RE/MAX National Housing Report for January 2021
DENVER, February 17, 2021 / PRNewswire / – Despite record low inventory levels, home sales in January rose 13.5% year over year. This was followed by four consecutive months with sales increases of 19% to 22% compared to the previous year, which were due to pandemic closures.
The year-over-year increase in homes sold in January represented a sizeable year-over-year gain and matched the pre-COVID months of December 2019 (13.5%) and January 2020 (10.5%).
“January home sales started the year off on a bang despite the current shortage of home for sale,” he said Adam Tales, CEO of RE / MAX Holdings, Inc. “The year-over-year revenue increase in January was not as pronounced as it was in the second half of 2020, but solid in every objective sense – and it signals that 2021 could be.” It’s been a historically good year for residential construction. Unusually low interest rates, the rise of the millennial homeowner, and the prospect of working from anywhere merge to form a housing market that is second to none. We could see that mortgage rates rise soon could be an ideal time for buyers and sellers to make their move and take advantage of the favorable terms. “
Although revenue growth weakened somewhat, other key metrics showed the aftermath of the record-breaking recovery in the second half of 2020:
- January inventory fell to its lowest level in the report’s 13-year history. The year-over-year decline of 35.7% was also a reporting record, marking the fifth straight month that inventories were down over 30% year-over-year.
- The monthly supply was 1.7 months and corresponded to the set low July 2020 and then bound in August and October.
- The median selling 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 reporting record of $ 290,000 put in August 2020 and then bound in October and December.
- The average market days were 40 – a January record and almost three weeks less than the 59 days of a year. The reporting record for the fewest average market days is 36 days November 2020.
Highlights and the local markets carry different metrics for January 2021 lock in:
Of the 53 metropolitan areas examined in January 2021The average total number of home sales is down compared to 32.1% December 2020and an increase of 13.5% compared to January 2020. The percentage increases in sales compared to the previous year were leading San Francisco, CA. at + 38.5%, Anchorage, AK at + 31.7% and Wilmington/.Dover, DE at + 30.9%.
Median Selling Price – Median of 53 Metro Median Prices
in the January 2021The median of all 53 Metro median sales prices was $ 285,000by 1.7% compared to December 2020and plus + 11.8% of January 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 + 24.3%, Pittsburgh, PA at + 21.3% and Indianapolis, IN at + 20.5%.
Days on the Market – 53 subway areas average
The average market days for houses sold January 2021 was 40, three days higher than the average in December 2020and by 19 days from the average in January 2020. The metro areas with the lowest market days were Omaha, NE at 18 Boise, ID with 19 and a reciprocal connection between Cincinnati, OH and Nashville, TN The highest daily averages were at Des Moines, IA at 99, Miami, Florida at 88 and Augusta, me at 78. Days on Market is the number of days between first adding a home to an MLS and signing a sales contract.
Monthly Inventory – 53 Metro Areas Average
The number of houses for sale in January 2021 was 12.1% lower than December 2020 and by 35.7% of January 2020. Based on the rate of home sales in January 2021The monthly inventory decreased to 1.7 inches from 1.9 inches December 2020and decreased compared to 3.5 in January 2020. A six month offer indicates a market that is equally balanced between buyers and sellers. in the January 2021Of the 53 metro areas studied, only one is metro area Indianapolis, IN At 9.8, a monthly supply of at least six years was reported, which is usually considered a buyer’s market. The markets with the lowest monthly inventory were interconnected 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.
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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.
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.
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 it takes from listing a property to signing a contract 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 data from the previous period every month to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.
SOURCE RE / MAX, LLC