REMAX National Housing Report July 2016: June Housing Data

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With the market now in the midst of the popular summer selling season, both home sales and prices are rising with the summer temperatures. Homebuyer demand in June kept sales levels above last year’s by 0.7%, with a strong increase of 9.4% over sales in May. The Median Sales Price in June was $229,900, which marks a 2.2% increase over prices seen in June 2015. As year-over-year price increases moderate, there’s a positive impact on home affordability. The number of homes for sale in June fell 15.6% from levels one year ago, making inventory supply a significant challenge, especially in West Coast metros. At the rate of home sales in June, the national Months Supply of Inventory was 3.2, a slight improvement from the 3.0 supply seen in May.

“Last year was the best we’d seen in a long time for home sales. So, it’s encouraging that sales this year are remaining above last year’s levels. Moderating prices are a good thing for this market. Homeowners are still seeing improvement in their equity, while there’s less chance of homebuyers being priced out. We have to wait out the ongoing inventory challenges, but the month-over-month stabilization we’re seeing is a very good sign,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder.

“Nationally, home value increases are well within the healthy range. Although, variances across the country can influence owners’ perception. It’s important for homeowners to realize how they perceive their home’s value could vary widely from how an appraiser views it, since it can make or break a home sale or mortgage refinance,” added Bob Walters, Quicken Loans, Chief Economist.

Closed Transactions – Year-over-year change
In the 53 metro areas surveyed in June, the average number of home sales was 0.7% higher than one year ago, and was 9.4% higher than the previous month. Sales are slightly above the strong numbers seen last June and are also above the 6.7% average of month-to-month increases from May to June over the last eight years. Like previous months this year, June home sales continue to be strong in the Northeast. Across the nation, 31 of the 53 metro areas surveyed reported sales higher than one year ago, with six experiencing double-digit increases; Augusta, ME +22.7%, Las Vegas, NV +13.2%, New York, NY +13.1%, Trenton, NJ +11.1%, Cleveland, OH +11.1% and Hartford, CT +10.2%.

Median Sales Price – Median of 53 metro median prices
In June, the median of all 53 metro Median Sales Prices was $229,900, up 3.0% from May, and up 2.2% from the Median Sales Price in June 2015. June is the 53rd consecutive month without a drop in price from the previous year.  In 2015, the monthly average of year-over-year price increase was 7.6%. The 2.2% rise in June appears to be signaling a moderation in price increases, which eases pressure on home affordability. Among the 53 metro areas surveyed in June, only four had a year-over-year drop in Median Sales Price. The remaining 49 metros reported higher prices than one year ago, with seven rising by double-digit percentages; Tampa, FL +14.1%, Orlando, FL +13.9%, Honolulu, HI +13.1%, Portland, OR +12.6%, Denver, CO +11.1% Boise, ID +10.1% and Augusta, ME +10.1%.

Days on Market – Average of 53 metro areas
The average Days on Market for all homes sold in June was 54, down 4 days from the average of 58 in both May 2016 and June 2015. June becomes the 39th consecutive month with a Days on Market average of 80 or less. In the three markets with the lowest inventory supply, Seattle, Denver and San Francisco, Days on Market was 25, 23 and 21 respectively. The highest Days on Market averages were seen in Augusta, ME at 143, down from 174 in May, and Des Moines, IA unchanged at 103. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Month’s Supply of Inventory – Average of 53 metro areas
The number of homes for sale in June was just 0.7% lower than in May, but 15.6% lower than in June 2015. Like May, June had a sequential inventory loss of less than 1%. The apparent stabilization of inventory on a month-to-month basis is a positive sign, especially during the summer selling season. Based on the rate of home sales in June, the Months Supply of Inventory was 3.2, which is nearly identical to last month and last year, 3.0 and 3.6 respectively. A 6.0 month supply indicates a market balanced equally between buyers and sellers. The number of metros with a Months Supply of Inventory below 2.0 may also be stabilizing at 8, down from 10 in May. The eight metros with less than a 2-month supply include Seattle, WA 1.2, Denver, CO 1.3, San Francisco, CA 1.3, Portland, OR 1.5, Boston, MA 1.5, Omaha, NE 1.8, Dallas-Ft. Worth, TX 1.9 and San Diego, CA 1.9

