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September 2017 RE/MAX National Housing Report

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Housing Ends Summer Strong; Only Slight Inventory Relief

 
September 15, 2017
 
DENVER – U.S. home sales in August extended a summer of strong demand and weak inventory that once again resulted in listings with short shelf lives. In addition to the normal late summer real estate trends, a primary focus during the next month will be on housing in specific markets affected by natural disasters like devastating wildfires and hurricanes Harvey and Irma.
 
The RE/MAX National Housing Report shows August sales topping July by 2.8%, but finishing 0.84% below August 2016 which remains the best August in the report’s 9-year history. Houston, where Hurricane Harvey made landfall on August 25, already experienced a 21.3% drop in sales from July and a 27.5% decline year-over-year.
 
Inventory in the report’s 54 markets declined 3.9% from July and 13.7% from a year ago, driving Days on Market to drop to 47 – the fastest listing-to-sale average for any August. The Months Supply of Inventory, while continuing to rebound from a May low of 2.6, settled at 3.1 months and set another report record for August.
 
“Overall, we’re still seeing home prices rise year-over-year at just above historical averages -- even with slightly declining nationwide prices in August, which is an expected annual pattern,” said Adam Contos, RE/MAX Co-CEO. “The data shows that home hunters continue to experience very limited inventory and increased competition, and home sellers are benefiting from quick sales for top dollar.”
 
After hitting $239,950 in July, the median sales price dipped to $236,475 in August but still finished 5.4% higher year-over-year.
 
Closed Transactions 
Of the 54 metro areas surveyed in August 2017, the overall average number of home sales increased 2.8% compared to July 2017 and decreased 0.84% compared to August 2016. Twenty-four of the 54 metro areas experienced an increase in sales year-over-year including, Wilmington/Dover, DE,+17.2%, Trenton, NJ, +13.8%, Honolulu, HI, +12%, Augusta, ME, +11.1% and Boise, ID, +9%.

Median Sales Price – Median of 54 metro median prices
In August 2017, the median of all 54 metro Median Sales Prices was $236,475, down 1.3% from July 2017 but up 5.4% from August 2016. Only three metro areas saw a year-over-year decrease in Median Sales Price or remained unchanged (Anchorage, AK, -1.5%, Augusta, ME, -1.4% and Hartford, CT, -1.4%). Nine metro areas increased year-over-year by double-digit percentages, with the largest increases seen in Cincinnati, OH, +14.5%, Las Vegas, NV, +13.7%, Boise, ID, +12.4%, Nashville, TN, +12.1% , San Francisco, CA, +11.5%, and Seattle, WA, +11.4%.

Days on Market – Average of 54 metro areas
The average Days on Market for homes sold in August 2017 was 47, up two days from the average in July 2017, and down seven days from the August 2016 average. The four metro areas with the lowest Days on Market were Omaha, NE, and Seattle, WA, at 21, and Denver, CO, and San Francisco, CA, at 24. The highest Days on Market averages were in Augusta, ME, at 100 and Burlington, VT, at 92. 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 August 2017 was down 3.9% from July 2017, and down 13.7% from August 2016. Based on the rate of home sales in August, the Months Supply of Inventory remained unchanged from July 2017 at 3.1, compared to August 2016 at 3.4. A 6.0-months supply indicates a market balanced equally between buyers and sellers. In August 2017, 53 of the 54 metro areas surveyed reported a months supply of less than 6.0, which is typically considered a seller’s market. At 6.5, Miami, FL, was the only metro area that saw a months supply above 6.0, which is typically considered a buyer’s market. The markets with the lowest Months Supply of Inventory continued to be in the west with San Francisco, CA, at 1.0, Seattle, WA, at 1.3, Denver, CO, at 1.4 and San Diego, CA, at 1.7.
 

5 Essential Questions to Ask Before Renovating

by Scott Ehrke

Over time, almost any home could use an upgrade. Of course there’s typical wear and tear, but our needs also change over time. Marriage, children, then of course the kids head off to college… Home renovation can be an exciting endeavor, but it’s always good to think things through before tackling a big project. By asking yourself these five essential renovation questions, you can gain real insight to help you make the right decision.

1. What are your renovation priorities?

Odds are you won’t be able to renovate everything all at once. So brainstorm all of your renovation desires and write them down. Next, rank them by order of importance. Some will be large and some will be small. Consider your budget. Would you be happier with one large remodel, or would several small ones be better? Prioritize to clarify your needs!

2. How disruptive will the renovation be?

Understanding your threshold for disruption is important. Some renovation projects are minor and may take a day or two. Others could drag on for months and months. What are you willing to tolerate?

3. How will the renovation impact the home’s balance?

Major renovation projects can easily throw off a home’s flow, feel or look. If you put a commercial-grade, ultramodern kitchen, will the nearby living room look shabby or antiquated? Does it really make sense to add another bedroom if you only have one bathroom?

