Inventory Gains and a Surge of New Listings
Highlight a March in Which Sales Climbed from February 2024 But Trailed March
2023
DENVER, April 18, 2024 /PRNewswire/ -- Home sales in
March increased 21.6% over February while trailing the March
activity of a year ago. At the same time, a 20.9% surge in new
listings during the month fueled a substantial 7.7% expansion in
inventory.
The inventory gains helped expand the supply of homes for sale
by 24.2% year over year, setting the stage for the customary peak
homebuying season of May and June.
"As we move into what is normally the prime homebuying months,
the increased inventory should give buyers more options and a
better chance at securing a home that fits their needs," says
Amy Lessinger, RE/MAX® President.
"It's still a seller's market in many parts of the country, but
having a greater volume of available listings is a good step toward
a more balanced market."
Anthony Askowitz, Broker/Owner of
RE/MAX Advance Realty in Miami,
FL, agrees that March's activity was a good sign for what
could come. "March is always a hot time for the real estate market
in Miami and this year was no
different. Demand was strong, prices increased and, although
homes took just a bit longer to sell, thankfully new construction
added to the inventory to help meet the needs of new
residents."
Up 5.1% year over year, the Median Sale Price increased 1.5%
from February – the third monthly increase in a row – and returned
to $415,000, a figure it last reached
last September.
Other metrics of note:
- While March's 21.6% jump in sales was the largest monthly gain
in a year, it lagged the 37.7% increase in March 2023 and 33.2% increase in March 2022.
- March home sales finished 9.4% below a year ago across the 50
metro areas surveyed. One factor in the comparison is that the
Easter holiday weekend occurred in March this year, but in April
last year.
- The March months' supply of inventory was 1.7, compared to 1.9
in February and 1.4 one year ago.
- Days on market dropped by 4 days from February to 40 days – the
same number as in March 2023.
- On average, March sellers received 99% of the listing price,
the same as sellers in February and those one year ago.
Highlights and local market results for March include:
Closed Transactions
In the 50 metro areas surveyed in
March 2024, the overall number of
home sales was up 21.6% compared to February
2024 and down 9.4% compared to March 2023. The markets
with the biggest decrease in year-over-year sales percentage were
Dover, DE at -25.9%, Honolulu, HI at -16.5%, and Miami, FL at -16.3%. The markets with the
biggest increase in year-over-year sales percentage were
Bozeman, MT at +10.7%,
Burlington, VT at +10.2%, and
Minneapolis, MN at +10.0%.
Closed
Transactions:
5 Markets with the Biggest YoY Increase
|
Market
|
Mar 2024
Transactions
|
Mar 2023
Transactions
|
Year-over-Year
% Change
|
Bozeman, MT
|
135
|
122
|
+10.7 %
|
Burlington,
VT
|
130
|
118
|
+10.2 %
|
Minneapolis,
MN
|
3,548
|
3,225
|
+10.0 %
|
Milwaukee,
WI
|
1,054
|
1,021
|
+3.2 %
|
Salt Lake City,
UT
|
1,128
|
1,120
|
+0.7 %
|
Median Sales Price – Median of 50 metro area prices
In
March 2024, the median of all 50
metro area sales prices was $415,000,
up 1.5% compared to February 2024,
and up 5.1% from March 2023. The
markets with the biggest year-over-year decrease in median sales
price were San Antonio, TX at
-4.4%, Burlington, VT at -4.3%,
and Fayetteville, AR
at -2.9%. The markets with the biggest year-over-year increase
in median sales price were Manchester,
NH at +14.5%, New York, NY
at +14.0%, and Hartford, CT at
+13.5%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
|
Market
|
Mar 2024
Median Sales Price
|
Mar 2023
Median Sales Price
|
Year-over-Year
% Change
|
|
Manchester,
NH
|
$479,900
|
$419,000
|
+14.5 %
|
|
New York, NY
|
$570,000
|
$499,900
|
+14.0 %
|
|
Hartford, CT
|
$334,950
|
$295,000
|
+13.5 %
|
|
Miami, FL
|
$510,000
|
$450,000
|
+13.3 %
|
|
Trenton, NJ
|
$382,500
|
$340,000
|
+12.5 %
|
|
Close-to-List Price Ratio – Average of 50 metro area
prices
In March 2024, the
average close-to-list price ratio of all 50 metro areas in the
report was 99%, flat compared to both February 2024 and March
2023. 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 94% and Bozeman, MT
at 95%. The metro areas with the highest close-to-list price ratios
were San Francisco, CA at 105% and
Hartford, CT at 104%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Increase
|
|
Market
|
Mar 2024
Close-to-List Price
Ratio
|
Mar 2023
Close-to-List Price
Ratio
|
Year-over-Year
Difference*
|
|
San Francisco,
CA
|
105.0 %
|
102.5 %
|
+2.6 pp
|
|
Seattle, WA
|
101.5 %
|
99.6 %
|
+1.9 pp
|
|
Los Angeles,
CA
|
99.8 %
|
98.1 %
|
+1.7 pp
|
|
Cleveland,
OH
|
99.4 %
|
97.7 %
|
+1.7 pp
|
|
Hartford, CT
|
103.5 %
|
101.9 %
|
+1.6 pp
|
|
Days on Market – Average of 50 metro areas
The average
days on market for homes sold in March
2024 was 40, down four days compared to the average in
February 2024, and flat compared to
March 2023. The metro areas with the
lowest days on market were Baltimore,
MD and Washington, DC, tied
at 13, followed by a three-way tie between Dover, DE, Philadelphia, PA, and Trenton, NJ at 18. The highest days on
market averages were in Fayetteville,
AR at 79, San Antonio, TX
at 76, and Bozeman, MT at 66.
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
|
Mar 2024
Days on Market
|
Mar 2023
Days on Market
|
Year-over-Year
% Change
|
Las Vegas,
NV
|
39
|
52
|
-25.4 %
|
Seattle, WA
|
44
|
56
|
-21.6 %
|
Baltimore,
MD
|
13
|
16
|
-21.4 %
|
Cleveland,
OH
|
29
|
37
|
-19.8 %
|
Detroit, MI
|
26
|
31
|
-18.3 %
|
Months' Supply of Inventory – Average of 50 metro
areas
The number of homes for sale in March 2024 was up 7.7% from February 2024 and up 24.2% from March 2023. Based on the rate of home sales in
March 2024, the months' supply of
inventory was 1.7, down from 1.9 in February
2024, and up from 1.4 in March
2023. In March 2024, the
markets with the lowest months' supply of inventory were
Seattle, WA at 0.6, followed by a
tie between Manchester, NH and
Milwaukee, WI at 0.7. The markets
with the highest months' supply of inventory were Miami, FL at 4.1, San Antonio, TX at 4.0, and Bozeman, MT at 3.3.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Increase
|
|
Market
|
Mar 2024
Months' Supply
of Inventory
|
Mar 2023
Months' Supply
of Inventory
|
Year-over-Year
% Change
|
|
Tampa, FL
|
2.7
|
1.5
|
+80.3 %
|
|
Miami, FL
|
4.1
|
2.3
|
+78.8 %
|
|
Dover, DE
|
1.3
|
0.8
|
+74.5 %
|
|
San Antonio,
TX
|
4.0
|
2.3
|
+71.4 %
|
|
Birmingham,
AL
|
2.6
|
1.6
|
+65.7 %
|
|
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
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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 50 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