Real Estate Information Archive

DENVER, June 17, 2020 /PRNewswire/ -- May, often the second-strongest month for home sales, saw what many believe may be the biggest housing impact from the pandemic as closings dropped 33.7% compared to last year.

All 53 markets in the report sustained double-digit year-over-year sales declines:

• Sales in four markets shrunk by more than half, led by Detroit's drop of 64.8%
• Eighteen markets saw sales drop by one-fourth to one-third
• Des Moines's sales decline of 14.3% was the smallest

While the Median Sales Price of $272,000 was up 4.7%, it was softer than the 5.4% average May-to-May price increase in the previous five years.

Inventory dropped 25% year-over-year to one of the lowest levels for May in the report's 12-year history. Only Indianapolis (12.7%), Wichita (4.3%) and Chicago (1%) posted increases in the number of homes for sale compared to May 2019.

With May being the second full month under stay-at-home mandates in many states, home sales were the lowest for the month since 2012, and on a par with wintertime home-sales activity. Compare that to 2017, 2018 and 2019, when May posted the highest or second-highest home sales of the year. June typically sees the year's most home sales and highest Median Sales Price.

"Not surprisingly, May sales were historically muted alongside increasingly pinched inventory as the full brunt of the pandemic likely manifested itself during the month," said Adam Contos, CEO of RE/MAX Holdings, Inc. "However, as the local outlook across the country increasingly pivoted to how soon stay-at-home restrictions might end, multiple leading indicators in the U.S. housing market have turned positive, some even on a year-over-year basis."

Contos continued, "We believe the spring selling season was largely deferred for several weeks. And, with home being the center of people's lives this year, we could see the effect of pent-up demand play out in a significant way. Absent another major coronavirus wave, inventory levels and the unemployment rate may well be the governors on how strong the housing market performs this year."

The average Days on Market of 46 and the 2.5 Months Supply of Inventory both tied report records for May, set in 2018.

Closed Transactions 
Of the 53 metro areas surveyed in May 2020, the overall average number of home sales is down 3.9% compared to April 2020, and down 33.7% compared to May 2019.  All 53 metro areas saw a year-over-year decrease in closed transactions. The metro areas with the lowest year-over-year decreases were Des Moines, IA at -14.3%, Little Rock, AR at -15.5%, and Richmond, VA at -15.6%.

Median Sales Price – Median of 53 metro median prices
In May 2020, the median of all 53 metro Median Sales Prices was $272,000, down 1.0% from April 2020, and up 4.7% from May 2019. Five metro areas saw a year-over-year decrease in Median Sales Price, with the largest decreases in Detroit, MI at -2.9%, Burlington, VT at -1.3%, and Houston, TX at -0.7%. Three metro areas increased year-over-year by double-digit percentages, Manchester, NH at +11.9%, New York, NY at +10.8%, and Miami, FL at +10.0%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in May 2020 was 46, equal to the average in April 2020, and down two days from the average in May 2019. The metro areas with the lowest Days on Market were Seattle, WA at 22, Cincinnati, OH at 24, and Nashville, TN at 25. The highest Days on Market averages were in Miami, FL at 103, Des Moines, IA at 96, and Burlington, VT at 91. 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 2020 was down 4.0% from April 2020 and down 25.0% from May 2019. Based on the rate of home sales in May 2020, the Months Supply of Inventory decreased to 2.5 compared to 3.7 in April 2020, and decreased compared to 3.0 in May 2019. A six months supply indicates a market balanced equally between buyers and sellers. In May 2020, of the 53 metro areas surveyed, four metro areas reported a months supply at or over six, which is typically considered a buyer's market. Those four markets were Indianapolis, IN at 6.4, Miami, FL at 6.9, New Orleans, LA at 6.1, and New York, NY at 9.6. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.9, Omaha, NE at 1.0, and a three-way tie between Charlotte, NC, Manchester, NH, and Denver, CO at 1.1.

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

April’s decline could be lowest point as Chief Economist expects market bounce back soon.

WASHINGTON (May 28, 2020) – Brought on by the coronavirus pandemic, pending home sales decreased in April, making two straight months of declines, according to the National Association of Realtors®. Every major region experienced a drop in month-over-month contract activity and a decline in year-over-year pending home sales transactions.

