DENVER, May 17, 2021 /PRNewswire/ -- On average, April
home sales took just 32 days from listing to going under contract,
while the Median Sales Price rose to $320,000 – both new records in the 13-year
history of the report. These stats, and other key indicators,
including a report record April for sales, signal a potentially
torrid market going into the traditional peak sales months of May
through August.
April home sales in the report's 53 metro areas were up 5.3%
over March, slightly topping the five-year March-to-April average
gain of 5.0% from 2015-2019. In contrast, home sales in 2020
dropped 13.7% from March to April as pandemic-related stay-at-home
orders were in effect in many states.
Limited inventory remains a primary issue. However, with more
homes coming onto the market in April, recent double-digit,
month-to-month declines in active inventory dropped to just 2.4%
from March to April. Still, year over year, inventory was down
42.2%. Additional context:
- Months Supply of Inventory reached a record low of 1.1,
compared to the previous report record of 1.3 in March.
- Home sales were the highest for April in report history and
marked the 10th highest month in the past 13 years.
- April's record low of 32 Days on Market trimmed four days off
the previous report record of 36 days set in November 2020 – a significant change from April
2020's 46 days.
- The Median Sale Price jumped 5.9% over March and was the
highest month-to-month increase since 6.2% from May to June 2019.
"Even with rising home prices, super-quick turnarounds, and
fierce competition for available listings, April 2021 saw more home sales than any April in
at least 13 years. That's a clear reflection of overwhelming demand
and the resilience of today's buyers," said Adam Contos, CEO of RE/MAX Holdings, Inc.
"The 32 Days on Market average – a report record – is noteworthy,
too. Many listings are being snapped up the day they go on sale –
or within just a few days. That pace underscores the importance of
an experienced professional who can guide you to smart decisions
and quick action – on either side of the transaction."
Although year-over-year comparisons are heavily distorted by the
pandemic mitigation measures of 2020, highlights and the local
markets leading various metrics for April include:
Closed Transactions
Of the 53 metro areas
surveyed in April 2021, the overall
average number of home sales was up 5.3% compared to March 2021, and up 45.2% compared to April
2020. Coastal metros led year-over-year sales percentage
increases with San Francisco, CA
at +121.0%, New York, NY at
+112.2%, and Miami, FL
+111.9%.
Closed
Transactions:
5 Markets with the Biggest YoY Increase
|
Market
|
April 2021
Transactions
|
April 2020
Transactions
|
Year-over-
Year %
Change
|
San Francisco,
CA
|
6,840
|
3,095
|
121.0%
|
New York,
NY
|
2,716
|
1,280
|
112.2%
|
Miami, FL
|
5,570
|
2,628
|
111.9%
|
Las Vegas,
NV
|
4,611
|
2,507
|
83.9%
|
Los Angeles,
CA
|
13,241
|
7,606
|
74.1%
|
Median Sales Price – Median of 53 metro median
prices
In April 2021, the
median of all 53 metro Median Sales Prices was $320,000, up 5.9% from March 2021 and up 16.4% from April 2020. No metro areas saw a year-over-year
decrease in Median Sales Price. Forty-two metro areas increased
year-over-year by double-digit percentages, led by Boise, ID at +35.3%, Augusta, ME at +27.7%, and Los Angeles, CA at +25.2%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
April 2021
Median Sales
Price
|
April 2020
Median Sales
Price
|
Year-over-
Year %
Change
|
Boise, ID
|
$439,740
|
$325,000
|
35.3%
|
Augusta,
ME
|
$240,000
|
$188,000
|
27.7%
|
Los Angeles,
CA
|
$650,000
|
$519,000
|
25.2%
|
Phoenix,
AZ
|
$375,000
|
$300,000
|
25.0%
|
San Francisco,
CA
|
$1,221,000
|
$1,000,000
|
22.1%
|
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in April
2021 was 32, down six days from the average in March 2021 and down 14 days from the average in
April 2020. The metro areas with the
lowest Days on Market were Wichita,
KS at 12, Omaha, NE at 13,
and a three-way tie between Salt Lake
City, UT, Boise, ID, and
Seattle, WA at 14. The highest
Days on Market averages were in Des
Moines, IA at 91, Miami, FL
at 88, and New York, NY at 83.
Days on Market is the number of days between when a home is first
listed in an MLS and a sales contract is signed.
Days on
Market:
5 Markets with the Biggest YoY Decrease
|
Market
|
April 2021
Days on
Market
|
April 2020
Days on
Market
|
Year-over-
Year %
Change
|
Wichita,
KS
|
12
|
31
|
-60.7%
|
Boise, ID
|
14
|
34
|
-58.8%
|
Manchester,
NH
|
19
|
42
|
-54.8%
|
Salt Lake City,
UT
|
14
|
28
|
-51.6%
|
Richmond,
VA
|
19
|
36
|
-47.2%
|
Months Supply of Inventory – Average of 53 metro
areas
The number of homes for sale in April 2021 was down 1.0% from March 2021 and down 42.2% from April 2020. Based on the rate of home sales in
April 2021, the Months Supply of
Inventory decreased to 1.1 compared to 1.3 in March 2021, and decreased compared to 4.0 in
April 2020. A six months supply
indicates a market balanced equally between buyers and sellers. In
April 2021, of the 53 metro areas
surveyed, zero metro areas reported a months supply at or over six,
which is typically considered a buyer's market. The markets with
the lowest Months Supply of Inventory were Albuquerque, NM at 0.4, and a four-way tie
between Raleigh-Durham, NC,
Manchester, NH, Denver, CO, and Seattle, WA at 0.5.
Months Supply of
Inventory:
5 Markets with the Biggest YoY Decrease
|
Market
|
April 2021
Months
Supply of
Inventory
|
April 2020
Months
Supply of
Inventory
|
Year-over-
Year %
Change
|
Pittsburgh,
PA
|
1.0
|
10.9
|
-90.8%
|
Providence,
RI
|
0.7
|
5.3
|
-86.8%
|
Detroit,
MI
|
1.1
|
7.8
|
-85.9%
|
Denver, CO
|
0.5
|
3.0
|
-83.3%
|
Albuquerque,
NM
|
0.4
|
2.3
|
-82.6%
|
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mediarelations@remax.com.
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Description
The RE/MAX National Housing Report is
distributed each month on or about the 15th. The first
Report was distributed in August 2008. The Report is based on
MLS data in approximately 53 metropolitan areas, includes all
residential property types, and is not annualized. For maximum
representation, many of the largest metro areas in the country are
represented, and an attempt is made to include at least one metro
from each state. Metro area definitions include the specific
counties established by the U.S. Government's Office of Management
and Budget, with some exceptions.
Definitions
Transactions are the total number of
closed residential transactions during the given month. Months
Supply of Inventory is the total number of residential properties
listed for sale at the end of the month (current inventory) divided
by the number of sales contracts signed (pended) during the
month. Where "pended" data is unavailable, this calculation is
made using 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. Median Sales Price is the median of the
median sales prices in each of the metro areas included in the
survey.
MLS data is provided by contracted data aggregators, RE/MAX
brokerages and regional offices. While MLS data is believed to be
accurate, it cannot be guaranteed. MLS data is constantly
being updated, making any analysis a snapshot at a particular time.
Every month the RE/MAX National Housing Report re-calculates the
previous period's data to ensure accuracy over time. All raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC