RE/MAX National Housing Report for November 2021
DENVER, Dec 17, 2021 / PRNewswire / – The historically strong real estate market continued to surge in November as buyers seemed to gobble up available homes as soon as they hit the market. Buyers eventually saw welcome relief on prices as the average selling price fell 2.9% to in November $ 330,000 – the largest monthly decline since the pandemic began. And home sales were only 4.9% down from October, far less than the normal 12.0% seasonal decline this time of year. In addition to the complex conditions, the number of homes for sale fell to a new low in the report’s 14-year history, down 17.7% from October.
Overall, November generally followed seasonal trends, while at the same time setting records for the month of November in almost all categories, such as the fewest average days on which homes were listed prior to sale. While November averaged 29 days more than October, this was only the sixth month in reporting history with an average below 30. All six months occurred in sequence, starting with June 2021.
“The market is booming, with only half the seasonal slowdown we normally see from October through November,” said Nick Bailey, President, RE / MAX, LLC. “The small drop in price is great news for buyers and could be an early sign that equilibrium is coming back to the market.
“The lack of available inventory remains a challenge, but 2021 was a very strong year for home sales. That says a lot about the resilience of the housing market and the importance of home ownership in people’s lives. With work flexibility, low interest rates, generation factors and persistently high demand, we are optimistic about the year 2022 for many reasons. ”
The average sales price in November in the 51 metropolitan areas of the report has decreased $ 10,000 under October $ 340,000, Falling 2.9%. That was the biggest month-to-month decline since January 2020when the median price fell 3.4%. And while price drops are typical in January, they’re unusual in November. Based on the reporting averages for the five-year period 2015-2019 (excluding 2020 due to the effects of the pandemic), the median price increased by an average of 0.9% in November.
Other notable comparisons for the month November 2021 relative to 2015-2019 trends include:
- The five-year average in home sales from October through November is a 12.0% decrease, more than double the 4.9% decrease in November 2021.
- The five-year average for October through November inventory is an 8.9% decrease, a little more than half of the 17.7% decrease in November 2021.
- After the January drop, prices typically go up every month from February to June and then go down from July to October every month. They generally recover slightly in November and December. The first nine months of 2021 followed the 2015-2019 pattern before October saw an unusual price increase of 0.8%, followed by an unusual decline in November.
Despite the monthly decline, the average home price was 11.9% higher in November than in November 2020 $ 295,000 and marks the 35th consecutive month that home prices have increased year over year.
Inventory supply of 1.2 months in November decreased from 1.4 months in October to just 0.1 of a month above the reporting record of 1.1 in March, which was reached in April, May and June.
The highlights and leading local markets include several metrics for November:
Closed transactions
Of the 51 metropolitan areas examined in November 2021Compared to, the average total number of home sales is down 4.9% October 2021, and 0.1% less than November 2020. The markets with the biggest drop in sales compared to the previous year were Billing, MT at -13.0%, San Antonio, TX at -11.4% and San Diego, California at -11.0%. Leading the way in percentage growth in year-over-year sales Honolulu, HI at + 31.5%, Tulsa, OK at +13.4% and Wilmington/Dover, DE at + 12.7%.
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Closed transactions: |
|||
|
market |
Nov 2021 |
Nov. 2020 |
year for year |
|
Billing, MT |
248 |
285 |
-13.0% |
|
San Antonio, TX |
2,782 |
3,140 |
-11.4% |
|
San Diego, California |
2,876 |
3,230 |
-11.0% |
|
Birmingham, AL |
1,476 |
1.618 |
-8.8% |
|
New York, NY |
2,789 |
3,026 |
-7.8% |
Median Selling Price – Median of 51 Metro median prices
In November 2021, was the median of all 51 Metro median sales prices $ 330,000, 2.9% less than October 2021, and 11.9% more than November 2020. No metropolitan area recorded a decrease in the median sales price compared to the previous year. Thirty-nine metropolitan areas grew double-digit percentages year over year, led by Phoenix, AZ at + 27.2%, Salt Lake City, UT at + 25.3% and Boise, ID at + 24.8%.
