On this episode of the #TomFerryShow, Tom discusses the top 12 lead generation sources for real estate success.
Find out the top strategies top producing coaching members are using to generate real estate leads. The answers might surprise you…
February 2018 RE/MAX National Housing Report on MLS Data from 53 Metro Areas
Denver, CO – Feb. 16, 2018 (PRNewswire) The record speed of January home sales may signal that buyers aren’t waiting around for the typical spring selling season to begin. Despite home sales being down 2.8% year-over-year, the February RE/MAX National Housing Report shows homes sold in a mere 60 days last month, marking the fewest Days on Market of any January in the nine-year history of the report. To access the housing report infographic, visit: https://rem.ax/2GdTVcL.
Days on Market typically decline each month leading into the heart of the spring and summer buying season in July and start increasing monthly as fall progresses into winter.
“We recently saw the groundhog predict six more weeks of winter, but January housing numbers are telling a different story,” said RE/MAX CEO Adam Contos. “It looks like the spring selling season may have arrived early because home buyers are not slowing down. The speed of this market is on pace with what we saw in the prime of the 2017 selling season.”
The Median Sales Price of $224,000 also set a January record — up 6.7% year-over-year. Out of 53 markets, 51 posted gains, marking January as the 22nd consecutive month of year-over-year price increases dating back to April 2016.
Closed Transactions
Of the 53 metro areas surveyed in January 2018, the overall average number of home sales decreased 27.4% compared to December 2017 and decreased 2.8% compared to January 2017. Twenty of the 53 metro areas experienced an increase in sales year-over-year including, Milwaukee, WI, +13.6%, Albuquerque, NM, +12.8%, Kansas City, MO, +12.5%, and Boise, ID, +12%.
Median Sales Price – Median of 53 metro median prices
In January 2018, the median of all 53 metro Median Sales Prices was $224,000, down 4.7% from December 2017 but up 6.7% from January 2017. Billings, MT, was the only metro area to see a year-over-year decrease in Median Sales Price at -6.4%. Eleven metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Boise, ID, +18.7%, Las Vegas, NV, +16.2%, San Francisco, CA, +14% and Orlando, FL, +13.8%.
Days on Market – Average of 53 metro areas
The average Days on Market for homes sold in January 2018 was 60, up three days from the average in December 2017, and down six days from the January 2017 average. The metro areas with the lowest Days on Market were San Francisco, CA, at 31, Omaha, NE, at 34 and Nashville, TN at 36. The highest Days on Market averages were in Augusta, ME, at 109, Chicago, IL, at 96 and Hartford, CT, at 93. 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 January 2018 was down 4.8% from December 2017, and down 14.8% from January 2017. Based on the rate of home sales in December, the Months Supply of Inventory decreased to 3.4 from December 2017 at 3.7, as well as decreased compared to January 2017 at 3.8. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In January 2018, 49 of the 53 metro areas surveyed reported a months supply at or less than 6.0, which is typically considered a seller’s market. The metro areas that saw a months supply above 6.0, which is typically considered a buyer’s market, were Birmingham, AL, at 8.2, Augusta, ME, at 7.5, Miami, FL, at 7.1 and New Orleans, LA, at 6.8. The markets with the lowest Months Supply of Inventory continued to be in the west with Denver, CO, San Francisco, CA and Seattle, WA at 1.1.
Contact
For specific data in this report or to request an interview, please contact newsroom@remax.com.
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 115,000 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 $157 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 www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.
Description
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.
Definitions
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.
Despite fast-rising home values now, housing experts say they expect appreciation to slow to below 3 percent by 2021
Seattle, WA – Feb. 20, 2018 (PRNewswire) New changes to U.S. tax laws led 41 percent of survey respondents to lower their long-term expectations for the U.S. housing market, according to the 2018 Q1 Zillow® Home Price Expectations Survey(i).
The quarterly survey, sponsored by Zillow and conducted by Pulsenomics LLC, asked more than 100 housing experts and economists about their expectations for home price growth, and whether tax reform affected these predictions.
When asked how the new tax law impacted their five-year forecast for home values in the U.S., 41 percent of respondents said their overall housing outlook is now more pessimistic, while 31 percent of the panelists had a more optimistic view as a result of the tax reform. The remaining 28 percent of respondents said that tax reform did not change their outlook.
The Tax Cuts and Jobs Act, enacted in December 2017, limited many itemized deductions such as the mortgage interest deduction while expanding the standard deduction. Most taxpayers take the standard deduction, and will see take-home incomes increase as a result of tax reform, providing a boost to spending, savings and investment this year.
One possible reason for the experts’ pessimism is the fear that cutting taxes when the American economy is already running at full capacity increases the risk of a downturn in the next five years. This could push the Federal Reserve to increase interest rates faster than had been expected, according to Zillow Senior Economist Aaron Terrazas.
“By expanding the standard deduction, tax reform will put more money into the typical American’s pocket in 2018, which will boost spending and could help renters save faster for a down payment,” said Zillow Senior Economist Aaron Terrazas. “But the longer-term outlook is less rosy. There is some concern that tax cuts at this point in the business cycle may be throwing fuel on an already ranging fire and could lead the economy to overheat. Most economists we surveyed see a stronger outlook for the housing market over the next year or two but a more pessimistic outlook on the longer horizon.”
In the near future, experts raised their predictions from previous surveys for home values as limited inventory and high demand keep prices moving higher.
Despite the rosy outlook for home prices over the next few years, homes today are less valuable than they would be if the recession had not happened. If the housing bubble and bust had not happened, and home values had instead appreciated at a steady pace(ii), the median home value would be about $214,500, 4 percent higher than its current value of $206,300.
“The persistent short supply of entry-level homes for sale has highlighted just how bifurcated the U.S. housing market has become,” said Terry Loebs, founder of Pulsenomics. “The experts project that the value of homes in the bottom third of the market will appreciate at 6 percent this year—double the rate expected for the highest-priced tertile. Limited inventory of low-priced homes, coupled with expectations for rising interest rates, likely foreshadow a frenetic, anxiety-filled spring buying season for qualified first-time homebuyers.”
Zillow:
Zillow is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home Value Index over the next five years. Launched in 2006, Zillow is owned and operated by Zillow Group, Inc. (NASDAQ: Z and ZG), and headquartered in Seattle.
Zillow is a registered trademark of Zillow, Inc.
Pulsenomics:
Pulsenomics LLC (www.pulsenomics.com) is an independent research and consulting firm that specializes in data analytics, new product and index development for institutional clients in the financial and real estate arenas. Pulsenomics also designs and manages expert surveys and consumer polls to identify trends and expectations that are relevant to effective business management and monitoring economic health. Pulsenomics LLC is the author of The Home Price Expectations Survey™, The U.S. Housing Confidence Survey, and The U.S. Housing Confidence Index. Pulsenomics®, The Housing Confidence Index™, and The Housing Confidence Survey™ are trademarks of Pulsenomics LLC.
____________________________
(i) This edition of the Zillow Home Price Expectations Survey surveyed 105 experts between January 29, 2018 and February 12, 2018. The survey was conducted by Pulsenomics LLC on behalf of Zillow, Inc. and asked the experts about their expectations for the housing market.
(ii) Assuming a 3.6 percent annual pace, the average pace from 1987-1999.