RE/MAX National Housing Report for February 2021

DENVER, March 17, 2021 / PRNewswire / – Home median price has been reached $ 291,000 in February – the highest level in the report’s 13-year history – as sales hit new highs for the month and inventories continued to fall to record lows.

Record home sales in February were up 5.7% year over year, but the January increase was unchanged at 0.3%. The February through January average for the past five years was 5.4% ahead of the seasonally higher spring sales.

Median selling price across the report’s 53 metro areas was above the previous high of $ 290,000 reached in August and bound in October and December during last year’s housing flood. In February last year, the median sales price was $ 260,000.

At the same time, monthly inventory in February decreased 11.9% from January and 42% year-over-year as buyers continued to close more properties than sellers who chose to list their homes. Inventory has decreased month by month for 20 of the last 21 months.

“The shrinking inventory has fueled the ongoing bidding wars, and our agents report that some homes have sold well above list prices,” he said Adam Tales, CEO of RE / MAX Holdings, Inc. “It is a complicated, competitive marketplace where buyers must act quickly and aggressively to find the home they want. Conditions seem to be marginalizing some potential sellers, but it could change when or when they see more opportunities for advancement in the market. With seasonality, still low interest rates and growth in new builds, we hope for some relief of the supply in the coming months real estate professionals who can guide buyers and sellers through any environment were still never so valuable. ”

To compound the shortage of inventory, the monthly inventory supply decreased to 1.6, which was lower than any other month in the report history and from 3.4 in February 2020. Days on Market hit a record 42 in February as properties sold an average of 18 days faster than last February.

A total of five reporting records were rewritten for February: most home sales, highest price, lowest inventory, fewest market days, and lowest monthly inventory.

Highlights and the local markets carry different metrics for February 2021 lock in:

Closed transactions
Of the 53 metropolitan areas examined in February 2021The average total number of home sales is up compared to 0.3% January 2021and an increase of 5.7% compared to February 2020. The leading factor was the percentage increase in sales compared to the previous year Augusta, me at + 39.7%, New York, NY at + 28.6% and Honolulu, HI at + 25.1%.

Closed Transactions: 5 markets with the biggest year-over-year increase

market

February 2021
Transactions

February 2020
Transactions

year for year
% Change

Augusta, me

440

315

39.7%

New York, NY

2.453

1.908

28.6%

Honolulu, HI

723

578

25.1%

San Francisco, CA.

3.716

3.118

19.2%

Dover, DE

663

562

18.0%

Median Selling Price – Median of 53 Metro Median Prices
in the February 2021The median of all 53 underground median sales prices was $ 291,000by 2.1% compared to January 2021and by 11.9% compared to February 2020. In no subway area has the average sales price decreased compared to the previous year. 45 metro areas saw double-digit year-over-year growth, led by Boise, ID at + 29.6%, Augusta, me at + 26.5% and Pittsburgh, PA at + 25.8%.

Median Selling Price: 5 markets with the largest year-over-year increase

market

February 2021
Median sales price

February 2020
Median sales price

year for year
% Change

Boise, ID

$ 415,000

$ 320,000

29.6%

Augusta, me

$ 215,000

$ 170,000

26.5%

Pittsburgh, PA

$ 200,000

$ 159,000

25.8%

Manchester, NH

$ 350,000

$ 284,000

23.2%

Omaha, NE

$ 235,000

$ 196,000

19.9%

Days on the Market – 53 subway areas average
The average market days for houses sold February 2021 was 42, two days higher than average in January 2021and by 18 days from the average in February 2020. The metro areas with the lowest market days were Boise, ID With 17 Nashville, TN at 21 and Omaha, NE The highest days on the market were on average Des Moines, IA at 94, Miami, Florida at 89 and Augusta, me At 87th Days on Market, is the number of days between first adding a home to an MLS and signing a sales contract.

Days on the market: 5 markets with the biggest year-over-year decline

market

February 2021
Days on the market

February 2020
Days on the market

year for year
% Change

Boise, ID

17th

50

-66.0%

Dover, DE

29

64

-54.7%

Richmond, VA

28

52

-46.2%

Little Rock, AR

31

57

-45.2%

Cincinnati, OH

23

41

-42.7%

Monthly Inventory – 53 subway areas average
The number of houses for sale in February 2021 was 11.9% lower than January 2021 and by 42.0% of February 2020. Based on the rate of home sales in February 2021The monthly inventory decreased to 1.6 inches from 1.9 inches January 2021and decreased compared to 3.4 in February 2020. A six month offer indicates a market that is equally balanced between buyers and sellers. in the February 2021Of the 53 metro areas examined, one metro area reported a monthly supply of at least six, which is usually viewed as a buyer’s market. The markets with the lowest monthly inventory had a three-way bond of 0.5 months 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.

Inventory in months: 5 markets with the biggest year-over-year decline

market

February 2021
Monthly offer
of the inventory

February 2020
Monthly offer
of the inventory

year for year
% Change

Hartford, CT

0.9

5.3

-83.0%

Albuquerque, NM

0.5

2.6

-80.8%

Providence, RI

1.0

4.9

-79.6%

Augusta, me

1.6

6.4

-75.0%

Raleigh-Durham, NC

0.6

2.1

-71.4%

For specific dates in this report or to request an interview, please contact [email protected].

Via the RE / MAX network
As one of the world’s leading real estate franchisors, RE / MAX, LLC is a subsidiary of RE / MAX Holdings (NYSE: RMAX) with over 135,000 agents in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX when measured by the transaction pages of residential real estate. RE / MAX was founded in 1973 by David and Gail LinigerWith an innovative, entrepreneurial culture that offers its agents and franchisees the flexibility to run their businesses with great independence. RE / MAX agents have lived, worked, and served in their local communities for decades, raising millions of dollars each year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE / MAX, search for home listings, or find an agent in your community, please visit www.remax.com. For the latest news on RE / MAX, visit news.remax.com.

description
The RE / MAX National Housing Report is distributed each month on or around the 15th. The first report was distributed in August 2008. The report is based on MLS data in approximately 53 metropolitan areas, covers all types of residential property, and is not annualized. For maximum representation, many of the largest subway areas in the country are represented and an attempt is made to include at least one subway from each state. The metropolitan area definitions, with a few exceptions, include the specific counties established by the US Government Bureau of Administration and Budget.

Definitions
Transactions is the total number of completed transactions in residential areas during a given month. The monthly inventory offer is the total number of residential properties offered for sale at the end of the month (current inventory) divided by the number of (outstanding) sales contracts signed during the month. When “outstanding” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days that elapse from the listing of a property until the property is contracted for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE / MAX brokers and regional offices. Although MLS data is believed to be correct, this cannot be guaranteed. MLS data is constantly updated so that each analysis is a snapshot at a specific point in time. The RE / MAX National Housing Report recalculates the previous period’s data each month to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE / MAX, LLC

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