Real Estate Information Archive

Prices Remain Steady as Home Sales Decline Seasonally and Inventory Stays Low

DENVER — January home sales dropped 31.4% from December’s total – a decrease slightly more than the seasonal norm – as inventory shrank for the sixth consecutive month. Year over year, sales were down 5.3% from January 2021.

A December-to-January decline in home sales is typical and expected. In the past five years (2017-2021), the average drop in home sales between the two months was 28.0%.

Across the 51 metro areas in the report, the Median Sales Price remained steady as January was the second month in a row of little-to-no month-over-month price increase. January's Median Sales Price equaled December’s $335,000, which was only $5,000 below the report’s all-time high of $340,000 set in October 2021. However, year-over year price increases remain steep as January’s price was 15.9% higher than a year ago.

Inventory remains historically low. November, December and January have each reset the mark for lowest inventory (in terms of units) in the last five years. Similarly, January’s 1.2 Months Supply of Inventory matched the low reached in May 2021. There were 1.9 months supply of inventory a year ago.

“Sellers continue to enjoy favorable conditions, but with January activity slowing a bit ahead of the peak spring selling season, the consistent run-up in prices has tapered off as well,” said Nick Bailey, President and CEO, RE/MAX, LLC. "Mortgage rates are beginning to tick up, which might actually accelerate sales as buyers and sellers rush to beat any further increases. The price stabilization of the past few months is helping counter affordability issues, and we anticipate an active spring selling season driven by continued buyer demand."

Homes spent an average of 34 days on the market in January – two more than December, but seven less than a year ago.

Highlights and the local markets leading various metrics for January include:

Closed Transactions 
Of the 51 metro areas surveyed in January 2022, the overall average number of home sales is down 31.4% compared to December 2021, and down 5.3% compared to January 2021. The markets with the biggest decrease in year-over-year sales percentage were San Francisco, CA at -24.2%, Manchester, NH at -18.0%, and Seattle, WA at -17.5%. Leading the year-over-year sales percentage increase were Honolulu, HI at +25.7%, Boise, ID at +10.4%, and Tulsa, OK at +5.8%.

Median Sales Price – Median of 51 metro median prices
In January 2022, the median of all 51 metro Median Sales Prices was $335,000, flat compared to December 2021, and up 15.9% from January 2021. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-five metro areas increased year-over-year by double-digit percentages, led by Phoenix, AZ at +28.5%, Raleigh-Durham, NC at +28.4%, and Salt Lake City, UT at +26.7%.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in January 2022 was 34, up two days from the average in December 2021, and down seven days from the average in January 2021. The metro areas with the lowest Days on Market were Nashville, TN at 16, Cincinnati, OH at 18, and a two-way tie between Omaha, NE and Manchester, NH at 20. The highest Days on Market averages were in Des Moines, IA at 94, Miami, FL at 77, and Albuquerque, NM at 75. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in January 2022 was down 11.9% from December 2021 and down 32.1% from January 2021. Based on the rate of home sales in January 2022, the Months Supply of Inventory decreased to 1.2 compared to 1.4 in December 2021, and decreased compared to 1.9 in January 2021. A six-months supply indicates a market balanced equally between buyers and sellers. In January 2022, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Denver, CO at 0.4, and a three-way tie between Charlotte, NC, Seattle, WA, and Raleigh-Durham, NC at 0.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Strong December Caps 2021 As Busiest Home-Buying Year in Report History

DENVER — Near-record December home sales cemented 2021 as the busiest year for home buying in the 14-year history of the report, while also setting records for smallest inventory and highest average home prices. On an annual basis, 2021 finished with nearly 10% more home sales than the previous record year of 2020.

Across the 51 metro areas in the report, December 2021 home sales were the second highest for the month in report history, trailing only December 2020. Despite the strength in home sales, December sales defied recent month-over-month moves. December 2021 home sales were actually down 0.8% from November, which had an unusually high total. In contrast, the November-to-December average change for the five-year period from 2015-2019 was an increase of 3.5%.

“December capped a fantastic year for home sales. After a busy 2020, we expected 2021 to be even better – and it was,” said Nick Bailey, President and CEO, RE/MAX, LLC. “Buyers shrugged off all sorts of potential obstacles – high prices, record-low inventory, stiff competition for available listings – and kept things rolling the entire year.”

“The story of housing in 2021 was centered around high demand that led to a substantial increase in sales despite ultra-low supply. What’s promising for 2022 is that many of the factors which drove record sales in 2021 remain in place. Interest rates are still attractive, workplace flexibility continues, and many homeowners are sitting on a mountain of equity. If more of them become sellers, there’s ample reason to think the hot streak will continue. The past two years have proven that buyers are out there and ready to go.”

