Real Estate Information Archive

Red Hot Market Cools Slightly, Stabilizing Prices

DENVER — The typical May ramp-up in home sales didn’t happen last month, as sales dipped 0.2% from April and home prices were uncharacteristically flat in the report's 53 metro areas.

Also defying seasonal trends was a 7.1% drop in listed homes at a time of year when active inventory is normally building for peak summer sales months. But two other metrics confirm that the frenzied sellers market marches on: Months Supply of Inventory dropped to 1.1 months and homes changed hands in a mere 28 days. Both are records in the 13-year history of the report.

“The first small step toward a more balanced market may have appeared in May, as home prices finally stabilized after a long run of sustained increases. At the same time, cooling sales defied typical April-May trends and report records were set for low inventory and fast turnaround times,” said Nick Bailey, President, RE/MAX, LLC.

With year-over-year comparisons heavily skewed by the pandemic, April-to-May averages for 2015-2019 show what is typical:

• While May 2021 home sales declined 0.2% month over month, 13.9% is the 2015-2019 average gain from April to May. Year over year, sales were up 53.4%.
• May’s Median Sales Price of $320,000 was the same as April’s, compared to the typical April-to-May increase of 3.2%. Year over year, May’s price is 17.0% higher than May 2020’s $273,498.
• Instead of the 7.1% decline from April to May, inventory typically grows by 1.8%. Year over year, inventory was down 43.0%.

Bailey continued: “May had a little something for everyone – with buyers finally getting a break on prices, sellers benefiting from a lack of competitive inventory, and both sides served by speedier listing-to-contract periods. The market still tilts mainly toward sellers, but we could be seeing the first signs of a return to more balance after the hottest stretch of sales in years. Ultimately, that would be good for both buyers and sellers.”

May’s average Days on Market from listing to going under contract of 28 shaved four days off of April and represented a faster sale by 18 days compared to May 2020.

May’s 1.1 Months Supply of Inventory compares to 1.3 in April, and 2.9 in May 2020.

Highlights and the local markets leading various metrics for May include:

Closed Transactions 
Of the 53 metro areas surveyed in May 2021, the overall average number of home sales is down 0.2% compared to April 2021, and up 53.4% compared to May 2020.  Leading the year-over-year sales percentage increase were Detroit, MI at +136.6%, San Francisco, CA at +135.7%, and Miami, FL at +131.8%.

Median Sales Price – Median of 53 metro median prices
In May 2021, the median of all 53 metro Median Sales Prices was $320,000, flat to April 2021 and up 17.0% from May 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Fifty metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +40.7%, Augusta, ME at +37.8%, and Phoenix, AZ at +32.9%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in May 2021 was 28, down four days from the average in April 2021, and down 18 days from the average in May 2020. The metro areas with the lowest Days on Market included a four-way tie between Boise, ID, Seattle, WA, Omaha, NE, and Nashville, TN at 12. The highest Days on Market averages were in Miami, FL at 85, Des Moines, IA at 83, and New York, NY at 79. 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 May 2021 was down 7.1% from April 2021 and down 43.0% from May 2020. Based on the rate of home sales in May 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.3 in April 2021, and decreased compared to 2.9 in May 2020. A six months supply indicates a market balanced equally between buyers and sellers. In May 2021, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory were a four-way tie between Albuquerque, NM, Raleigh-Durham, NC, Denver, CO, and Seattle, WA at 0.4.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Homes Sell at Record Speed as Median Price Reaches All-Time High

DENVER, May 17, 2021 /PRNewswire/ -- On average, April home sales took just 32 days from listing to going under contract, while the Median Sales Price rose to $320,000 – both new records in the 13-year history of the report. These stats, and other key indicators, including a report record April for sales, signal a potentially torrid market going into the traditional peak sales months of May through August.

April home sales in the report's 53 metro areas were up 5.3% over March, slightly topping the five-year March-to-April average gain of 5.0% from 2015-2019. In contrast, home sales in 2020 dropped 13.7% from March to April as pandemic-related stay-at-home orders were in effect in many states.

Limited inventory remains a primary issue. However, with more homes coming onto the market in April, recent double-digit, month-to-month declines in active inventory dropped to just 2.4% from March to April. Still, year over year, inventory was down 42.2%. Additional context:

• Months Supply of Inventory reached a record low of 1.1, compared to the previous report record of 1.3 in March.
• Home sales were the highest for April in report history and marked the 10th highest month in the past 13 years.
• April's record low of 32 Days on Market trimmed four days off the previous report record of 36 days set in November 2020 – a significant change from April 2020's 46 days.
• The Median Sale Price jumped 5.9% over March and was the highest month-to-month increase since 6.2% from May to June 2019.