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Florida housing market reported higher median prices and fewer days to a contract in June

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ORLANDO, Florida July 21, 2016 Florida’s housing market reported higher median prices and fewer days to a contract in June, according to the latest housing data released by Florida Realtors®. Closed sales of single-family homes statewide totaled 27,086 last month – slightly higher (0.4%) than the June 2015 level of 26,973 closed sales.

“Florida’s housing market is experiencing tight supply and pent-up demand,” said 2016 Florida Realtors®President Matey H. Veissi, broker and co-owner of Veissi & Associates in Miami. “That’s affecting the pace of sales and putting pressure on statewide median prices. Florida’s economic growth, rising jobs outlook and acclaimed quality of life continue to draw new residents eager to call the Sunshine State home.”

Home sellers continued to get more of their original asking price at the closing table in June: Sellers of existing single-family homes received 96.3 percent (median percentage) of their original listing price, while those selling townhouse-condo properties received 94.6 percent (median percentage).

The statewide median sales price for single-family existing homes last month was $225,000, up 10.8 percent from the previous year, according to data from Florida Realtors research department in partnership with local Realtor boards/associations. The statewide median price for townhouse-condo properties in June was $164,000, up 8.6 percent over the year-ago figure.

In June, statewide median sales prices for both single-family homes and townhouse-condo properties rose year-over-year for the 55th month in a row, Veissi noted. The median is the midpoint; half the homes sold for more, half for less.

Accordingto the National Association of Realtors®(NAR), thenational median sales price for existing single-family homes in May 2016 was $241,000, up 4.6 percent from the previous year thenational median existing condo price was $229,600.In California, the statewide median sales price for single-family existing homes in May was$518,760; in Massachusetts, it was $353,000; in Maryland, it was $282,257; and in New York, it was $212,500.

Looking at Florida’s townhouse-condo market, statewide closed sales totaled 10,506 last month, down 2.6 percent compared to June 2015. Closed sales data reflected fewer short sales and cash-only sales in June: Short sales for townhouse-condo properties declined 43.2 percent while short sales for single-family homes dropped 37.2 percent. Closed sales may occur from 30- to 90-plus days after sales contracts are written.

“Much of 2016’s slowdown in sales growth is due to the dwindling inventory of distressed properties throughout Florida,” said Florida Realtors®Chief Economist Brad O’Connor. “In June of last year, about 20 percent of sales across all property types were of the distressed variety. This June, by contrast, only 10 percent of sales were distressed. These declines are not due a lack of demand, but rather, a clear lack of supply. Florida’s distressed properties continue to slowly but surely work their way through the pipeline.

“If distressed properties are taken out of the equation, sales growth among non-distressed properties – the traditional market – remains quite strong. Non-distressed single-family home sales were up 13 percent year-over-year in June, while non-distressed sales of townhouses and condos rose by 7.6 percent.”

Inventory was at a 4.3-months’ supply in June for single-family homes and at a 6-months’ supply for townhouse-condo properties, according to Florida Realtors.

According to Freddie Mac, the interest rate for a 30-year fixed-rate mortgage averaged 3.57 percent in June 2016, a significant drop from the 3.98 percent average recorded during the same month a year earlier.

Florida Realtors Media Centerand look under Latest Releases, or download the June data report PDFs under Market Data.Realtors also have access to local market stats (password protected) on Florida Realtors’ website.

Own It: Small Cost and Big Impact Updates for Your Home

I’ve seen the look on people’s faces when I suggest something needs to be updated in their home. They become deflated, overwhelmed and oftentimes confused. Please remember, it’s not personal. The goal is to make your home shine – and sell for the best possible price.