December home transactions could have been even stronger had it not been for record-low inventory. The year 2021 ended with the smallest number of homes for sale in the 14-year history of the report. December inventory dropped 23.6% from November – the previous record low – and 33.3% year over year. The 10 months with the lowest inventory in report history all occurred in 2021.

December’s 1.2 Months Supply of Inventory was an all-time low and tied the report record set in May 2021. There were two months supply of inventory a year ago. Homes spent an average of 31 days on the market in December – two more than November, but seven less than a year ago.

At the same time, December’s Median Sales Price of $335,000 was up 1.4% over November and 11.5% year over year. The November-to-December increase is slightly higher than the 1.2% average for the five-year period from 2015-2019. While the highest average sale price of the year typically is reached in early or mid-summer, October’s $340,000 was the highest in 2021 and in report history.

Highlights and the local markets leading various metrics for December include:

Closed Transactions 
Of the 51 metro areas surveyed in December 2021, the overall average number of home sales is down 0.8% compared to November 2021, and down 6.9% compared to December 2020. The markets with the biggest decrease in year-over-year sales percentage were San Francisco, CA at -21.9%, Manchester, NH at -17.6%, and Atlanta, GA at -17.1%. Leading the year-over-year sales percentage increase were Wilmington/Dover, DE at +8.9%, Billings, MT at +8.3%, and Boise, ID at +8.2%.

Median Sales Price – Median of 51 metro median prices
In December 2021, the median of all 51 metro Median Sales Prices was $335,000, up 1.4% compared to November 2021, and up 11.5% from December 2020. No metro areas saw a year-over-year decrease in Median Sales Price while 32 metro areas increased year-over-year by double-digit percentages, led by Phoenix, AZ at +28.4%, Tampa, FL at +25.7%, and Raleigh-Durham, NC at +25.3%.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in December 2021 was 31, up two days from the average in November 2021, and down seven days from the average in December 2020. The metro areas with the lowest Days on Market were Nashville, TN at 13, Cincinnati, OH at 16, and Omaha, NE at 18. The highest Days on Market averages were in Des Moines, IA at 92, Miami, FL at 76, and New York, NY at 71. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in December 2021 was down 23.6% from November 2021 and down 33.3% from December 2020. Based on the rate of home sales in December 2021, the Months Supply of Inventory decreased to 1.2 compared to 1.4 in November 2021, and decreased compared to 2.0 in December 2020. A six months supply indicates a market balanced equally between buyers and sellers. In December 2021, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were Salt Lake City, UT at 0.4, and a three-way tie between Albuquerque, NM, Denver, CO, and Seattle, WA at 0.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Median Price Drops 3% Amid Seasonally Cooling Home Sales and Record Low Inventory

DENVER, Dec. 17, 2021 /PRNewswire/ -- The historically strong housing market continued to surge forward in November, as buyers gobbled up available homes seemingly as soon as they hit the market. Buyers finally saw some welcome relief on prices, with November's Median Sales Price dropping 2.9% to $330,000 – the largest monthly decline since the pandemic began. And home sales declined only 4.9% from October, far less than the normal seasonal decrease of 12.0% this time of year. Adding to the complex conditions, the number of homes for sale fell to a new low in the 14-year history of the report, declining 17.7% from October.

Overall, November generally followed seasonal trends while at the same time setting records for the month of November in almost every category, such as the fewest average number of days homes were listed before selling. While November's average of 29 days was two more than October's, it was only the sixth month in report history with an average below 30. All six months have occurred consecutively, starting with June 2021.

"The market is roaring along, with only half the seasonal slowdown we typically see from October to November," said Nick Bailey, President, RE/MAX, LLC. "The small drop in prices is great news for buyers, and it could be an early sign of some balance coming back into the market.

"The lack of available inventory continues to be a challenge, but 2021 has been a very strong year for home sales. That says a lot about the resiliency of the housing market and the importance of homeownership in people's lives. With work flexibility, low interest rates, generational factors and continued high demand, we're heading into 2022 with plenty of reasons to be optimistic."

November's Median Sales Price across the report's 51 metro areas dropped $10,000 below October's $340,000, falling 2.9%. That was the largest month-to-month drop since January 2020, when the median price declined 3.4%. And while price drops are typical in January, they are unusual in November. Based on report averages for the five-year period from 2015-2019 (excluding 2020 because of pandemic impacts), the median November price rose an average of 0.9%.

