March set a post-recession record for increasing home sales and prices, as outlined by the April 2017 RE/MAX National Housing Report. Here’s what the analysis revealed.
April 2017 Housing Report: 4 Points to Consider
1. Home sales increased year-over-year
March home sales were 6.6% greater than the report’s previous March record, set a year ago. Thirty-eight of the 53 metro areas in the report showed year-over-year increases. Sixteen of these areas charted double-digit growth.
2. Inventory continues to drop
In March, the Months Supply of Inventory dropped below 3 months (2.7) for the first time since RE/MAX began tracking inventory nine years ago (a six-months supply of inventory is regarded as balanced). It’s actually a seller’s market in several metro areas, specifically in Seattle, WA (.9 months supply), San Francisco, CA (1 month) and Denver, CO (1 month).
3. Sales prices set a record
With active inventory dropping 17% year-over-year, median sales prices increased. The Median Sales Price of $225,000, a March record, was up 11% year-over-year. And what a year it’s been for sellers-March marked the 12th consecutive month of year-over-year price increases. At $225,000, the March median sales price was up 11% from March 2016. Manchester, NH, Orlando, FL, Charlotte, NC, Trenton, NJ and Nashville, TN also experienced double-digit boosts in Median Sales Price.
4. Homes continue to move fast
Houses spent an average of 64 days on the market in March, in comparison to 68 in February 2017 and 71 in March 2016.
“We expect a seasonal uptick in sales this time of year and March certainly met and somewhat exceeded that expectation,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “We don’t anticipate the tightening inventory to ease up in most markets until new home construction can catch up to its pre-recession pace. Until then, sellers will enjoy a fast-paced market and buyers will need to work with their agents to get in the right home.”
To understand what the numbers mean for your unique home buying or selling situation, talk with Nick & Cindy Davis with RE/MAX Premier Group. We service the entire Tampa Bay and Surrounding Areas. We are always just a click here or call to 813-300-7116 away.