The Pending Home Sales Index (PHSI),* www.nar.realtor/pending-home-sales, a forward-looking indicator of home sales based on contract signings, fell 21.8% to 69.0 in April. Year-over-year, contract signings shrank 33.8%. An index of 100 is equal to the level of contract activity in 2001.

“With nearly all states under stay-at-home orders in April, it is no surprise to see the markedly reduced activity in signing contracts for home purchases,” said Lawrence Yun, NAR’s chief economist.

The latest pending home sales numbers reveal the greatest decline since NAR begin tracking such transactions in January 2001. However, Yun expects that April will be the lowest point for pending contracts, and the month of May, consequently, will be the lowest point for closed sales.

“While coronavirus mitigation efforts have disrupted contract signings, the real estate industry is ‘hot’ in affordable price points with the wide prevalence of bidding wars for the limited inventory,” he said. “In the coming months, buying activity will rise as states reopen and more consumers feel comfortable about homebuying in the midst of the social distancing measures.”

A sign that buyers’ comfortability may be growing is seen in NAR’s most recent Flash Survey, as 34% of Realtors® reported successfully completing nearly all aspects of transactions while adhering to social distancing procedures.

Pointing to data from realtor.com®, Yun says new listings were up in April 2020 from one year ago in 34 metro areas, including Virginia Beach, Va., Sioux Falls, S.D., Odessa, Texas, Summerville, Ga., and Las Cruces, N.M.

“Given the surprising resiliency of the housing market in the midst of the pandemic, the outlook for the remainder of the year has been upgraded for both home sales and prices, with home sales to decline by only 11% in 2020 with the median home price projected to increase by 4%,” Yun said. “In the prior forecast, sales were expected to fall by 15% and there was no increase in home price.”

Although each of the four indices is down on a month-over-month basis, an encouraging development is that the rates of declines are lower in the Midwest, South and West, compared to the drops seen in March 2020.

The Northeast PHSI sank 48.2% to 42.6 in April, 52.6% lower than a year ago. In the Midwest, the index dropped 15.9% to 72.0 last month, down 26.0% from April 2019.

Pending home sales in the South fell 15.4% to an index of 87.6 in April, a 29.6% decrease from April 2019. The index in the West slipped 20.0% in April 2020 to 57.1, down 37.2% from a year ago.

The National Association of Realtors® is America’s largest trade association, representing more than 1.4 million members involved in all aspects of the residential and commercial real estate industries.

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

Pandemic Curbs Home Sales By 20% Year-Over-Year, Prices Remain Strong

DENVER, May 18, 2020 /PRNewswire/ -- Fewer sellers, fewer buyers: The first full month of coronavirus stay-at-home orders weighed on April home sales, causing them to drop an average of 20.2% compared to a year ago. Inventory in the report's 53 markets similarly tumbled by 20.5% year-over-year, while the Median Sale Price of $276,000 was up 9.3%.

Restrictions to prevent the spread of COVID-19 turned what is traditionally the year's fifth busiest month for home sales back to slumbering wintertime levels. Four markets –  New York, Detroit, Miami and San Francisco – posted year-over-year sales declines of more than 40%. Just two markets – Minneapolis, MN and Billings, MT – reported an increase, while eight saw declines of less than 10%.

"April results were better than many expected, as consumers continued to buy and sell real estate in one of the most challenging months for housing in memory," said Adam Contos, RE/MAX CEO. "This was a headwind like no other – yet we still saw activity across the country. Even in the markets that dropped 40% in sales, people wanted or needed to move, which says something about resiliency and the power of homeownership."

Contos continued, "We believe the coronavirus and the measures to slow it pushed the spring selling season back a bit. But we believe buyer demand remains relatively strong despite the pandemic, and sellers who pulled their listings in March or April will hopefully come back into the market this summer. Others may start the process after being stuck in a home that no longer suits them. Both groups could help alleviate the inventory challenges we've faced for quite some time. Moving forward, agents who've adjusted their business strategies are positioned for success in the more virtual environment."

Like March, April is a transition month toward peak home sales in the summer. In a typical year, the busiest month is often May or June, with July and August being close behind.

Days on Market dropped seven days to 46 year over year, setting a new low for April in the report's 12-year history. By contrast, Months Supply of Inventory grew from 3.0 to 3.5.

The Median Sales Price of $276,000 also was a report record for April.

Closed Transactions 
Of the 53 metro areas surveyed in April 2020, the overall average number of home sales is down 13.7% compared to March 2020, and down 20.2% compared to April 2019. Only two metro areas, Billings, MT at +9.9% and Minneapolis, MN +3.6%, saw a year-over-year increase in Closed Transactions.

Median Sales Price – Median of 53 metro median prices
In April 2020, the median of all 53 metro Median Sales Prices was $276,000, up 4.2% from March 2020, and up 9.3% from April 2019. No metro areas saw a year-over-year decrease in Median Sales Price. Eighteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Manchester, NH at +20.0%, Augusta, ME at +19.1%, and Philadelphia, PA at +16.9%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in April 2020 was 46, down eight days from the average in March 2020, and down seven days from the average in April 2019. The metro areas with the lowest Days on Market were Omaha, NE at 19, Seattle, WA at 20, and San Francisco, CA at 21. The highest Days on Market averages were in Des Moines, IA at 106, Augusta, ME at 95, and New York, NY at 88. 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 2020 was down 2.2% from March 2020 and down 18.2% from April 2019. Based on the rate of home sales in April 2020, the Months Supply of Inventory increased to 3.5 compared to 2.9 in March 2020, and increased compared to 3.0 in April 2019. A six months supply indicates a market balanced equally between buyers and sellers. In April 2020, of the 53 metro areas surveyed, five 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 1.2, Omaha, NE at 1.3, and Manchester, NH at 1.4.

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

Strong Q1 Start for Home Sales Slowed by COVID-19 Pandemic

DENVER – Despite the advance of the coronavirus across the U.S. in the second half of the month, March home sales increased 2.7% year-over-year in the report’s 52 markets – a hint of what might have been.

 March was the fourth consecutive month with year-over-year increases in U.S. home sales – a streak not seen since 2016. But the spread of COVID-19, and the initiation of governmental measures to slow it, dampened the month’s overall sales results:

• March’s year-over-year sales growth of less than 3% was significantly less than December 2019 through February 2020 where year-over-year sales increases averaged 10%.

• The sequential monthly growth in sales from February to March is typically the largest month-over-month percentage increase each year, averaging 32%. This year, March sales increased just 23.8% over February – the lowest such increase for this time period in the report’s nearly 12-year history.

 Inventory levels in March continued to constrict amid healthy buyer interest, which helped drive further price increases. Year-over-year, March inventory declined 14.9%, continuing a streak that began in July 2019. Meanwhile, the Median Sales Price of $265,000 was 7.7% higher than a year ago, setting a report record for the month of March. A record low for March was the 54 Days on Market, while 2.7 Months Supply of Inventory was typical for the month, based on the past four years.

 “As expected, the strong market of January and February continued into March, setting up a very good first quarter. But then the coronavirus and the initial mitigation measures arrived, disrupting our industry along with everything else,” said Adam Contos, RE/MAX Holdings, Inc. CEO. “Conditions and restrictions vary throughout the country, so some areas continue to see new listings, pendings and closings, while other markets have slowed dramatically – especially where real estate was not deemed an essential service. It’s a fluid situation. We believe that interest in buying or selling remains high, and pent up-demand in many places should drive sales higher over time.”

 Added Contos, “One takeaway that’s already clear is that real estate agents, using technology and adhering to social distancing guidelines, can lead consumers through the buying or selling process in a largely virtual way. In many respects, the expertise of a skilled agent has never been more important.”

Closed Transactions

Of the 52 metro areas surveyed in March 2020, the overall average number of home sales was up 23.8% compared to February 2020, and up 2.7% compared to March 2019. Leading the year-over-year sales percentage increase were Los Angeles, CA at +15.6%, Boise, ID at +15.2%, and Las Vegas, NV at +12.2%.

Median Sales Price – Median of 52 metro median prices

In March 2020, the median of all 52 metro Median Sales Prices was $265,000, up 2.9% from February 2020 and up 7.7% from March 2019. Only one metro area, Billings, MT at -0.4%, saw a year-over-year decrease in Median Sales Price. Seventeen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +19.8%, Cincinnati, OH at +14.3%, and Salt Lake City, UT at +14.1%.

Days on Market – Average of 52 metro areas

The average Days on Market for homes sold in March 2020 was 54, down five days from the average in February 2020, and down five days from the average in March 2019. The metro areas with the lowest Days on Market were San Francisco, CA at 25, and a two-way tie between Seattle, WA and Omaha, NE at 30. The highest Days on Market averages were in Augusta, ME at 128, Des Moines, IA at 112, and Hartford, CT at 94. 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 March 2020 was up 1.1% from February 2020 and down 14.9% from March 2019. Based on the rate of home sales in March 2020, the Months Supply of Inventory decreased to 2.7 compared to 3.0 in February 2020, and decreased compared to 3.2 in March 2019. A six months supply indicates a market balanced equally between buyers and sellers. In March 2020, of the 52 metro areas surveyed, two 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 Manchester, NH at 1.2, and a six-way tie among Boise, ID, Washington DC, Denver, CO, Seattle, WA, Omaha, NE, and San Francisco, CA at 1.3.

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

DENVER, March 18, 2020 /PRNewswire/ -- Representing the last full month before the coronavirus became a global pandemic, February saw the third consecutive month of year-over-year increases in U.S. home sales – a streak not seen since 2015. At the same time, inventory across the report's 53 metro markets plunged 15.8%, marking the fourth successive month of double-digit percentage, year-over-year declines.

"Strong February home sales and limited inventory defined U.S. housing ahead of the challenges brought on by the coronavirus emergency," said Adam Contos, CEO of RE/MAX Holdings, Inc. "Even as we all adjust to the new landscape of social distancing and limited in-person interaction, houses will continue to be bought and sold. Overall, demand in February was high, inventory remains low, and interest rates are attractive, but exact circumstances vary by community. Professional agents – the local experts – can offer tremendous value right now, providing clarity and expert guidance in an environment that's new for everyone and changing every day."

Before the coronavirus struck the U.S. on a large scale, home sales in February – which enjoyed an extra weekend day for Leap Year – increased 7.5% year over year, following strong increases of 13.5% and 10.5% in December and January. The previous streak of increasing year-over-year sales of three months or longer began in December 2015 and continued seven months into June 2016. That was also a period of large inventory declines, like the current stretch of year-over-year drops in inventory that is now at eight months.

February's Median Sales Price of $260,000 posted a year-over-year increase of 7.9% - the 14th consecutive month where home prices have shot up.

In the nearly 12-year history of the report, three February records were set last month:

Fewest Months Supply of Inventory: 2.8

Fewest Days on Market: 60

Highest Median Sales Price: $260,000

Closed Transactions

Of the 53 metro areas surveyed in February 2020, the overall average number of home sales is up 7.4% compared to January 2020, and up 7.5% compared to February 2019.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +32.2%, Las Vegas, NV at +28.0%, and Billings, MT at +20.1%.

Median Sales Price – Median of 53 metro median prices

In February 2020, the median of all 53 metro Median Sales Prices was $260,000, up 2.0% from January 2020, and up 7.9% from February 2019. Fifteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +16.5%, Augusta, ME at +14.5%, and Milwaukee, WI at +13.9%. Three metro areas saw a year-over-year decrease in Median Sales Price, with the largest decrease seen in Billings, MT at -5.2%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in February 2020 was 60, up one day from the average in January 2020, and down two days from the average in February 2019. The metro areas with the lowest Days on Market were Omaha, NE at 28, and a two-way tie between Nashville, TN and San Francisco, CA at 34. The highest Days on Market averages were in Des Moines, IA at 119, Augusta, ME at 112, and Hartford, CT at 97. 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 February 2020 was down 2.6% from January 2020 and down 15.8% from February 2019. Based on the rate of home sales in February 2020, the Months Supply of Inventory decreased to 2.8 compared to 3.2 in January 2020, and decreased compared to 4.1 in February 2019. A six months supply indicates a market balanced equally between buyers and sellers. In February 2020, of the 53 metro areas surveyed, four 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 and Seattle, WA, both at 1.1, and a four-way tie at 1.2.