Other comparisons of note for the month of November 2021 relative to trends from 2015-2019 include:

• The five-year average for October-to-November home sales is a decline of 12.0%, more than twice the drop of 4.9% in November 2021.
• The five-year average for October-to-November inventory is a decline of 8.9%, slightly over half of the drop of 17.7% in November 2021.
• After dropping in January, prices typically rise each month from February through June, then decline each month from July through October. They generally rebound slightly in November and December. The first nine months of 2021 followed the 2015-2019 pattern before October posted an unusual 0.8% price increase, followed by November's uncommon decline.

Despite declining month over month, November's median home price was 11.9% higher than November 2020's $295,000 and marks the 35th consecutive month that home prices have risen year over year.

The 1.2 Months Supply of Inventory in November dropped from October's 1.4 and was only 0.1 of a month more than the report record of 1.1 set in March and matched in April, May and June.

Highlights and the local markets leading various metrics for November include:

Closed Transactions 
Of the 51 metro areas surveyed in November 2021, the overall average number of home sales is down 4.9% compared to October 2021, and down 0.1% compared to November 2020. The markets with the biggest decrease in year-over-year sales percentage were Billings, MT at -13.0%, San Antonio, TX at -11.4%, and San Diego, CA at -11.0%. Leading in year-over-year sales percentage increase were Honolulu, HI at +31.5%, Tulsa, OK at +13.4%, and Wilmington/Dover, DE at +12.7%.

Median Sales Price – Median of 51 metro median prices
In November 2021, the median of all 51 metro Median Sales Prices was $330,000, down 2.9% compared to October 2021, and up 11.9% from November 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-nine metro areas increased year-over-year by double-digit percentages, led by Phoenix, AZ at +27.2%, Salt Lake City, UT at +25.3%, and Boise, ID at +24.8%.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in November 2021 was 29, up two days from the average in October 2021, and down 8 days from the average in November 2020. The metro areas with the lowest Days on Market were Nashville, TN at 12, and a tie between Omaha, NE and Cincinnati, OH at 16. The highest Days on Market averages were in Des Moines, IA at 86, Miami, FL at 78, and New York, NY at 69. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in November 2021 was down 17.7% from October 2021 and down 30.1% from November 2020. Based on the rate of home sales in November 2021, the Months Supply of Inventory decreased to 1.2 compared to 1.4 in October 2021, and decreased compared to 2.1 in November 2020. A six months supply indicates a market balanced equally between buyers and sellers. In November 2021, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a tie between Denver, CO and Seattle, WA at 0.5, and another tie between Albuquerque, NM and Manchester, NH at 0.6.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

October Homes Sales See Atypical Drop, Squeezed by High Median Price, Record-Low Inventory

DENVER, Nov. 18, 2021 /PRNewswire/ -- Pinched between a steep median sales price of $336,000 and record low inventory, October home sales tumbled 6.4% from September – almost double the typical seasonal decline. September had near-record sales, which also contributed to the steepness of the month-over-month sales decrease.

October's inventory dropped 12.7% from September to the fifth-lowest level in the report's 14-year history, and October's 1.3 Months Supply of Inventory tied for second lowest in report history, alongside July and August of this year.

"We're seeing the effects of a long, sustained run-up in prices and month-over-month home sales and the market may be moving past the days of immediate sales, multiple offers and bidding wars on virtually every property," said Nick Bailey, President, RE/MAX, LLC. "That's OK. The October dip in sales, especially after such a busy September, is a step toward a more balanced market and was somewhat overdue.

"Home buyers may see some relief in price appreciation during the coming months, even as sales levels stay high. Sellers remain in a very strong position, but with price stabilization and the continuation of competitive interest rates, buyers may find the coming months to be more advantageous than anytime earlier this year."

September-to-October averages for 2015-2019 illustrate what's typical in the fall. With just two months of home sales remaining, the fall of 2021 is mirroring seasonal norms in many ways, unlike 2020, but the lack of inventory amid strong demand is exacerbating those moves. For example, the drop in home sales of 6.4% from September was nearly twice the 2015-2019 average decline of 3.3%. Year over year, sales were down 10.2%.

Also, reflecting both the number of homes coming on the market and the speed of sales, the 12.7% month-over-month drop in active inventory was more than double the 2015-2019 September-to-October average decline of 5.3%. Inventory was down 28% year-over-year and has declined month over month in all but June and July this year.

One exception is the Median Sales Price, which rose 0.8% from September, in contrast to the average September-to-October drop of 1.3% in 2015-2019. The Median Sales Price is up 11.8% over October 2020. October's Median Sales Price of $336,000 tied the record set in June 2021. Home prices have now increased year over year for 34 consecutive months.