4. How long will you enjoy the renovation?

People typically renovate when they’re planning on staying in their home. Which direction is are you heading? Are you planning to downsize in a couple of years? A renovation may be overkill if you don’t think you’ll stick around long.

5. Will you recoup your investment?

Happiness with your home should be your top priority, but before you renovate you should understand that a major renovation isn’t a guarantee that you’ll get your money back when it’s time to sell. This may or may not be a factor for you, but it’s something to conser.

I’m perfectly happy to walk through any of these questions with you. Renovating may be the right choice, but sometimes only a move will do. Either way, I’m here to help!

 

Scott Ehrke

RE/MAX Parkside Real Estate

805,238.1555

Scott@realteam360.com

Smart Home News

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Do you consider your house a "smart home"? Consumers are really starting to adopt the concept with robotic vacuums, security elements, entertainment and more. And it doesn't look like this trend will be slowing down much. This national survey from Finn Futures takes a closer look at how people feel about emerging tech and what some of the barriers might be.

 


 

 

 

New Listing in Shadow Canyon Estates

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You won’t want to miss this HUGE traditional-style view home located in the desirable Shadow Canyon Estates! From the moment you drive up, you’ll see that this is not your ordinary home! The impressive 4 bedroom, 4.5 bath home residence offers nearly 3,500 SqFt of custom living space, and is ideally situated on a nearly one acre view parcel overlooking the oak dotted hills of the Chandler Ranch and the vineyards beyond. The custom features and amenities found in this home is certainly impressive, and includes hardwood and tile floors, volume ceilings with custom accents and details, built-in audio and central vacuum thru-out, a wet-bar and oversized fireplace in the family room, a 48” commercial range in the island kitchen, and ALL (4) bedrooms are en-suite (private baths). You’ll also find a game/rec room upstairs, a large home office off the oversized 3++ car garage, abundant storage and so much more. And outside, you’ll certainly appreciate the extensive patio/deck areas complete with a full outdoor kitchen (gas grill + Santa Maria style BBQ grill, sink, under-counter refrigerator area, etc) and bar area – making entertaining a dream! And all this on a 37,000+ SqFt parcel dotted in gorgeous oak trees with plenty of room for a detached shop, garage or even guest house if desired! Be sure to check out the 3-D virtual walk-thru to experience all that this great home has to offer! http://www.tinyurl.com/OakRidge3DTour

(NS17177466)

Scott Ehrke & Brian Thorndyke
RE/MAX Parkside Real Estate
1213 Vine St Paso Robles, CA 93446

CALBRE# 01012637, 01059808


Equal Housing Opportunity | All Information Deemed Accurate but not Guaranteed

 

Home is Where the Heart Is

by Elizabeth Van Slyke

Home is where the heart is. This timeless saying rings true for many, but how people feel about home ownership varies between generations. This infographic from the Center for California Real Estate offers an interesting look at the differing opinions. One thing's for sure - millennials like their kitchens!

4th of July Events on the Central Coast

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We’re a little spoiled with options for celebrating the 4th here on the Central Coast. With so many great events the hard part is choosing which ones to attend! Most events are on the 4th, but you can get a jump on celebrating with Paso Pops this weekend. Paso Pops is a Paderewski Festival Event offering live music, food, wine and beer, family friendly activities and fireworks. This year’s program will be performed by The San Luis Obispo Symphony, Youth Symphony and The Swing Dolls! Just make sure to buy your tickets in advance as they can’t be purchased at the door!

On the 4th we have events up and down the coast. You can start the day with a pancake breakfast and parade in Templeton, hit up the annual doggie parade in Avila Beach at mid-day, and finish up with Fireworks in Cambria, Cayucos or Pismo. Or you can take it easy and spend the afternoon listening to Snap Jackson and the Knock on Wood Players at Atascadero’s first-ever Bluegrass Freedom Festival.

You really can’t go wrong with whatever you choose! For a full list of local events check out KSBY’s roundup. Enjoy and stay safe!


RE/MAX vs. The Industry 2017

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We’re so proud to have been part of the RE/MAX team for over 25 years! 

Wildfire season is just around the corner – make sure you’re prepared!

by Elizabeth Van Slyke

Your home. It's probably your most valuable investment. On top of that, it keeps the people and things you love safe. With all the rain we've had this year, CAL FIRE is warning people about the abundance of natural grasses. Once these grasses dry out, they become a serious threat when it comes to wildfires.

So what can you do? Create defensible space to protect your home. CAL FIRE has a number of resources to help you get prepared. Here's what 100 feet of defensible space looks like. Be sure to take a look around your yard and make any necessary changes while the grass is still green!

Additional info from CAL FIRE: http://calfire.ca.gov/communications/communications_firesafety_100feet


Resale Return on Investment

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Housing Challenges for an Aging Population

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Displaying blog entries 1-10 of 142

Contact Information

Real Team 360
RE/MAX Parkside Real Estate - BRE #01421338
1213 Vine Street
Paso Robles CA 93446
Office: (805) 238-1555