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Home Sales Predictor – Spring season of selling
It’s officially Spring!
Hopefully your allergies aren’t as painful as your busted March Madness bracket. Do you know what’s not busted? The housing market. At least for now.
Despite the daily news articles making it sound like the housing market is doomed, people still bought and sold a lot of homes last month. 414K in fact. This was 3% fewer homes than we predicted, however with the seasonality prior to the pandemic we used to see on average 300K home sales in February, so things are still looking pretty bright.
What’s even brighter? March and April.
We expect to see a 31% increase in home sales in March with 543K and an additional 4% increase in April with 567K homes sold across the U.S.
Now while March and April look bright, we aren’t ready to make any strong claims for the rest of the year. There are so many factors at play here, it’s truly hard to predict if we will continue on this path, or if outside forces will cause things to dip. Based on the data we are seeing now, our data analysts predict it will be more of a soft landing as we finally settle into a new normal.
No matter what the future holds, what remains constant is the critical role brokers and agents play for consumers. Mortgage rates, inflation, the war on Ukraine, all of these pieces of uncertainty are scary. But trusted advisors like you can take the headlines and can truly drill down on what it’s like, right now, in your corner of the world.
You’re the expert who can guide your clients to know if it’s the right time to buy or sell. Bring them comfort in the fact that yes, mortgage rates are rising, but as our friend and economist Matthew Gardner shared last week, the financial experts are predicting that even with inflation, and everything else happening right now, that by the end of the year mortgage rates will hover just around 4%, which is still historically low.
It’s vital to remember (and remind your clients) that every market is different right now. Some markets have really benefited from the Great Relocation. Others are finally getting some new construction to add to their inventory. You are the expert on the ground. Be the expert and the mentor for your clients in your area. You know more than anyone else around.
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks and ActivePipe recognized among HousingWire’s prestigious Tech 100
HousingWire cited MoxiWorks for its partnerships “to meet the industry demand for an end-to-end tech solution.”
Seattle WA, (March 21, 2022) — MoxiWorks – the industry-leading real estate technology platform — has been recognized by HousingWire as part of their 2022 Tech 100 awards. ActivePipe, acquired by MoxiWorks in February, was also named to the prestigious list for the second year in a row.
“Thanks to our team’s consistent efforts and drive, MoxiWorks has experienced phenomenal growth,” said York Baur, CEO of MoxiWorks. “We have made notable acquisitions, launched new products to bring agents and brokerages up to the top of their game, and we’ve been leading the charge in innovation.”
HousingWire made special note of MoxiWorks for eschewing the “one-size-fits-all” model, noting their “partnerships with other platforms … through their MoxiCloud partner program, currently comprising more 150 ReTech vendors.” They found that these partnerships give MoxiWorks clients “access to the best of the best and positively open an interconnectivity ecosystem for more data, more transactions, more success across the board.”
In its recognition of ActivePipe, HW cited its “more than 150% year-over-year growth for the past three years in the U.S. market.” In 2021, according to HousingWire, more than 100 new brokerages began using ActivePipe’s email marketing software. Aside from its previous recognition by HW, ActivePipe was also named Most Innovative Scale-Up Proptech for Sales & Marketing at the inaugural national Proptech Awards.
“These two wins couldn’t come at a more perfect time,” said Ash Farrugia, co-founder and CEO of ActivePipe, and now Chief Product Officer at MoxiWorks. “We couldn’t be more proud of the work we’ve done as a company, and are now thrilled to be with MoxiWorks. By bringing our two powerhouses together we are creating the best and brightest products and people in the world of proptech and real estate.”
To learn more about MoxiWorks and ActivePipe and how they can benefit your business, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions.
About ActivePipe
The ActivePipe Platform uses predictive data technology to identify high value contacts in a real estate agent’s database. It analyzes their behavior and interprets their needs to personalize communication and automatically nurture contacts. The company is based in Melbourne, Victoria, with offices in Austin, Texas and Washington D.C. and has been backed by premier investors including NAB Ventures, Firemark Ventures (IAG), PieLAB Ventures, Second Century Ventures, AS1 Growth Partners, and Asia Principal Capital. ActivePipe successfully entered the US market in 2018 and is now considered one of the most leading-edge marketing platforms in the market. In February 2022, ActivePipe was acquired by MoxiWorks.
Home Sales Predictor – The housing roller coaster ride continues
2022 has kicked off our year of home sales much more similar to 2021 than we originally predicted.
We predicted there would be 477k home sales in January, but we ended up with 408K home sales, which was just a 1% decrease from the number of homes sold in January of 2021. We originally predicted a 15% increase YOY.
So why the slower start?
Our MoxiWorks data team shared a few speculations:
- Price acceleration has continued while inventory has continued to tighten. We are likely reaching the end of the massive pool of people who would buy houses right now.
