Expected Spring Surge in Home Sales
Arrives
DENVER, April 18,
2023 /PRNewswire/ -- March home sales jumped
37.7% over February, signaling the start of the peak spring and
summer seasons in the report's 52 metro areas. While inventory was
down 2.8% from February's total, March inventory was 56.4% higher
year over year – due in part to the combination of pending
sales and closings being down, leaving homes on the market longer
than they were a year ago. The median sales price of $396,000 in March was down 2.0% year over
year.
"Compared to last year, there's a lot to like about this housing
market, including lower prices and less competition for available
listings. Although it would be good to see more new listings coming
onto the market, the current conditions offer potential for home
buyers and sellers alike," says RE/MAX President and CEO
Nick Bailey. "For those interested
in selling, demand for properties remains high and for buyers
entering the market, this spring can be a prime time to make a
move."
RE/MAX agent Keely McNeal of
RE/MAX Legends in Buford, Georgia,
says buyers are looking beyond interest rates and seeing prices
that intrigue them. "We're seeing an influx of buyers entering the
market, ready to take advantage. Consumers on both sides of the
transaction should work with a local market expert who understands
how pricing can be a key differentiator."
Other notable metrics:
- While down year over year, the median sales price ticked up
3.4% from February's $383,500, which
is in line with last year when home prices rose 4.7% (from
$387,000 to $405,000) from February to March.
- Months' Supply of Inventory in March was 1.4, down from 1.7
months in February but well above the 0.8 of last March.
- March's average close-to-list price ratio was 99%, meaning that
on average, homes sold for 1% less than the asking price. A year
ago, it was 102%.
- Homes sold in March were on the market for an average of 40
days – six days less than February but two weeks longer than a year
ago.
Highlights and local market metrics for March include:
Closed Transactions
Of the 52 metro areas
surveyed in March 2023, the overall
number of home sales is up 37.7% compared to February 2023, and down 21.8% compared to March
2022. The markets with the biggest decrease in year-over-year
sales percentage were San Francisco,
CA at -37.8%, Portland, OR
at -36.0%, and Los Angeles, CA at
-31.5%. No metro area had a year-over-year sales percentage
increase in March.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Mar 2023
Transactions
|
Mar 2022
Transactions
|
Year-over-Year
% Change
|
San Francisco,
CA
|
2,567
|
4,125
|
-37.8 %
|
Portland, OR
|
2,284
|
3,570
|
-36.0 %
|
Los Angeles,
CA
|
6,162
|
9,002
|
-31.5 %
|
Seattle, WA
|
3,997
|
5,808
|
-31.2 %
|
Las Vegas,
NV
|
3,009
|
4,318
|
-30.3 %
|
Median Sales Price – Median of 52 metro area prices
In
March 2023, the median of all 52
metro area sales prices was $396,000,
up 3.4% compared to February 2023,
and down 2.0% from March 2022. The markets with the biggest
year-over-year decrease in median sales price were Dallas, TX at -14.1%, Seattle, WA at -11.4%, and San Francisco, CA at -11.3%. Two metro areas
increased year-over-year by double-digit percentages, Omaha, NE at +11.3% and Wichita, KS at +10.0%.
Median Sales
Price:
5 Markets with the Biggest YoY Decrease
|
Market
|
Mar 2023
Median Sales Price
|
Mar 2022
Median Sales Price
|
Year-over-Year
% Change
|
Dallas, TX
|
$335,000
|
$390,000
|
-14.1 %
|
Seattle, WA
|
$650,000
|
$733,500
|
-11.4 %
|
San Francisco,
CA
|
$1,065,000
|
$1,200,000
|
-11.3 %
|
Phoenix, AZ
|
$420,000
|
$462,745
|
-9.2 %
|
Coeur d'Alene,
ID
|
$500,000
|
$550,000
|
-9.1 %
|
Close-to-List Price Ratio – Average of 52 metro area
prices
In March 2023, the
average close-to-list price ratio of all 52 metro areas in the
report was 99%, up from 98% in February
2023, and down from 102% in March
2022. The close-to-list price ratio is calculated by the
average value of the sales price divided by the list price for each
transaction. When the number is above 100%, the home closed for
more than the list price. If it's less than 100%, the home sold for
less than the list price. The metro areas with the lowest
close-to-list price ratio were Dallas,
TX at 93%, Miami, FL at
94%, and Coeur d'Alene, ID at 96%. The highest close-to-list price
ratios were a three-way tie between Hartford, CT, Manchester, NH, and San Francisco, CA at 102%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Decrease
|
Market
|
Mar 2023
Close-to-List
Price Ratio
|
Mar 2022