Highlights and the local markets leading various metrics for October include:

Closed Transactions 
Of the 51 metro areas surveyed in October 2021, the overall average number of home sales is down 6.4% compared to September 2021, and down 10.2% compared to October 2020. The markets with the biggest decrease in year-over-year sales percentage were Birmingham, AL at -32.1%, Billings, MT at -30.0%, and Providence, RI at -21.5%.   Leading the year-over-year sales percentage increase were Honolulu, HI at +16.7% and Wilmington/Dover, DE at +1.4.

Median Sales Price – Median of 51 metro median prices
In October 2021, the median of all 51 metro Median Sales Prices was $336,000, up 0.8% compared to September 2021, and up 11.8% from October 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +29.6%, Phoenix, AZ at +25.4%, and Salt Lake City, UT at +23.4.

Days on Market – Average of 51 metro areas
The average Days on Market for homes sold in October 2021 was 27, up one day from the average in September 2021, and down 11 days from the average in October 2020. The metro areas with the lowest Days on Market were Nashville, TN at 11, Omaha, NE at 13, and Cincinnati, OH at 14. The highest Days on Market averages were in Des Moines, IA at 84, Miami, FL at 75, and New York, NY at 63. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas
The number of homes for sale in October 2021 was down 12.7% from September 2021 and down 28.0% from October 2020. Based on the rate of home sales in October 2021, the Months Supply of Inventory decreased to 1.3 compared to 1.5 in September 2021, and decreased compared to 1.9 in October 2020. A six months supply indicates a market balanced equally between buyers and sellers. In October 2021, of the 51 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a three-way tie between Albuquerque, NM, Raleigh-Durham, NC, and Seattle, WA at 0.6.

September Home Sales Down Slightly as Inventory Challenges Persist

DENVER, Oct. 18, 2021 /PRNewswire/ -- With three-quarters of the year complete, 2021 is mirroring seasonal norms, unlike 2020, but maintaining strong momentum. September home sales dropped 7.0% from August's total and the Median Sales Price slipped 1.1% to $329,000 – both far less than the typical drop-offs as summer gives way to fall.

"This was the second-most active September for sales in 14 years, trailing only 2020, which was an outlier in many ways," said Nick Bailey, President, RE/MAX, LLC. "Plus, the expected seasonal drop in sales from August to September was half of what it usually is, indicating that buyers and sellers are still very much on the move.

"The intensity on the buy side has been exhausting, but buyers can navigate the ups and downs with the help of a full-time, experienced professional. Affordability remains a challenge in most metros, where tight inventory continues to push prices. Homebuilders are trying to fill the gap – especially with multi-family home construction – but many of them are held up by shortages in labor and materials. That said, the market's still active – just not quite at the pace we saw earlier this year."

With abnormally high second-half home sales in 2020 skewing year-over-year comparisons, August-to-September averages for 2015-2019 illustrate what's typical in late summer-early fall:

• The drop in home sales of 7.0% from August was less than half of the 2015-2019 average decline of 15.3%. Year over year, sales were down 4.2%.
• The month-over-month Median Sales Price decline of 1.1% was one-third of the 2015-2019 average August-to-September drop of 3.4%. Year over year, the Median Sales Price is up 12.5%, with September being the fourth highest in report history. Home prices have increased year over year for 33 consecutive months.
• Reflecting both the number of homes coming on the market and the velocity of sales, the 4.9% month-over-month drop in active inventory was more than double the 2015-2019 average August-to-September decline of 2.3%. Inventory was down 23.6% year-over-year. Nine months into 2021, inventory has declined month over month in all but June and July.

September's average Days on Market of 25 was one day more than August and reflected sales that were 14 days faster, on average, than in September 2020. The 1.5 Months Supply of Inventory in September was an increase over August's 1.4, but was below September 2020's 2.0 Months Supply.

Highlights and the local markets leading various metrics for September include:

Closed Transactions 
Of the 52 metro areas surveyed in September 2021, the overall average number of home sales is down 7.0% compared to August 2021, and down 4.2% compared to September 2020.  Leading the year-over-year sales percentage increase were Honolulu, HI at +22.5%, Wilmington/Dover, DE at +9.4%, and Orlando, FL at +6.8%. The markets with the biggest decrease in year-over-year sales percentage were New Orleans, LA at -40.2%, Burlington, VT at -19.0%, and Salt Lake City, UT at -14.9%. 

Median Sales Price – Median of 52 metro median prices
In September 2021, the median of all 52 metro Median Sales Prices was $329,000, down 1.1% compared to August 2021, and up 12.5% from September 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-one metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +28.8%, Salt Lake City, UT at +27.3%, and Phoenix, AZ at +24.5%.