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

DENVER, Feb. 18, 2020 /PRNewswire/ -- Last month's home sales posted the highest year-over-year gain for January in 11 years, increasing an average of 10.5% in the 54 metro areas covered by the report. Meanwhile, the 15.6% year-over-year drop in inventory was the largest decline since May 2017 and marked the seventh consecutive month of year-over-year shrinkage in the number of U.S. homes for sale.

Despite very low inventory, January and December (+13.5%) marked the first back-to-back months with double-digit year-over-year growth in home sales since June and July of 2015.

"Strong buyer demand continues to be the defining theme in the housing market," said Adam Contos, CEO of RE/MAX Holdings, Inc. "January sales were encouraging, and were likely pushed in part by millennials coming into the market. It's a massive group of people, with many of them forming households and looking to buy their first homes. Affordability and limited supply are still constraints, but overall, housing is in a much better place than it was a year ago."

January's Median Sales Price of $256,000 - though 3.4% below December - was 8.9% higher than January 2019 and extended the string of year-over-year price increases to 13 months.

In the nearly 12-year history of the report, three January records were set or tied last month:

• Fewest Months Supply of Inventory: 3.1
• Fewest Days on Market: 59 (tied with January 2019)
• Highest Median Sales Price: $256,000

Closed Transactions 
Of the 54 metro areas surveyed in January 2020, the overall average number of home sales is down 26.9% compared to December 2019, and up 10.5% compared to January 2019.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +31.9%, Burlington, VT at +28.7%, and New Orleans, LA at +22.5%.

Median Sales Price – Median of 54 metro median prices
In January 2020, the median of all 54 metro Median Sales Prices was $256,000, down 3.4% from December 2019, and up 8.9% from January 2019. Only one metro area, Wichita, KS at -2.8%, saw a year-over-year decrease in Median Sales Price. Thirteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Trenton, NJ at +24.4%, Birmingham, AL at +18.6%, and Boise, ID at +16.6%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in January 2020 was 59, up six days from the average in December 2019, and equivalent to the average in January 2019. The metro areas with the lowest Days on Market were Nashville, TN at 34, Omaha, NE at 35, and a three-way tie between Birmingham, AL, Cincinnati, OH, and San Diego, CA at 43. The highest Days on Market averages were in Des Moines, IA at 107, Miami, FL at 105, and Augusta, ME at 93. 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 54 metro areas
The number of homes for sale in January 2020 was down 5.0% from December 2019 and down 15.6% from January 2019. Based on the rate of home sales in January 2020, the Months Supply of Inventory decreased to 3.1 compared to 3.6 in December 2019 and decreased compared to 4.5 in January 2019. A six months supply indicates a market balanced equally between buyers and sellers. In January 2020, of the 54 metro areas surveyed, seven metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the highest Months Supply of Inventory were Indianapolis, IN at 8.8, Miami, FL at 6.8, and Chicago, IL at 6.2. The markets with the lowest Months Supply of Inventory were Denver, CO at 1.2, San Francisco, CA at 1.3, and a four-way tie among Boise, ID, Charlotte, NC, Phoenix, AZ and Seattle, WA at 1.4.

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

DENVER – December posted a record finish to a year and a decade, with a year-over-year increase in home sales of 13.5% in the 54 metro areas covered by the report. That was the highest increase of any month in 2019, and the highest for the month of December since 2009.

Also posting a record for 2019 was the inventory decline of 14.5% year-over-year, accompanied by corresponding drops in Months Supply of Inventory – 3.3 vs. 4.8 a year earlier – and Days on Market – 54 compared to 55 a year ago.

“It was good to see the year-over-year spike in December home sales, indicating robust homebuyer interest,” said Adam Contos, CEO of RE/MAX Holdings, Inc. “The strong December capped a solid second half of 2019, with year-over-year sales increases in four of the final six months. The gains were largely attributable to low interest rates and high demand, and with those factors still in place, we expect sales to continue at a solid pace into the first part of this year.”

Year-over-year, sales were up five months in 2019, with the majority occurring in the back half of the year. Inventory, meanwhile, grew year-over-year in each of the first six months, then shrunk in each of the last six months.

The Median Sales Price of $266,000 was 11.1% higher than December 2018 and the highest year-over-year increase for any month of 2019.