- Overall consumer confidence with the direction of the economy
- The five impending interest rate hikes this year
- In January inflation hit 7.5% – the highest it’s been since 1982
- The Omicron variant spikes across the country during January and into February
The good news? Our prediction data comes from agent activity inside our products, so while there appears to be a slight delay in those home sales, that will still bear fruit, most specifically during the month of March.
Feb/Mar Prediction
We predict that February will result in 429k home sales which would be a 5% increase from January. And then we expect to see things tick back up with 613K home sales in March, which will be a 43% increase.
We historically see some of the largest jumps month over month between Feb and Mar, but we haven’t seen a 43% increase in any month over month since Feb/Mar of 2017.
Source: MoxiWorks Feb-22 Home Sales Predictor
We expect the next three months will likely give us our trends (and maybe new seasonality?) for 2022.
We’ve been on an absolute tear of home sales for essentially the entire duration of the pandemic, and, well, all things must end. Pandemic or otherwise.
We’re keeping a close eye on it all and are eager to see how it turns out.
We’d love to hear from you. Respond and let us know what it’s looking like in your market — is it starting to slow down or are you still busier than ever? What are your predictions for the next few months?
This data is provided by insights from our MoxiWorks data team. All data is based on activity inside our MoxiWorks products that correlates the activity of our users with the number of closed listings two months into the future. Learn more about the Home Sales Predictor here.
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks acquires best-in-class lead nurturing platform, ActivePipe
Acquisition expands the powerhouse suite of solutions in the MoxiCloud
SEATTLE, WA. (Feb 22, 2022) – MoxiWorks, the leading real estate technology platform, announced today the acquisition of ActivePipe, a premier lead nurturing platform for real estate professionals. Founded and headquartered in Australia, ActivePipe operates in four countries supporting more than 2,500 brokerages and more than 40,000 agents. ActivePipe joins MoxiWorks’ sphere-based CRM, MoxiEngage, leading CMA interactive presentation tool, MoxiPresent, as well as its recruiting system, marketing suite, websites platform, and most recently its new back-office solution, MoxiBalance. Financial terms of the deal were not disclosed.
The ActivePipe lead nurturing platform uses AI to effortlessly automate the process for brokers and agents to stay in touch with all their potential clients. ActivePipe’s predictive capabilities identify which clients are most likely to enter into a transaction and alerts clients to unlock opportunities in their database.
“With rising interest rates, tight inventory and an uncertain economic future, dependence on paid cold leads that don’t convert is a recipe for disaster,” said York Baur, CEO MoxiWorks. “Workingto nurture your sphere is the gift that keeps on giving. ActivePipe will help you, the broker and agent, spend less time worrying about where your next lead is going to come from and instead use AI technology to nurture the leads that are already in your sphere.”
ActivePipe has been part of the MoxiCloud partner network for more than three years helping MoxiWorks clients nurture their sphere.
“We have been partners for years with MoxiWorks and could not be more thrilled by the opportunity to create something really powerful by becoming part of the MoxiWorks family,” said Ash Farrugia, co-founder and CEO of ActivePipe. “Partnering with MoxiWorks was the natural next step for ActivePipe given its market-leading position in the residential real estate market. This is an exciting and pivotal time to be in the Proptech space and we are confident in this next chapter with MoxiWorks.”
In 2021 ActivePipe was included in the HW Tech100 and named the Most Innovative Scale-Up Proptech for Sales & Marketing at the inaugural national Proptech Awards.
“Between the products we produce, the partners we’ve assembled in our partner network, and the acquisitions we make, we’re assembling the best and brightest products and people in the real estate tech world,” said Baur. “We believe in the power of high-quality people and that bringing together innovative companies will truly bring our industry into the future.”
MoxiWorks acquired marketing automation platform, Imprev, now MoxiImpress, in November of 2019 and most recently acquired reeazily, now MoxiBalance, at the end of 2021.
“We are delighted by MoxiWorks’ growth and innovation since our initial investment, and we plan to continue to support the company’s organic development and strategic acquisitions to further enhance the product set,” said Tom Smith, Principal at Vector Capital, which invested in MoxiWorks in 2019. “ActivePipe is a premier product we have closely watched gain momentum over the past few years, and we are excited to add it to the MoxiWorks platform today.”
Paul Hastings and Johnson Winter & Slattery served as US and Australian legal advisors, respectively, to MoxiWorks. D.A. Davidson & Co. and K&L Gates served as financial and legal advisors to ActivePipe, respectively.