Days on Market – Average of 52 metro areas
The average Days on Market for homes sold in September 2021 was 25, up one day from the average in August 2021, and down 14 days from the average in September 2020. The metro areas with the lowest Days on Market were Nashville, TN at 10, Cincinnati, OH at 12, and Omaha, NE at 14. The highest Days on Market averages were in Des Moines, IA at 83, followed by a two-way tie between Miami, FL and New York, NY at 60. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 52 metro areas
The number of homes for sale in September 2021 was down 4.9% from August 2021 and down 23.6% from September 2020. Based on the rate of home sales in September 2021, the Months Supply of Inventory increased to 1.5 compared to 1.4 in August 2021 and decreased compared to 2.0 in September 2020. A six months supply indicates a market balanced equally between buyers and sellers. In July 2021, of the 52 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.6, followed by a three-way tie between Raleigh-Durham, NC, Charlotte, NC, and Seattle, WA at 0.7.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Dips in Home Sales and Prices Mirror Traditional Late-Summer Moves

DENVER, Sept. 17, 2021 /PRNewswire/ -- August home sales dropped 3.5% from July's total – and the Median Sale Price slipped 1.2% to $335,000 – as seasonal norms signaled that 2021's busiest homebuying and selling months are probably behind us. Despite these drops, August still almost broke records for home sales signaling a still-hot market.

August's low number of Days on Market (24) and meager Months Supply of Inventory (1.3) reversed two months of inventory gains as strong demand amid tight inventory conditions persisted.

"The slight seasonal decline in home sales from July to August was countered by this being the second-highest August sales total in the 13-year history of our report. So, although we appear to be past the blistering summer peak, the market is still very active," says Nick Bailey, President, RE/MAX, LLC. "In fact, the drop in home prices might signal to potential sellers that it's time to get off the fence in case they fall further, which in turn could draw more buyers back into the mix. In any case, it seems likely that the combination of super-quick sales and a severe lack of inventory will be with us for the foreseeable future."

With year-over-year comparisons skewed by the pandemic, July-to-August averages for 2015-2019 illustrate what's typical in late summer:

• The month-over-month decline of 1.2% in August's Median Sales Price compares with the 2015-2019 average July-to-August drop of 1.0%. Year over year, the Median Sales Price is up 13.2%.
• The 6.2% month-over-month drop in active inventory was nearly double the 2015-2019 average July-to-August decline of 3.3%. Inventory is down 26.7% year-over-year. 
• Home sales dropped 3.5% from July, compared to the 2015-2019 average decline of 2.1%. However, August home sales were one of the largest totals of any month in the 13-year history of the report and the second-largest for the month and year over year, sales were up 0.6%.

August's average Days on Market of 24 was one day more than July and reflected sales that were 18 days faster, on average, than in August 2020. The Months Supply of Inventory in August of 1.3 declined from July's 1.5 and was significantly less than August 2020's 1.9 Months Supply.

Highlights and the local markets leading various metrics for August include:

Closed Transactions 

Of the 51 metro areas surveyed in August 2021, the overall average number of home sales is down 3.5% compared to July 2021, and up 0.6% compared to August 2020.  Leading the year-over-year sales percentage increase were New York, NY at +55.1%, Honolulu, HI at +37.3%, and Las Vegas, NV at +12.5%.

Median Sales Price – Median of 51 metro median prices

In August 2021, the median of all 51 metro Median Sales Prices was $335,000, down 1.2% compared to July 2021, and up 13.2% from August 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Thirty-six metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +30.6%, Phoenix, AZ at +24.9%, and Salt Lake City, UT at +22.3%.

Days on Market – Average of 51 metro areas

The average Days on Market for homes sold in August 2021 was 24, up one day from the average in July 2021, and down 18 days from the average in August 2020. The metro areas with the lowest Days on Market were a two-way tie between Cincinnati, OH and Nashville, TN at 10, and Omaha, NE at 13. The highest Days on Market averages were in Des Moines, IA at 83, Miami, FL at 67, and New York, NY at 57. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 51 metro areas

The number of homes for sale in August 2021 was down 6.2% from July 2021 and down 26.7% from August 2020. Based on the rate of home sales in August 2021, the Months Supply of Inventory decreased to 1.3 compared to 1.5 in July 2021, and decreased compared to 1.9 in August 2020. A six months supply indicates a market balanced equally between buyers and sellers. In August 2021, of the 51 metro areas surveyed, zero metro areas reported a month's supply at or over six. The markets with the lowest Months Supply of Inventory included a five-way tie among Albuquerque, NM, Raleigh-Durham, NC, Seattle, WA, Denver, CO, and Charlotte, NC at 0.6.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Inventory Grows from June While Home Prices, Sales Take Seasonal Dip

DENVER, Aug. 17, 2021 /PRNewswire/ -- July inventory uncharacteristically climbed 4.0% from June, marking the first two consecutive months of month-over-month inventory gains since April and May 2019. At the same time, July's 1.3 Months of Inventory set a new report low for the month. July home sales were the third largest total in the report's 13-year history, although they declined 8.4% from June – a seasonal norm. The July median home price of $331,000 decreased 1.2% from June's record $335,000.

