2017 Closes Strong, Record High December Home Prices

January 2018 RE/MAX National Housing Report on MLS Data from 54 Metro Areas

Denver, CO – Jan. 16, 2018 (PRNewswire) While sales dropped slightly from a year ago, December capped off a 2017 of record home prices, speedy sales and low inventory.

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The January RE/MAX National Housing Report shows the median home price rose 8.1% year-over-year, with 50 of the report’s 54 markets posting increases. At the same time, December sales dropped 3.3% from December 2016, with 39 markets reporting fewer transactions. Making sales harder was a Months Supply of Inventory of 3.7 which is the lowest December figure in the nine-year history of the report. That corresponds with a 14.6% decline in inventory, lengthening a streak of monthly declines that began in November 2008.

Also setting a report record for December was the speed of home sales: 57 days. That figured into an overall 2017 median for Days on Market of 52.5 — nearly a week less than the 2016 median of 58.5 days.

Home buyers paid record prices in 2017, led by June’s Median Price Sold of $245,000. Prices increased year-over-year in every month of 2017, with December marking the 21st consecutive month of year-over-year price increases dating back to April 2016.

“We see the median sales price of homes across the country rising every month, year-over-year, but the days on market and the supply of homes for sale hit record lows in December,” said Adam Contos, RE/MAX Co-CEO. “If inventory keeps getting tighter across the country it’ll be interesting to see how it might affect sales.”

Real Estate Infographic

Closed Transactions
Of the 54 metro areas surveyed in December 2017, the overall average number of home sales decreased 2.5% compared to November 2017 and decreased 3.3% compared to December 2016. Fifteen of the 54 metro areas experienced an increase in sales year-over-year including, Trenton, NJ, +13.9%, Richmond, VA, +10.9%, Burlington, VT, +8.1%, and Raleigh-Durham, NC, +5.4%.

Median Sales Price – Median of 54 metro median prices
In December 2017, the median of all 54 metro Median Sales Prices was $232,500, up 3.1% from November 2017 and up 8.1% from December 2016. Only four metro areas saw a year-over-year decrease in Median Sales Price; Anchorage, AK, -6.5%, Wichita, KS, -3.9%, Fargo, ND, -1.8% and Wilmington/Dover, DE, -.90%. Ten metro areas increased year-over-year by double-digit percentages, with the largest increases seen in San Francisco, CA, +17.8%, Las Vegas, NV, +17.1%, Seattle, WA, +13% and Boise, ID, +12.8%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in December 2017 was 57, up three days from the average in November 2017, and down five days from the December 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE and San Francisco, CA, at 27, Nashville, TN, at 31 and Seattle, WA, at 34. The highest Days on Market averages were in Augusta, ME, at 122 and Chicago, IL, and Miami, FL, at 86. 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 54 metro areas
The number of homes for sale in December 2017 was down 14% from November 2017, and down 14.6% from December 2016. Based on the rate of home sales in December, the Months Supply of Inventory increased to 3.7 from November 2017 at 3.6, but decreased compared to December 2016 at 4.2. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In December 2017, 52 of the 54 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 Augusta, ME, at 9.5 and Miami, FL, at 8.7. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 0.9, Seattle, WA, at 1.4, and Denver, CO, 1.5.

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 54 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.

Florida Realtors® 2018 Real Estate Trends: What’s Ahead for Florida Real Estate?

Orlando, FL – Jan. 17, 2018 (PRNewswire) Real estate helps to fuel Florida’s growth, and figuring out what lies ahead in 2018 is a key question for policymakers, residents and Realtors®.

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Several highly respected economists and business data experts will share their insights at Florida Realtors® 2017 Florida Real Estate Trends on Jan. 25, 2018, from 12:30 p.m. to 2:30 p.m. Tickets are not required. The session is a highlight of Florida Realtors’ annual Mid-Winter Business Meetings, which take place from Jan. 24-27, 2018, at the Renaissance Orlando at SeaWorld, 6677 Sea Harbor Drive, Orlando, Fla., 32821.

