New Listings Soar Higher as Spring Ramp-Up
Approaches
DENVER, Feb. 15,
2024 /PRNewswire/ -- In what could be a good sign for
buyers, the number of newly listed homes in January was a whopping
66.3% higher than in December and 21.5% higher than January 2023 across the 50 metro areas
surveyed.
The 21.5% year-over-year increase in new listings reversed a
multi-year January trend, as new listings dropped 5.1% from
January 2022 to January 2023 and 8.1% from January 2021 to January
2022. The dramatic 66.3% month-to-month increase in new
listings was also significantly higher than the past two
December-to-January jumps – 39.8% to start 2023 and 24.7% to begin
2022.
The surge in new listings was combined with year-over-year
increases in closed sales and inventory, illustrating that
January's housing stats could bode well for the typical spring
uptick in home sales this year.
January home sales were 2.5% higher than January 2023, although they were down 19.1% from
December, a slightly smaller post-holiday drop than the past
two years. January inventory increased 1.7% over January 2023, ending a seven-month streak of
year-over-year declines. The median sales price of $405,000 was 5.2% (or $20,000) higher than January 2023 and unchanged from December.
"It was encouraging to see the surge in new listings, as January
stats can be a sign of things to come," said Nick Bailey, President and CEO of RE/MAX, LLC.
"Potential buyers and sellers considering a move this year should
prepare by securing a qualified agent who can help them understand
the local market and help them through the process. If new listings
continue to emerge and interest rates drop a bit over time, 2024
could be a year of great opportunity for buyers and sellers."
Lori Galarza, Broker/Owner of
RE/MAX Central in Las Vegas,
Nevada, said buyers and sellers in her market had to come
ready in January. "Las Vegas is
very desirable right now, thanks to a relocation boom from
Californians who are looking for a lower cost of living. That
desirability drove January sales and pushed days on market down. I
expect the trend to continue as we are starting to see more
activity with buyers who are feeling more confident about
purchasing this year."
Other metrics of note:
- Homes took an average of 45 days to sell – one day less than
December and three days less than January
2023.
- January 2024 sales averaged 98%
of the listing price, the same as in December and up from 97% one
year ago.
- January's Months' supply of inventory was 2.1, compared to 2.4
in December and 2.0 one year ago.
Highlights and local market results for January include:
New Listings
Of the 50 metro areas surveyed in
January 2024, the number of newly
listed homes was up 66.3% compared to December 2023 and up 21.5% compared to
January 2023. The markets with the
biggest year-over-year increase in new listings percentage were
Honolulu, HI at +73.4%,
Charlotte, NC at +72.8%, followed
by a tie between Bozeman, MT and
Milwaukee, WI at +66.4%. The
markets with the biggest decrease in year-over-year new listings
percentage were Anchorage, AK at
-18.9%, Wichita, KS at -8.2%, and
Baltimore, MD -6.9%.
New Listings:
5 Markets with the Biggest YoY Increase
|
Market
|
Jan 2024
New Listings
|
Jan 2023
New Listings
|
Year-over-Year
% Change
|
Honolulu, HI
|
1,295
|
747
|
+73.4 %
|
Charlotte,
NC
|
4,989
|
2,887
|
+72.8 %
|
Bozeman, MT
|
248
|
149
|
+66.4 %
|
Milwaukee,
WI
|
1,559
|
937
|
+66.4 %
|
Burlington,
VT
|
146
|
91
|
+60.4 %
|
Closed Transactions
Of the 50 metro areas
surveyed in January 2024, the overall
number of home sales was down 19.1% compared to December 2023 and up 2.5% compared to
January 2023. The markets with the
biggest decrease in year-over-year sales percentage were
Wichita, KS at -15.7%,
Dover, DE at -13.3%, and
New Orleans, LA at -11.7%. The
markets with the biggest increase in year-over-year sales
percentage were Salt Lake City, UT
at +20.0%, Dallas, TX at +14.2%,
and Las Vegas, NV at +12.4%.
Closed
Transactions:
5 Markets with the Biggest YoY Increase
|
Market
|
Jan 2024
Transactions
|
Jan 2023
Transactions
|
Year-over-Year
% Change
|
Salt Lake City,
UT
|
792
|
660
|
+20.0 %
|
Dallas, TX
|
5,208
|
4,560
|
+14.2 %
|
Las Vegas,
NV
|
1,956
|
1,740
|
+12.4 %
|
Des Moines,
IA
|
545
|
487
|
+11.9 %
|
Bozeman, MT
|
99
|
89
|
+11.2 %
|
Median Sales Price – Median of 50 metro area prices
In
January 2024, the median of all 50
metro area sales prices was $405,000,
flat compared to December 2023 and up
5.2% from January 2023. The markets with the biggest
year-over-year increase in median sales price were Trenton, NJ at +16.7%, Bozeman, MT at +16.6%, and Baltimore, MD at +13.8%. The markets with the
biggest year-over-year decrease in median sales price were Coeur
d'Alene, ID at -10.6%, Raleigh, NC
at -3.3%, and Anchorage, AK at
-2.7%.
