The Fred Adams Group of RE/MAX Integrity
In the 50 metro areas surveyed in March 2024, the overall number of home sales was up 21.6% compared to February 2024 and down 9.4% compared to March 2023.The markets with the biggest decrease in year-over-year sales percentage were Dover, DE at -25.9%, Honolulu, HI at -16.5%, and Miami, FL at -16.3%. The markets with the biggest increase in year-over-year sales percentage were Bozeman, MT at +10.7%, Burlington, VT at +10.2%, and Minneapolis, MN at +10.0%.
In March 2024, the median of all 50 metro area sales prices was $415,000, up 1.5% compared to February 2024, and up 5.1% from March 2023. The markets with the biggest year-over-year decrease in median sales price were San Antonio, TX at -4.4%, Burlington, VT at -4.3%, and Fayetteville, AR at -2.9%. The markets with the biggest year-over-year increase in median sales price were Manchester, NH at +14.5%, New York, NY at +14.0%, and Hartford, CT at +13.5%.
In March 2024, the average close-to-list price ratio of all 50 metro areas in the report was 99%, flat compared to both February 2024 and March 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 94% and Bozeman, MT at 95%. The metro areas with the highest close-to-list price ratios were San Francisco, CA at 105% and Hartford, CT at 104%.
The average days on market for homes sold in March 2024 was 40, down four days compared to the average in February 2024, and flat compared to March 2023. The metro areas with the lowest days on market were Baltimore, MD and Washington, DC, tied at 13, followed by a three-way tie between Dover, DE, Philadelphia, PA, and Trenton, NJ at 18. The highest days on market averages were in Fayetteville, AR at 79, San Antonio, TX at 76, and Bozeman, MT at 66. Days on market is the number of days between when a home is first listed in an MLS and a sales contract is signed.
The number of homes for sale in March 2024 was up 7.7% from February 2024 and up 24.2% from March 2023. Based on the rate of home sales in March 2024, the months’ supply of inventory was 1.7, down from 1.9 in February 2024, and up from 1.4 in March 2023. In March 2024, the markets with the lowest months’ supply of inventory were Seattle, WA at 0.6, followed by a tie between Manchester, NH and Milwaukee, WI at 0.7. The markets with the highest months’ supply of inventory were Miami, FL at 4.1, San Antonio, TX at 4.0, and Bozeman, MT at 3.3.
Home sales in March increased 21.6% over February while trailing the March activity of a year ago. At the same time, a 20.9% surge in new listings during the month fueled a substantial 7.7% expansion in inventory.
The inventory gains helped expand the supply of homes for sale by 24.2% year over year, setting the stage for the customary peak homebuying season of May and June.
“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, FL, 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.”
Up 5.1% year over year, the Median Sale Price increased 1.5% from February – the third monthly increase in a row – and returned to $415,000, a figure it last reached last September.
Tim Yee, a broker associate with RE/MAX Gold in the San Francisco Bay Area also saw strong buyer demand and said prices remained remarkably stable. “In San Francisco County, the list price to sales price ratio hovered around 100-106%, meaning buyers paid over asking price. Well-priced listings in good locations were swallowed up as soon as they hit the market. If the Fed does make an adjustment in interest rates or if sellers finally get tired of waiting and decide to sell, the pent-up demand could bring a more robust spring market for all.”
The RE/MAX National Housing Report is distributed each month on or about the 15th. The first Report was distributed in August 2008. The Report is based on MLS data in approximately 53 metropolitan areas, includes all residential property types, and is not annualized. For maximum representation, many of the largest metro areas in the country are represented, and an attempt is made to include at least one metro from each state. Metro area definitions include the specific counties established by the U.S. Government’s Office of Management and Budget, with some exceptions.
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 (pended) during the month. Where “pended” data is unavailable, this calculation is made using closed transactions. Days on Market is the number of days that pass from the time a property is listed until the property goes under contract for all residential properties sold during the month. Median Sales Price is the median of the median sales prices in each of the metro areas included in the survey.
MLS data is provided by contracted data aggregators, RE/MAX brokerages and regional offices. While MLS data is believed to be accurate, it cannot be guaranteed. MLS data is constantly being updated, making any analysis a snapshot at a particular time. Every month the RE/MAX National Housing Report re-calculates the previous period’s data to ensure accuracy over time. All raw data remains the intellectual property of each local MLS organization.