Speakers include Dr. Tony Villamil, founder and principal of The Washington Economics Group, who will discuss the U.S. and Florida economic outlook; Kevin Foreman, general manager of GeoAnalytics for INRIX Inc., who will discuss how self-driving cars will impact the future of real estate; and Dr. Brad O’Connor, Florida Realtors chief economist, who will offer an update on Florida’s residential resale market.

“Florida home prices climbed at a brisk pace throughout 2017, continuing a trend which dates back to early 2012,” says O’Connor. “Growth in the number of sales, on the other hand, has been soft since late 2015. Both of these trends are currently driven by a housing shortage that, up to this point, has shown no immediate signs of subsiding. So a big question for 2018 is whether there will be enough new home construction to satisfy the high level of housing demand present throughout the state.”

He adds, “Between the housing shortage, Florida’s strong economic and employment growth, the aftermath of Hurricane Irma, the post-Maria influx from Puerto Rico, the recent tax reform bill out of Washington, and numerous other recent developments and trends, there’s certainly ample ground for us to cover at this year’s event as we preview what’s in store for 2018.”

Realtors and anyone interested in Florida’s future should attend the upcoming Real Estate Trends event, says 2018 Florida Realtors President Christine Hansen, broker-owner with Century 21 Hansen Realty in Fort Lauderdale.

She adds, “Learn what trends may develop for 2018 – you’ll gain insights that can expand your network, boost your productivity and offer future business opportunities.”

Florida Realtors® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 180,000 members in 54 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.

HomeVestors Names The Ugliest House of the Year®

“We Buy Ugly Houses®” Company Certifies America’s Vote for Long-Neglected Philadelphia Property

Dallas, TX – January 16, 2018 (BUSINESS WIRE) HomeVestors, the “We Buy Ugly Houses®” company, has named The Ugliest House of the Year® after Americans voted on five house makeovers completed by the HomeVestors® independently owned and operated franchises in 2017. The certified winner was a long-neglected two-family property that was converted back into a large single-family house by Philadelphia franchisee Tom Beerley of Harvester Properties. This is Beerley’s second year in a row to win the coveted honor.

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“I kind of feel like ‘The Ugliest House of the Year’ is an unfair distinction since the house is now one of the most beautiful in the neighborhood,” said Beerley. “Other landlords thought we were foolish to ‘throw away’ the grandfathered zoning this property enjoyed as a multi-family unit, but we saw the value of a large single-family house for this area. The end-result not only set a sales record, but it also supports a growing trend for homeownership and owner-occupancy in this neighborhood that has long been dominated by rental stock.”

The house had been divided into two apartments, with separate kitchens, bathrooms, utilities, boilers and hot water heaters. The staircase to the second floor had been walled off from the first floor, and a separate door installed for direct access to the second floor. Beerley worked with designer Philip Menaged of Acodomo Design to remove the walls separating the units as well as the secondary front door. An open concept was introduced on the ground floor, and an elevated deck was added to the back of the house. Beerley also added a fourth bedroom, another full bath, and a master bathroom on the second floor. The kitchen was updated with white shaker cabinets, granite countertops, subway tile backsplash and high-end appliances. Additionally, Beerley added a smart home package that allows the buyers to use their smartphones to control the front door, the heat and air conditioning, the garage door and access a motion-sensing video doorbell. Beyond that, the house also got new windows, bamboo and tile flooring, drywall, light, bath fixtures, electrical and plumbing systems.

Beerley’s house was submitted along with several others from HomeVestors® franchisees across the country, from which five finalists were selected and voted on at www.facebook.com/webuyuglyhouses, where all the final houses can still be viewed.

“This was America’s vote for The Ugliest House of the Year®, but we were thrilled to see a house chosen that represents the good work our franchises are doing,” said David Hicks, CEO of HomeVestors. “These are houses that our franchises buy when their owners find themselves in ugly situations, and they often are in serious states of disrepair that can bring down their value, as well as other home values in a neighborhood. Tom Beerley’s commitment to honor the real value of this year’s winner by converting it into a house somebody new can own and love is the embodiment of the ‘We Buy Ugly Houses®’ approach.”