Closed Transactions 
Of the 54 metro areas surveyed in December 2019, the overall average number of home sales is up 4.1% compared to November 2019, and up 13.5% compared to December 2018.  Leading the year-over-year sales percentage increase were Birmingham, AL at +34.3%, Burlington, VT at +26.7%, and Los Angeles, CA at +26.2%.

Median Sales Price – Median of 54 metro median prices
In December 2019, the median of all 54 metro Median Sales Prices was $266,000, up 3.8% from November 2019, and up 11.1% from December 2018. Only one metro area, Burlington, VT at -3.3%, saw a year-over-year decrease in Median Sales Price. Fourteen metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +19.9%, Trenton, NJ at +19.1%, and Honolulu, HI at +15.3%.

Days on Market – Average of 54 metro areas

The average Days on Market for homes sold in December 2019 was 54, up five days from the average in November 2019, and down one day from the average in December 2018. The metro areas with the lowest Days on Market were Omaha, NE at 24, Nashville, TN at 31, and Cincinnati, OH at 34. The highest Days on Market averages were in Des Moines, IA at 110, and a tie between Augusta, ME and Hartford, CT at 89. 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 54 metro areas

The number of homes for sale in December 2019 was down 13.7% from November 2019 and down 14.5% from December 2018. Based on the rate of home sales in December 2019, the Months Supply of Inventory decreased to 3.3 compared to 3.5 in November 2019, and decreased compared to 4.8 in December 2018. A six months supply indicates a market balanced equally between buyers and sellers. In December 2019, of the 54 metro areas surveyed, two metro areas, Miami, FL at 8.9 and Augusta, ME at 6.4, 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 San Francisco, CA at 1.4, Salt Lake City, UT at 1.6, and Denver, CO at 1.7.

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

Sales and Prices Increase, Inventory Sharply Declines 

DENVER – Home sales, which lagged during the first part of 2019, continued their recent rebound with another strong month in October. October 2019 sales finished 3.9% higher than in October 2018. At the same time, inventory posted a steep 9.0% year-over-year decline across the report’s 54 metro areas, while the Median Sales Price of $254,800 set an October record.
 
“October continued a recent win streak for home sales, and the market is positioned much better than it was a year ago,” said RE/MAX Holdings CEO Adam Contos.  “Demand is strong, due in part to low interest rates, but buyers have limited options because inventory remains such a challenge. As a result, prices keep rising. Fortunately, key forecasts suggest an increase in new-homes moving onto the market next year, which would help address the inventory situation and potentially slow the steady price gains we’ve seen for so long.”
 
With May, July and September already in the positive column, October became the fourth month of the past six to post a year-over-year increase in sales, which hadn’t happened for nine months prior to May.
 
Meanwhile, inventory resumed the skid that has dominated the last decade. October’s year-over-year decline of 9.0% was the largest for any month since May 2018. The downturn resulted in October’s Months of Inventory dropping to 3.1 – the lowest October amount in the report’s 11-year history. The 49 Days on Market was the second-lowest figure for October in report history, trailing only 2018’s 48.
 
The Median Sales Price of $254,800 set an October record for the report and the 8.4% increase year over year was the highest for the month since 2013.
 
Closed Transactions 
Of the 54 metro areas surveyed in October 2019, the overall average number of home sales is up 0.4% compared to September 2019, and up 3.9% compared to October 2018. Leading the year-over-year sales percentage increase were Los Angeles, CA at +24.4%, Charlotte, NC at +19.1%, and Burlington, VT at +16.1%.
 
Median Sales Price – Median of 54 metro median prices
In October 2019, the median of all 54 metro Median Sales Prices was $254,800, up 0.1% from September 2019, and up 8.4% from October 2018. Three metro areas increased year-over-year by double-digit percentages: Trenton, NJ at +20.9%, Albuquerque, NM at +15.8%, and Boise, ID at +10.9%. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -2.6% and Burlington, VT at -0.8%.
 
Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in October 2019 was 49, up three days from the average in September 2019, and up one day from the average in October 2018. The metro areas with the lowest Days on Market were Omaha, NE at 21, Cincinnati, OH at 27, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 102, Augusta, ME at 96, and Miami, FL at 86. 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 54 metro areas
The number of homes for sale in October 2019 was down 5.5% from September 2019 and down 9.0% from October 2018. Based on the rate of home sales in October 2019, the Months Supply of Inventory decreased to 3.1 compared to 3.4 in September 2019 and decreased compared to 4.0 in October 2018. A six months supply indicates a market balanced equally between buyers and sellers. In October 2019, of the 54 metro areas surveyed, only Miami, FL at 6.9, 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 San Francisco, CA at 1.6 and a three-way tie among Denver, CO, Manchester, NH, and Phoenix, AZ at 1.8.

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

September Home Sales Post Highest Year-over-Year Gain in Nearly Three Years

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

Year-Over-Year Home Sales Slip 1.6% After Largest Inventory Decline in 13 Months

DENVER – August 2019 existing home sales slipped 1.6% from a year ago, despite buyer demand exceeding available housing supply, according to the RE/MAX National Housing Report. Following July’s year-over-year sales increase of 2.3%, the slight August decline marks the sixth month of 2019 that produced fewer sales than 2018.

Buyer demand outpaced homes listed for sale in August, causing the largest inventory decline in 13 months. An analysis of the report's 53 metro areas shows August inventory shrank 5.5% year-over-year, the largest drop since 7.8% in July 2018. August’s inventory contraction followed July’s year-over-year inventory decline of 1.5% after nine consecutive months of year-over-year inventory growth. Months Supply of Inventory decreased to 2.8 compared to 2.9 in July 2019 and eclipsed the previous August low in the report’s 11-year history.

“The modest inventory growth that started last fall has been swallowed up by demand as buyers have returned to the market, likely spurred on by attractive interest rates,” said RE/MAX CEO Adam Contos. “Home sales dipping at the same time inventory falls suggests there may have been some reluctance on the part of sellers to list their homes. Nevertheless, demand is again ahead of supply, extending the favorable seller’s market that has been in place for several years.”

Inventory has remained below four months in 39 of the last 42 months, dating back to March 2016. Six months is considered a market balanced between sellers and buyers. 

Homes moved quickly and August saw a year-over-year price increase of 5.7%, further evidence of buyer demand. The August Days on Market total of 44 represented the second-fastest pace of August home sales in the report’s history. The previous record was set last August, when homes sold in an average of 43 days.

August weighed in as the eighth consecutive month of year-over-year price growth as the Median Sales Price rose to $263,000. Going back to February 2012, prices have increased year over year in 89 of the past 91 months.

Despite the favorable conditions for sellers, there were still a few encouraging signs for buyers in the last of 2019’s peak months for home sales: 

While home prices typically decline from July to August, the decrease of 3.6% was the steepest drop-off in report history from July to August.

Despite August’s significant year-over-year inventory shrinkage, the seasonal decline in inventory from July-to-August of 3.9% is on par with the 3.7% average since the RE/MAX National Housing Report began in August 2008.

Closed Transactions

Of the 53 metro areas surveyed in August 2019, the overall average number of home sales is down

4.2% compared to July 2019, and down 1.6% compared to August 2018. Leading the month-over-month sales percentage decrease were Miami, FL at -13.5%, Dover, NH at -13.1%, and Washington, D.C. at -10.3%.

Median Sales Price – Median of 53 metro median prices

In August 2019, the median of all 53 metro Median Sales Prices was $263,000, down 3.6% from July 2019, and up 5.7% from August 2018. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -3.2% and Wichita, KS at -1.2%. Six metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Birmingham, AL at +13.2%, Milwaukee, WI at +11.3%, and Manchester, NH at +11.2%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in August 2019 was 44, up one day from the average in July 2019, and up one day from the August 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 19, Cincinnati, OH at 25, and Nashville, TN at 28. The highest Days on Market averages were in Des Moines, IA at 95, Miami, FL at 79, and Hartford, CT 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 53 metro areas

The number of homes for sale in August 2019 was down 3.9% from July 2019 and down 5.5% from August 2018. Based on the rate of home sales in August 2019, the Months Supply of Inventory was 2.8, a decrease compared to 2.9 in July 2019 and 3.5 in August 2018. A six months supply indicates a market balanced equally between buyers and sellers. In August 2019, of the 53 metro areas surveyed, only Miami, FL, at 6.9, 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 Phoenix, AZ and Manchester, NH, both at 1.5.

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