"Even with rising home prices, super-quick turnarounds, and fierce competition for available listings, April 2021 saw more home sales than any April in at least 13 years. That's a clear reflection of overwhelming demand and the resilience of today's buyers," said Adam Contos, CEO of RE/MAX Holdings, Inc. "The 32 Days on Market average – a report record – is noteworthy, too. Many listings are being snapped up the day they go on sale – or within just a few days. That pace underscores the importance of an experienced professional who can guide you to smart decisions and quick action – on either side of the transaction."

Although year-over-year comparisons are heavily distorted by the pandemic mitigation measures of 2020, highlights and the local markets leading various metrics for April include:

Closed Transactions 
Of the 53 metro areas surveyed in April 2021, the overall average number of home sales was up 5.3% compared to March 2021, and up 45.2% compared to April 2020. Coastal metros led year-over-year sales percentage increases with San Francisco, CA at +121.0%, New York, NY at +112.2%, and Miami, FL +111.9%.

Median Sales Price – Median of 53 metro median prices
In April 2021, the median of all 53 metro Median Sales Prices was $320,000, up 5.9% from March 2021 and up 16.4% from April 2020. No metro areas saw a year-over-year decrease in Median Sales Price. Forty-two metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +35.3%, Augusta, ME at +27.7%, and Los Angeles, CA at +25.2%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in April 2021 was 32, down six days from the average in March 2021 and down 14 days from the average in April 2020. The metro areas with the lowest Days on Market were Wichita, KS at 12, Omaha, NE at 13, and a three-way tie between Salt Lake City, UT, Boise, ID, and Seattle, WA at 14. The highest Days on Market averages were in Des Moines, IA at 91, Miami, FL at 88, and New York, NY at 83. 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 April 2021 was down 1.0% from March 2021 and down 42.2% from April 2020. Based on the rate of home sales in April 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.3 in March 2021, and decreased compared to 4.0 in April 2020. A six months supply indicates a market balanced equally between buyers and sellers. In April 2021, of the 53 metro areas surveyed, zero metro areas reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Albuquerque, NM at 0.4, and a four-way tie between Raleigh-Durham, NC, Manchester, NH, Denver, CO, and Seattle, WA at 0.5.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Median Home Price Tops $300,000 as Speed of Sales Shrinks Inventory

DENVER, April 19, 2021 /PRNewswire/ -- March home sales jumped by one-third over February's total as demand from hordes of eager homebuyers pushed the Median Sales Price above $300,000 for the first time in the 13-year history of the report. Meanwhile, the pace of sales accelerated – to the fastest rate on record for the month of March – dropping an already strained housing inventory to nearly half of what it was a year ago.

"It's definitely a seller's market right now, and homes are selling at a feverish pitch, further crimping this historically low inventory situation," said Adam Contos, CEO of RE/MAX Holdings, Inc. "On average, homes that sold last month had been on the market just 38 days, nearly three weeks less than the March average of 59 days from the past four years."

Although year-over-year comparisons are skewed by the start of pandemic restrictions in mid-March 2020, housing activity in the report's 53 markets nationwide last month hit several notable milestones and barely missed another, including:

• The Median Sales Price of $303,000 rose 4.5% above the previous report record of $290,050 in February – and was 14.3% higher year over year.
• Inventory dropped to a new report low for the ninth consecutive month and was 45.2% lower year over year.
• Average Months Supply of Inventory set a report record of 1.1, eclipsing the previous low of 1.6 months in February. The figure for March 2020 was 3.2 months of available supply.
• The average Days on Market of 38 was 16 days less than March 2020 and just two days more than the report record of 36 set last November. March was only the fifth month in report history with average Days on Market under 40. All five times have occurred in the past seven months.

Contos continued: "New listings are coming onto the market, but because houses are selling so fast, the inventory total can't keep pace. The result is a constantly thinner range of options for buyers to consider. In many markets, buyers have to race to make an offer – often over listing price – to get the house they want, and that competition creates an attractive environment for sellers. It's tricky on both sides of the equation, and RE/MAX agents are using their industry-leading experience to help buyers and sellers achieve the best outcome."