HomeVestors, America’s number one home buyer, began franchising two decades ago in 1996, and purchased its 75,000th house in 2017. Through its individually owned and operated HomeVestors® franchises, the original “We Buy Ugly Houses®” company purchases approximately 8,000 homes each year.

About HomeVestors of America, Inc.

Dallas-based HomeVestors of America, Inc. is the largest professional house buying franchise in the U.S., with more than 75,000 houses bought since 1996. HomeVestors® recruits, trains and supports its 900 independently owned and operated franchisees that specialize in building businesses based on buying, rehabbing, selling and holding residential properties. Most commonly known as the “We Buy Ugly Houses®” company, HomeVestors strives to make a positive impact in each of its communities. In 2017, for the 12th consecutive year, HomeVestors was among the prestigious Franchise Business Review’s “Top Franchises,” a distinction awarded to franchisors with the highest level of franchisee satisfaction, and ranked on the annual Dallas 100 for the sixth time. This year, HomeVestors was also recognized as the 21st fastest growing franchise by Entrepreneur Magazine, number 52 on the Franchise 500 by Entrepreneur Magazine, and number 200 on the Franchise Times Top 200. For more information, visit www.HomeVestors.com.

Contacts

Calise Partners
Ariel Herr
(214) 269-2196
aherr@calisepartners.com

RE/MAX Rises to Top Five of Franchise 500

Global Franchisor Once Again Named #1 Real Estate Franchise

Denver, CO – Jan. 15, 2018 (PRNewswire) RE/MAX, LLC, one of the world’s leading franchisors of real estate brokerage services, is ranked fifth among the 500 franchise companies included in this year’s Entrepreneur Franchise 500® survey. More than 1,000 franchisors applied for the 39th annual ranking.

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The franchises in the top spots reveal the newest trends as well as the industries that keep going strong decade after decade, according to Entrepreneur. RE/MAX rose five spots to finish fifth, the highest ranking it has ever achieved in the survey. Only McDonald’s, 7-11 Inc., Dunkin’ Donuts and The UPS Store ranked higher. The 2018 Franchise 500 marks the 15th time in 19 years that RE/MAX is the top real estate franchisor.

“Nobody in the world sells more real estate than RE/MAX as measured by residential transaction sides,” said Adam Contos, Co-CEO of RE/MAX. “Broker/owners and agents want to be affiliated with the number one name in real estate because of our brand awareness, continued education, on-demand training, competitive advantages and technology. Entrepreneur continues to rank us higher than our competitors, and that’s because of the unmatched quality of the real estate professionals in the RE/MAX network.”

Highlights of the 2018 Franchise 500 survey include:

  • RE/MAX ranked #5 overall, up from #10 in 2017, #21 in 2016 and #75 in 2015
  • RE/MAX ranked #1 among real estate franchise
  • Other real estate competitors were Keller Williams Realty at #22, HomeVestors of America at #37, Weichert Real Estate Affiliates at #139, Realty One Group at #230, Realty Executives at #424 and United Real Estate at #471.
  • The top 10 overall standings include #1 McDonald’s, #2 7-11, #3 Dunkin’ Donuts, #4 The UPS Store, #5 RE/MAX, #6 Sonic, #7 Great Clips, #8 Taco Bell, #9 Hardee’s and #10 Sport Clips.

The Franchise 500 is considered the oldest and most comprehensive franchise ranking in the world. Companies judged by the same criteria including costs and fees, size and growth, support, brand strength and financial strength and stability. To be eligible, franchisors must be seeking new franchises in the United States or Canada and have a minimum of 10 units open and operating as of July 31, 2017, with at least one franchise located in North America.

