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JANUARY 2017 RE/MAX NATIONAL MARKET UPDATE

by Elite Asset Management Team

U.S. Home Sales Finish Strong in 2016

 

 

DENVER (Jan. 17, 2017) – Capped off by a strong December, 2016 was the best year for U.S. home sales since the recession, according to the January 2017 RE/MAX National Housing Report. Home sales in 2016 were the highest in the housing report’s eight-year history, topping the sales of 2015, the previously strongest year. Nine months of 2016 posted sales greater than in the same months of 2015.
 
According to the 53-market report, the trend of rising prices and shrinking inventory continued in December, even though December was one of the three months that trailed 2015, with sales 1.8% below December 2015. Even so, nearly half of the markets reported increased sales over December 2015, and almost two-thirds saw sales higher than November 2016. The median increase over November 2016 was 1.7%.
 
The median sales price of $216,000 was 4.9% above one year ago and only 1.8% below November’s.
 
Inventory declined 17.9% year-over-year in December, continuing a year-long streak of double-digit declines. Months Supply of Inventory was 4.2, with 47 markets below the 6 months normally considered a balanced market.
 
The average Days on Market of 62 was the lowest of any December in the report’s history.
 
“Much like 2015, we saw a mostly healthy housing market in 2016 that posted steady growth in sales and prices,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We’re back to pre-recession levels in many markets, with 2017 forecast to be another solid year. We’ll have to wait and see what impact rising interest rates will have.”
 
Closed Transactions 
Of the 53 metro areas surveyed in December, the overall average number of home sales fell 1.8% compared to December 2015. But nearly half of the 53 metro areas experienced an increase in sales year-over-year, with three experiencing double-digit increases.  The markets with the largest increase in sales included Wilmington/Dover, DE +21.4%, Honolulu, HI +19.7%, Augusta, ME +16.1%, Las Vegas, NV +7.9% and Providence, RI +7.3%.
 
Median Sales Price – Median of 53 metro median prices
In December, the median of all 53 metro Median Sales Prices was $216,000, down 1.8% from November but up 4.9% from December 2015. Of the 53 metro areas surveyed, all but two (Des Moines, IA and New Orleans, LA) saw year-over-year increases or remained unchanged with nine rising by double-digit percentages. The largest double-digit increases were seen in Birmingham, AL +17.1%, Tampa, FL +16.8%, Charlotte, NC +13.2%, Seattle, WA 12.9% and Orlando, FL +12.3%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in December was 62, up three days from the average in November 2016, but down five days from the December 2015 average. The two metro areas with the lowest Days on Market were Omaha, NE and Denver, CO both at 36. The highest Days on Market averages continued to be in Augusta, ME at 141, and Burlington, VT at 101. 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 December was down 14.0% from November, and down 17.9% from December 2015. Based on the rate of home sales in December, the Months Supply of Inventory was 4.2, compared to November at 4.0 and December 2015 at 4.9. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In December, 47 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. One reported a balanced market at 6.0, while the remaining five saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the West, with San Francisco, CA at 1.2, Seattle, WA at 1.5 and Denver, CO at 1.6.

ABQ’s Housing Market Trends Remain Positive in Off-Season

by Elite Asset Management Team

Albuquerque, NM  (December 12, 2016) – The Greater Albuquerque housing market has remained consistent throughout 2016.  In year-over-year comparisons, the number of homes for sale has dropped in most Central New Mexico communities while homes sold faster and for higher prices. The housing market improvements in Albuquerque have occurred with enough regularity and time to make it a trend for the entirety of 2016.

The 798 detached homes sold in November 2016 marked an 18.2 percent increase over the same period last year, and the 79 attached homes sold represented a 23.4 percent increase over 2015. Pending sales are also up 25.7 percent for detached homes and 34.3 percent for townhomes and condos, indicating that the market is not slowing down much for the market’s typical cold-weather off-season.

While the total inventory of homes for sale in the Albuquerque metro market was down again to 18.8 percent compared to the same period last year, the 979 detached homes newly-listed for sale in November represented only a 6.4 percent year-over-year decrease. Newly-listed townhomes and condos increased by 5.7 percent compared to November 2015.

The median sales price in the metro area increased 2.8 percent to $185,000 for detached homes and increased by 23.8 percent to $151,000 for townhomes and condos. The average sales price for detached homes increased by 2.7 percent to $218,795 as the average price for townhomes and condos jumped 21.4 percent to $164,526.

“Financial markets were volatile in the days surrounding the presidential election,” said Jon Schnoor, 2016 President of the Greater Albuquerque Association of Realtors. “The market has since self-corrected and reached new heights. Long-term indicators of what it will be like to have a real estate developer for a President remains unclear. Prior to the election, a national shift in housing trends was hard to come by, and unemployment rates have not budged since August 2015.” He also noted, “Post-election, mortgage rates are up and opinions in the industry are that a national, and possibly local, trend shift is likely in the near future.”

To see the full Great Albuquerque Market report for November 2016, Click Here.

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Elite Asset Management
RE/MAX Elite
8300 Carmel Ave. NE Ste. 201
Albuquerque NM 87122
(505)362-2005
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