National Housing Report
A sixth consecutive month of declining home sales in January
contributed to the largest year-over-year inventory increase in at least ten
years, according to the RE/MAX National
While year-over-year home sales dropped eleven percent – extending
a streak that began in August – inventory grew year-over-year by an average of
6.4 percent across the report’s fifty-four U.S. metro areas. January marked the
fourth consecutive month of year-over-year inventory growth – further reversing
a decade-long trend of shrinking inventory. December 2018’s year-over-year
inventory growth of 4.7 percent was the previous record in the report’s
“The winter chill extended to the housing market in January, as
home sales remained cool,” said RE/MAX CEO Adam Contos. “The good news is that
inventory levels in January continued to rise on a year-over-year basis,
providing incremental improvement in what’s been a multi-year shortage of
for-sale homes. This is a positive for homebuyers, as the market continues to
swing their way.”
The median sales price of $234,000 was a report record for
January, increasing 4.6 percent over January 2018. But the rate of sales price
increase was considerably less than the 6.7 percent posted from January 2017 to
January 2018. December 2018 was the only month since January 2012 to show a
year-over-year decline in median sales price. Fifty-nine days on market was a
record low for January sold listings – averaging one day less than the 60
posted in January 2018. January’s 3.9-month supply of inventory was higher than
the 3.4-month supply of January 2018.
“Underlying demand remains solid overall, as evidenced by
widespread price increases,” said Contos. “So the housing market, while not
markedly busy in January, remains relatively healthy. Furthermore, with
interest rates stabilizing and home-price increases slowing, the spring selling
season shapes up to be as interesting as any we have seen in years.”
Of the 54 metro areas surveyed in January 2019, the overall
average number of home sales was down 26.1 percent compared to December 2018,
and down 11.0 percent compared to January 2018. In January 2019, the median of
all 54 metro Median Sales Prices was $234,000, down 2.5 percent from December
2018, and up 4.6 percent from January 2018. The average Days on Market for
homes sold in January 2019 was fifty-nine, up four days from the average in
December 2018, and down one day from the January 2018 average. For more info,
please click here
to download your copy of the RE/MAX
National Housing Report for January 2019.
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Sell Your Home Quickly With These Top 3 Design Tips
It’s a sellers’ market which means if you’re ready to sell your Phoenix home, you may not be the only one on the block. Stand out among the competition and sell your home quickly with these top 3 design tips!
1) First impressions are lasting and your home’s exterior makes the first impression to potential buyers. Make a good first impression by making sure your lawns are clean of weeds, debris, and any visually unappealing clutter. Colorful desert blooms and outdoor lighting near the entry way also help emit a welcome home exterior that potential home buyers love.
2.) Home buyers want large, roomy spaces for their belongings. Removing clutter and allowing plenty of room to walk around furniture and easily maneuver around is a great way to help sell your home. Clean windows with open window coverings that let in natural sunlight help spaces seem lighter, brighter and open. Also, placing a few strategically placed decorative mirrors helps further make rooms seem more spacious.
3.) Kitchens and bathrooms are often the first thing buyers gravitate to. Give your cabinetry a set of new hardware and repair any cracks or broken hinges. Make your flooring stand out by cleaning and resealing your tile or refinishing your wood floors. Cleaning or upgrading your countertops really helps make them stand out. Some home sellers even choose to upgrade the bathroom fixtures or kitchen appliances to give their kitchen and bath an extra kick.
If you want to attract more buyers and sell your Phoenix home or if you’re an Arizona retiree seeking the perfect retirement community to call home, please contact Sharon Mason today! I have the proven track record and resources to help you achieve your real estate goals and get top dollar for your home!
Your Arizona Retirement Expert,
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November Home Sales Defy
Seasonal Trend: National Housing Report
Despite the typical
winter slowdown, November home sales finished 19.1 percent above a year ago and
prices increased 1.4 percent over October. Last month saw more homes sold than
any other November in the eight-year history of the National Housing Report from RE/MAX. All
but one of the fifty-three markets surveyed posted an increase in sales over
November 2015, with nearly half of the markets at least 20 percent higher.
“The continued decline of inventory and talk of
rising interest rates may have contributed to November’s surge of home sales,” said Dave Liniger, RE/MAX CEO, Chairman of the Board and
Co-Founder. “Over the past 11 months, the majority of markets have seen
home prices return to their pre-recession levels, reaffirming that 2016 has
been the best year for the housing market since the recession.”
The 2017 Housing Forecast by the experts at
realtor.com are predicting that the Phoenix-metro area will be number one with
a projected increase in home values by 5.94 percent and a sales growth of 7.24
A strong housing economy is good for homeowners,
especially those who are considering Arizona as their retirement destination in
2017. If you would like to learn more about retirement in Arizona, please give
me a call today. I can help you successfully navigate all your retirement
options, and help you make the right decision for your golden years. I look
forward to hear from you soon – Sharon
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