From a single office that opened in 1973 in Denver, Colo., RE/MAX has grown into a global real estate network with more than 115,000 sales associates in more than 100 countries and territories. RE/MAX was ranked the leading real estate franchise for the ninth consecutive year in the 2017 Franchise Times Top 200+® survey and was named the top real estate franchise in Entrepreneur’s 2017 Top Global Franchises list.

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.

National Association of Realtors® Announces Restructuring, Senior Management Team

Chicago, IL – Jan. 12, 2018 (PRNewswire) The National Association of Realtors® has announced a new internal organizational structure and changes to its senior management team to more effectively and efficiently serve its 1.3 million Realtor® members.

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“This reorganization reflects the promise I made when I was named CEO last August to create better efficiencies in engaging with and serving the association’s members,” said NAR CEO Bob Goldberg. “This restructuring to the internal organization is the most sweeping change in the association’s history, and I’m confident it will drive greater innovation, put more focus on member engagement and satisfaction, achieve a more holistic communications and marketing strategy, and improve the association’s nimbleness and decision-making.”

The new structure, comprised of 10 newly reorganized groups across NAR’s two offices in Chicago and Washington, D.C., results from the merger of several teams as well as the expansion and creation of several groups aimed to enhance services to and engagement with members. NAR consulted outside experts to conduct the organizational design study of its internal structure, processes and staff, and the newly reorganized structure and teams are effective immediately.

“Redefining the staffing structure is an important step toward making sure our members continue to come first,” said NAR President Elizabeth Mendenhall, a sixth-generation Realtor® from Columbia, Missouri and CEO of RE/MAX Boone Realty. “I believe this new NAR will help bring us greater success in achieving the association’s strategic priorities in 2018 and beyond.”

NAR Organizational Changes and Senior Management Team

  • NAR’s Government Affairs and Community and Political Affairs divisions are merged into a new Political Advocacy group, led by newly promoted Chief Advocacy Officer and Senior Vice President Bill Malkasian, who will bring greater synergy to the association’s federal, state and local advocacy efforts.
  • A new Member Experience group will focus on ensuring Realtor® associations and members are highly engaged and satisfied with the association and it many services and offerings. NAR General Counsel and Senior Vice President Katherine Johnson takes on an expanded role overseeing all functions related to Legal, Information Services, Association Leadership Development, and Association and Multiple Listing Service Governance.
  • Communications, Marketing, and Meetings/Events are merged into one group, Marketing, Communications and Events, led by Senior Vice President Matt Lombardi. This group will bring significant enhancements to the way NAR communicates with members, ensuring consistency, continuity, rapid response and accuracy in branding, design and messaging.
  • A new Strategic Business Innovation & Technology group, led by recently promoted Senior Vice President Mark Birschbach, will drive industry innovation and bring benefits to members through strategic relationships with a broad range of business and technology players. Birschbach will oversee NAR’s Realtor Benefits® Program, Center for Realtor® Technology, Second Century Ventures, REach accelerator, top-level domains, and the relationship with Move, Inc., operator of realtor.com®.
  • Commercial and Global services continue under the leadership of Senior Vice President Janet Branton and will continue to focus on delivering service and value to members working in the global and commercial arenas and creating and building partnerships with real estate professionals and organizations around the world.
  • A newly formed Member Development group, led by newly named Senior Vice President Marc Gould, will drive an integrated education strategy for Realtors®. Gould will continue as dean of student services for Realtor® University, oversee NAR’s Center for Realtor® Development, Leadership Academy and the Commitment to Excellence and member financial wellness programs currently in development.
  • The Marketing Research and Predictive Analytics teams will be merged into NAR’s Research group to centralize research and data collection and analysis and will be led by Chief Economist and Senior Vice President Lawrence Yun.
  • Human Resources and employee engagement remains under the oversight of Senior Vice President Donna Gland.
  • NAR’s enterprise technology infrastructure, ecommerce and staff facing Information Technology services, security and support remain under the leadership of Chief Technology Officer and Senior Vice President Mark Lesswing. The group will also represent NAR on several technical industry standards organizations.
  • The association’s Finance group, overseeing budgets, financial analysis and real estate management will continue to be led by Chief Financial Officer and Senior Vice President John Pierpoint.
  • A new Leadership Resources team will also be led by Director Erin Campo, who reports directly to the CEO and oversees the operations of NAR’s elected leadership, including coordinating their meetings, travel, outreach activities and initiatives to achieve their visions and goals.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the “News, Blogs and Videos” tab on the website.

