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June Housing Report

DENVER – Typically the strongest month for home sales, June saw closings decline 4.7% from May and 7.8% from June 2018, according to the RE/MAX National Housing Report. Going in the opposite direction, June’s Median Sales Price of $276,000 was an all-time high in the 10-year history of the report.

June has recorded the most sales each of the last five years (July led 2013 sales). This is only the second June in report history to have fewer sales than May. With sales slowing, June inventory increased 1.3% over June 2018, marking the first year-over-year rise in June inventory in the report’s history. Moreover, inventory grew for the ninth consecutive month, and the report’s 54 metro areas had the most units for sale since August 2016.

“Record prices appear to have kept June sales figures from topping a strong May,” said RE/MAX CEO Adam Contos. “Nevertheless, there are indications, including the return of very favorable mortgage rates, that the pace could pick up in July. Several encouraging longer-term trends—ongoing demand, improving inventory levels, low interest rates—are helping the market make incremental progress on multiple fronts. But supply remains a concern, so we need more homes to be built.”

Starting in 2013, June has also produced the highest Median Sales Price of each year. June’s record $276,000 was 6.7% higher than the $259,000 recorded in June 2018.  June’s price increase accelerated compared to the prior three months, each of which had a year-over-price increase of less than 3.5%. Contos continued, “The jump in sales price after months of moderation is worth watching for its impact on affordability.”

June’s Days on Market total of 44 meant that sales happened three days faster than in May but took three days longer than June 2018. Months of Inventory in June 2019 was 2.8, the same as May’s and below June 2018’s 3.1.

Closed Transactions 
Of the 54 metro areas surveyed in June 2019, the overall average number of home sales is down 4.7% compared to May 2019, and down 7.8% compared to June 2018. Leading the month-over-month sales percentage increase were Burlington, VT at +21.8%; Boston, MA at +13.4%; and Hartford, CT at +13.1%.

Median Sales Price – Median of 54 metro median prices
In June 2019, the median of all 54 metro Median Sales Prices was $276,000, up 6.2% from May 2019, and up 6.7% from June 2018. Two metro areas saw a year-over-year decrease in Median Sales Price: San Francisco, CA at -2.0%, and Hartford, CT at -0.1%. Three metro areas increased year-over-year by double-digit percentages, with Boise, ID at +10.7%; Albuquerque, NM at +10.4%; and Philadelphia, PA at +10.0%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in June 2019 was 44, down three days from the average in May 2019, and up three days from the June 2018 average. The metro areas with the lowest Days on Market were Omaha, NE at 22; Denver, CO at 25; and Seattle, WA at 26. The highest Days on Market averages were in Augusta, ME at 108; Miami, FL at 82; and Hartford, CT at 74. Days on Market is the number of days between when a home is first listed in an MLS and a sales contract is signed.

Months Supply of Inventory – Average of 54 metro areas
The number of homes for sale in June 2019 was down 0.6% from May 2019 and up 1.3% from June 2018. Based on the rate of home sales in June 2019, the Months Supply of Inventory held steady at 2.8 from May 2019, and decreased compared to 3.1 in June 2018. A six months supply indicates a market balanced equally between buyers and sellers. In June 2019, of the 54 metro areas surveyed, only Miami, FL at 7.0 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 were Omaha, NE and Manchester, NH, both at 1.0, and Minneapolis, MN at 1.8.

Millennial Homebuyers Want a Yard of Their (Pet’s) Dreams – Here’s How Sellers Can Appeal to Furry Friends

What could beat out an updated kitchen as the most important feature millennials are looking for when buying a home? Recent research from the National Association of Landscape Professionals shows that a nice-sized lawn is the No. 1 priority among those born between 1981 and 1996.

Seventy-three percent of millennials currently own a pet and, according to a 2018 realtor.com survey, 75 percent of pet-owning millennial homebuyers surveyed said they would pass on a home, no matter how good it is, if it didn’t meet the needs of their pet.

If you plan to boost your home’s curb appeal and backyard before selling, keep in mind potential millennial buyers – and their furry friends – with these tips for a pet-friendly yard:

  1. Muse on Your Mulch

Mulching can be used to create healthy lawns and add aesthetic value – but it can also be harmful to animals if certain chemicals are present in the material. Cocoa bean mulch, for example, can poison dogs since it’s made from cocoa shells. Instead, look for pine, cedar and hemlock mulches, which can be good alternatives and may ease the mind of a potential buyer with pets.

  1. Plant Purposefully

Planting a few flowers can go a long way in ramping up your home’s curb appeal. Adding a few different colors into the mix can help create an interesting and inviting atmosphere. While you’re at the garden center, consider taking a look at this list of toxic and non-toxic plants for animals and steer clear of potential troublemakers for future buyers. If your garden is already in tip-top shape, list and label as many plants as possible. This relatively simple step can have a powerful effect on buyers, whether they’re gardeners or not!

  1. Know Your Boundaries

There are a lot of variables to consider when questioning if a fence increases home value. Material, the neighborhood and whether it fits in with the style of your house are all important things to consider – but so is the condition you keep it in! A sturdy backyard fence may inspire buyers with escape-artist furry friends to make an offer.

  1. Be Chemical-Conscious

Many baits for snails, rats and other pests can be fatal for pups. If you must use them to get your backyard sell-ready, think of putting them where a pet couldn’t reach them. Did you know planting lavender, mint, rosemary and other companion plants can be a safe way to keep snails and slugs at bay?

  1. Make ‘Pawsome’ Choices

If adding some paths in your yard is within budget, consider materials that don’t get too hot on a sunny day. Materials should be easy to walk on for both owners and their pets. Concrete, brick, flagstone and smooth rocks are all good choices.

Start your first home buying experience off the right way by finding a real estate agent who works for you at remaxallpro.com.

 

January Housing Report

A sixth consecutive month of declining home sales in January contributed to the largest year-over-year inventory increase in at least 10 years, according to the RE/MAX National Housing Report.

While year-over-year home sales dropped 11% – extending a streak that began in August – inventory grew year-over-year by an average of 6.4% across the report’s 54 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.

Find the complete report here