Consider making some of the following updates before listing your home. It could add to your confidence when putting your home on the market, and possibly bump up the sale price as well.

1. Do a walk-through of your home
Visit each room and make a checklist of items that need to be repaired or replaced – and be objective while doing so. Keep an eye out for outdated styles, bold patterns and colors, dated fixtures, unfinished projects, and over-cluttered closets and cabinets – these items all need to be considered to showcase your home in the best light possible. After making your checklist, develop a budget and establish dates on your calendar to complete these tasks.

2. Incorporate today’s styles and trends
Our homes and our styles are as individualized as we are. So although you may love an ultramodern or country cottage look, the majority of buyers may not. Choose transitional styles if you need to replace your lighting, hardware, appliances or flooring. And don’t be afraid to ask your local suppliers for help during the selection process.

3. Remember: First impressions count
It takes just 15 seconds to grab the hearts of potential buyers – or leave them completely unimpressed. Make those 15 seconds count! Fresh sealant on a driveway, vibrant and healthy plants on the front porch, a clean rug and a nice fragrance in the entryway, clutter-free hallways – these all make a huge impact but require little effort.

4. Focus on the kitchen and baths
Kitchens and bathrooms are some of the most frequently used areas of any home, so put in some extra effort to freshen them up! Things like stained shower stalls and toilets, broken grout, leaky faucets or dated cabinet hardware are easily replaced at little cost. Or, instead of replacing tubs or shower stalls, consider having them professionally resprayed for a fresh new look. A small investment goes a long way in these spaces. And when it comes to hardware and supplies for kitchens and baths, consider shopping online. Many online suppliers don’t have a middleman in the process, so they can sell their items for much less than local hardware retailers.

5. Let’s talk paint
Paint is a minimal investment, especially if you have the skills to do the painting yourself. From walls to doors to cabinets to fixtures (and even tile), paint can drastically transform spaces. Keep your selections neutral and universally pleasing. Cover bold colors with neutral ones, making the home move-in ready. My pick for some timeless choices by Sherwin Williams are: Totally Tan SW6115, Believable Buff SW6120, Latte SW6108 and Universal Khaki SW6150.

Paint Samples

Here’s my checklist for small investments with big impacts:

  • Paint or replace brass or dated light fixtures
  • Update bathrooms and kitchens with brushed nickel, chrome or oil-rubbed bronze fixtures and hardware
  • Replace switch plates and outlets with Decora-style devices
  • Paint walls and trim using a neutral palette
  • Refinish worn hardwoods by applying a fresh coat of stain and sealer
  • Remove wallpaper, borders, decorative decals and patterns from walls
  • Power spray your home’s exterior

Keep these items in mind when making improvements to your home and you’ll enter the selling process with confidence!

By Carriann Johnson, interior designer and TV personality

Orlando named ‘Best City for Recreation’

Orlando earned the No. 1 spot on Wallethub’s 2016 overall ranking of the best cities for recreation, beating Tampa for the position. Scottsdale, AZ, Cincinnati, OH and Las Vegas, NV rounded out the top 5.

The “2016’s Best and Worst Cities for Recreation” list was compiled in celebration of July being National Park and Recreation month. Wallethub used 35 different metrics to compare the largest 100 U.S. cities. Those metrics stem from four overarching categories: Entertainment & Recreational Facilities, Costs, Quality of Parks and Climate. Among these categories and metrics, Orlando ranked:

  • No. 1 for Entertainment & Recreational Facilities
  • No. 3 for Most Music Venues per Capita
  • No. 5 for Most Coffee Shops per Capita
  • No. 10 for Swimming Pools per Capita

It’s no wonder Orlando made the list. The region boasts stellar sports facilities, a vast network of well-maintained parks, a growing number of hiking and cycling trails and more than 100 top-rated golf courses.

It Never Gets Old: RE/MAX Dominates Americas Best Agents

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A new report released by REAL Trends confirms it: RE/MAX is home to the best.

