Existing Home Sales Rally According to RISMedia

Existing Home Sales Rally in February, bouncing back from a slog at the start of the year, the National Association of REALTORS® (NAR) reports. Sales increased 3 percent to 5.54 million, marking a 1.1 percent increase from one year prior.

Inventory increased, as well, 4.6 percent to 1.59 million, but remained 8.1 percent lower than one year prior.

Existing Home Sales Rally

“A big jump in existing sales in the South and West last month helped Existing Home Sales Rally from a two-month sales slump,” says Lawrence Yun, chief economist at NAR. “The very healthy U.S. economy and labor market are creating a sizeable interest in buying a home in early 2018; however, even as seasonal inventory gains helped boost sales last month, home prices—especially in the West—shot up considerably. Affordability continues to be a pressing issue because new and existing housing supply is still severely subpar.”

Currently, inventory is at a 3.4-month supply. Existing homes averaged 37 days on market in February, four days less than one year prior. All told, 46 percent of homes sold were on the market for less than one month.

The metropolitan areas with the fewest days on market and most realtor.com® views in February, according to realtor.com’s Market Hotness Index, were San Francisco-Oakland-Hayward, Calif.; Midland, Texas; Vallejo-Fairfield, Calif.; San Jose-Sunnyvale-Santa Clara, Calif.; and Sacramento-Roseville-Arden-Arcade, Calif.


 The median existing-home price for all types of houses (single-family, condo, co-op and townhome) was $241,700, a 5.9 percent increase from one year prior. The median price of an existing single-family home was $243,400, while the median price for an existing condo was $227,300.

Existing Home Sales Rally in the single-family space came in at 4.96 million in February, a 4.2 percent increase from 4.76 million in January and a 1.8 percent increase from 4.87 million one year prior. Existing-condo and -co-op sales, however, came in at 580,000, a 6.5 percent decrease from January and a 4.9 percent decrease from one year prior.

Twenty-four percent of existing-home sales in February were all-cash, with 15 percent by individual investors. Four percent were distressed.


 Two of the country’s major regions had higher sales, rising 5.5 percent to 2.41 million in the South, with a median price of $215,700; and 11.4 percent to 1.27 million in the West, with a median price of $370,600. The Midwest and Northeast had reduced sales, falling 2.4 percent to 1.22 million in the Midwest, with a median price of $179,400; and 12.3 percent to 640,000 in the Northeast, with a median price of $258,900.

“The unseasonably cold weather to start the year muted pending sales in the Northeast and Midwest in January and ultimately led to their sales retreat last month,” Yun says. “Looking ahead, several markets in the Northeast will likely see even more temporary disruptions from the large winter storms that have occurred in March.”

First-time homebuyers comprised 29 percent of existing-home sales in February, unchanged from January.

REALTORS® in several markets note that entry-level homes for first-timers are hard to come by, which is contributing to their underperforming share of overall sales to start the year,” says NAR President Elizabeth Mendenhall. “Prospective buyers should start conversations with a REALTOR® now on what they want in a new home. Even with the expected uptick in new listings in coming months, buyers in most markets will likely have to act fast on any available listing that checks all their boxes.”

Re/Max is bullish on automated marketing with Adwerx, Imprev

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RE/MAX is arming agents with automated marketing tools to generate and place highly targeted ads around the web as RE tech race heats up

A week after debuting an automated marketing platform for its agents with the marketing company Imprev, real estate franchisor Re/Max is touting the results of another automated tool.

Last October, Re/Max gave its agents access to automated marketing through a partnership with the online advertising firm Adwerx. Since then, Re/Max says, the online marketing campaigns generated through Adwerx’s platforms have received 1 billion impressions. Re/Max got 850 million impressions from its usual digital ad campaigns outside of Adwerx throughout all of 2017 in its company-owned markets, or about 70 percent of its U.S. markets.

Re/Max is bullish on automation — and for good reason.

“In the past, the number one most powerful marketing tool has been the physical yard sign,” Re/Max Executive Vice President Mike Ryan told Inman in an interview. “People drive past the yard sign, and they know the Realtor in their local community is doing business. Now we’ve taken that to the next step, to a digital yard sign. We’re reaching that highly targeted customer out there looking for a home. It’s not just somebody driving by. It’s someone engaging behavior that makes them a warmer lead.”

The Adwerx automated marketing tools are similar to the automated platform Re/Max introduced with Imprev, although the Adwerx platform has more of a focus on hyperlocal ad targeting. The Imprev platform lets agents enter new listings into their multiple listing service and receive ready-to-go marketing materials, including YouTube videos, virtual tours and physical marketing materials like flyers and postcards. Adwerx’s platform auto-generates ads for new listings and places them strategically on websites and on Facebook.

