Property Grunt

Wednesday, January 31, 2007

Map of Bubbles

I caught this from Inman about PropertyShark's new feature that displays "areas with a drop in the number of sales and areas with a drop in the value of sales."

I emailed Kelly Kreth who is there PR rep to get the rundown and she sent me this nifty link.

She stated the following.

"The idea behind the map is that it looks for areas by zip code that have a decrease in quarterly sales price and a decrease in the number of sales transaction, each being a 'bubble'. Then on the maps it notes areas of single or double bubble trouble."

Propertyshark has recently rolled out their maps for San Francisco and according to Inman, the rollout will continue for New York in February and Los Angeles in March.

This is a huge development since it means that buyers and sellers now have more information at their disposal to determine the condition of their individual markets. Which I am sure brokers are just simply thrilled about.

I am very curious about the Manhattan Bubble map, because even with a softening market Manhattan has been able to hold its own and it would be interesting to see which areas have fared better than others.