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."
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.
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.
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.
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SOURCE RE/MAX, LLC