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.

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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.

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 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 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.

RE/MAX Named Top 15 Fastest-Growing Franchise

Global Franchisor Only Real Estate Brokerage Franchise Listed By Entrepreneur Magazine

Denver. CO – Feb. 21, 2017 (PRNewswire) RE/MAX, LLC, a leading real estate brokerage franchise, has been ranked as one of the world’s fastest-growing franchises by Entrepreneur magazine. The global real estate franchisor was the highest ranking real estate franchise on the “2017 Top Fastest Growing Franchises” list, taking the 15th spot overall. This is the fourth consecutive year RE/MAX has been named on the list.

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“Our unique business model revolutionized the housing industry over 44 years ago by putting real estate agents first,” said Chris Pflueger, Vice President, Business Development, RE/MAX, LLC. “Today, RE/MAX has more offices, in more countries, than any other real estate brand. RE/MAX has continued growing because our franchisees are able to independently run their businesses while receiving leading-edge tools, on-demand education and the support they need from a global brand.”

Highlights of the “2017 Top Fastest Growing Franchises” include:

  • RE/MAX is the only real estate brokerage franchise on the list with franchisors like Dunkin Donuts, Jimmy Johns and Orangetheory Fitness
  • RE/MAX ranked #15 overall, up from #17 in 2016 and #45 in 2015

Entrepreneur magazine’s “Fastest Growing” list is a spin-off of the magazine’s annual “Franchise 500” survey, the oldest and most comprehensive franchise ranking in the world. The fastest-growing rankings are based on the number of new franchise units added in the U.S. and Canada from July 2015 to July 2016.

In the U.S., RE/MAX experienced the highest percentage of franchise sales growth in the Carolinas, New York and Florida regions in 2016.

Earlier this year, RE/MAX was named as the top real estate franchise and ranked in the top 10 of the prestigious “Franchise 500” survey. Companies are chosen for the list based on multiple criteria, including financial strength, stability, size and growth rate.

With a presence in over 100 countries and territories, the RE/MAX network’s global footprint is unmatched by any other real estate brand. Internationally, RE/MAX experienced the strongest franchise sales growth in Latin America and Europe last year. Increased franchise sales contributed to the global franchisor’s total agent count, which grew by 7.4 percent year-over-year, as of the third quarter in 2016. Over 110,000 agents worldwide now call RE/MAX home.

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 www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

Home Sales In January Set Record Pace

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

DENVER, Feb. 17, 2017 (PRNewswire) With the tug-of-war between rising home sales and shrinking inventory intensifying, January set records for the RE/MAX National Housing Report. Last month topped all other Januarys in the report’s nine-year history with the most sales, highest sales price and fewest days on market.

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In the 53 metro areas surveyed, total sales were up 4.5% over January 2016, which was previously the January with the most sales. The Median Sales Price of $208,500 was up 4.3% and marked the 10th consecutive month of year-over-year price increases.

The new January low of 66 Days on Market underscores the fact that inventory has declined year-over-year for 99 consecutive months dating back to October 2008. For this month’s housing report infographic, visit rem.ax/2cYFT50.

“January may have set the tone for the coming home-buying season with homes selling faster and at higher prices,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and Co-Founder. “Home-buyer demand is strong, and not enough sellers are listing to keep up with the demand, despite rising prices. At any rate, the beginning of 2017 continued the strong pace of 2016.”

Closed Transactions

Of the 53 metro areas surveyed in January 2017, the overall average number of home sales increased 4.5% compared to January 2016. Over two-thirds of the 53 metro areas experienced an increase in sales year-over-year, with 12 experiencing double-digit increases. The markets with the largest increase in sales included Hartford, CT +21.6%, Seattle, WA +19.3%, Honolulu, HI +18.4%, Providence, RI +18.3% and Charlotte, NC +18.1%.

Median Sales Price – Median of 53 metro median prices

In January 2017, the median of all 53 metro Median Sales Prices was $208,500, down 3.0% from December 2016 but up 4.3% from January 2016. Only five metro areas saw year-over-year decreases or remained unchanged, with 10 rising by double-digit percentages. The largest double-digit increases were seen in Billings, MT +15.2%, Dallas/Ft. Worth, TX +14.1%, Birmingham, AL +13.7%, Cleveland, OH +13.6% and Portland, OR +13.2%.

Days on Market – Average of 53 metro areas

The average Days on Market for homes sold in January 2017 was 66, up four days from the average in December 2016, but down five days from the January 2016 average. The three metro areas with the lowest Days on Market were Omaha, NE at 38 and Denver, CO and San Francisco, CA both at 39. The highest Days on Market averages were in Augusta, ME at 141 and Chicago, IL at 99. 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 2017 was down 4.3% from December 2016, and down 16.9% from January 2016. Based on the rate of home sales in January, the Months Supply of Inventory was 3.8, compared to December 2016 at 4.2 and January 2016 at 4.6. A 6.0-month supply indicates a market balanced equally between buyers and sellers. In December, 46 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 seven 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 1.2 and San Francisco, CA at 1.4.

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 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.

Remax.com Once Again Most Popular Real Estate Franchise Website

Website’s Traffic Nearly Double the Next Franchise Site

Denver, CO – Feb. 13, 2017 (PRNewswire) More home shoppers searched on remax.com in 2016 than any other national real estate franchise website, according to recent data provided by Hitwise. The website had more than 77 million visits last year, more than the next two competitors combined and nearly double the number of annual visits of its closest competitor.

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The total number of visits to remax.com in 2016 was up 28 percent from the previous year, while three of the four next ranking franchise sites experienced a decrease in annual visits. In 2015, the RE/MAX site had just under 20 million more visits than its closest competitor. It is a testament to incredible brand power of RE/MAX, the quality of RE/MAX agents, and ever-increasing consumer engagement with the network’s flagship website.

Total number of annual visits according to Hitwise:

  • remax.com: 77,463,705 (2016) / 62,132,115 (2015)
  • century21.com: 39,006,189 (2016) / 42,457,848 (2015)
  • kw.com: 36,219,042 (2016) / 31,567,836 (2015)
  • coldwellbanker.com: 20,328,480 (2016) / 20,618,581 (2015)
  • weichert.com: 18,236,506 (2016) / 20,452,820 (2015)

“Remax.com continues to dominate its national franchise competitors in the number of annual visits from home shoppers,” said Adam Contos, Chief Operating Officer of RE/MAX, LLC. “RE/MAX regularly enhances the customer experience on remax.com and expand valuable tools for our agents. Our site gives consumers the most accurate and timely data available and is one of many reasons why remax.com is the online leader.”

RE/MAX, LLC unveiled bold enhancements to its website in early 2016. Already the most visited real estate franchise online, the global real estate leader looked to improve the consumer experience. The new remax.com enhances the mobile experience by offering a modern responsive design and personalized features such as places, mapping, sharing, social and alerts.

Remax.com features a streamlined look – designed to easily guide consumers through the home-searching process. Edge-to-edge content, large gallery images and map-based search functions all provide users with a more personalized experience. Visitors can also search using a completely customizable My RE/MAX account, which allows them to save favorite properties, share homes on social media, connect with a local agent, request a showing and even find properties based on commute time or other subjective criteria. Listing videos were also introduced with the new website rollout. Remax.com visitors are now able to explore over 90,000 listings through custom videos powered by VScreen.

Remax.com also serves as a gateway to other company websites. Whether visitors are searching for high-end luxury properties, commercial investments or a new home in dozens of countries and territories around the globe, they are able to access them all – via The RE/MAX Collection, RE/MAX Commercial and RE/MAX global listings – conveniently from remax.com.

Remax.com connects consumers with RE/MAX agents and adds to the more than 15 million free referral leads generated since 2006.

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 www.remax.com. For the latest news about RE/MAX, please visit www.remax.com/newsroom.

SOURCE RE/MAX, LLC