, they continued to remain flat, until this year’s imbalance of demand and supply caused a double-digit price growth in many markets, according to the South China Morning Post.
With inventory levels low, an increase in demand, and rising prices, the US market is well in the midst of recovery.
Chinese property investment in the country is also predicted to double this year, stated speakers at the US Property Conference in Hong Kong.
New York, Florida, Texas, Las Vegas, LA and Hawaii all experienced increases in property prices and sales.
In the Big Apple, condominium sales were up 22.1% from the previous quarter, reaching 1,132 – this is an increase of 41% compared to the same period in 2009.
Consequently, the medium price of a condominium in New York is also up 4.8% this quarter, to US$1,100,000.
Florida is also seeing optimism in the market, after experiencing one of the highest foreclosure rates in the country two years ago.
This year, the amount of closed sales increased 25.3%, while the median price was up 9%.
In regards to condo-townhouses, the number of pending sales has increased 47.1%, and the median price is up 20.2%.
Cities in Texas have seen stable price growth since reaching the bottom in 2009.
The number of properties for sale in Dallas is down 6.4%, while the number of waiting sales is up 12.8%.
For the year so far, the median sales price in Dallas is up 12%.
One of the hardest hit markets in the US was Las Vegas, where values fell by over 70% in some areas.
The number of properties for sale is down 18.2% on a yearly basis.
For prices, the annual median price for properties for sale is up 19.3%, while the median price for homes already sold is up 15.7%
In Los Angeles, the condominium median price is up 18.7% compared to last year, and pending sales are up a staggering 46.4%.
Hawaii has also seen high increases, with year to date property prices up 9.3% in Honolulu.
Pending sales are also up an astonishing 50.9%, and the number of homes for sale are down 13.5%.