"The month-over-month gain in inventory, extending a short trend that started in June, was great news – even though the shortage of listings remains a major challenge," says Nick Bailey, President, RE/MAX, LLC. "Some buyers have stepped away in light of high prices, seller expectations, multiple offers and intense competition, but new listings are still selling quickly. Clearly, the demand is still there. The market should continue to run hot, especially if interest rates remain low, prices stabilize a bit, and more sellers jump in to take advantage." 

With year-over-year comparisons skewed by the pandemic, June-to-July averages for 2015-2019 illustrate what's typical in mid-summer:

• The month-over-month decline of 1.2% in July's Median Sales Price was less than the 2015-2019 average June-to-July drop of 2.2%. Year over year, the Median Sales Price is up 16.2%.
• The 4.0% increase in month-over-month inventory was atypical for this time of year – and a far cry from the 2015-2019 average June-to-July decline of 1.6%. Although this marked the second consecutive month of gain (June inventory grew 1.9% from May), inventory remains down 29.7% year-over-year.
• The third largest total in the 13-year history of the report, July 2021 home sales dropped 8.4% – nearly identical to the 2015-2019 average decline of 8.2%. Year over year, sales were down 3.1%. The only months with more sales than July 2021 were June 2021 and July 2020.

Bailey continues: "In the past 13 months, we've seen the top three months of sales activity in 13 years of doing this report. That says a lot about today's buyers. Given all the factors favoring sellers right now, it's the buyers who are driving this very active market."

July's average Days on Market of 23 was one day less than June and 21 days faster compared to the same time last year. July's 1.3 Months Supply of Inventory was identical to June's, but significantly less than July 2020's 2.0 Months Supply.

Highlights and the local markets leading various metrics for July include:

Closed Transactions 
Of the 53 metro areas surveyed in July 2021, the overall average number of home sales is down 8.4% compared to June 2021, and down 3.1% compared to July 2020.  Leading the year-over-year sales percentage decrease were Salt Lake City, UT at -22.5%, Dallas/Ft. Worth, TX at -20.8%, and Boise, ID at -20.3%.

Median Sales Price – Median of 53 metro median prices
In July 2021, the median of all 53 metro Median Sales Prices was $331,000, down 1.2% compared to June 2021, and up 16.2% from July 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Forty-five metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +35.7%, Phoenix, AZ at +28.2%, and Augusta, ME at +24.0%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in July 2021 was 23, down one day from the average in June 2021, and down 21 days from the average in July 2020. The metro areas with the lowest Days on Market were Cincinnati, OH at 9, Nashville, TN at 10, and Omaha, NE at 11. The highest Days on Market averages were in Miami, FL at 76, Des Moines, IA at 75, and New York, NY at 63. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in July 2021 was up 4.0% from June 2021 and down 29.7% from July 2020. Based on the rate of home sales in July 2021, the Months Supply of Inventory was flat at 1.3 compared to June 2021 and decreased compared to 2.0 in July 2020. A six months supply indicates a market balanced equally between buyers and sellers. In July 2021, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.5, Raleigh-Durham at 0.6, followed by a three-way tie between Indianapolis, IN, Charlotte, NC, and Seattle, WA at 0.7.

Record Home Sales, Record Prices, Growing Inventory

DENVER, July 19, 2021 /PRNewswire/ -- June created the perfect trifecta for a hot housing market: June home sales and prices both set report records, while inventory grew for the first time in 15 months.

The month of June, typically the biggest month of the year for home sales, saw sales soar 14.2% over a strong May and top all other months in the 13-year history of the report, which spans 53 metro markets. The Median Sales Price of $336,000 was also a report record, eclipsing the previous record of $320,000 – set in April and tied in May – by 4.9%.

The number of homes for sale, meanwhile, grew 1.9% over May – the first increase since March 2020. Inventory, however, still remained 37.5% below June 2020 levels.

"June saw a unique case of supply and demand rising in unison, thanks to an uptick in sellers listing their homes for sale – a very welcome sign for frustrated buyers," said Nick Bailey, President, RE/MAX, LLC. "People are relocating as companies and individuals make long-term decisions about remote work and getting back to the office. Also, sellers appear to be more confident about finding another home after they sell their current one. If these trends continue, inventory levels should keep growing."