The Adwerx platform uses behavioral data analysis to target consumers within 15 miles of the listing and to target consumers who have been searching homes online, who have used mortgage calculators, and who have been buying items related to a new home at big-box stores like Costco.

Ryan expects that Re/Max agents will use both its Adwerx and Imprev platforms. While the offerings use similar data analysis and automated tools, they provide complementary services: automated ad creation and automated ad placement across the web.

Re/Max made its Adwerx tool available for free to agents for the past five months and will keep the tools available for agents in company-owned regions through June. Independent agents can purchase the service for $36.75 for a weeklong campaign, discounted from Adwerx’s usual $59 weekly price.

Adwerx-created Re/Max ads were used by between 90,000 and 100,000 agents on 350,000 to 400,000 listings, Ryan said.

The two marketing platforms are part of Re/Max’s efforts — like many big real estate brokerages and franchisors — to become players in real estate technology. Along with its Imprev and Adwerx partnerships, Re/Max announced its acquisition of the real estate tech startup booj last week.

Orlando Named Among Top Florida Growth Markets in 2018

ORLANDO – Cushman & Wakefield has released its 2018 Florida Population Reports, which detail projected population growth statewide and in nine major markets throughout Florida. The overall Florida Growth Markets report predicts that Florida’s population will increase by just over 450,000 people in 2018, as compared to 430,000 in 2017.

In the next five years, the state’s population is expected to increase from 21 million to 23.3 million.

Of the Florida Growth Markets examined, the Fort Myers MSA will see the greatest change in year-over-year population growth, while Miami is expected to see the smallest change. Tampa ranks as the largest MSA in the state, and Orlando boasts the lowest unemployment rate.

“Florida’s population grew significantly in 2017, aided by continued net migration from northern and high-tax states,” said Chris Owen, Cushman & Wakefield’s Florida Research Manager. “In addition, thousands of Puerto Rico residents also migrated to the state after Hurricane Maria. Whether the majority of them stay or ultimately go back to the island will depend on reconstruction efforts and any boost to economic activity.”

Cushman & Wakefield’s Florida Market Leader, Larry Richey, added: “As an expanding consumer market, Florida Growth Markets benefits from recent population increases that will in turn continue to support new construction and development in commercial real estate. We see overall fundamentals improving, which will be enhanced by the pace of net migration both from out-of-state and Puerto Rico. These new residents will also alleviate some of the pressure on already tight labor markets.”

An overview of the Population Report for each market Cushman & Wakefield analyzed is below (in descending order of projected growth rates):

  1. Fort Myers: Population is expected to increase by 3.6 percent, from 748,000 to 775,200, year over year. This market is projected to see the most significant change in population of those examined, fueled by favorable demographic trends and lower costs compared to South Florida.
  2. Orlando: Population is expected to increase by 3.2 percent, from 2.4 million to 2.52 million year over year. This growth is bolstered by strong job creation, as Orlando adds 1,000 new jobs a week and has an unemployment rate of 3.3 percent — the lowest in the state.
  3. Palm Beach: Population is expected to increase by 2.8 percent, from 1.4 million to 1.52 million year over year. The Palm Bach MSA has seen a growth rate of 3.1 percent annually over a 10-year period.
  4. Indian River: Population is expected to increase by 2.7 percent, from 148,000 to 159,700 year over year. Large-scale residential communities in this East Coast MSA were popular in 2017, with a significant number of homes in the planning and construction stages.
  5. Lakeland: Population is expected to increase by 2 percent, from 677,270 to 689,600 year over year. Lakeland’s central location between the high-growth markets of Tampa and Orlando puts it in the middle of 8.6 million people within in a 100-mile radius. Average home values will remain the lowest in the Lakeland market at $194,910.
  6. Jacksonville: Population is expected to increase by 1.9 percent, from 1.5 million to 1.6 million year over year. Strengthened by new tourists, military spending and infrastructure, Jacksonville is expected to outperform the state and the country in terms of growth over the next several years.
  7. Broward County: Population is expected to increase by 1.8 percent, from 1.89 million to 1.98 million year over year. Broward County’s high quality of life, marked by a broad scope of opportunities, positions it for continued expansion.
  8. Tampa: Population is expected to increase by 1.8 percent, from 3 million to 3.14 million year over year. Tampa is the largest MSA in the state and the 18th largest nationwide. With an increasingly business-friendly environment, further growth is anticipated as Tampa continues to attract companies from around the country.
  9. Miami: Population is expected to increase by 1.4 percent, from 2.7 million to nearly 2.8 million year over year. The Miami MSA is projected to see the least growth of the markets examined. Average home values will remain the highest in the state at $345,130.

Thank you: Florida Trend