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Median sales price: |
|||
|
market |
Nov 2021 |
Nov. 2020 |
year for year |
|
Phoenix, AZ |
$ 425,000 |
$ 334,173 |
+ 27.2% |
|
Salt Lake City, UT |
$ 487,250 |
$ 388,750 |
+ 25.3% |
|
Boise, ID |
$ 475,581 |
$ 381,000 |
+ 24.8% |
|
Raleigh-Durham, NC |
$ 390,000 |
$ 315,000 |
+ 23.8% |
|
Atlanta, GA |
$ 354,000 |
$ 286,500 |
+ 23.6% |
Days on Market – average of 51 metropolitan areas
The average days in the market for homes sold in November 2021 was 29, two days more than average in October 2021, and 8 days less than average in November 2020. The metro areas with the lowest days on market were Nashville, TN at 12 and a tie in between Omaha, NE and Cincinnati, Ohio at 16. The highest averages for Days on Market were in Des Moines, IA at 86, Miami, Florida with 78, and New York, NY at 69. Days on Market is the number of days between first adding a home to an MLS and signing a sales contract.
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Days on the market: |
|||
|
market |
Nov 2021 |
Nov. 2020 |
year for year |
|
Raleigh-Durham, NC |
20th |
37 |
-45.9% |
|
Honolulu, HI |
28 |
49 |
-42.9% |
|
Nashville, TN |
12th |
20th |
-40.3% |
|
Tampa, FL |
24 |
40 |
-40.0% |
|
Billing, MT |
23 |
38 |
-39.5% |
Monthly inventory supply – average of 51 metropolitan areas
The number of houses for sale in November 2021 declined 17.7% from October 2021 and 30.1% less than November 2020. Based on the rate of home sales in November 2021, the monthly supply of inventory decreased to 1.2 from 1.4 in October 2021and decreased compared to 2.1 in November 2020. A six month offer indicates a balanced market between buyers and sellers. In November 2021, Of the 51 metropolitan areas examined, none reported a monthly supply of or more than six, which is typically viewed as a buyer’s market. The markets with the lowest monthly inventory supply were a tie between Denver, CO and Seattle, WA at 0.5 and another tie in between Albuquerque, NM and Manchester, NH at 0.6.
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Monthly supply of inventory: |
|||
|
market |
Nov 2021 |
Nov. 2020 |
year for year |
|
Hartford, CT |
0.8 |
2.6 |
-69.2% |
|
Miami, Florida |
2.1 |
6.8 |
-69.1% |
|
Albuquerque, NM |
0.6 |
1.9 |
-68.4% |
|
Providence, RI |
1.0 |
3.1 |
-67.7% |
|
Orlando, Florida |
0.9 |
2.2 |
-59.1% |
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Via the RE / MAX network
As a leading global real estate franchisor, RE / MAX, LLC is a subsidiary of RE / MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 8,600 offices in more than 110 countries and territories. Nobody in the world sells more real estate than RE / MAX when measured by residential transaction pages. RE / MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture that gives 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, browse housing listings, or find a representative in your community, please visit www.remax.com. For the latest news about RE / MAX, please 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 approx. 51 metropolitan areas, includes all residential property types and is not annualized. For maximum representation, many of the country’s largest metropolitan areas are represented and an attempt is made to include at least one metro from each state. The definitions of metropolitan areas include, with a few exceptions, the specific counties established by the US Government’s Office of Management and Budget.
Definitions
Transactions are the total number of completed residential transactions during the respective month. The monthly inventory 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. If there is no “pending” data available, this calculation is performed on closed transactions. Days-on-Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. The median sales price is the median of the median sales prices in each of the metropolitan areas included in the survey.
MLS data is provided by commissioned data aggregators, RE / MAX brokerages and regional offices. Although the MLS data is assumed 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. Every month the RE / MAX National Housing Report recalculates the data from the previous period to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.
SOURCE RE / MAX, LLC
