May 2018 RE/MAX National Housing Report

May 2018 RE/MAX National Housing Report

Homes sold faster in May than at virtually any other time in the past decade, according to the latest RE/MAX National Housing Report. Low inventory and high demand in May cut Days on Market to 46, the second-lowest monthly number in the nearly 10-year history of the report.

May home sales topped April sales by 14.5 percent, and were down by 2.8 percent from May 2017. The median sales price of $251,673 was up 7.8%. To access the housing report infographic, visit: https://rem.ax/2phKHWT.  By comparison, homes averaged five more days on the market (51) in May 2017, 12 more days (58) in May 2016 and 18 more days (64) in 2015.

“Even with low inventory and the Federal Reserve raising interest rates, homes are going from ‘for sale’ to sold 28 percent faster than three years ago,” said RE/MAX CEO Adam Contos. “Be prepared — that’s my message to potential homebuyers in this summer selling season,” added Contos. “Make sure you are pre-approved with a lender, try to make a clean offer with no contingencies and, if possible, consider offering favorable concessions to the seller such as a flexible closing date. Pairing today’s real estate technology with the guidance of a professional RE/MAX agent, can help you find the right home.”

With eleven metro areas increasing the median sales price year-over-year by double digits, May is still a seller’s market, and homebuyers should expect to compete with other buyers when they are ready to make an offer on a home. The average Days on Market for homes sold in May 2018 was 46, down six days from the average in April 2018, and down five days from the May 2017 average. The number of homes for sale in May 2018 was up 4 percent from April 2018, and down 9.5 percent from May 2017.

Based on the rate of home sales in May, the Months Supply of Inventory remained unchanged from April 2018 at 2.5, and slightly decreased compared to 2.6 in May 2017. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In May 2018, all 54 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market.

Want to know more about the current real estate market? Click here to download your copy of the May2018 RE/MAX National Housing Report. If you are ready to sell your Phoenix home or thinking about buying a Phoenix home, please contact The Voss Team today.

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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April 2018 RE/MAX National Housing Report

April 2018 RE/MAX National Housing Report

april 2018 national housing reportAccording to the April 2018 RE/MAX National Housing Report, home prices continued to climb year-over-year for the twenty-fourth consecutive month in March, while home sales continued to decline for a fourth consecutive month, making it a seller’s market in most regions of the country.

When the Months Supply of Inventory falls below six months, it’s a seller’s market, and all fifty-four metro areas surveyed for the monthly housing reported under six months of inventory. Of the fifty-four metro areas surveyed in March 2018, the overall average number of home sales increased +36.6 percent compared to February 2018 and decreased -5.3 percent compared to March 2017. In March 2018, the median of all fifty-four metro Median Sales Prices was $236,000, up +3.2 percent from February 2018 and up +4.9 percent from March 2017.

“Homebuyers shouldn’t be discouraged by the record-breaking numbers — even with higher prices and closed transactions, this March marks the second-highest in sales in the history of the RE/MAX National Housing Report,” said RE/MAX CEO Adam Contos. “It’s more important than ever to work with an experienced RE/MAX agent who is invested and involved in their community. They are dialed into the nuances of a neighborhood, making your home search or sale easier and quicker. We also look at the Days on Market as another indicator of tight inventory and the national average stands at 60 days. That’s four days less than a year ago and another March record-breaker.”

The average Days on Market for homes sold in March 2018 was sixty, down two days from the average in February 2018, and down four days from the March 2017 average. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Want to know more about the current real estate market trends? Click here  to download your copy of the April 2018 RE/MAX National Housing Report. If you are looking to sell your Phoenix home or are ready to buy a home in Phoenix this spring, please contact The Voss Team today.

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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Speed of Winter Home Sales Felt More Like Spring Selling Season

Speed of  Winter Home Sales Felt More Like Spring Selling Season

Speed of January Sales Felt More Like Spring Selling SeasonDespite home sales being down 2.8 percent year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere sixty days last month, marking the fewest Days on Market of any January in the nine-year history of the report. The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin.

Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter. The number of homes for sale in January 2018 was down 4.8 percent from December 2017, and down 14.8 percent from January 2017. Based on the rate of home sales in December, the Months Supply of Inventory decreased to 3.4 from December 2017 at 3.7, as well as decreased compared to January 2017 at 3.8.

A 6.0-months supply indicates a market balanced equally between buyers and sellers. In January 2018, 49 of the 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The Median Sales Price of $224,000 also set a January record — up 6.7 percent year-over-year. Out of fifty-three markets, fifty-one posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.

“We recently saw the groundhog predict six more weeks of winter, but January housing numbers are telling a different story,” said RE/MAX CEO Adam Contos. “It looks like the spring selling season may have arrived early because home buyers are not slowing down. The speed of this market is on pace with what we saw in the prime of the 2017 selling season.”

Want to know more about real estate market trends? Click here to download a copy of the February 2018 RE/MAX National Housing Report. If you are looking to sell your Phoenix home or are ready to buy a Phoenix home, please contact The Voss Team today. The Voss Team has the reputation, experience and local knowledge you need to find the right property, or successfully sell a property for top-dollar. Please feel free to browse our website or let us guide you every step of the way, by calling or e-mailing to set up an appointment today!

Roberta Voss

The Voss Team

(602)-697-0730

7111 West Bell Road Ste 101

Glendale, Arizona 85308

thevossteam.com

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