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.

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.

RE/MAX Co-CEO Adam Contos’ Outlook on the 2018 Housing Market

DENVER, Jan. 8, 2018 (PRNewswire) Today, RE/MAX Co-CEO Adam Contos offered his perspective on what’s ahead for the 2018 U.S. real estate market including a continued shortage of the number of homes for sale which, in part, led to more home sales and increasing home prices last year.

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“Turn up the volume on new home building,” urged Contos, citing housing starts that are down 2.9% year-over-year and well below the historic 50-year average. “We’d love nothing more than to see the next generation of homebuyers start building equity now.”

Adam Contos

Adam Contos

Despite the shortage and any further tightening of inventories, Contos sees an abundance of positive trends too as the overall economy continues to strengthen fueled by wage growth and increasing consumer confidence.

A few things to watch out for according to Contos are any reoccurrences of the devastating hurricanes and fires of 2017, any negative impacts to the U.S. stock market and side effects of the tax bill that passed at the end of last year.

“We’ll certainly see our share of challenges in 2018,” said Contos. “But with the challenges will come ecstatic home buyers and sellers, new and booming communities (one boasting the new Amazon headquarters) and fresh innovations in real estate that we never saw coming.”

To see Contos’ full 2018 outlook, click here.

RE/MAX, LLC, based in Denver, CO, also issues housing data monthly via the RE/MAX National Housing Report which compiles data from 54 U.S. metro markets to shows trends.

To view the monthly RE/MAX National Housing Report, visit https://www.remax.com/newsroom/national-housing-report/

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.

RE/MAX Focused on Competitive Innovation

New EVP Pete Crowe and Team Will Upgrade Product Strategy and Delivery

Denver, CO – Dec. 21, 2017 (PRNewswire) RE/MAX announces a new team – and executive vice president (EVP) position – focused on critical innovations tied to product enhancements, growth, operational efficiency, competitive insights, future trends and the customer experience.

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Former Senior Vice President Pete Crowe has been promoted to EVP to lead a new business and product strategy team focused on innovation, corporate strategy, product research and competitive intelligence.

“Today’s ultra-competitive real estate landscape makes it essential to find new ways to help brokers and agents serve buyers and sellers — innovation is a must,” said Co-CEO Adam Contos. “Pete Crowe is a visionary, a bold leader and a very strategic thinker. He’s the ideal person to guide this exciting move forward.”

Crowe joined RE/MAX in 2013 prior to the initial public offering of RE/MAX Holdings stock on the New York Stock Exchange. As vice president of investor relations, he focused initially on educating the investment community about the brand and its many competitive advantages.

For the past two years, Crowe led the marketing, communications and events teams at RE/MAX World Headquarters in Denver. He drove multiple major initiatives such as the RE/MAX brand refresh, the launch of the Motto Mortgage brand, the company’s aggressive shifts in digital marketing, and the positioning of competitive intelligence as a resource for recruiting and retention.

“Pete is one of the talented leaders building the future of this company,” added Contos. “We have a deep, dynamic officer group and a strong-as-ever commitment to our brokers, our agents and the consumers they serve.”

While Crowe’s new role is focused on innovation, his team will provide insight on how RE/MAX can evolve strategically and operate more efficiently while providing best-in-class value and services to the global network.

“I have the great fortune of working for an industry icon – Dave Liniger – and one of the premier real estate brands in the world,” said Crowe. “I believe in this company and its success — it’s why I’m so excited to lead this new team in a direction that enables RE/MAX to stay one step ahead of the competition.”

Abby Lee, Vice President, Marketing and Media Strategies, who partnered with Crowe to lead the marketing, communications, PR and social media groups at RE/MAX World Headquarters, will continue to provide strategic direction to these departments.

Read RE/MAX Executive Vice President, Business and Product Strategy Pete Crowe’s biography.

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.