Highlights and the local markets leading various metrics for March include:

Closed Transactions 
In the 53 metro areas surveyed in March 2021, the overall average number of home sales were up 34.3% compared to February 2021, and up 15.0% compared to March 2020 when pandemic restrictions began. Leading the year-over-year sales percentage increase were New York, NY at 62.6%, San Francisco, CA at 37.9%, and Miami, FL at 36.9%.

Median Sales Price – Median of 53 metro median prices
In March 2021, the median of all 53 metro Median Sales Prices was $303,000, up 4.5% from February 2021, and up 14.3% from March 2020. One metro area, Honolulu, HI, saw a 4.7% decrease year-over-year in Median Sales Price. Thirty-nine metro areas increased year-over-year by double-digit percentages, led by Boise, ID at 31.9%, Augusta, ME at 21.6%, and Pittsburgh, PA at 20.8%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in March 2021 was 38, down four days from the average in February 2021, and down 16 days from the average in March 2020. The metro areas with the lowest Days on Market were Salt Lake City, UT at 16, and a two-way tie between Boise, ID and Seattle, WA at 17. The highest Days on Market averages were in Des Moines, IA at 94, Miami, FL at 90, and New York, NY at 84. 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 March 2021 was down 8.9% from February 2021 and down 45.2% from March 2020. Based on the rate of home sales in March 2021, the Months Supply of Inventory decreased to 1.1 compared to 1.7 in February 2021, and decreased compared to 3.2 in March 2020. A six-month supply indicates a market balanced equally between buyers and sellers. In March 2021, all 53 metro areas surveyed reported a months supply under six, which is typically considered a seller's market. The markets with the lowest Months Supply of Inventory were a four-way tie between Albuquerque, NM, Denver, CO, Boise, ID, and Seattle, WA at 0.4.

Prices Rise, Inventory Falls but Sales Stay High as Spring Approaches

DENVER, March 17, 2021 /PRNewswire/ -- The median home price reached $291,000 in February – the highest in the 13-year history of the report – while sales set a new high for the month and inventory continued to drop to record lows.

The record February home sales were up 5.7% year over year, but the increase over January was flat at 0.3%. The February-over-January average for the previous five years has been 5.4% in the ramp-up toward the seasonally higher sales of spring.

The Median Sales Price across the report's 53 metro areas topped the previous high of $290,000 reached in August and tied in October and December during last year's housing surge. In February of last year, the Median Sales Price was $260,000.

At the same time, February's Months Supply of Inventory was down 11.9% from January's and 42% year-over-year, as buyers continued to close on properties in greater numbers than sellers opted to list their homes. Inventory has declined month over month for 20 of the past 21 months.

"The shrinking inventory continued to fuel ongoing bidding wars, and our agents report some homes selling for well above listing price," said Adam Contos, CEO of RE/MAX Holdings, Inc. "It's a complicated, competitive market, with buyers having to act quickly and aggressively to get the home they want. Conditions seem to be keeping some potential sellers on the sidelines, but that could change if or when they see more move-up options on the market. With seasonality, still-low interest rates, and gains in new construction, we hope to see some relief in supply during the coming months. The expertise of a full-time, experienced real estate professional who can guide homebuyers and sellers through any environment has never been more valuable."

Amplifying the dearth of inventory, Months Supply of Inventory dropped to 1.6, which was lower than any previous month in report history and down from 3.4 in February 2020. Days on Market set a February record of 42 as homes sold on average 18 days faster than last February.

In all, five report records for February were rewritten: most home sales, highest price, lowest inventory, fewest Days on Market and fewest Months Supply of Inventory.

Highlights and the local markets leading various metrics for February 2021 include:

Closed Transactions 
Of the 53 metro areas surveyed in February 2021, the overall average number of home sales is up 0.3% compared to January 2021, and up 5.7% compared to February 2020.  Leading the year-over-year sales percentage increase were Augusta, ME at +39.7%, New York, NY at +28.6% and Honolulu, HI at +25.1%.

Median Sales Price – Median of 53 metro median prices
In February 2021, the median of all 53 metro Median Sales Prices was $291,000, up 2.1% from January 2021, and up 11.9% from February 2020. No metro area saw a year-over-year decrease in Median Sales Price. Forty-five metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +29.6%, Augusta, ME at +26.5% and Pittsburgh, PA at +25.8%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in February 2021 was 42, up two days from the average in January 2021, and down 18 days from the average in February 2020. The metro areas with the lowest Days on Market were Boise, ID at 17, Nashville, TN at 21 and Omaha, NE at 22. The highest Days on Market averages were in Des Moines, IA at 94, Miami, FL at 89 and Augusta, ME at 87. 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 February 2021 was down 11.9% from January 2021 and down 42.0% from February 2020. Based on the rate of home sales in February 2021, the Months Supply of Inventory decreased to 1.6 compared to 1.9 in January 2021, and decreased compared to 3.4 in February 2020. A six months supply indicates a market balanced equally between buyers and sellers. In February 2021, of the 53 metro areas surveyed, one metro area reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory included a three-way tie at 0.5 months among Albuquerque, NM, Denver, CO, and Boise, ID and a four-way tie at 0.6 between Raleigh-Durham, NC, Charlotte, NC, Phoenix, AZ and Seattle, WA.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Sales Approach Pre-COVID Rate of Increase While Inventory, Days on Market Dwindle

DENVER, Feb. 17, 2021 /PRNewswire/ -- Despite record low inventory, January home sales posted a 13.5% increase over a year ago. That followed four consecutive months of year-over-year sales increases of 19% to 22% on the heels of pandemic lockdowns.

January's year-over-year increase in homes sold represented a sizable gain from the year before and was in line with the pre-COVID months of December 2019 (13.5%) and January 2020 (10.5%).  

"January home sales started the year off with a bang despite the current shortage of homes for sale," said Adam Contos, CEO of RE/MAX Holdings, Inc. "January's year-over-year sales increase wasn't as pronounced as what we saw in the back half of 2020, but it was solid by any objective measure – and it signals that 2021 could be an historically good year for housing. Uncommonly low interest rates, the ascent of the millennial homeowner and the prospect of working from anywhere are converging to shape a housing market unlike any other. We could see mortgage rates begin to inch up soon, so now might be an ideal time for homebuyers and sellers to make their move and take advantage of the favorable conditions."

Although the growth in sales moderated a bit, other key metrics showed the aftereffects of housing's 2020 record-setting, second-half recovery:

• January inventory dipped to the lowest level of any time in the 13-year history of the report. The 35.7% drop year over year was also a report record and marked the fifth consecutive month of year-over-year inventory declines over 30%.
• Months Supply of Inventory totaled 1.7 months and equaled the report low set in July 2020 and then tied in August and October.
• The Median Sales Price of $285,000 was a record for the month of January and 11.8% higher than January 2020. It was just 1.7% below the report record of $290,000 set in August 2020 and then tied in October and December.
• Days on Market averaged 40 – a January record and nearly three weeks less than the 59 days of a year ago. The report record for fewest average Days on Market is 36 days, set in November 2020.

Highlights and the local markets leading various metrics for January 2021 include:

Closed Transactions 
Of the 53 metro areas surveyed in January 2021, the overall average number of home sales is down 32.1% compared to December 2020, and up 13.5% compared to January 2020.  Leading the year-over-year sales percentage increases were San Francisco, CA at +38.5%, Anchorage, AK at +31.7%, and Wilmington/Dover, DE at +30.9%.

Median Sales Price – Median of 53 metro median prices
In January 2021, the median of all 53 metro Median Sales Prices was $285,000, down 1.7% from December 2020, and up +11.8% from January 2020. No metro area saw a year-over-year decrease in Median Sales Price. Forty-five metro areas increased year-over-year by double-digit percentages, led by Boise, ID at +24.3%, Pittsburgh, PA at +21.3%, and Indianapolis, IN at +20.5%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in January 2021 was 40, up three days from the average in December 2020, and down 19 days from the average in January 2020. The metro areas with the lowest Days on Market were Omaha, NE at 18, Boise, ID at 19, and a two-way tie between Cincinnati, OH and Nashville, TN at 21. The highest Days on Market averages were in Des Moines, IA at 99, Miami, FL at 88, and Augusta, ME at 78. 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 2021 was down 12.1% from December 2020 and down 35.7% from January 2020. Based on the rate of home sales in January 2021, the Months Supply of Inventory decreased to 1.7 compared to 1.9 in December 2020, and decreased compared to 3.5 in January 2020. A six months supply indicates a market balanced equally between buyers and sellers. In January 2021, of the 53 metro areas surveyed, only one metro area, Indianapolis, IN at 9.8, reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a two-way tie between Albuquerque, NM and Boise, ID at 0.5, and a four-way tie between Phoenix, AZ, Denver, CO, Seattle, WA, and Salt Lake City, UT at 0.6.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Strong December Home Sales, Big Second Half of 2020 Set the Stage for Potentially Historic 2021

DENVER, Jan. 19, 2021 /PRNewswire/ -- December home sales increased 6.2% over November and 21.9% year-over-year, capping a record-breaking second half of 2020 that set new overall monthly benchmarks for most sales, highest price, lowest inventory and quickest closings.

Although December is typically a month with fewer sales, December 2020 ranked 5th in highest number of home sales for the year – and its sales exceeded all but two months of 2019.

"The very strong sales total in December – over 20% higher than a year earlier – reflects just how frenzied the market was as we entered 2021. And when you look at the entire last half of the year, you see sky-high demand for housing across the country," said Adam Contos, CEO of RE/MAX Holdings, Inc. "Buyers are dismissing the potential constraints of rising prices and limited inventory to boldly move ahead with their plans to purchase and own a home. We think that says a lot about the lasting appeal of homeownership.

"Many people want to own their home, not rent, and the low interest rate environment is helping them do it. We expect to see more sellers enter the market this year as they take advantage of the favorable conditions and the greater mobility of working remotely. That, along with gains in construction, would help create more options for buyers, leading to what could be a very big year for sales."

Down 17.9% from November 2020 and 33.0% from December 2019, December 2020 established a record low for inventory in the 13-year history of the report. It also set multiple new December records: 

• Average Days on Market of 37, over two weeks less than the 53 days a year ago.
• Median Sales Price of $290,000 – up 9.4% year-over-year.
• Months of Supply of Inventory at 1.8, which was less than half of December 2019's 3.9.

After the pandemic's initial impact on the housing market last spring and early summer, 2020 ultimately posted a number of highlights in the report's history:

• Home Sales: 5 of the top 10 months of sales since 2008 occurred in 2020 – July (the new record), August, September, October and December
• Inventory: 7 of the top 10 months with the lowest inventory; August through December became the five lowest months in report history, with each month's inventory lower than the previous month's  
• Days on Market: 5 of the top 10 months with the report's fewest Days on Market; September through December comprise the four months with the fastest average time for listing to sale
• Median Sales Price: 9 of the top 10 months with the highest Median Sales Price; at $290,000, August, November and December tied with the highest mark in report history

Highlights and the local markets leading various metrics for December 2020 include:

Closed Transactions 
Of the 53 metro areas surveyed in December 2020, the overall average number of home sales is up 6.2% compared to November 2020, and up 21.9% compared to December 2019.  Leading the year-over-year sales percentage increase were Los Angeles, CA at +42.7%, New York, NY at +40.6%, and Hartford, CT at +39.0%.

Median Sales Price – Median of 53 metro median prices
In December 2020, the median of all 53 metro Median Sales Prices was $290,000, flat from November 2020, and up 9.4% from December 2019. None of the metro areas saw a year-over-year decrease in Median Sales Price. Thirty-six metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +26.6%, Boise, ID at +23.8%, and Detroit, MI at +19.2%.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in December 2020 was 37, up one day from the average in November 2020 and down 16 days from the average in December 2019. The metro areas with the lowest Days on Market were Omaha, NE at 17, and a two-way tie between Boise, ID and Cincinnati, OH at 19. The highest Days on Market averages were in Des Moines, IA at 93, Miami, FL at 84, and New York, NY at 71. 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 December 2020 was down 17.9% from November 2020 and down 33.0% from December 2019. Based on the rate of home sales in December 2020, the Months Supply of Inventory decreased to 1.8 compared to 2.1 in November 2020 and decreased compared to 3.9 in December 2019. A six months supply indicates a market balanced equally between buyers and sellers. In December 2020, of the 53 metro areas surveyed, two metro areas, Miami, FL and Indianapolis, IN reported a months supply at or over six, which is typically considered a buyer's market. The markets with the lowest Months Supply of Inventory were a two-way tie between Albuquerque, NM and Boise, ID at 0.6, and Salt Lake City, UT at 0.7.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Monthly Home Sales Up Nearly 20 Percent from a Year Ago

DENVER, Dec. 17, 2020 /PRNewswire/ -- The housing market continued its extraordinary half-year run of high activity, with November 2020 home sales up almost 20% over November 2019 – establishing a new high for the month in the 13-year history of the report.

November did experience the normal seasonal decline from October, with home sales decreasing 14.5% month-to-month, but that drop was in line with the 12% average of the past five years. In fact, November 2020 broke several records for the RE/MAX National Housing Report, and inventory reached its lowest point since the report debuted in 2008.

