DENVER, Feb. 17, 2017 /PRNewswire/ -- With the
tug-of-war between rising home sales and shrinking inventory
intensifying, January set records for the RE/MAX National Housing
Report. Last month topped all other Januarys in the report's
nine-year history with the most sales, highest sales price and
fewest days on market.
In the 53 metro areas surveyed, total sales were up 4.5% over
January 2016, which was previously
the January with the most sales. The Median Sales Price of
$208,500 was up 4.3% and marked the
10th consecutive month of year-over-year price increases.
The new January low of 66 Days on Market underscores the fact
that inventory has declined year-over-year for 99 consecutive
months dating back to October 2008.
For this month's housing report infographic,
visit rem.ax/2cYFT50.
"January may have set the tone for the coming home-buying
season with homes selling faster and at higher prices,"
said Dave Liniger, RE/MAX CEO,
Chairman of the Board and Co-Founder. "Home-buyer
demand is strong, and not enough sellers are listing to keep up
with the demand, despite rising prices. At any rate, the beginning
of 2017 continued the strong pace of 2016."
Closed Transactions
Of the 53 metro areas surveyed in January
2017, the overall average number of home sales increased
4.5% compared to January 2016. Over
two-thirds of the 53 metro areas experienced an increase in sales
year-over-year, with 12 experiencing double-digit increases.
The markets with the largest increase in sales included
Hartford, CT +21.6%, Seattle, WA +19.3%, Honolulu, HI +18.4%, Providence, RI +18.3% and Charlotte, NC +18.1%.
Median Sales Price – Median of 53 metro median prices
In January 2017, the median of all
53 metro Median Sales Prices was $208,500, down 3.0% from December 2016 but up 4.3% from January 2016. Only five metro areas saw
year-over-year decreases or remained unchanged, with 10 rising by
double-digit percentages. The largest double-digit increases were
seen in Billings, MT +15.2%,
Dallas/Ft. Worth, TX +14.1%,
Birmingham, AL +13.7%,
Cleveland, OH +13.6% and
Portland, OR +13.2%.
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in January 2017 was 66, up four days from the
average in December 2016, but down
five days from the January 2016
average. The three metro areas with the lowest Days on Market were
Omaha, NE at 38 and Denver, CO and San
Francisco, CA both at 39. The highest Days on Market
averages were in Augusta, ME at
141 and Chicago, IL at 99. 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 January
2017 was down 4.3% from December
2016, and down 16.9% from January
2016. Based on the rate of home sales in January, the Months
Supply of Inventory was 3.8, compared to December 2016 at 4.2 and January 2016 at 4.6. A 6.0-month supply indicates
a market balanced equally between buyers and sellers. In December,
46 of the 53 metro areas surveyed reported a months supply of less
than 6.0, which is typically considered a seller's market. The
remaining seven 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
Denver, CO and Seattle, WA at 1.2 and San Francisco, CA at 1.4.
About the RE/MAX Network:
RE/MAX was founded in 1973 by Dave and
Gail Liniger, with an innovative, entrepreneurial culture
affording its agents and franchisees the flexibility to operate
their businesses with great independence. Over 110,000 agents
provide RE/MAX a global reach of more than 100 countries and
territories. Nobody sells more real estate than RE/MAX, when
measured by residential transaction sides. RE/MAX, LLC, one of the
world's leading franchisors of real estate brokerage services, is a
wholly-owned subsidiary of RMCO, LLC, which is controlled and
managed by RE/MAX Holdings, Inc. (NYSE: RMAX). With a passion for
the communities in which its agents live and work, RE/MAX is proud
to have raised more than $150 million
for Children's Miracle Network Hospitals® and other
charities. For more information about RE/MAX, to search home
listings or find an agent in your community, please
visit www.remax.com. For the latest news about RE/MAX, please
visit www.remax.com/newsroom.
Description
The RE/MAX National Housing Report is distributed each month on
or about the 15th. The first Report was distributed in
August 2008. The Report is based on MLS data in approximately
53 metropolitan areas, includes all residential property types, and
is not annualized. For maximum representation, many of the
largest metro areas in the country are represented, and an attempt
is made to include at least one metro from each state. Metro area
definitions include the specific counties established by the U.S.
Government's Office of Management and Budget, with some
exceptions.
Definitions
Transactions are the total number of closed residential
transactions during the given month. Months Supply of
Inventory is the total number of residential properties listed for
sale at the end of the month (current inventory) divided by the
number of sales contracts signed (pended) during the
month. Where "pended" data is unavailable, this calculation is
made using closed transactions. Days on Market is the number of
days that pass from the time a property is listed until the
property goes under contract for all residential properties sold
during the month. Median Sales Price is the median of the
median sales prices in each of the metro areas included in the
survey.
MLS data is provided by contracted data aggregators, RE/MAX
brokerages and regional offices. While MLS data is believed to be
accurate, it cannot be guaranteed. MLS data is constantly
being updated, making any analysis a snapshot at a particular time.
Every month the RE/MAX National Housing Report re-calculates the
previous period's data to ensure accuracy over time. All raw data
remains the intellectual property of each local MLS
organization.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/home-sales-in-january-set-record-pace-300409586.html
SOURCE RE/MAX, LLC