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Redfin: Home Prices Jumped in February as Sales Were Constrained by a Double-Digit Inventory Dip

Affordability Pressures Mount amid Rising Mortgage Rates

Seattle, WA – March 16th, 2017 (BUSINESS WIRE) U.S. home prices rose 7.2 percent in February, which marked 60 consecutive months of annual increases since home prices bottomed in early 2012, according to Redfin (, the next-generation real estate brokerage.


Home sales gained a modest 1.8 percent, constrained by a continuing inventory shortage. The number of homes for sale fell 12.9 percent year over year in February, the third month in a row that inventory declined by double digits. Housing affordability pressures are increasing, especially for first-time buyers, amidst continuously increasing prices and the Federal Reserve’s recent announcement of an interest rate hike. However, rising prices may lead more homeowners to list their homes this spring.

“The total level of home equity reached a new peak at the close of 2016, according to recent Fed data,” said Redfin chief economist Nela Richardson. “While great for homeowners, continuously strong price growth across the U.S. since 2012 has posed significant challenges for first-time buyers, especially given such low supply in affordable price-tiers. There is a silver lining on the horizon, however. Rising prices and increased equity may tip the scales for homeowners who have been delaying their decision to move up, which could add much-needed starter-home inventory to the market.”

Despite affordability concerns and low inventory, February still proved to be a strong month for buyer demand. Market speed increased again, making for the fastest February Redfin recorded since 2010. The typical home that sold last month went under contract in 60 days, eight days faster than one year prior. Nearly 15 percent of all homes listed for sale in February were off the market within two weeks, up from 11.7 percent last year.

Regional February Highlights


  • Seattle, WA was the fastest market, with nearly half of all homes pending sale in just 12 days, down from 13 days from a year earlier. Oakland, CA and Denver, CO were the next fastest markets with 15 and 18 median days on market, followed by San Jose, CA (21) and San Francisco, CA (28).
  • Competition was fierce in San Jose, CA where 63.1% of homes sold above list price, followed by 62.0% in San Francisco, CA, 59.1% in Oakland, CA, 49.3% in Seattle, WA, and 36.3% in Tacoma, WA.


  • Portsmouth, NH had the nation’s highest price growth, rising 21.4% since last year to $285,000. Deltona, FL had the second highest growth up 20.1%, followed by Tampa, FL (18.8%), Jacksonville, FL (18.7%), and Ogden, UT (17.2%).
  • Prices dropped in four metros, including Baton Rouge, LA (-4.2%), Wilmington, DE (-2.5%), Honolulu, HI (-1%), and Pittsburgh, PA (-0.8%).


  • 17 out of 90 metros saw sales surge by double digits from last year. Charleston, SC led the nation in year-over-year sales growth, up 39.2%, followed by St. Louis, MO, up 30%. Fort Myers, FL rounded out the top three with sales up 25.2% from a year ago.
  • Albany, NY saw the largest dip in sales since last year, falling 22.5%. Home sales in Portsmouth, NH declined by 22.4% as well.


  • Rochester, NY had the largest decrease in overall inventory, falling 42.4% since last February. Buffalo, NY (-37.8%), Seattle, WA (-35.3%), and Omaha, NE (-34.7%) also saw far fewer homes available on the market than a year ago.
  • Provo, UT had the highest increase in the number of homes for sale, up 30.7% year over year, followed by Knoxville, TN (21.6%) and New Orleans, LA (16.1%).

To read the full report, complete with data and charts, please click here.

About Redfin

Redfin ( is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer’s favor. Founded by software engineers, Redfin has the country’s #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry’s lowest published error rate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $40 billion in home sales through 2016.

For more information or to contact a local Redfin real estate agent, visit To learn about housing market trends and download data, visit the Redfin Data Center. To view Redfin’s press center, click here.


Redfin Journalist Services:
Jeffery Marino
(206) 588-6863

Home Prices at New High in February Amid Record Low Inventory

RE/MAX National Housing Report on MLS Data from 53 Metro Areas

Denver, CO – March 17, 2017 (PRNewswire) February home prices reached a new high as steady demand combined with record low inventory drove prices up, according to this month’s RE/MAX National Housing Report that surveys 53 metro areas.


Last month saw a negligible decline (-0.02%) in home sales from February 2016, which posted the most sales in the nine-year history of the report. Less than half of the markets experienced an increase in sales year-over-year.

Meanwhile, active inventory reached a record low for February, dropping 17.9% year-over-year. This marks the 100th consecutive month of year-over-year declines dating back to October 2008.

As a result, the Median Sales Price of $212,000 – another February record – was up 6% year-over-year. This is the 11th consecutive month of year-over-year price increases.

Homes sold faster last month, with average Days on Market dropping from 75 in February 2016 to 68 last month. For this month’s housing report infographic click here.

“Inventory, not the rise in interest rates, remains the principal constraint on home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “The resale market is driven dramatically by the availability of new homes. Most U.S. markets have a high demand for new home construction, and although it’s good to see housing starts trending upward, we still need more.”

Closed Transactions:

Of the 53 metro areas surveyed in February 2017, the overall average number of home sales decreased 0.02% compared to February 2016. Of the 53 metro areas, 23 experienced an increase in sales year-over-year, with nine experiencing double-digit increases. The markets with the largest increase in sales included Trenton, NJ +26.2%, Nashville, TN +19.4%, Las Vegas, NV +18.2%, Wichita, KS +14.6% and Birmingham, AL +13.3%.

Median Sales Price – Median of 53 metro median prices:

In February 2017, the median of all 53 metro Median Sales Prices was $212,000, up 1.4% from January 2017 and up 6.0% from February 2016. Only six metro areas saw year-over-year decreases or remained unchanged, with 16 rising by double-digit percentages. The largest double-digit increases were seen in Fargo, ND +19.9%, Burlington, VT +18.4%, Tampa, FL +15.9%, Indianapolis +14.3% and Dallas/Ft. Worth, TX +13.9%.

Days on Market – Average of 53 metro areas:

The average Days on Market for homes sold in February 2017 was 68, up two days from the average in January 2017, but down seven days from the February 2016 average. The three metro areas with the lowest Days on Market were San Francisco, CA at 32, Omaha, NE at 34 and Denver, CO at 38. The highest Days on Market averages were in Augusta, ME at 147 and Chicago, IL at 109. 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 2017 was down 2.2% from January 2017, and down 17.9% from February 2016. Based on the rate of home sales in February, the Months Supply of Inventory was 3.6, compared to January 2017 at 3.8 and February 2016 at 4.0. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In February 2017, 45 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 eight saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west, with both Denver, CO and Seattle, WA at 1.0 and San Francisco, CA at 1.1.


For specific data in this report or to request an interview, please contact

About the RE/MAX Network:

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. Over 110,000 agents provide RE/MAX a global reach of more than 100 countries and territories. Nobody sells more real estate than RE/MAX, when measured by residential transaction sides. RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is a wholly-owned subsidiary of RMCO, LLC, which is controlled and managed by RE/MAX Holdings, Inc. (NYSE: RMAX). With a passion for the communities in which its agents live and work, RE/MAX is proud to have raised more than $150 million for Children’s Miracle Network Hospitals® and other charities. For more information about RE/MAX, to search home listings or find an agent in your community, please visit For the latest news about RE/MAX, please visit


The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.


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 (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.