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June 2017 RE/MAX NATIONAL MARKET UPDATE

by Elite Asset Management Team

May’s Brisk Home Sales Set Post-Recession Records

RE/MAX National Housing Report on MLS Data from 53 Metro Areas

DENVER – After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report. To access the housing report infographic, visit rem.ax/2cYFT50.

In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report. 

Other notable numbers:
  • Over two-thirds of the metro areas experienced an increase in transactions.
  • The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
  • Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rdconsecutive month of year-over-year declines dating back to October 2008.
  • The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.
     
    “In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO“We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”
     
Closed Transactions 
Of the 53 metro areas surveyed in May 2017, the overall average number of home sales increased 4.3% compared to May 2016. Thirty-nine of the 53 metro areas experienced an increase in sales year-over-year including Albuquerque, NM +20.8%, Tulsa, OK +13.4%, Las Vegas, NV +12.2%, Honolulu, HI +11.5%, Phoenix AZ, +11.3%.
 
Median Sales Price – Median of 53 metro median prices
In May 2017, the median of all 53 metro Median Sales Prices was $232,500, up 2.9% from April 2017 and up 3.6% from May 2016. Fargo, ND was the only metro area to see a year-over-year price decrease (-2.73%). Six metro areas increased by double-digit percentages, with the largest increases seen in Manchester, NH +13.2%, Seattle, WA +12.8%, Tampa, FL +12.8%, Las Vegas, NV +10.7% and Dallas/Fort Worth +10.7%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in May 2017 was 51, down six days from the average in April 2017, and down seven days from the May 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, San Francisco, CA at 21, Seattle, WA at 22 and Denver, CO at 23. The highest Days on Market averages were in Augusta, ME at 136 and Burlington, VT at 98. 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 2017 was down 0.6% from April 2017, and down 16.2% from May 2016. Based on the rate of home sales in May, the Months Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May 2016 at 3.0. This is the third month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.1, Miami, FL was the only metro area that 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 both San Francisco, CA and Seattle, WA at 0.9, and Denver, CO at 1.0 for the fourth month in a row.

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
 Office: 505-798-1000
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
 Office: 505-798-1000

June 2017 RE/MAX NATIONAL MARKET UPDATE

by Elite Asset Management Team

May’s Brisk Home Sales Set Post-Recession Records

RE/MAX National Housing Report on MLS Data from 53 Metro Areas

DENVER – After a brief dip in April home sales, the U.S. housing market returned to seasonally high sales in May, increasing 20.6% from the previous month and 4.3% from May 2016, according to the RE/MAX National Housing Report released today. In fact, it was the strongest May in terms of home sales in the nine-year history of the report.

In addition, the average number of Days on Market dropped to a record low of 51, consistent with the Months Supply of Inventory shrinking to 2.6 months – both records for the report. 

Other notable numbers:
  • Over two-thirds of the metro areas experienced an increase in transactions.
  • The May 2017 Median Sales Price of $232,500 was the second highest in the history of the report, only behind the August 2008 Media Sales Price of $236,062.
  • Decreasing 16.2% from May 2016, inventory continued to decline year-over-year. This is the 103rdconsecutive month of year-over-year declines dating back to October 2008.
  • The U.S. continues to enjoy rising home values as 52 of the 53 metro areas experienced a price increase.
     
    “In May, we saw an uptick of both loan applications and home sales, which is encouraging in terms of more people getting into the market for homes,” said Adam Contos, RE/MAX Co-CEO“We don’t expect that the Federal Reserve’s announcement on Wednesday to raise interest rates a quarter of a point will greatly affect the market’s momentum. But housing demand only intensifies the tug-of-war with tight inventories driving prices up.”
     
Closed Transactions 
Of the 53 metro areas surveyed in May 2017, the overall average number of home sales increased 4.3% compared to May 2016. Thirty-nine of the 53 metro areas experienced an increase in sales year-over-year including Albuquerque, NM +20.8%, Tulsa, OK +13.4%, Las Vegas, NV +12.2%, Honolulu, HI +11.5%, Phoenix AZ, +11.3%.
 
Median Sales Price – Median of 53 metro median prices
In May 2017, the median of all 53 metro Median Sales Prices was $232,500, up 2.9% from April 2017 and up 3.6% from May 2016. Fargo, ND was the only metro area to see a year-over-year price decrease (-2.73%). Six metro areas increased by double-digit percentages, with the largest increases seen in Manchester, NH +13.2%, Seattle, WA +12.8%, Tampa, FL +12.8%, Las Vegas, NV +10.7% and Dallas/Fort Worth +10.7%.
 
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in May 2017 was 51, down six days from the average in April 2017, and down seven days from the May 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE at 20, San Francisco, CA at 21, Seattle, WA at 22 and Denver, CO at 23. The highest Days on Market averages were in Augusta, ME at 136 and Burlington, VT at 98. 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 2017 was down 0.6% from April 2017, and down 16.2% from May 2016. Based on the rate of home sales in May, the Months Supply of Inventory was 2.6, compared to April 2017 at 2.8 and May 2016 at 3.0. This is the third month in a row months supply has been below 3.0. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2017, 52 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.1, Miami, FL was the only metro area that 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 both San Francisco, CA and Seattle, WA at 0.9, and Denver, CO at 1.0 for the fourth month in a row.

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
 Office: 505-798-1000
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
 Office: 505-798-1000

Buying a Home is Cheaper than Renting by 33.1% in the US

by Elite Asset Management Team

 

According to the latest Rent vs Buy Report from Trulia, in the 100 largest metro areas in the United States owning a home is cheaper than renting with a traditional 30-year fixed rate mortgage. This also holds true here in Albuquerque as rentals homes are in demand.

In Baton Rouge, it is 50.1% less expensive, 3.5% in San Jose, CA, and 33.1% nationwide.

Report Findings Include:

Interest rates are still low. Appreciation of home prices still lower than rental appreciation. Most important is that you build equity owning vs. renting states ‘Pete Veres’. Why pay someone else’s mortgage?

Changes in mortgage interest rates have a great effect on the shifts in the Rent vs Buy decision, with rents and home values moving in tandem. Most renters think they can’t buy but that’s why it’s important to get with an experienced realtor and lender and put a plan in place. Most people are very surprised when they find out they qualify to buy and in most cases save money!

For renting to be cheaper than buying, the rates would have to jump to 128% increase which would be 9.1% from the current average of 4%. That has not happened since 1995, according to Freddie Mac

Based on this study, buying is definitely cheaper than renting. Buying will be a sound financial decision which saves you money. You can still find programs for as low as $500.00 down. Contact Pete Veres, ABR – Accredited Buyers Representative to schedule your Free Buyers Consultation to learn about the simplicity of buying a home. Also feel free to check out some excellent buyers resources at: VIP-Buyers-Resources

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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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