The December 2016 RE/MAX National Housing Report utilizes the sales from November and the November Home Sales Defied the Seasonal Trend Despite the typical winter slowdown, November home sales finished 19.1% above a year ago and prices increased 1.4% over October. All but one of the 53 markets within the RE/MAX National Housing Report posted an elevated number of sales over November 2015, with nearly half of the markets at least 20% higher. In all, last month saw more homes sold than any other November in the eight-year history of the report.
December 2016 RE/MAX National Housing Report
With 30 days to go, 2016 is on pace to exceed what was a strong 2015. Year-over-year, 2016 has posted price increases or stayed flat in all 11 months to date, and sales increases in nine months. November posted the largest percentage year-over-year sales increase thus far in 2016.
Last month, the Median Sales Price among the 53 markets edged above October at $220,000 and finished 8.9% above November 2015. As in the first 10 months of 2016, inventory continued to decrease year-over-year, having a decline of 17.0%.
November’s Months Supply of Inventory was 4.0, in comparison to the 5.0 months supply reported in November 2015. Days On Market averaged 59, compared to 58 in October and 65 a year ago.
“The continued decline of inventory and talk of rising interest rates may have contributed to November’s surge of home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Over the past 11 months, the majority of markets have seen home prices return to their pre-recession levels, reaffirming that 2016 has been the best year for the housing market since the recession.”
Closed Transactions
Of the 53 metro areas surveyed in November, the typical volume of home sales increased 19.1% as compared to one year ago, which marks the second highest improvement in the eight-year history of the report. This month, only one of the 53 metro areas surveyed experienced a decrease in sales year-over-year (Miami, FL at -11.4%) as the remaining 52 saw increases. The markets with the largest boost in sales include Billings, MT +38.1%, Las Vegas, NV +34.9%, Boise, ID +33.1%, Burlington, VT +30.7%, Honolulu, HI +30.3% and Phoenix, AZ, +29.1%.
Median Sales Price – Median of 53 metro median prices
In November, the median of all 53 metro Median Sales Prices was $220,000, up 1.4% from last month and up 8.9% from November 2015. Of the 53 metro areas surveyed, all but two (Burlington, VT and Des Moines, IA) saw year-over-year increases concerning Median Sales Price, 15 rising by double-digit percentages. The greatest double-digit increases were seen in Honolulu, HI +17.7%, Tampa, FL +15.9%, Dallas/Ft. Worth, TX +15.0%, Seattle, WA +13.2% and Birmingham, AL +13.1%.
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in November was 59, up one day from the average in October 2016, but down six days from this time last year. The two metro areas with the lowest Days on Market are San Francisco and Denver at 32 and 33 respectively. The highest Days on Market averages continue to be in Augusta, ME at 148, and Burlington, VT at 97. Days on Market is the number of days between any time a home is first 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 in November was down 9.3% from October, and down 17.0% from November 2015. According to the rate of home sales in November, the Months Supply of Inventory was 4.0, when compared to last month at 3.9 and last year at 5.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In November, 49 of the 53 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. The remaining four reported a months supply above 6.0 which is typically considered a buyers market. The markets with the lowest Months Supply of Inventory continue to be San Francisco, CA at 1.3, Denver, CO at 1.5 and Seattle, WA 1.6, with Denver and Seattle seeing the exact same Months Supply of Inventory as last month.
Nick & Cindy Davis are here to assist you with all your real estate needs here in the Tampa Bay and Surrounding Areas. We are always just a click here or call to 813-300-7116 away.