Outsmart the Worst of Winter With Tips From HouseLogic

Washington, D.C. – Jan. 11, 2018 (PRNewswire) The holidays are wonderful, but winter weather can be the absolute worst when you are a homeowner. This month’s “Clever Cures for the Worst of Winter” spotlight from HouseLogic.com, the comprehensive website for homeowners from the National Association of Realtors®, features eight articles containing information, tips and advice on beating even the nastiest of winter blues.

Check out the full spotlight at https://www.houselogic.com/spotlight/winterize-your-home/.

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Following is HouseLogic’s advice for tackling the difficulties and making the most of winter months:

11 Easy-Up, Easy-Down Décor Hacks for Stress-Free Holidays. Decorating for the holidays is fun for the whole family. Taking down the decorations? Not so much. HouseLogic has decorating hacks that make cleaning up after the holidays organized and stress-free, such as using egg cartons to pack up Christmas tree ornaments.

5 Tricks to Keep Your Pipes From Exploding this Winter. Ideally homeowners should winterize their pipes in the fall (before the cold sets in), but to err is human and for anyone who has forgotten there is no need to panic. HouseLogic has some easy techniques to keep pipes from bursting, like turning on the faucets to keep water running through the system and slow down the freezing process.

‘Eeeww!’ Stenches to Stop Now Before They Move in for Winter. With the windows closed tight to keep the cold out, household odors seem amplified during the winter months. Check out HouseLogic’s tips for dealing with winter smells, with ideas like running a dehumidifier in the laundry area to prevent mold.

Easy DIY Mudroom Ideas to Organize Winter Gear. Winter weather comes with winter gear, and keeping all of that stuff in order can be a full-time job. Look at HouseLogic’s tricks for keeping entryways organized, with ideas like using an over-the-door shoe organizer for storing hats and gloves.

12 Simple Home Repair Jobs to Lift You Out of Winter’s Funk. When the weather keeps everyone trapped inside, homeowners can use the opportunity to take care of some quick and easy repairs. Try HouseLogic’s suggested projects, like silencing squeaky door hinges with powdered graphite or replacing batteries in smoke and carbon monoxide detectors.

12 Delightful Ways to Make Your House Brighter in Winter. With the sun setting early and the sky turning greyer, it is easy for a home to feel dark and cave-like during the winter months. HouseLogic has suggestions for making a home feel lighter, bright and cheerier, with tips like taking the screens off windows, which will allow in 30 percent more sunshine.

6 Chilling Facts About Icicles That All Homeowners Should Know. Icicles may look beautiful and whimsical, but they are actually a sign of ice dams, which can be a significant, expensive problem for a home. HouseLogic has a list of what homeowners need to know about icicles and the challenges they can cause, such as forcing roof shingles to pull loose and ripping down gutters.

3 Brilliant Hacks to Make Snow Shoveling Less Miserable. For homeowners who live in snowy climates, shoveling snow is an annoying fact of life come winter. HouseLogic has some simple hacks to make shoveling the morning after a snowfall much more manageable, like spraying the shovel with cooking oil to make the snow slide right off.

For more information on how to make the snowy season as stress free as possible, visit HouseLogic.com.

HouseLogic is a free source of information that helps consumers make smart, confident decisions about all aspects of home ownership. Made possible by Realtors®, the site helps owners get the most value and enjoyment from their existing home and helps buyers and sellers make the best deal possible.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1.3 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.nar.realtor. This and other news releases are posted in the newsroom under the “About NAR” tab.

For further information contact:
Jane Dollinger, 202/383-1042
jdollinger@realtors.org