With year-over-year comparisons skewed by the pandemic, May-to-June averages for 2015-2019 are helpful in illustrating what's typical at this time of year. June has been the top month for home sales in four of the past six years:

• June 2021 home sales increased 14.2% month over month, more than doubling the 6.4% average gain from May to June in 2015-2019. Year over year, sales were up 26.4%.
• June's Median Sales Price of $336,000 was 4.9% over May's, very similar to the typical May-to-June increase of 4.6%. Year over year, June's price is 21.9% higher than June 2020's $275,000.
• The 1.9% increase in inventory from May to June was far greater than the typical gain of 0.6%. Still, inventory was down 37.5% year over year.

With the pandemic-related exception of 2020, June has been a leading month for home sales over the past six years:

* The four months for each year are listed in order of most sales
**Stay-at-home orders were in place in many states in the spring and summer

June's average Days on Market of 24 was four days less than May's and represented a faster sale by 21 days compared to June 2020. June's 1.1 Months Supply of Inventory compares to 1.2 in May and 2.2 year over year.

Highlights and the local markets leading various metrics for June include:

Closed Transactions 
Of the 53 metro areas surveyed in June 2021, the overall average number of home sales is up 14.2% compared to May 2021, and up 26.4% compared to June 2020.  Leading the year-over-year sales percentage increases were Honolulu, HI at +92.3%, New York, NY at +80.6%, and Miami, FL at +78.4%.

Median Sales Price – Median of 53 metro median prices
In June 2021, the median of all 53 metro Median Sales Prices was $336,000, up 4.9% compared to May 2021, and up 21.9% from June 2020. Fifty-one metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +38.0%, Augusta, ME at +34.7%, and Phoenix, AZ at +30.1%. No metro areas saw a year-over-year decrease in Median Sales Price.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in June 2021 was 24, down four days from the average in May 2021, and down 21 days from the average in June 2020. The metro areas with the lowest Days on Market were Cincinnati, OH at 9 and Nashville, TN at 11 followed by a four-way tie at 12 among Boise, ID, Seattle, WA, Denver, CO, and Omaha, NE. The highest Days on Market averages were in Miami, FL at 80, Des Moines, IA at 73, and New York, NY at 67. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in June 2021 was up 1.9% from May 2021 and down 37.5% from June 2020. Based on the rate of home sales in June 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.2 in May 2021, and decreased compared to 2.2 in June 2020. A six months supply indicates a market balanced equally between buyers and sellers. In June 2021, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six. The lowest Months Supply of Inventory was a five-way tie among Albuquerque, NM; Raleigh-Durham, NC; Manchester, NH; Denver, CO; and Seattle, WA at 0.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Red Hot Market Cools Slightly, Stabilizing Prices

DENVER — The typical May ramp-up in home sales didn’t happen last month, as sales dipped 0.2% from April and home prices were uncharacteristically flat in the report's 53 metro areas.

Also defying seasonal trends was a 7.1% drop in listed homes at a time of year when active inventory is normally building for peak summer sales months. But two other metrics confirm that the frenzied sellers market marches on: Months Supply of Inventory dropped to 1.1 months and homes changed hands in a mere 28 days. Both are records in the 13-year history of the report.

“The first small step toward a more balanced market may have appeared in May, as home prices finally stabilized after a long run of sustained increases. At the same time, cooling sales defied typical April-May trends and report records were set for low inventory and fast turnaround times,” said Nick Bailey, President, RE/MAX, LLC.

With year-over-year comparisons heavily skewed by the pandemic, April-to-May averages for 2015-2019 show what is typical:

• While May 2021 home sales declined 0.2% month over month, 13.9% is the 2015-2019 average gain from April to May. Year over year, sales were up 53.4%.
• May’s Median Sales Price of $320,000 was the same as April’s, compared to the typical April-to-May increase of 3.2%. Year over year, May’s price is 17.0% higher than May 2020’s $273,498.
• Instead of the 7.1% decline from April to May, inventory typically grows by 1.8%. Year over year, inventory was down 43.0%.

Bailey continued: “May had a little something for everyone – with buyers finally getting a break on prices, sellers benefiting from a lack of competitive inventory, and both sides served by speedier listing-to-contract periods. The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years. Ultimately, that would be good for both buyers and sellers.”

May’s average Days on Market from listing to going under contract of 28 shaved four days off of April and represented a faster sale by 18 days compared to May 2020.

May’s 1.1 Months Supply of Inventory compares to 1.3 in April, and 2.9 in May 2020.

