Most Improved Markets RESILIENCE IS KEY TO MEASURING HEALTHY MARKETS
by Ingo Winzer
JOB LOSSES VS LAST YEAR
e don’t know how the COVID pandemic will affect real es-
W
APRIL
MAY
tate. We are lacking meaningful data on home sales prices and rents over the last few months, but economic re- covery will be essential to preserving real estate values in local markets. Every local market suffered large job losses in April, but many had a respectable improvement in May. To measure improvement, we compare the number of jobs this year with those in the same month of last year. Of course, some of the improve- ments are due to policy differences among the states; some ordered businesses to shut down, others did not. And the improvement our list shows in some Florida markets, for example, may not last as the pan- demic is now surging there. So, you wouldn’t necessarily make investment decisions based on these number yet. But the resilience of markets—the ease with which they can recover—will be an important measure of how well they do in the long run. •
US Average
-13% -12%
-24% -18%
Grand Rapids, MI (pictured)
-25% -19%
Warren-Troy, MI
-15% -11%
West Palm Beach, FL
-15% -11%
Tacoma, WA
-12% -8%
Cape Coral-Fort Myers, FL
-18% -15%
Pittsburgh, PA
-10% -7%
Knoxville, TN
-8% -5%
Boise City, ID
-10% -7%
Wichita
-22% -19%
Nassau-Suffolk, NY
LOCAL MARKET MONITOR, CARY NC
Ingo Winzer is president of Local Market Monitor, which analyzes conditions in 300 U.S. markets, using such economic data as home values and growth in employment and population. Winzer, who has analyzed real estate markets for
more than 20 years, was a founder and executive vice president of First Research, an industry research company that was acquired by Dun & Bradstreet in March 2007. He is a graduate of MIT and holds an MBA in finance from Boston University. Winzer resides in Cambridge, Mass. www.localmarketmonitor.com
Our Investors Metro Monitor shows you the risks and opportunities in 200 local markets at www.LocalMarketMonitor.com.
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