Median Sales
Price:
5 Markets with the Biggest YoY Increase
|
Market
|
Jan 2024
Median Sales Price
|
Jan 2023
Median Sales Price
|
Year-over-Year
% Change
|
Trenton, NJ
|
$385,000
|
$330,000
|
+16.7 %
|
Bozeman, MT
|
$729,000
|
$625,000
|
+16.6 %
|
Baltimore,
MD
|
$370,000
|
$325,000
|
+13.8 %
|
Manchester,
NH
|
$430,000
|
$380,000
|
+13.2 %
|
Wichita, KS
|
$215,500
|
$191,250
|
+12.7 %
|
Close-to-List Price Ratio – Average of 50 metro area
prices
In January 2024, the
average close-to-list price ratio of all 50 metro areas in the
report was 98%, flat compared to December
2023 and up compared to 97% in January 2023. The close-to-list price ratio is
calculated by the average value of the sales price divided by the
list price for each transaction. When the number is above 100%, the
home closed for more than the list price. If it's less than 100%,
the home sold for less than the list price. The metro areas with
the lowest close-to-list price ratio were Miami, FL at 93%, Bozeman, MT at 94%, and New Orleans, LA at 95%. The metro areas with
the highest close-to-list price ratios were Hartford, CT at 102% and Trenton, NJ at 101%.
Close-to-List Price
Ratio:
5 Markets with the Biggest YoY Increase
|
Market
|
Jan 2024
Close-to-List Price
Ratio
|
Jan 2023
Close-to-List Price
Ratio
|
Year-over-Year
Difference*
|
Trenton, NJ
|
100.7 %
|
98.5 %
|
+2.3 pp
|
Seattle, WA
|
99.1 %
|
97.5 %
|
+1.5 pp
|
San Francisco,
CA
|
99.7 %
|
98.2 %
|
+1.5 pp
|
Providence,
RI
|
99.8 %
|
98.3 %
|
+1.5 pp
|
New York, NY
|
99.4 %
|
98.1 %
|
+1.3 pp
|
*Difference displayed as change in
percentage points
Days on Market – Average of 50 metro areas
The average
days on market for homes sold in January
2024 was 45, down one day compared to the average in
December 2023 and down three days
compared to January 2023. The metro
areas with the lowest days on market were a tie between
Baltimore, MD and Milwaukee, WI at 16, followed by another tie
between Trenton, NJ and
Washington, DC at 18. The
highest days on market averages were in Fayetteville, AR at 81, Coeur d'Alene, ID at
79, and Des Moines, IA at 78. 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 the Biggest YoY Decrease
|
Market
|
Jan 2024
Days on Market
|
Jan 2023
Days on Market
|
Year-over-Year
% Change
|
Milwaukee,
WI
|
16
|
32
|
-51.1 %
|
Trenton, NJ
|
18
|
26
|
-32.4 %
|
Charlotte,
NC
|
36
|
49
|
-25.8 %
|
Las Vegas,
NV
|
43
|
57
|
-24.2 %
|
Los Angeles,
CA
|
37
|
49
|
-23.8 %
|
Months' Supply of Inventory – Average of 50 metro
areas
The number of homes for sale in January 2024 was down 2.4% from December 2023 and up 1.7% from January 2023. Based on the rate of home sales in
January 2024, the months' supply of
inventory was 2.1, down from 2.4 in December
2023, and up from 2.0 in January
2023. In January 2024, the
markets with the lowest months' supply of inventory were
Seattle, WA at 0.7, Manchester, NH at 0.9, followed by a three-way
tie between Albuquerque, NM,
Trenton, NJ, and Washington, DC at 1.0. The markets with the
highest months' supply of inventory were Miami, FL at 5.0, New Orleans, LA at 4.4, and Bozeman, MT at 3.9.
Months' Supply of
Inventory:
5 Markets with the Biggest YoY Increase
|
Market
|
Jan 2024
Months' Supply
of Inventory
|
Jan 2023
Months' Supply
of Inventory
|
Year-over-Year
% Change
|
Boston, MA
|
3.5
|
1.3
|
+163.3 %
|
Anchorage,
AK
|
2.2
|
1.3
|
+74.5 %
|
Omaha, NE
|
2.2
|
1.4
|
+48.9 %
|
Miami, FL
|
5.0
|
3.6
|
+40.8 %
|
New Orleans,
LA
|
4.4
|
3.1
|
+39.9 %
|
About the RE/MAX Network
As one of the leading global
real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX
Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000
offices and a presence in more than 110 countries and territories.
Nobody in the world sells more real estate than RE/MAX, as measured
by residential transaction sides. 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. RE/MAX agents have lived, worked and served in their
local communities for decades, raising millions of dollars every
year for Children's Miracle Network Hospitals® and other
charities. To learn more 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 news.remax.com.
Report Details
The RE/MAX National Housing Report is
distributed monthly on or about the 15th. The Report is based on
MLS data for the stated month in 50 metropolitan areas, includes
single-family residential property types, and is not annualized.
For maximum representation, most of the largest metro areas in the
country are represented, and an attempt is made to include at least
one metro area in almost every state. Metro areas are defined by
the Core Based Statistical Areas (CBSAs) established by the U.S.
Office of Management and Budget.
Definitions
Closed 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 (pending listings) during
the month. Where "pending" data is unavailable, an inferred pending
status is calculated using closed transactions. Days on Market is
the average number of days that pass from the time a property is
listed until the property goes under contract. Median Sales Price
for a metro area is the median sales price for closed transactions
in that metro area. The nationwide Median Sales Price is calculated
at the nationwide aggregate level using all sale prices from the
included metro areas. The Close-to-List Price Ratio is the average
value of the sales price divided by the list price for each closed
transaction.
MLS data is provided by Seventy3, LLC, a RE/MAX Holdings
company. While MLS data is believed to be reliable, it cannot be
guaranteed. MLS data is constantly being updated, making any
analysis a snapshot at a particular time. Every month, the previous
period's data is updated to ensure accuracy over time. Raw data
remains the intellectual property of each local MLS
organization.
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SOURCE RE/MAX, LLC