As a ReMax owner I am very proud and happy to report that sales have increased from both January and last Febuary by 4.8%. We are now entering the Spring with excellent increasses. The average year-to-year increase in home sales has been 5.8%. I want to take this opportunity to congratulate the 52 other ReMax in the Metro area that also made this possible and lets continue to strive towards more success.
The following is the actual report that provides in detail the facts of the monthly report:
"Closed Transactions – Year-over-year change
In the 53 metro areas surveyed in February, the average number of home sales was 4.8% higher than one year ago, and was 5.8% higher than the previous month. February home sales are typically slightly higher than those in January and since February 2009, the average increase has been 5.2%. This February, home sales appeared to be especially strong in the northeast, in places like Boston, New York, Philadelphia and Trenton. Across the nation in February, 38 of the 53 metro areas surveyed reported higher sales on a year-over-year basis, with 16 experiencing double-digit increases, including Providence, RI +23.1%, Manchester, NH +20.5%, Augusta, ME +19.3%, Hartford, CT +18.2%, Cleveland, OH +17.1% and Wilmington, DE +16.8%.
Median Sales Price
The Median Sales Price for all homes sold in February was $198,000, down 1.0% from January. On a year-over-year basis, the Median Sales Price has now risen for 49 consecutive months, but February’s increase of 5.9% is less than the 2015 monthly average of 7.6%. Although price increases have been moderating over the last few months, low inventory supply continues to be the most significant factor pressuring prices. Among the 53 metro areas surveyed in February, 45 reported higher prices than last year, with 12 rising by double-digit percentages: Cleveland, OH +15.8%, Tampa, FL +15.6%, Boise, ID +13.4%, Miami, FL +12.2%, Orlando, FL +11.7%, and Nashville, TN +11.5%.
Days on Market – Average of 53 metro areas
The average Days on Market for all homes sold in February was 76, up 5 days from the average in January, but 4 days lower than the average in February 2015. February becomes the 35th consecutive month with a Days on Market average of 80 or less. In the three markets with the lowest inventory supply, Denver, San Francisco and Seattle, Days on Market was 38, 35 and 48 respectively. The highest Days on Market averages were seen in Augusta, ME 167, Burlington, VT 119, Des Moines, IA 114 and Chicago, IL 113. Days on Market is the number of days between when a home is first listed 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 February was 1.3% lower than in January and 13.3% lower than in February 2015. The average loss of inventory on a year-over-year basis in 2015 was 12.2%. Based on the rate of home sales in February, the Months Supply of Inventory was 4.0, which was lower than the 4.6 months supply January and the 4.7 supply in February last year. A 6.0 Months Supply indicates a market balanced equally between buyers and sellers. Burlington, VT had the highest February months supply at 11.1. Seven metros had a supply less than 2 months: Denver, CO 1.1, San Francisco, CA 1.2, Seattle, WA 1.2, Portland, OR 1.4, Dallas-Ft. Worth, TX 1.8, San Diego, CA 1.8 and Omaha, NE 1.9."
(http://www.remax.com/newsroom/press-releases/march-2016-national-housing-report.htm)
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