DENVER, March 17, 2021 /PRNewswire/ -- The median
home price reached $291,000 in
February – the highest in the 13-year history of the report – while
sales set a new high for the month and inventory continued to drop
to record lows.
The record February home sales were up 5.7% year over year, but
the increase over January was flat at 0.3%. The
February-over-January average for the previous five years has been
5.4% in the ramp-up toward the seasonally higher sales of
spring.
The Median Sales Price across the report's 53 metro areas topped
the previous high of $290,000 reached
in August and tied in October and December during last year's
housing surge. In February of last year, the Median Sales Price was
$260,000.
At the same time, February's Months Supply of Inventory was down
11.9% from January's and 42% year-over-year, as buyers continued to
close on properties in greater numbers than sellers opted to list
their homes. Inventory has declined month over month for 20 of the
past 21 months.
"The shrinking inventory continued to fuel ongoing bidding wars,
and our agents report some homes selling for well above listing
price," said Adam Contos, CEO of
RE/MAX Holdings, Inc. "It's a complicated, competitive market,
with buyers having to act quickly and aggressively to get the home
they want. Conditions seem to be keeping some potential sellers on
the sidelines, but that could change if or when they see more
move-up options on the market. With seasonality, still-low interest
rates, and gains in new construction, we hope to see some relief in
supply during the coming months. The expertise of a full-time,
experienced real estate professional who can guide homebuyers and
sellers through any environment has never been more valuable."
Amplifying the dearth of inventory, Months Supply of Inventory
dropped to 1.6, which was lower than any previous month in report
history and down from 3.4 in February
2020. Days on Market set a February record of 42 as homes
sold on average 18 days faster than last February.
In all, five report records for February were rewritten: most
home sales, highest price, lowest inventory, fewest Days on Market
and fewest Months Supply of Inventory.
Highlights and the local markets leading various metrics for
February 2021 include:
Closed Transactions
Of the 53 metro areas
surveyed in February 2021, the
overall average number of home sales is up 0.3% compared to
January 2021, and up 5.7% compared to
February 2020. Leading the year-over-year sales percentage
increase were Augusta, ME at
+39.7%, New York, NY at +28.6% and
Honolulu, HI at +25.1%.
Closed
Transactions: 5 Markets with the Biggest YoY
Increase
|
Market
|
February 2021
Transactions
|
February 2020
Transactions
|
Year-over-Year
% Change
|
Augusta,
ME
|
440
|
315
|
39.7%
|
New York,
NY
|
2,453
|
1,908
|
28.6%
|
Honolulu,
HI
|
723
|
578
|
25.1%
|
San Francisco,
CA
|
3,716
|
3,118
|
19.2%
|
Dover, DE
|
663
|
562
|
18.0%
|
Median Sales Price – Median of 53 metro median
prices
In February 2021, the
median of all 53 metro Median Sales Prices was $291,000, up 2.1% from January 2021, and up 11.9% from February 2020. No metro area saw a year-over-year
decrease in Median Sales Price. Forty-five metro areas increased
year-over-year by double-digit percentages, led by Boise, ID at +29.6%, Augusta, ME at +26.5% and Pittsburgh, PA at +25.8%.
Median Sales
Price: 5 Markets with the Biggest YoY Increase
|
Market
|
February 2021
Median Sales Price
|
February 2020
Median Sales Price
|
Year-over-Year
% Change
|
Boise, ID
|
$415,000
|
$320,000
|
29.6%
|
Augusta,
ME
|
$215,000
|
$170,000
|
26.5%
|
Pittsburgh,
PA
|
$200,000
|
$159,000
|
25.8%
|
Manchester,
NH
|
$350,000
|
$284,000
|
23.2%
|
Omaha, NE
|
$235,000
|
$196,000
|
19.9%
|
Days on Market – Average of 53 metro areas
The average
Days on Market for homes sold in February
2021 was 42, up two days from the average in January 2021, and down 18 days from the average
in February 2020. The metro areas
with the lowest Days on Market were Boise, ID at 17, Nashville, TN at 21 and Omaha, NE at 22. The highest Days on Market
averages were in Des Moines, IA at
94, Miami, FL at 89 and
Augusta, ME at 87. Days on Market
is the number of days between when a home is first listed in an MLS
and a sales contract is signed.
Days on Market: 5
Markets with Biggest YoY Decrease
|
Market
|
February 2021
Days on Market
|
February 2020
Days on Market
|
Year-over-Year
% Change
|
Boise, ID
|
17
|
50
|
-66.0%
|
Dover, DE
|
29
|
64
|
-54.7%
|
Richmond,
VA
|
28
|
52
|
-46.2%
|
Little Rock,
AR
|
31
|
57
|
-45.2%
|
Cincinnati,
OH
|
23
|
41
|
-42.7%
|
Months Supply of Inventory – Average of 53 metro
areas
The number of homes for sale in February 2021 was down 11.9% from January 2021 and down 42.0% from February 2020. Based on the rate of home sales in
February 2021, the Months Supply of
Inventory decreased to 1.6 compared to 1.9 in January 2021, and decreased compared to 3.4 in
February 2020. A six months supply
indicates a market balanced equally between buyers and sellers. In
February 2021, of the 53 metro areas
surveyed, one metro area reported a months supply at or over six,
which is typically considered a buyer's market. The markets with
the lowest Months Supply of Inventory included a three-way tie at
0.5 months among Albuquerque, NM,
Denver, CO, and Boise, ID and a four-way tie at 0.6 between
Raleigh-Durham, NC, Charlotte, NC, Phoenix, AZ and Seattle, WA.
Months Supply of
Inventory: 5 Markets with Biggest YoY Decrease
|
Market
|
February 2021
Months Supply
of Inventory
|
February 2020
Months Supply
of Inventory
|
Year-over-Year
% Change
|
Hartford,
CT
|
0.9
|
5.3
|
-83.0%
|
Albuquerque,
NM
|
0.5
|
2.6
|
-80.8%
|
Providence,
RI
|
1.0
|
4.9
|
-79.6%
|
Augusta,
ME
|
1.6
|
6.4
|
-75.0%
|
Raleigh-Durham,
NC
|
0.6
|
2.1
|
-71.4%
|
For specific data in this report or to request an interview,
please contact mediarelations@remax.com.
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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.
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SOURCE RE/MAX, LLC