Sluggish start to 2018 after a record 2017

The big story of 2017 was threefold: the median sales price reached an all-time high; closed sales reached a 12-year high; and inventory levels reached a 15-year low. Sales nearly broke their all-time record, but fell just 12 units short of their all-time 2004 high. In January 2018, new listings posted a year-over-year decline for a third consecutive month. Because of the supply shortage, closed sales were lower compared to the year prior for a second consecutive month. For-sale housing supply (inventory) was about a quarter lower than January 2017. This shortage has created a competitive environment where multiple offers have become commonplace. Sellers are receiving strong offers close to their original list price in record time, which can sometimes frustrate home buyers. New construction pending sales rose nearly 14.0 percent compared to last January. Although single-family homes made up about 76.0 percent of all sales, townhomes were the only segment to show an increase in pending sales. Similarly, previously-owned homes made up about 91.0 percent of sales but new construction showed a much stronger increase in pending purchase activity.

January 2018 by the Numbers

• Sellers listed 4,041 properties on the market, a 7.8 percent decrease from January 2017
• Buyers closed on 2,758 homes, a 4.4 percent decrease from 2017
• Inventory levels for January fell 26.3 percent compared to 2017 to 6,875 units, near a 15-year low
• Months Supply of Inventory was down 27.8 percent to 1.3 months, a 15-year low
• The Median Sales Price rose 9.6 percent to $243,750, a record high for January
• Cumulative Days on Market declined 13.8 percent to 69 days, on average (median of 45)—a 12-year low
• Changes in sales activity varied by market segment

o Single-family sales fell 1.3 percent; condo sales fell 15.1 percent; townhome sales fell 8.5 percent
o Traditional sales fell 1.7 percent; foreclosure sales fell 21.8 percent; short sales fell 42.4 percent
o Previously-owned sales fell 3.8 percent; new construction sales fell 0.4 percent



MAAR Seeks Realtor Emeritus Members

To honor longevity as a REALTOR® member, we offer the REALTOR® Emeritus Program  

Please email by March 15, 2018 if you meet the criteria below and are interested in joining the program.

A REALTOR® Member who has held membership in the National Association as a REALTOR®, REALTOR-ASSOCIATE®, or both, for a cumulative period of forty (40) years is eligible for REALTOR® Emeritus status. 
In addition to the forty (40) years of membership, a REALTOR® Emeritus candidate member must also have completed at least one (1) year of service at the National Association level. However, for applications filed through 2019, the one (1) year service requirement may also be met through service at the state or local level. This provision will sunset at the end of 2019.
Upon approval of an application for REALTOR® Emeritus by the Board of Directors of the National Association of REALTORS®, no further payment of dues to the National Association is necessary by the member association of which the REALTOR® Emeritus is a member. Please note that the dues waiver does not take effect until the dues year immediately following the Board of Directors’ approval. In addition, REALTOR® Emeritus Members are exempt from the Code of Ethics Training requirement.