RE/MAX National Housing Report for November 2018

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Extremely Low Inventory Improves as Sales Drop for Fourth Month

 

Years of shrinking inventory gave way in November to a second consecutive month of year-over-year growth in the number of homes for sale, according to the RE/MAX National Housing Report. The apparent reason: Home sales declined for the fourth consecutive month when compared to the same months in 2017. Even so, home prices remained strong.


Across the 53 metro areas surveyed, inventory rose 3.0% – the highest monthly year-over-year gain in the 10-year history of the report, following October’s 1.0% increase that ended a streak of 119 months of year-over-year declines dating back to November 2008. The Months Supply of Inventory rose to 3.9, the highest for any month since 4.2 in December 2016.

November home sales, meanwhile, declined 6.9%, which was the second-largest year-over-year decline of 2018 and the biggest year-over-year sales decline for November in five years. This year only April and July sales exceeded 2017 totals for the corresponding months.

“The road to market normalization can be bumpy,” said RE/MAX CEO Adam Contos. “It’s good to see the small uptick in inventory, and the drop in November sales isn’t too surprising – given the recent trends, the mid-term elections, and the earlier-than-usual Thanksgiving holiday. As we near year-end, three main themes appear clear – buyers are grappling with affordability issues and tight inventory; sellers are unsure how to react to the cooling market; and homes priced properly are still selling rather quickly. All three underscore the fact that the guidance of a professional agent is even more critical in times like these.”

November’s Median Sales Price of $235,000 was 4.0% higher than November 2017 and was the highest November price in the report’s history. It marked the 32nd consecutive month of yearover-year price increases. Comparing the first 11 months of 2018 to 2017, home prices are up 6.0%.

Even with declining sales, homes sold at record speed for November. Homes spent an average of 51 Days on Market, compared to the previous November low of 54 days set last year.

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 2018

Inventory is up. Sales decline. Could the market be balancing?

 

I hope your holiday season is off to a great start and full of laughter and fun. Those of you wishing for a more balanced housing market might be slowly getting what you’re looking for according to the RE/MAX National Housing Report.

 

Here are three key takeaways from this month’s report:

 

1.) Year-Over-Year home sales dropped 4.6% in October - that’s the third month in a row.

2.) Inventory increased for the first time in a decade according to the housing report.

3.) Sales prices in October were one of the lowest increases in 2018.

 

You can read the full report here.

 

All of this points to better news for buyers this holiday season as the “market moves towards equilibrium” according to Adam Contos, CEO of RE/MAX. If you have a moved planned for the holiday season or want to start preparing for a move in 2019, I’d be happy to meet with you to talk about what you can do now to help begin the process.

 

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. 

 

I hope you have a wonderful holiday season. Jimmy Millhollin

 

 

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RE/MAX National Housing Report for September 2018

Like the falling leaves of trees, September saw a tumble in year-over-year home sales according to the RE/MAX National Housing Report.

Here are three key takeaways from September’s Report.


1.) September sales dropped 11.6% year-over-year.
2.) Median sale prices rose to $241,000. That’s an increase for the 30th month in a row.
3.) Active inventory dropped 4.7% from September 2017. That’s the 119th month in a row to see fewer homes on the market.

The drop in sales drop does suggest that the market is rebalancing as buyers and sellers are processing higher interest rates. Prices are still high most likely because of the lack of homes that are on the market.  

Of course, these numbers represent a national sample. If you’re thinking about a transition or just interested in finding out what all of this means for the value of your property,  I’d be happy to talk to you about our local market.

 

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 August 2018

Home Sales Decline 1% as Inventory, Prices Level Out

 

The RE/MAX National Housing Report for August 2018 shows increasing home prices, low inventory and a reduction in days on market. These combined factors made August 2018 the sixth time this year that home sales lagged behind last year’s pace—but only slightly at -1.1%. To access the housing report infographic, visit: https://rem.ax/2phKHWT

 

Home prices rose by 3.7% over August 2017, much lower than the year-over-year price increase of 5.4% from August 2016 to August 2017. In fact, the past three months of 2018 have trailed 2017’s rate of price growth year-over-year—compare that to four of the first five months of 2018 when year-over-year price increases easily topped those posted in 2017.

 

The Median Sales Price of $248,500 marked the 29th consecutive month of year-over-year price increases.

 

Even though active inventory dropped for the 118th consecutive month, the decline of 5.4% from August 2017 marked the smallest year-over-year decrease since August 2014. In addition, the August 2018 inventory drop marked the fourth consecutive month in 2018 to post single-digit percent declines, rather than the double-digit monthly drops consistently seen in early 2018 and over the previous three years.

 

“It varies by market, but we’re hearing that buyers are being more selective and sellers are becoming more pragmatic,” said RE/MAX CEO Adam Contos. “That dynamic could bring inventory levels up, especially in the most overheated markets, where we expect to see the clearest signs of equilibrium returning. The economy is strong and potential buyers are out there—they just need more listings, at the right price points, to consider. We believe that balance will return, which will be good for everyone in the long run. It’s just a matter of when.” 

 

Contos added that although the lack of inventory continues to be a challenge, the trends suggest that the market finally appears to be rebalancing. “The moderation we are experiencing seems to be a bit more than the normal seasonal lull we’d expect this time of year,” said Contos.

 

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 Flagstaff Realtors Earn NAR’s Military Relocation Professional Certification!

 

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Annette Gardinal & Demi Bentley with RE/MAX Flagstaff have been awarded the nationally recognized Military Relocation Professional Certification. The National Association of Realtors® awards the MRP certification to Realtors® who help military personnel, veterans and their families find housing that lets them make the best use of their benefits and serves the unique needs of military life.

When military staff and their families relocate, the services of a real estate professional who understands their needs and timetables can make the transfer easier, faster and less stressful. Realtors® who earn this certification know to work with active duty military buyers and sellers, as well as veterans.

“Service members may only have a couple of days to view properties and make an offer, and others might be deployed at the time and need someone who can represent them while they’re away. Working with a Realtor® who understands the singular complications that arise with military service can help make the home buying process simpler, faster and less stressful,” said National Association of Realtors® President Tom Salomone, broker-owner of Real Estate II Inc. in Coral Springs, Florida. “The MRP certification lets home buyers and sellers know that a Realtor® knows the ins and outs of military housing benefits, such as zero-down payment loans, and the specific needs service members and veterans have when searching for their new home.”

The certification provides NAR’s members with resources to accommodate current and former military service members at any stage of their military career and is an approved elective for NAR’s Accredited Buyers Representative designation. To earn the MRP certification, Realtors must be in good standing with NAR; complete the MRP Certification Core Course; complete a reading providing background information on the military, included acronyms and understanding military culture; and complete two webinars.

For more information about the MRP certification, visit www.militaryrelocationpro.org

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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