More than 2,600 RE/MAX Affiliates qualified for the 2016 America’s Best Agents list – that’s 22% of the total, above and beyond any other brand.

The list underscores the amazing productivity of the Affiliates and Teams listed below. Each one was selected based on 2015 transaction sides and sales volume. The numbers are pretty incredible:

· 1,635 individual RE/MAX agents averaged 71 transaction sides and $29.6 million in sales volume.
· 1,056 RE/MAX teams averaged 141 sides and $52.4 million in sales volume.

Congratulations to all of the the qualifiers!

Own It: 5 Tips for Staging Your Home Yourself from the REMAX Housing Blog

So you have decided to sell your home. While you’re preparing for this next chapter in life, keep some of your attention and energy on the importance of preparing your home to outshine all others on the market. Selling your home in the shortest amount of time, receiving your asking price and having an all-around flawless sale can be achievable if you properly prepare this (very large) item you’re about to sell. Here are my tips to ensure that success.

1. Emphasize the idea of move-in ready
A neutral palette (regardless of how boring you may think it is) will always be a timeless choice when it comes to paint, furniture and window coverings. And you don’t need to be a professional interior designer to arrange things within your home – visit some model homes in your area and take note of how they’re staged. Simple DIY projects go a long way.

2. Declutter and depersonalize
Potential buyers want to see themselves in your home; need to envision how they can make it theirs. Simplify spaces (including entryways) by removing everyday items such as TV remotes, schoolwork, piles of laundry, to-do lists on the fridge, personal photos and excessive amounts of pet toys. Clean out closets and begin boxing up items. If you know you’re moving, why not get a head start on your packing anyway? Clean, well-organized and minimal closets showcase space potential, not your personal items. And adding fresh flowers, plug-in air fresheners, a foyer table, simple décor and a nice rug can give buyers that well-needed hug when they enter your home!3. Appeal to the senses
Walk your home and ask yourself (or others), “What do you see, smell, touch and hear?” Deep clean your home or hire a professional cleaning company to make it sparkle – it gives buyers the impression the home has been well cared for. Remember, sticky floors and filthy light switches appeal to no one. If you have pets, consider confining them to one area of the house while your home is on the market. Barking dogs (or chirping smoke detectors) can hurry a potential buyer along during a showing. Consider leaving on some instrumental music during showings to appeal to your buyers’ ears.

4. Remove the eyesores
Look around your home and ask yourself these questions: “Would I purchase this home today? Do I like the overall style? Is my home dated? Is my backyard a sanctuary for a family?” The answers to these questions will help you identify the eyesores. Look for items in your home that are dated, have harsh patterns or edgy colors, are too small to fill a wall or are too large on a small one. Styles that clash with one another, aged wallpaper, broken items you can’t repair, rusted car parts or clutter in your yard or patios all create eyesores. It’s better to have an empty wall, an empty room or nothing at all than something that doesn’t work for the space or is unappealing. Mirror your space after current styles and trends found in design magazines.

5. Consider using my checklist
Here is my checklist when I am staging a home. This list has never failed me and keeps me accountable – and sets my Realtor up for success!

Exterior:
– Grass is cut, edged and looks healthy.
– Weeds are pulled.
– Any dead bushes or trees have been removed.
– Simple flowers or wild grasses are added on patios and porches.
– House itself is cleaned and/or power washed.
– Toys, yard hoses, dog leashes, dog waste, yard statues are all cleaned up and put away.
– Back patio and yard are “lightly staged” with plants, cushions on chairs, and rugs under seating areas and patio table. Add outdoor lanterns and candles.
– Patio or deck is cleaned.
– DIY projects are completed. To include: freshly stained deck, repaired broken floorboards, loose banister railings, exterior lights, sheds or outbuildings organized and cleaned. Any landscaping projects are not left incomplete. Large cracks in driveways or sidewalks are repaired.

Interior:
– Home smells clean, looks clean, is decluttered and appeals to the senses.
– Eyesores are removed.
– Personal photos and items are put away.
– Daily messes and countertop items (in both the kitchen and bathroom) are put away.
– Toiletries, perfumes and jewelry are not left on vanity counters.
– Small appliances, dishes and kitchen needs are not cluttered on kitchen counters
– Fresh flowers or artificial plants are placed throughout the home to add life to spaces.
– Color palettes and themes in each space are transformed to a more neutral palette. Bold patterns in décor or too many colors are minimized.
– Themes and prominent styles in home are minimized as to not assume the home is exclusively Santa Fe style, Tuscan style, Western, etc.
– DIY projects are completed. To include: replacing dated textures, fixtures, wallpaper, window coverings, faucets, general household repairs, etc.

Keep these items in mind when staging your home for resale, and you’ll enter the selling process with the confidence your home deserves!

 

Thank You RealTrends for Recognizing REMAX 200 and REMAX Town and Country as 2016 Market Leaders

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Thank You RealTrends for Recognizing REMAX 200 and REMAX Town and Country as 2016 Market Leaders in both Sales Volume and Transaction Sides. With the help of our Customers, Agents, Staff and Community we were able to achieve 2,346 Closings and $408,713,014 in Closed Sales.

National Report Names Top 250 Latino Agents; RE/MAX Agents Again Dominate Annual NAHREP Ranking

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DENVER: For the second year in a row, agents affiliated with RE/MAX far outnumber their competitors in the 2016 Top 250 Latino Agents ranking. This year, 61 RE/MAX agents were recognized, an impressive 60% more than the closest competitor. The fifth annual ranking released by the National Association of Hispanic Real Estate Professionals (NAHREP) is based on 2015 sales performance.

“It’s a tremendous honor to have so many RE/MAX affiliates ranked among America’s top Latino agents. This is a powerful acknowledgment of their hard work, expertise and dedication,” said Geoff Lewis, RE/MAX, LLC President. “To have such strong representation of RE/MAX among the best Latino agents, year after year, is an indication of the outstanding customer service they provide to their home buying and selling clients.”

The number of agents included in the NAHREP Top 250 representing the national franchise brands demonstrates the significant performance of those affiliated with RE/MAX.

RE/MAX – 61
Century 21 – 38
Keller Williams – 27
Coldwell Banker – 16
ERA – 11
Berkshire Hathaway – 3

According to NAHREP there are 50,000 Latino professionals in the real estate industry. The Top 250 is compiled each year through a broker affirmed self-nomination process. This year, NAHREP received 700 agent nominations – the largest number since the ranking began in 2012. The top five RE/MAX agents and the number of their 2015 closed transaction sides are:

403 – Mario Negron, RE/MAX Prestige, Houston New Home Team, Houston, TX
174 – Veronica Figueroa, RE/MAX Innovation, Orlando, FL
172 – Monica Foster, RE/MAX Space Center, Clear Lake, TX
162 – Christian Fuentes, RE/MAX Top Producers, Diamond Bar, CA
156 – Nate Martinez, RE/MAX Professionals, Glendale, AZ

In March this year, NAHREP released its sixth annual State of Hispanic Homeownership Report that showed Hispanic homeownership was on the rise
despite a decline in overall homeownership rates in the U.S. The Top 250 ranking is also intended to recognize agents who are providing expert guidance to those seeking to become homeowners.

“Along with the annual Top 250 ranking, NAHREP is having a huge impact on our industry with its homeownership and Hispanic wealth reports. RE/MAX is honored to support these efforts as a national sponsor and to have so many of our agents recognized in the Top 250,” added Lewis.

Other national surveys also find that RE/MAX agents average more sales than their competitors. Agents affiliated with RE/MAX brokerages participating in the 2016 REAL Trends 500 were among the most productive in the survey, averaging more than 17 transaction sides.

*Source: The 2016 REAL Trends 500 participation survey of the largest U.S. brokerages