Housing report

April 2021 RE/MAX National Housing Report

DENVER, May 17, 2021 /PRNewswire/ — On average, April home sales took just 32 days from listing to contract signing, while the median sale price rose to $320,000 – two new records in the report’s 13-year history. These statistics and other key indicators, including a record April report for sales, signal a potentially torrid market entering the traditional peak sales months of May through August.

April home sales in the 53 metro areas in the report rose 5.3% from March, slightly outpacing the March-to-April five-year average gain of 5.0% from 2015-19. In contrast, home sales in 2020 fell 13.7% from March to April as pandemic-related stay-at-home orders were in effect in many states.

Limited inventory remains a major issue. However, with more homes coming on the market in April, recent double-digit month-over-month declines in active inventory fell to just 2.4% from March to April. Yet, year over year, inventories fell 42.2%. Additional background:

  • Month-to-month inventory supply hit a record high of 1.1, down from the previous record high of 1.3 in March.
  • April home sales were the highest in report history and marked the 10thand highest month in 13 years.
  • April’s record low of 32 days in the market slashed four days from the previous report’s record of 36 days set in November 2020 – a significant change from the 46 days of April 2020.
  • The median selling price jumped 5.9% from March and was the biggest month-over-month increase since 6.2% from May to June 2019.

“Even with rising home prices, lightning-fast turnaround times, and fierce competition for available listings, April 2021 has seen more home sales than any April in at least 13 years. This clearly reflects the overwhelming demand and resilience of today’s buyers, said Adam ContosCEO of RE/MAX Holdings, Inc.. “The average 32 days on the market – a reporting record – is also remarkable. Many listings are taken the day they go on sale – or within just a few days. This pace underscores the importance of an experienced professional who can guide you to smart decisions and quick action – on every side of the transaction.”

Although year-over-year comparisons are heavily skewed by the 2020 pandemic mitigation measures, highlights and local markets leading various measures for April include:

Closed deals
Of the 53 metropolitan areas studied in April 2021the overall average number of home sales increased by 5.3% compared to March 2021and up 45.2% from April 2020. Coastal Metros led the year-over-year sales percentage increases with San Francisco, California at +121.0%, New York, NY at +112.2%, and Miami, Florida +111.9%.

Closed trades:
5 markets with the highest year-over-year increase

Marlet

April 2021
Transactions

April 2020
Transactions

Year after year-
Year %
Change

San Francisco, California

6,840

3,095

121.0%

New York, NY

2,716

1,280

112.2%

Miami, Florida

5,570

2,628

111.9%

Las Vegas, Nevada

4,611

2,507

83.9%

Los Angeles, CA

13,241

7,606

74.1%

Median sale price – Median of the median prices of 53 metros
In April 2021the median of the median selling prices of the 53 metros was $320,000up 5.9% compared to March 2021 and up 16.4% compared to April 2020. No metro area saw a year-over-year decline in median selling price. Forty-two metro areas grew year-over-year by double-digit percentages, led by Boise, I.D. at +35.3%, Augusta, ME at +27.7%, and Los Angeles, CA at +25.2%.

Median Selling Price:
5 markets with the highest year-over-year increase

Marlet

April 2021
Median sales
Price

April 2020
Median sales
Price

Year after year-
Year %
Change

Boise, I.D.

$439,740

$325,000

35.3%

Augusta, ME

$240,000

$188,000

27.7%

Los Angeles, CA

$650,000

$519,000

25.2%

Phoenix, Arizona

$375,000

$300,000

25.0%

San Francisco, California

$1,221,000

$1,000,000

22.1%

Days on Market – Average of 53 metropolitan areas
The average number of days on the market for homes sold in April 2021 was 32, down six days from the average in March 2021 and down 14 days from the average in April 2020. Metropolitan areas with the lowest market days were Wichita, KS at 12, Omaha, NE at 13, and a three-way tie between Salt Lake City, UT, Boise, I.D.and Seattle, WA to 14. The highest Days on Market averages were Des Moines, Iowa at 91, Miami, Florida at age 88, and New York, NY to 83. Days on Market is the number of days between when a home is first listed in an MLS and when a sales contract is signed.

Days on the market:
5 markets with the largest year-over-year decline

Marlet

April 2021
days on
Marlet

April 2020
days on
Marlet

Year after year-
Year %
Change

Wichita, KS

12

31

-60.7%

Boise, I.D.

14

34

-58.8%

Manchester, NH

19

42

-54.8%

Salt Lake City, UT

14

28

-51.6%

Richmond, Virginia

19

36

-47.2%

Months of inventory supply – Average of 53 metropolitan areas
The number of houses for sale in April 2021 was down 1.0% from March 2021 and down 42.2% compared to April 2020. Based on home sales rate in April 2021months of inventory supply decreased to 1.1 from 1.3 in March 2021and decreased from 4.0 in April 2020. A six-month supply indicates a balanced market between buyers and sellers. In April 2021, of the 53 metro areas surveyed, no metro area reported a monthly supply of six months or more, which is generally considered a buyer’s market. The markets with the lowest months of inventory supply were Albuquerque, New Mexico at 0.4, and a tie at four between Raleigh-Durham, North Carolina, Manchester, NH, Denver, Coloradoand Seattle, WA at 0.5.

Inventory Supply Months:
5 markets with the largest year-over-year decline

Marlet

April 2021
Month
Supply
Inventory

April 2020
Month
Supply
Inventory

Year after year-
Year %
Change

Pittsburgh, Pennsylvania

1.0

10.9

-90.8%

Providence, RI

0.7

5.3

-86.8%

Detroit, Michigan

1.1

7.8

-85.9%

Denver, Colorado

0.5

3.0

-83.3%

Albuquerque, New Mexico

0.4

2.3

-82.6%

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As one of the world’s leading real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with nearly 140,000 agents in more than 110 countries and territories. No one in the world sells more real estate than RE/MAX®, as measured by residential transactions. RE/MAX was founded in 1973 by Dave and Gail Linigerwith an innovative entrepreneurial culture offering its agents and franchisees the flexibility to operate their business independently. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars each year for Children’s Miracle Network Hospitals® and other charities. To learn more about RE/MAX, to search real estate listings or find an agent in your community, please visit www.remax.com. For the latest news on RE/MAX, please visit news.remax.com.

The description
The RE/MAX National Housing Report is distributed each month on or around the 15and. 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 nation’s largest metropolitan areas are represented, and an attempt is made to include at least one metro from each state. Definitions of metropolitan areas include specific counties established by the US Government’s Office of Management and Budget, with some exceptions.

Definitions
Transactions is the total number of residential transactions concluded during the given month. The monthly inventory supply 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 (pending) during the month. When “pending” data is not available, this calculation is performed using closed transactions. Days on Market is the number of days between when a property is listed and when the property goes under contract for all residential properties sold during the month. The median selling price is the median of the median selling prices in each of the metropolitan areas included in the survey.

MLS data is provided by contracted data aggregators, RE/MAX brokers and regional offices. Although MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly updated, making any analysis a snapshot at any given time. Each month, the RE/MAX National Housing Report recalculates data from the previous period to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.

SOURCE RE/MAX, LLC

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