In addition to Home Sales that eclipsed the previous high for November, set in 2017, new November records reflecting averages across 52 U.S. markets included:

• The Median Sales Price of $292,000 was up 13.8% from November 2019
• Days on Market was a mere 36 – down nearly two weeks from last year's 49
• Months Supply of Inventory totaled 1.8 – only slightly more than the report record low of 1.7 set in August

"The nearly 20% year-over-year gain in sales is another sign of the housing market's enduring strength and appeal. People are on the move, and we anticipate buyer demand staying high into next year," said Adam Contos, CEO of RE/MAX Holdings, Inc. "The low interest rate environment is driving opportunities for both buyers and sellers, so the upticks in price aren't slowing things down much at all. The primary headwind continues to be the severe lack of available inventory across the country."

"Eventually, generational factors, lifestyle choices and workplace flexibility should bring more sellers into the market, addressing the current imbalance. If that happens next year, 2021 could be one for the record books."

Home sales continued to far outnumber new listings. November was the fourth consecutive month of 2020 to set a new report record for fewest listings.

Highlights and the local markets leading various metrics include:

Closed Transactions 
Of the 52 metro areas surveyed in November 2020, the overall average number of home sales is up 19.7% compared to November 2019, and down 14.5% compared to October 2020.  Leading the year-over-year sales percentage increases were Little Rock, AR at +36.5%, Chicago, IL at +32.3%, and Hartford, CT at +30.6%.

Median Sales Price – Median of 52 metro median prices
In November 2020, the median of all 52 metro Median Sales Prices was $292,000, up 13.8% from November 2019 and down 1.0% from October 2020. No metro area saw a year-over-year decrease in Median Sales Price. Thirty-nine metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +26.4%, Tulsa, OK at +20.7%, and Boise, ID at +19.2%.

Days on Market – Average of 52 metro areas
The average Days on Market for homes sold in November 2020 was 36, down 13 days from the average in November 2019, and down one day from the average in October 2020. The metro areas with the lowest Days on Market were Omaha, NE at 16, Cincinnati, OH at 18, and Boise, ID at 19. The highest Days on Market averages were in Des Moines, IA at 91, Miami, FL at 83, and New York, NY at 74. 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 52 metro areas
The number of homes for sale in November 2020 was down 31.8% from November 2019 and down 13.3% from October 2020. Based on the rate of home sales in November 2020, the Months Supply of Inventory was flat at 1.8 compared to October 2020, and decreased compared to 3.7 in November 2019. In November 2020, of the 52 metro areas surveyed, only two metro areas reported a months supply at or over six, which is typically considered a buyer's market. Those markets were Miami, FL at 6.7 and Indianapolis, IN at 6.2. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.6, and a three-way tie among Albuquerque, NM, Denver, CO, and Manchester, NH at 0.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Albuquerque, N.M. — Early on in the pandemic, Sally Plunkett and her family were ready to get out of Portland, Oregon for a number of different reasons: the high cost of living, small living space, and a lot of COVID cases.

"After living in the city for a while, I kind of started having the yearning for more a more simple, slow life,” Plunkett said.

Their new beginning came down to two states: Idaho or New Mexico. Eventually, Plunkett decided New Mexico was the winner.

"The weather is pretty ideal because we found a place that almost perfectly fits our dream home, our dream location,” she said.

The pandemic has many others considering trading in their overcrowded, expensive, big city nightmare for a piece of southwest paradise.

According to a recent study from Business Insider and Hire A Helper, New Mexico was ranked second in the nation for having the most people move here during the pandemic. Idaho was No. 1.

Another study from USA Today ranked Albuquerque 14th on a list of the top 20 cities seeing a boom in new residents.

"It's been organized chaos,” said Linda Devlieg, a realtor.

Devlieg has been a realtor for the metro area for more than 25 years. She said the influx of new residents is setting records.

"We were used to a market where we had maybe two or three offers at one time and that was like, wow, that's amazing. To have 20 or 30 where you're just literally taking up your entire dining room table trying to examine all of them—I've absolutely never experienced that kind,” she said.

In the third quarter of 2020, home sales in the metro area topped $1.2 billion, which is a nearly 30 percent increase compared to this time last year.

In October, homes in the metro stayed on the market for an average of five days before going under contract,  and realtors sold 36% more metro homes last month than in October 2019.

"We went from an average, comfortable, seller's market to 'Oh my gosh, we don't have enough houses to sell.’ A  different level of house was selling quicker than it has before, the landscape changed like, overnight,” Devlieg said.

