RE/MAX Predicts Healthy Homebuying Summer as Inventory Grows

 

RE/MAX has published its latest housing report, offering key market insights on both a national level and among key metro areas.

Key details:

• Home sales increased 21.6% month over month, from February to March 2024.
• However, this is a noticeably smaller increase in sales than in March 2023 (37.7%) and March 2022 (33.2%).
• The month-long span also saw a 20.9% increase in new listings; the resulting inventory gains mean that, in March 2024, there were 24.2% more homes for sale than a year prior.
• The median sale price for a home–$415,000–is a 1.5% increase month-over-month and a 5.1% increase year-over-year.
• March sellers reported they received 99% of their listing price, essentially unchanged from the previous month and year.

Regional breakdown, from March 2023 to March 2024:

Markets with the biggest year-over-year increases in closed transactions:

1. Bozeman, Montana: 122 to 135 transactions, +10.7%
2. Burlington, Vermont: 118 to 130 transactions, +10.2%
3. Minneapolis: 3,225 to 3,548 transactions, +10%
4. Milwaukee, 1,021 to 1,054 transactions, +3.2%
5. Salt Lake City, 1,120 to 1,128 transactions, +0.7%.

Median sales price increases:

1. Manchester, New Hampshire: $419,000 to $479,000, +14.5%.
2. New York City: $499,000 to $570,000, +14%.
3. Hartford, Connecticut: $295,000 to $334,000, +13.5%.
4. Miami: $450,000 to $510,000, +13.3%.
5. Trenton, New Jersey: $340,000 to $382,500, +12.5%

Close-to-list price ratio increase:

1. San Francisco: 102.5% to 105%, +2.6%.
2. Seattle: 99.6% to 101.5%, +1.9%.
3. Los Angeles: 98.1% to 99.8%, +1.7%.
4. Cleveland: 97.7% to 99.4%, 1.7%.
5. Hartford, Connecticut: 101.9% to 103.5%, 1.6%.

Days on the market decrease:

1. Las Vegas: 52 to 39 days, -25.4%.
2. Seattle: 56 to 44 days, -21.6%.
3. Baltimore: 16 to 13 days, -21.4%.
4. Cleveland: 37 to 29 days, -19.8%.
5. Detroit: 31 to 26 days, -18.3%.

Supply of inventory increase:

1. Tampa, Florida: 1.5 to 2.7 months, +80.3%.
2. Miami: 2.3 to 4.1 months, +78.8%.
3. Dover, Delaware: 0.8 to 1.3 months, +74.5%.
4. San Antonio: 2.3 to 4 months, +71.4%.
5. Birmingham, Alabama: 1.6 to 2.6 months, +65.7%. 

Expert takeaway: 

“As we move into what is normally the prime homebuying months, the increased inventory should give buyers more options and a better chance at securing a home that fits their needs,” says Amy Lessinger, RE/MAX® president. “It’s still a seller’s market in many parts of the country, but having a greater volume of available listings is a good step toward a more balanced market.”

Anthony Askowitz, broker/owner of RE/MAX Advance Realty in Miami, Florida, agrees that March’s activity was a good sign for what could come. “March is always a hot time for the real estate market in Miami and this year was no different. Demand was strong, prices increased and, although homes took just a bit longer to sell, thankfully new construction added to the inventory to help meet the needs of new residents.”

For more information, visit https://www.remax.com/.