RE/MAX National Housing Report for November 2019

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Tight Inventory Accelerates Sales, Pushes Up Median Sales Price

A fifth straight month of shrinking inventory year-over-year triggered several November records in the 11-year history of the RE/MAX National Housing Report: fewest Days on Market at 49, fewest Months Supply of Inventory at 3.3, and the highest Median Sales Price at $257,000.

In the 54 metro areas covered by the report, November home sales overall averaged 1.0% below November 2018 following significant year-over-year increases in September and October. Thus far, four months of 2019 posted year-over-year sales increases and seven, including November, have seen declines. Three of the monthly declines, however, were less than 2% below 2018 sales levels.

As inventory dropped 13.3% from November 2018, it took an average of 49 days to sell a home last month, compared to 51 days a year ago. The 3.3 months of inventory represented a sharp drop from 4.4 months a year ago.

“We continue to see favorable economic conditions and solid demand, but buyers coming into the market are being met with a progressively constrained supply of homes for sale,” said RE/MAX CEO Adam Contos. “This has helped accelerate the pace of sales and push up prices, two factors that favor sellers. As we approach 2020, it seems likely that inventory will be the market’s main throttle next year – if more homes come on the market, sales should benefit; if that doesn’t happen, sales may be challenged. Buyers are out there and ready to go; we just need more listings to meet the demand.”

The November Median Sales Price of $257,000 marked a 7.9% year-over-year increase. It was the third-highest year-over-year increase thus far in 2019.  While prices declined month-to-month from June through September, price appreciation began to accelerate in October and the November Median Sales Price topped October by 0.7%. November prices have topped October’s for nine consecutive years, dating back to 2011.

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

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RE/MAX National Housing Report for October 2019

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Sales and Prices Increase, Inventory Sharply Declines 

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.

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

https://www.remax.com/newsroom/press-releases/remax-national-housing-report-for-october-2019.htm

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RE/MAX Ranked a Top 15 Franchise for Seventh Consecutive Year

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For the seventh straight year, RE/MAX, LLC, the #1 name in real estate*, was recognized as a top 15 franchise brand and the leading real estate franchise brand for the 11th year in a row in the 2019 Franchise Times Top 200+® survey.
 
“This past year, RE/MAX has doubled down on technological advancements, corporate innovation and service enhancements to further support and empower our network of highly productive agents,” said RE/MAX CEO Adam Contos. “Recognition in annual surveys and industry rankings is a testament to our brand and business initiatives living up to our commitment to be a business that builds businesses.”
 
Highlights of this year’s ranking include:
 
RE/MAX ranked the #1 real estate franchise brand

The top 15 overall standings include #1 McDonald’s, #2 7-Eleven, #3 KFC, #4 Burger King, #5 Ace Hardware, #6 Subway, #7 Domino’s, #8 Pizza Hut, #9 Marriott Hotels & Resorts, #10 Taco Bell, #11 Wendy’s, #12 Chick-fil-A, #13 Hilton Hotels & Resorts, #14 Circle K and #15 RE/MAX.

The Franchise Times Top 200+ is an annual ranking of the 500 largest franchise systems in the United States by global systemwide sales, based on the previous year’s performance. Systemwide sales is defined as the total sales for both franchise and company units. According to the 2019 survey, the top 200 added $26.9 billion in sales in 2018. The ranking methodology and full report are available at franchisetimes.com.
 
Earlier this year, Entrepreneur magazine ranked RE/MAX, LLC as the leading real estate franchise in the 2019 Franchise 500®. RE/MAX has been the top real estate franchise in the annual survey for seven consecutive years.

Recent national surveys demonstrate the high productivity of the RE/MAX network. RE/MAX is home to more of “America’s Best” real estate agents according to the 2019 REAL Trends + Tom Ferry “America’s Best Real Estate Professionals” rankings. RE/MAX also had more of the nation’s elite agents with the most homes sold according to the 14th Annual REAL Trends “The Thousand” rankings released this past June. 

RE/MAX is in more countries and territories than any other real estate brand. From a single office that opened in 1973 in Denver, Colorado, RE/MAX has grown into a global real estate network with more than 125,000 sales associates in more than 110 countries and territories.

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

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RE/MAX National Housing Report for September 2019

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

While signaling the end of 2019’s peak selling season, September home sales rose 8.1% year-over-year – the largest year-over-year increase since November 2016. Home purchases increased in 47 of the report’s 54 markets, forcing already tight inventory totals to drop 6.1% year-over-year for the biggest decline in over a year.

The year-over-year increase in September 2019 sales was the largest September increase since 2013. This was accompanied by an August-to-September decline of 17.0%, which – while larger than average – was significantly less than the month-to-month drop of 24.4% in September 2018, when sales sharply declined amid an uncertain interest rate environment.

September 2019 marked the third consecutive month of year-over-year inventory decline. That reversed the strongest 9-month-stretch of year-over-year inventory growth – from October 2018 to June 2019 – in report history. Meanwhile, the August-to-September seasonal inventory decline of 1.5% was less than the August-to-September 5-year average drop of 2.3%.

“It was encouraging to see the improvement in September home sales, especially given how tough last September’s results were,” said RE/MAX Holdings CEO Adam Contos. “The market still poses some challenges for buyers – framed by rising prices and shrinking inventory – but we’re moving into the fourth quarter on much better footing than we had a year ago. As we begin to lap the end of last year and its persistent sales declines, the housing market’s momentum increases the chances of seeing more months of strong year-over-year gains in sales.”

September’s Median Sales Price of $254,500 was a year-over-year increase of 4.5%, which is in line with the year-over-year average gain of 4.9% for 2019’s first nine months.

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

 

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Demand for Housing Increases in August 2019

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According to the August 2019 RE/MAX National Housing Report, buyer demand continues to exceed available housing supply, extending the favorable seller’s market that has been in place for years. While sellers have had the upper hand in negotiations in recent years with constricted inventory remaining nationally, more buyers entering the housing market could increase momentum.

“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,” added Contos.

The last of 2019’s peak months for home sales also prompted encouraging signs for buyers with a steep decline in Median Sales Price from July 2019 to August 2019. Despite concerns over low inventory, the seasonal decline in inventory from July 2019 to August 2019 is on par with the national average since RE/MAX began releasing the RE/MAX National Housing Report over 10 years ago.

Here are some highlights of the latest data found in the RE/MAX National Housing Report:

Home sales took a dip.

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%.

2. Home prices became increasingly more affordable.

In August 2019, the median of all 53 metro Median Sales Prices was $263,000, down 3.6% from July 2019 and marking the steepest drop-off in report history from July to August.

3. The number of homes for sale declined.

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.

At RE/MAX Flagstaff, our dedicated REALTORS® are driven to serve you and are committed to success. Please let us know how we can assist you with your real estate needs. Call us at (386) 246-8585.

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