Highlights and the local markets leading various metrics for May include:

Closed Transactions 
Of the 53 metro areas surveyed in May 2021, the overall average number of home sales is down 0.2% compared to April 2021, and up 53.4% compared to May 2020.  Leading the year-over-year sales percentage increase were Detroit, MI at +136.6%, San Francisco, CA at +135.7%, and Miami, FL at +131.8%.

Median Sales Price – Median of 53 metro median prices
In May 2021, the median of all 53 metro Median Sales Prices was $320,000, flat to April 2021 and up 17.0% from May 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Fifty metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +40.7%, Augusta, ME at +37.8%, and Phoenix, AZ at +32.9%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in May 2021 was 28, down four days from the average in April 2021, and down 18 days from the average in May 2020. The metro areas with the lowest Days on Market included a four-way tie between Boise, ID, Seattle, WA, Omaha, NE, and Nashville, TN at 12. The highest Days on Market averages were in Miami, FL at 85, Des Moines, IA at 83, and New York, NY at 79. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in May 2021 was down 7.1% from April 2021 and down 43.0% from May 2020. Based on the rate of home sales in May 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.3 in April 2021, and decreased compared to 2.9 in May 2020. A six months supply indicates a market balanced equally between buyers and sellers. In May 2021, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were a four-way tie between Albuquerque, NM, Raleigh-Durham, NC, Denver, CO, and Seattle, WA at 0.4.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Homes Sell at Record Speed as Median Price Reaches All-Time High

DENVER, May 17, 2021 /PRNewswire/ -- On average, April home sales took just 32 days from listing to going under contract, while the Median Sales Price rose to $320,000 – both new records in the 13-year history of the report. These stats, and other key indicators, including a report record April for sales, signal a potentially torrid market going into the traditional peak sales months of May through August.

April home sales in the report's 53 metro areas were up 5.3% over March, slightly topping the five-year March-to-April average gain of 5.0% from 2015-2019. In contrast, home sales in 2020 dropped 13.7% from March to April as pandemic-related stay-at-home orders were in effect in many states.

Limited inventory remains a primary issue. However, with more homes coming onto the market in April, recent double-digit, month-to-month declines in active inventory dropped to just 2.4% from March to April. Still, year over year, inventory was down 42.2%. Additional context:

• Months Supply of Inventory reached a record low of 1.1, compared to the previous report record of 1.3 in March.
• Home sales were the highest for April in report history and marked the 10th highest month in the past 13 years.
• April's record low of 32 Days on Market trimmed four days off the previous report record of 36 days set in November 2020 – a significant change from April 2020's 46 days.
• The Median Sale Price jumped 5.9% over March and was the highest month-to-month increase since 6.2% from May to June 2019.

"Even with rising home prices, super-quick turnarounds, and fierce competition for available listings, April 2021 saw more home sales than any April in at least 13 years. That's a clear reflection of overwhelming demand and the resilience of today's buyers," said Adam Contos, CEO of RE/MAX Holdings, Inc. "The 32 Days on Market average – a report record – is noteworthy, too. Many listings are being snapped up the day they go on sale – or within just a few days. That pace underscores the importance of an experienced professional who can guide you to smart decisions and quick action – on either side of the transaction."

Although year-over-year comparisons are heavily distorted by the pandemic mitigation measures of 2020, highlights and the local markets leading various metrics for April include:

Closed Transactions 
Of the 53 metro areas surveyed in April 2021, the overall average number of home sales was up 5.3% compared to March 2021, and up 45.2% compared to April 2020. Coastal metros led year-over-year sales percentage increases with San Francisco, CA at +121.0%, New York, NY at +112.2%, and Miami, FL +111.9%.

Median Sales Price – Median of 53 metro median prices
In April 2021, the median of all 53 metro Median Sales Prices was $320,000, up 5.9% from March 2021 and up 16.4% from April 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Forty-two metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +35.3%, Augusta, ME at +27.7%, and Los Angeles, CA at +25.2%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in April 2021 was 32, down six days from the average in March 2021 and down 14 days from the average in April 2020. The metro areas with the lowest Days on Market were Wichita, KS at 12, Omaha, NE at 13, and a three-way tie between Salt Lake City, UT, Boise, ID, and Seattle, WA at 14. The highest Days on Market averages were in Des Moines, IA at 91, Miami, FL at 88, and New York, NY at 83. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 53 metro areas
The number of homes for sale in April 2021 was down 1.0% from March 2021 and down 42.2% from April 2020. Based on the rate of home sales in April 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.3 in March 2021, and decreased compared to 4.0 in April 2020. A six months supply indicates a market balanced equally between buyers and sellers. In April 2021, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.4, and a four-way tie between Raleigh-Durham, NC, Manchester, NH, Denver, CO, and Seattle, WA at 0.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005