Last month saw the second-most sales – {and the|as well as the} smallest inventory – of any October {in the|within the} 9-year history of the RE/MAX National Housing Report. {Add to that|Additionally} combination {the highest|the biggest} year-over-year price increase of 2016 {thus far|to date}: 8.3%. Please remember in November we are referring to the October Home Sales.
November 2016 RE/MAX National Housing Report
Although posting near-record sales, this October finished 1% below October 2015 sales, which posted {the highest|the greatest} of any October {dating back to|going back to} 2008. Sales declined year-over-year in 28 of the 53 markets surveyed, including many New England markets.
{The number of|The volume of} {homes for sale|properties for sale} was {the lowest|the smallest} of any month since May, {and also the|along with the} lowest of any October {dating back to|going back to} 2008. Inventory declined in 48 of the 53 markets surveyed. The Months Supply of Inventory was 3.9.
Reflecting strong sales and shrinking inventory, last month’s Median Sales Price increased by 8.3% to $216,500. Fueling the hike were double-digit increases in Florida markets (Miami, Tampa, Orlando) and markets with {very low|surprisingly low} inventory (San Francisco and Denver).
“Although October sales weren’t quite as robust as what we’ve tracked so far in 2016, it’s only the second month this year that didn’t exceed the strong levels set in 2015. But finishing just 1 percent below October 2015 sales is still a very solid performance,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “It’s the 13th consecutive month of double-digit decline in inventory year-over-year, and that appears to have pushed prices up in all but one market.”
Closed Transactions
{In the|Within the} 53 metro areas surveyed in October, {the average|the typical} {number of|amount of} home sales decreased by 1.0% {compared to|when compared with} {one year|twelve months} ago, which marks the second month in 2016 {with a|having a} decline. Despite {a slight|a small} {decrease in|decline in} the number of transactions, this October is the second best in the history of the report. This month, {less than half|less than 50 %} of the 53 metro areas surveyed experienced {an increase in|a rise in} sales year-over-year with Providence, RI seeing home sales {that were|that have been} unchanged {and only|and just} one market seeing a double-digit increase. The markets with the largest {increase in|improvement in} sales include Phoenix, AZ +12.2%, Seattle, WA +7.7%, Nashville, TN +6.9%, Milwaukee, WI +6.2%, Boise, ID +5.8% and Raleigh & Durham, NC, +4.9%.
Median Sales Price – Median of 53 metro median prices
In October, the median of all 53 metro Median Sales Prices was $216,500, down 1.6% from last month and up 8.3% from October 2015. Of the 53 metro areas surveyed, all but one (Billings, MT) saw year-over-year increases {with respect to|when it comes to} Median Sales Price, with 14 rising by double-digit percentages. {The largest|The most significant} double-digit increases were {seen in|found in} Miami, FL +16.3%, Trenton, NJ +14.4%, Tampa, FL +14.3%, Portland, OR +13.7% and Orlando, FL +13.7%.
Days on Market – Average of 53 metro areas
{The average|The typical} Days on Market for homes sold in October was 58, up two days from the average in September 2016, but down four days from October 2015. October becomes the 43rd consecutive month {with a|having a} Days on Market average of 80 or less. {Similar to the|Just like the} past two months, the two metro areas {with the|with all the} lowest Days on Market are Omaha and Denver at 28 and 29 respectively. {The highest|The greatest} Days on Market averages continue to be in Augusta, ME at 143, and Burlington, VT at 99. Days on Market is the number of days between {when a|whenever a} home is first {listed in|placed in} an MLS and a sales contract is signed.
Months Supply of Inventory – Average of 53 metro areas
The number of {homes for sale|properties for sale} in October was down 6.7% from September, and down 15.9% from October 2015. {Based on the|According to the} rate of home sales in October, the Months Supply of Inventory was 3.9, {compared to|in comparison with} last month at 3.9 and {last year|a year ago} at 4.5. A 6.0-month supply indicates a market balanced equally between {buyers and sellers|sellers and buyers}. This month, only five metro areas reported a balanced market at 6.0 {or above|or higher}. The markets with the lowest Months Supply of Inventory are San Francisco, CA 1.4, Denver, CO at 1.5 and Seattle, WA 1.6.
So if you have been considering buying or selling a home here in the Tampa Bay Area, now may be the ideal time for you. Nick & Cindy Davis are here to assist you. We are always just a click here or call to 813-300-7116 away.