Close-to-List
Price Ratio
|
Year-over-Year
Difference
|
Dallas, TX
|
93.1 %
|
104.3 %
|
-11.1 pp
|
San Francisco,
CA
|
102.5 %
|
113.5 %
|
-11.0 pp
|
Seattle, WA
|
99.6 %
|
110.0 %
|
-10.4 pp
|
Denver, CO
|
99.6 %
|
105.7 %
|
-6.1 pp
|
Raleigh, NC
|
98.9 %
|
104.9 %
|
-6.0 pp
|
Days on Market – Average of 52 metro areas
The average
days on market for homes sold in March
2023 was 40, down six days from the average in February 2023 and up 14 days from the average in
March 2022. The metro areas with the
lowest days on market were Baltimore,
MD and Washington, DC, tied
at 16. The highest days on market averages were in Fayetteville, AR at 85, San Antonio, TX at 64, and Phoenix, AZ at 58. 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 Increase
|
Market
|
Mar 2023
Days on Market
|
Mar 2022
Days on Market
|
Year-over-Year
% Change
|
Tampa, FL
|
52
|
14
|
+279.4 %
|
Salt Lake City,
UT
|
49
|
13
|
+270.5 %
|
Orlando, FL
|
50
|
16
|
+211.8 %
|
Denver, CO
|
25
|
9
|
+187.9 %
|
Las Vegas,
NV
|
52
|
20
|
+155.0 %
|
Months' Supply of Inventory – Average of 52 metro
areas
The number of homes for sale in March 2023 was down 2.8% from February 2023 and up 56.4% from March 2022. Based on the rate of home sales in
March 2023, the months' supply of
inventory was 1.4, down from 1.7 compared to February 2023, and increased compared to 0.8 in
March 2022. In March 2023, the markets with the lowest months'
supply of inventory were Seattle,
WA at 0.5, followed by a tie between Albuquerque, NM and Charlotte, NC at 0.6. The markets with the
highest months' supply of inventory were a tie between Boston, MA and Bozeman, MT at 2.8, followed by Coeur d'Alene,
ID at 2.6.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Increase
|
Market
|
Mar 2023
Months' Supply
of Inventory
|
Mar 2022
Months' Supply
of Inventory
|
Year-over-Year
% Change
|
Raleigh, NC
|
1.3
|
0.3
|
+406.1 %
|
Coeur d'Alene,
ID
|
2.6
|
0.6
|
+318.1 %
|
Boston, MA
|
2.8
|
0.7
|
+293.4 %
|
Tampa, FL
|
1.5
|
0.5
|
+214.2 %
|
Salt Lake City,
UT
|
1.3
|
0.4
|
+206.9 %
|
About the RE/MAX Network
As one of the leading global
real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX
Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000
offices and a presence in more than 110 countries and territories.
Nobody in the world sells more real estate than RE/MAX, as measured
by residential transaction sides. RE/MAX was founded in 1973 by
Dave and Gail Liniger, with an
innovative, entrepreneurial culture affording its agents and
franchisees the flexibility to operate their businesses with great
independence. RE/MAX agents have lived, worked and served in their
local communities for decades, raising millions of dollars every
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To learn more about RE/MAX, to search home listings or find an
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Report Details
Beginning with the April 2022 report, RE/MAX is using a new source
for aggregated data.
The RE/MAX National Housing Report is distributed monthly on or
about the 15th. The Report is based on MLS data for the stated
month in 52 metropolitan areas, includes single-family residential
property types, and is not annualized. For maximum representation,
most of the largest metro areas in the country are represented, and
an attempt is made to include at least one metro area in almost
every state. Metro areas are defined by the Core Based Statistical
Areas (CBSAs) established by the U.S. Office of Management and
Budget.
Definitions
Closed 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 (pending listings) during
the month. Where "pending" data is unavailable, an inferred pending
status is calculated using closed transactions. Days on Market is
the average number of days that pass from the time a property is
listed until the property goes under contract. Median Sales Price
for a metro area is the median sales price for closed transactions
in that metro area. The nationwide Median Sales Price is
calculated at the nationwide aggregate level using all sale prices
from the included metro areas. The Close-to-List Price Ratio
is the average value of the sales price divided by the list price
for each closed transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings
company. While MLS data is believed to be reliable, it cannot be
guaranteed. MLS data is constantly being updated, making any
analysis a snapshot at a particular time. Every month, the previous
period's data is updated to ensure accuracy over time. Raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC