April Sales Decline of 7.6% In Contrast with
Seasonal Ramp-Up
DENVER, May 18, 2023
/PRNewswire/ -- The seasonal ramp-up to peak summer homebuying did
not occur in April as closings dropped 7.6% from March across the
report's 49 metro areas. That came as the Median Sales Price rose
2.3% to $409,000 month-over-month and
inventory inched up 1.8% over the prior month.
The number of home sales typically increases every month from
February to June. But April posted a decline despite a
month-over-month increase in new listings of 5.6%. Year-over-year,
April sales were down 29.5% while new listings were 22.1%
lower.
"The data tells a story, but it's just one side of the story,"
says RE/MAX, LLC President and CEO Nick
Bailey. "Sales may be down across the U.S. as move-up
buyers, who like their current mortgage rate, choose to stay in
their homes. But first-time homebuyers are active and those
entering the market have an edge as sellers are negotiating more
and giving buyers a chance."
The Milwaukee metro's low
inventory levels are pushing home prices up and causing
negotiations of another sort says John
Gscheidmeier, Broker/Owner of RE/MAX Service First in
Waukesha, Wisconsin. "Sellers are
experiencing multiple offers again, with buyers waiving inspections
and adding an appraisal gap coverage. This gives the seller some
assurance that the buyer will help cover the 'gap' if the home
doesn't appraise at the purchase value, which is giving some
sellers confidence to enter the market."
Other notable metrics:
- The median sales price has increased 6.2% since January after
dropping 9.6% the previous seven months.
- Months' Supply of Inventory in April was 1.3, unchanged from
March but above the 1.0 a year ago.
- April'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 103%.
- Homes sold in April were on the market for an average of 33
days – six days less than March but 10 days longer than a year
ago.
Highlights and local market metrics for April
include:
New Listings
Of the 49 metro areas surveyed in
April 2023, the number of newly
listed homes is up 5.6% compared to March
2023, and down 22.1% compared to April 2022. The
markets with the biggest decrease in year-over-year new listings
percentage were Seattle, WA at
-39.2%, Phoenix, AZ at -36.2%, and
San Francisco, CA at -35.5%.
Leading the year-over-year new listings percentage increase were
Nashville, TN at +3.6%,
Trenton, NJ at +3.1%, and
Philadelphia, PA at +1.1%.
New Listings:
5 Markets with the Biggest YoY Decrease
|
Market
|
Apr 2023
New Listings
|
Apr 2022
New Listings
|
Year-over-Year
% Change
|
Seattle, WA
|
4,377
|
7,200
|
-39.2 %
|
Phoenix, AZ
|
7,044
|
11,043
|
-36.2 %
|
San Francisco,
CA
|
3,434
|
5,328
|
-35.5 %
|
San Diego,
CA
|
2,444
|
3,712
|
-34.2 %
|
Anchorage,
AK
|
540
|
813
|
-33.6 %
|
Closed Transactions
Of the 49 metro areas
surveyed in April 2023, the overall
number of home sales is down 7.6% compared to March 2023, and down 29.5% compared to April
2022. The markets with the biggest decrease in year-over-year
sales percentage were San Francisco,
CA at -42.3%, Portland, OR
at -40.0%, and Seattle, WA at
-39.3%. No metro areas had a year-over-year sales percentage
increase in April.
Closed
Transactions:
5 Markets with the Biggest YoY Decrease
|
Market
|
Apr 2023
Transactions
|
Apr 2022
Transactions
|
Year-over-Year
% Change
|
San Francisco,
CA
|
2,400
|
4,160
|
-42.3 %
|
Portland, OR
|
2,213
|
3,691
|
-40.0 %
|
Seattle, WA
|
3,677
|
6,058
|
-39.3 %
|
Birmingham,
AL
|
1,116
|
1,767
|
-36.8 %
|
Anchorage,
AK
|
334
|
528
|
-36.7 %
|
Median Sales Price
In April
2023, the median of all 49 metro area sales prices was
$409,000, up 2.3% compared to
March 2023, and down 3.1% from April
2022. The markets with the biggest year-over-year decrease in
median sales price were San Francisco,
CA at -13.5%, Coeur d'Alene, ID at -12.8%, and Seattle, WA at -10.9%. The markets with the
biggest year-over-year increase in median sales price were
Cincinnati, OH at +8.4%,
Milwaukee, WI at +8.1%, and
St. Louis, MO at +7.7%.
Median Sales
Price:
5 Markets with the Biggest YoY Decrease
|
Market
|
Apr 2023
Median Sales Price
|
Apr 2022
Median Sales Price
|
Year-over-Year
% Change
|
San Francisco,
CA
|
$1,125,000
|
$1,300,000
|
-13.5 %
|
Coeur d'Alene,
ID
|
$533,000
|
$611,160
|
-12.8 %
|
Seattle, WA
|
$675,000
|
$757,750
|
-10.9 %
|
Salt Lake City,
UT
|
$490,000
|
$550,000
|
-10.9 %
|
Dover, DE
|
$302,500
|
$333,500
|
-9.3 %
|
Close-to-List Price Ratio
In April 2023, the average close-to-list price ratio
of all 49 metro areas in the report was 99%, flat compared to
March 2023, and down from 103%
compared to April 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 Miami, FL at 95%, followed by
a three-way tie between Coeur d'Alene, ID, New Orleans, LA, and Phoenix, AZ at 97%. The highest close-to-list
price ratios were a tie between Hartford,
CT and Manchester, NH at
103%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Decrease
|
Market
|
Apr 2023
Close-to-List Price
Ratio
|
Apr 2022
Close-to-List Price
Ratio
|
Year-over-Year
Difference
|
San Francisco,
CA
|
102.5 %
|
113.6 %
|
-11.1 pp
|
Seattle, WA
|
100.4 %
|
109.0 %
|
-8.6 pp
|
Denver, CO
|
99.8 %
|
106.4 %
|
-6.6 pp
|
Raleigh, NC
|
99.2 %
|
105.6 %
|
-6.4 pp
|
Burlington,
VT
|
100.6 %
|
105.9 %
|
-5.2 pp
|
Days on Market
Of the 49 metro areas surveyed, the
average days on market for homes sold in April 2023 was 33, down six days from the average
in March 2023, and up 10 days from
the average in April 2022. The metro
areas with the lowest days on market were Washington, DC at 12, Baltimore, MD at 13, and Manchester, NH at 14. The highest days on
market averages were in Fayetteville,
AR at 75, Miami, FL at 53,
followed by a tie between Des Moines,
IA and Phoenix, AZ at 52.
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
|
Apr 2023
Days on Market
|
Apr 2022
Days on Market
|
Year-over-Year
% Change
|
Tampa, FL
|
46
|
12
|
+270.1 %
|
Salt Lake City,
UT
|
41
|
12
|
+237.0 %
|
Orlando, FL
|
48
|
15
|
+224.4 %
|
Denver, CO
|
21
|
7
|
+181.6 %
|
Bozeman, MT
|
41
|
15
|
+178.6 %
|
Months' Supply of Inventory
Of the 49 metro areas
surveyed, the number of homes for sale in April 2023 was up 1.8% from March 2023 and up 24.3% from April 2022. Based on the rate of home sales in
April 2023, the months' supply of
inventory was 1.3, flat compared to March
2023, and increased compared to 1.0 in April 2022. In April
2023, the markets with the lowest months' supply of
inventory were a three-way tie between Charlotte, NC, Manchester, NH, and Seattle, WA at 0.6. The markets with the
highest months' supply of inventory were New Orleans, LA at 2.6, followed by a tie
between Coeur d'Alene, ID and Miami,
FL at 2.5.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Increase
|
Market
|
Apr 2023
Months' Supply
of Inventory
|
Apr 2022
Months' Supply
of Inventory
|
Year-over-Year
% Change
|
Raleigh, NC
|
1.5
|
0.5
|
+215.0 %
|
Nashville,
TN
|
1.5
|
0.6
|
+158.8 %
|
Des Moines,
IA
|
1.7
|
0.7
|
+128.2 %
|
Coeur d'Alene,
ID
|
2.5
|
1.1
|
+116.3 %
|
Tampa, FL
|
1.5
|
0.7
|
+109.5 %
|
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
year for Children's Miracle Network Hospitals® and other charities.
To learn more about RE/MAX, to search home listings or find an
agent in your community, please visit www.remax.com. For the latest
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Report Details
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 49 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
New Listings are the number of listings
that are initially listed for sale during the given month. Closed
Transactions are the total number of closed residential
transactions during the given month. 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. Days on Market is the average number of days
that pass from the time a property is listed until the property
goes under contract. 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. Active Inventory is the total number of listings in
an active status as of the last day of the report month.
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