While most newcomers are charmed by the new, exciting parts of New Mexico they can see on the surface, there are some downsides.

"I think the way we get them to sink roots here is by putting our best foot forward from the very beginning,” said New Mexico Speaker of the House Brian Egolf.

Egolf  said the mad rush for New Mexico is on lawmakers’ radars.

"The Economic Development Department is doing a very good job bringing companies into New Mexico, but also supporting our homegrown talent,” he said. “We're finally starting to see spinoffs from the national laboratories stay here. We have some really incredible things happening with vaccine manufacturing and that's here in Santa Fe, you know, maybe in Albuquerque as well."

Egolf claimed that solutions are already in the pipeline to address the state’s biggest concerns, but they require money and Egolf said the state needs to start diversifying how we make it.

"We don't want to kind of take one industry, like oil and gas, it accounts for 40 percent of our state revenue and then replace it with something else that's 40 percent, right? We want to get 10, you know, 10 industries that would each contribute 4 percent,” he said.

Investing in industries like film, biotechnology, clean manufacturing and health care innovation are some sectors that Egolf and his colleagues see in the state’s future post-pandemic. Recreational marijuana money is also on the agenda for lawmakers.

"New people from different areas are going to have different demands, and so we want to make sure we're ready for that as well,” said Devlieg.

It’s important to remember, however, that what brought people like the Plunkett’s to New Mexico in the first place are things money can’t buy.

"Learning the history and the culture of this area because it is so rich,” Sally Plunkett said.

"Everything here is closer, easier, calmer,” Devlieg said.

"Our people, the ‘can-do’ spirit that is part of being a New Mexican, it's all here,” Egolf added.

If you are considering a move to Albuquerque, contact Pete Veres, Certified Residential Specialist and Accredited Buyers’ Representative at 505-362-2005.

Pete has lots of great information including Area Videos, market stats and a great relocation program/buyers guide. Call or text 505-362-2005.

Homes Sell at Fastest Pace in Over a Decade

DENVER, Nov. 17, 2020 /PRNewswire/ -- For the first time since 2009, homes sold faster in October than the preceding summer peak season, according to the RE/MAX National Housing Report. And across 52 markets, the average of 38 days from listing to contract marked the fastest pace of any month in the report's 13-year history.Defying seasonality in a year upended by the pandemic, October sales were the third-highest year-to-date. Home sales were slightly up compared to September 2020 (+0.1%), and 20.8% ahead of October 2019. The Median Sales Price of $295,000, which was 0.9% higher than September's median price and 15.4% higher year-over-year, set a report record for October.

"The housing market continued its remarkable run in October, driven by high demand and historically low interest rates. Buyers, many of them freed from the constraints of having to live close to work, are jumping into the market and looking for homes that have what they want – a home office, more outdoor space, or whatever else it might be," said Adam Contos, CEO of RE/MAX Holdings, Inc.

"The short turnaround times are telling, too. Buyers are ready to act as soon as they see the right home. Sellers who want to get through the process quickly, without having to move much on price, have a great opportunity to do so right now. That advantage should bring more listings into the market in the months ahead, but with inventory levels as low as they are, it will likely be a while before we see anything resembling a balanced market."

Reflecting an abundance of home buyers and a shortage of sellers, inventory fell 32.5% year-over-year to set another report record.

October's average Days on Market of 38 was one day less than September and down 11 days year-over-year. The average Months Supply of Inventory at 1.7 tied July and August for the smallest in report history, with a handful of markets reporting less than a one-month supply.

Highlights and the local markets leading various metrics include:

Closed Transactions 

Of the 52 metro areas surveyed in October 2020, the overall average number of home sales was up 0.1% compared to September 2020, and up 20.8% compared to October 2019.  Leading the year-over-year sales percentage increase were Hartford, CT at +41.3%, Wichita, KS at +33.9%, and Chicago, IL at +33.4%.

Median Sales Price – Median of 52 metro median prices

In October 2020, the median of all 52 metro Median Sales Prices was $295,000, up 0.9% from September 2020, and up 15.4% from October 2019. No metro area saw a year-over-year decrease in Median Sales Price. Forty-eight metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +29.1%, Tulsa, OK at +20.5%, and Cincinnati, OH at +20.4%.

Days on Market – Average of 52 metro areas

The average Days on Market for homes sold in October 2020 was 38, down one day from the average in September 2020, and down 11 days from the average in October 2019. The metro areas with the lowest Days on Market were Cincinnati, OH at 18, Boise, ID at 20, and Nashville, TN at 21. The highest Days on Market averages were in Miami, FL at 89, Des Moines, IA at 86, and New York, NY at 74. 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 52 metro areas

The number of homes for sale in October 2020 was down 7.6% from September 2020 and down 32.5% from October 2019. Based on the rate of home sales in October 2020, the Months Supply of Inventory decreased to 1.7 compared to 1.9 in September 2020, and decreased compared to 3.6 in October 2019. A six months supply indicates a market balanced equally between buyers and sellers. In October 2020, of the 52 metro areas surveyed, zero metro areas reported a months supply at or over six, which is historically considered a buyer's market. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.5, a two-way tie between Albuquerque, NM and Manchester, NH at 0.7, and a four-way tie between Phoenix, AZ, Charlotte, NC, Denver, CO, and Omaha, NE at 0.9.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005

Sales Surge by Over 20% as Homes Sell a Week Faster than a Year Ago

DENVER, Oct. 19, 2020 /PRNewswire/ -- The streak of record-shattering home sales stretched to three months in September, as closings rose 21.1% from a year ago. On average, homes sold in a mere 39 days – a full week faster than in September 2019.

Meanwhile, inventory plummeted 31.9% year over year as the number of homes on the market dropped to an all-time low in the 13-year history of the report.

Delayed by pandemic-related lockdowns, summer's peak homebuying season pushed into fall. September sales were only 3.3% lower than August's, while the average seasonal August-to-September drop-off over the previous five years was 15.3%.

"September's massive year-over-year increase in home sales was the latest reminder of the housing market's overall strength and resiliency," said Adam Contos, CEO of RE/MAX Holdings, Inc. "Demand is off the charts right now. Buyers of all ages are coming into the market determined to improve their quality of life through amenities, community and the unique security that comes with homeownership. They're working through the challenges of tight inventory, high prices and competing offers to take advantage of historically low interest rates and, in many cases, the greater mobility they now enjoy through working remote.

"Generational factors and a continuing rebound in home construction support the notion of an active housing market moving into next year."

September inventory sank below the previous report low set in August 2020. Thus far, six months of 2020 rank among the 10 months with the lowest inventory in the history of the report.

The Median Sale Price of $289,900 was just $100 below the report record set in August 2020, and 12.8% above September 2019. Also increasing in September was the Months Supply of Inventory, which ticked up to 1.8 from the record low of 1.7 set the previous two months. A year ago, Months Supply of Inventory totaled 3.8.

Closed Transactions 
Of the 53 metro areas surveyed in September 2020, the overall average number of home sales is down 3.3% compared to August 2020, and up 21.1% compared to September 2019. Leading the year-over-year sales percentage increase were Billings, MT at +37.1%, San Francisco, CA at +34.7%, and Hartford, CT at +33.3%.

Median Sales Price – Median of 53 metro median prices
In September 2020, the median of all 53 metro Median Sales Prices was $289,900, flat from August 2020, and up 12.8% from September 2019. Forty metro areas increased year-over-year by double-digit percentages, led by Augusta, ME at +25.1%, Tulsa, OK at +21.7%, and Indianapolis, IN at +21.0%. No metro area saw a year-over-year decrease in Median Sales Price.

Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in September 2020 was 39, down two days from the average in August 2020, and down seven days from the average in September 2019. The metro area with the lowest Days on Market was a tie between Omaha, NE and Cincinnati, OH at 17. Nashville, TN was third at 21. The highest Days on Market averages were in Miami, FL at 92, Des Moines, IL at 90, and New York, NY at 79. 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 September 2020 was down 6.5% from August 2020 and down 31.9% from September 2019. Based on the rate of home sales in September 2020, the Months Supply of Inventory remained flat at 1.8 compared to August 2020, and decreased compared to 3.8 in September 2019. The markets with the lowest Months Supply of Inventory were Boise, ID at 0.5, Albuquerque, NM at 0.7, while both Manchester, NH and Omaha, NE had 0.8.

Feel free to contact me and I can help break down exactly what these numbers mean for our local market and for your neighborhood. And lastly, If you or anyone you know is thinking of buying or selling a home - please call or email me. I'm here to help!

Peter Veres

Associate Broker,CRS,ABR,CLHMS,SRES

Elite Asset Management Team - RE/MAX Elite

www.PeteVeres.com

Cell: 505-362-2005