To learn more about MoxiWorks and ActivePipe, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
About ActivePipe
The ActivePipe Platform uses predictive data technology to identify high value contacts in a real estate agent’s database. It analyses their behaviour and interprets their needs to personalise communication and automatically nurture contacts. The company is based in Melbourne, Victoria, with offices in Austin, Texas and Washington D.C. and has been backed by premier investors including NAB Ventures, Firemark Ventures (IAG), PieLAB Ventures, Second Century Ventures, AS1 Growth Partners, and Asia Principal Capital. ActivePipe successfully entered the US market in 2018 and is now considered one of the most leading-edge marketing platforms in the market.
About Vector Capital
Vector Capital is a San Francisco-based leading global private equity firm focused on transformative investments in technology and technology-enabled businesses. Founded in 1997, Vector oversees approximately $4 billion of capital across its private equity and credit strategies from a variety of investors including university endowments, foundations, and financial institutions. With our disciplined approach to valuation and deep-rooted operational experience, Vector has generated competitive returns and established a successful track record spanning nearly 25 years. For more information, please visit www.vectorcapital.com.
MoxiWorks – Let’s sell more homes together
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Media Contacts
MoxiWorks
Jordan Barrish
jordan.barrish@moxiworks.com
ActivePipe
Diane Falzon
pr@dianefalzon.com
Vector Capital
Nathaniel Garnick/Grace Cartwright
(212) 257-4170
vector@gasthalter.com
3 MoxiWorks Team Members honored RISMedia’s 2022 Real Estate Newsmakers
York Baur, Georgia Perez, and AJ Canaria were among the honorees
Seattle WA, (February 3, 2022) MoxiWorks – the industry-leading real estate technology platform— is delighted to announce the recognition of three of its Moxians as honorees in RISMedia’s 2022 Real Estate Newsmakers list. MoxiWorks CEO York Baur, VP Business Development and Product Evangelism Georgia Perez, and Creative Producer AJ Canaria are all previous winners of the honor.
RISMedia made special note in its announcement of the “truly unique” circumstances its honorees navigated in 2021, including the ongoing effects of the COVID-19 pandemic and the increased activity brought about by the low-inventory market. Honorees were recognized for “making news for their positive contributions to the consumers and communities they serve.”
MoxiWorks CEO York Baur was recognized in the Influencers category this year for his thought leadership, including content around navigating the COVID-19 pandemic and increasing organizational strength. In 2020, Baur was named a RISMedia Achiever and in 2019 he was part of the Trailblazers category.
“It’s incredible to see that growth and how it has been a huge part to driving results for such a large part of the industry now and during the height of the Pandemic,” York Baur said, “It’s been wonderful collaborating with industry that helped get MoxiWork where it is today.”
Creative Producer AJ Canaria joined MoxiWorks in January 2021, bringing his skills in creative storytelling, photography, and videography to his role. Over the past year, he has used his role to continue to build brand stories for MoxiWorks and for their brokerage clients. RISMedia recognized him as part of the Trendsetters category on its 2022 list.
“It is critical for the real estate industry to be more intentional about inclusivity and diversity moving forward. The stories we tell are a reflection of who we want to be and the success of our clients,” AJ Canaria said.
VP of Business Development and Product Evangelism Georgia Perez was recognized as an Achievers in this years list. She played a pivotal role in MoxiWorks’ exponential growth in 2021. The platform now supports 800 brokerages and 400,000 agents. In 2020 Perez was among the leaders named as an Inspiration.
“I am proud of the mentality and work MoxiWorks does. That we automate what a machine can do and should do well, while creating a sustainable business and great client relationships,” Georgia Perez said.
Congratulations to all of this year’s honorees!
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks rounds out end-to-end solution for enterprise brokerages with back office product, MoxiBalance
MoxiBalance joins MoxiWorks’ slate of products driving brokerage profitability through increased productivity
Seattle, WA (January 25, 2022) — MoxiWorks, the leading real estate technology platform, announced today the launch of their back office system, MoxiBalance. MoxiBalance is designed for brokerage leaders seeking to streamline and facilitate record-keeping in their enterprise office. MoxiBalance evolved from back office solution, Reeazily, which MoxiWorks acquired in 2021.
With the addition of MoxiBalance, MoxiWorks now offers a complete end-to-end, lead-to-close, solution for enterprise brokerages. The back office solution joins their easy-to-use suite of tools including their CMA, CRM, websites, and marketing & lead generation solutions all focused on improving and increasing productivity across the brokerage.
“MoxiBalance, formerly reeazily, was built by real estate for real estate when RE/MAX Northern Illinois needed a better system for franchise membership management, billing, and reporting,” said Senior Director of Product Management, Jim Smoak. “MoxiBalance is robust and intuitive, and fully equipped to handle complex back office reporting for enterprise brokerages of any size.”
MoxiBalance is an enterprise solution designed to be an end-to-end for brokerages. The system manages the movement of money in clear, reportable, and convenient ways to match the bustling pace of a growing membership, while providing a secure platform to manage your business. MoxiBalance provides all of the features of a robust custom records system with the flexibility of cloud-based software. This provides the best of both systems for optimal back office tech. Brokerages powered by MoxiBalance can:
- Set up multiple brands and offices and easily connect them to their ledgers
- Design templates for agent-specific commission structures
- Build out items for repeatable billing and fixed and variable costs and,
- Manage agents with the same data populating the rosters of other MoxiWorks products
Additionally, MoxiBalance is designed for strong integration with transaction management systems like DocuSign, DotLoop, or SkySlope. It offers two-way QuickBooks sync and subscription-based purchase. This allows users to manage transactions, review documents, collect earnest money deposits, and even automate and export disbursement letters and funds for closing. Easy-to-use profit/loss, drilldowns, cap tracking, and forecasting reports help to protect both businesses and individual agents.
“We understand how complex the accounting and back office process can be,” said Smoak. “Working with a product that is not only sophisticated and easy to use, but also integrates so seamlessly with your preferred transaction management system will transform your processes and improve the overall functionality of your back office.”
To learn more about MoxiBalance and how it can benefit your business, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
2022 Home Sales Predictor: Steady Stream of Home Sales to Kick off the New Year
It’s 2022 — time sure is flying!
Our data team is already hard at work analyzing and making predictions for the year ahead, so let’s dive right in.
We finished December with 566K home sales which were 4% more homes sold than we expected. That was a 2% increase from November, but a 3% decrease from the year before in December 2020.
Last month in our reporting we predicted a ‘Strong year of home sales on the horizon in 2022’ and we’re already seeing that come true as we look ahead to January. In any other year, we would expect to see a 20-25% decrease from December to January.
Instead in 2022, we predict we will only see a 16% decrease with 477K homes sold, which is also a 16% increase year over year.
In February we predict we will see a 4% increase from January with 496K home sales which would be a 19% increase year over year.
Source: MoxiWorks Home Sales Predictor Jan|Feb ‘22
There are several reasons we expect to see this stronger number of home sales in January, but two of the substantial factors that will drive behavior are rising interest rates and inflation.
Inflation has now increased at its fastest pace in 40 years. And, how does inflation impact home prices? Inventory and interest rates.
Last week, the Federal Reserve Chair Jerome Powell discussed the impact of inflation on interest rates with a Senate panel:
“But some higher prices, such as rents, could prove to be stickier. Rental costs, which have accelerated since summer, rose 0.4% in December, the third consecutive monthly increase. That’s significant because housing costs make up one-third of the government’s consumer price index.
Powell told Congress that if it becomes necessary to fight high inflation more aggressively, the Federal Reserve is prepared to accelerate the interest rate hikes it plans to begin this year. The Fed’s benchmark short-term rate, now pegged near zero, is expected to be bumped up at least three times this year.” (source)
Additionally, Altos Research has reported a few other leading indicators that are also pointing to a strong start to 2022, including immediate home sales trends and increased home prices. Their recent article on HousingWire shares more about this and how that is impacting this potential flurry of buyers at the beginning of the year.
The final piece that we think is worth keeping an eye on is how institutional buying will impact the market as financial institutions are hedging in residential real estate as it’s the least likely to go down in value.
According to a recent Bloomberg survey, 1 in 5 homes that were flipped by an iBuyer in 2021 were sold to institutional investors. With inventory already at such a low, if this trend continues, when will we see it rise again?
We’ll be watching all of this closely to see how this all plays out but based on these reports last week it appears there will likely be some shake-ups in the market this year.
Buckle up!
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks unveils upgrades to digital advertising platform, MoxiPromote
Agents and brokers now have access to enhanced advertising across Facebook and Google with MoxiPromote
Seattle, WA – (January 11, 2022) – MoxiWorks, the leading real estate technology platform, announced today the relaunch of its digital advertising tool, MoxiPromote. MoxiPromote simplifies the sophisticated process of digital advertising, empowering brokers and agents to use lucrative marketing channels like Facebook Audience Network and Google Display Network without having to have significant expertise in these platforms.
With MoxiPromote, advertising dollars go further than with competitors. Other providers typically apply less than 20% of an agent’s budget to actual ad spend, but MoxiPromote puts the agent and their budget goals first. With every dollar spent on ads, more than 50% is applied directly to media spend on their selected channels.
Jim Smoak, MoxiWorks Senior Director of Product Management
“We know how hard you work on your business,” said MoxiWorks’ Senior Director of Product Management, Jim Smoak. “This is why we’re committed to supporting brokers and agents by not nickel and diming them, but by offering an advertising solution that gives you a bigger slice of the pie.”
MoxiPromote also keeps agents ahead of the competition by making digital marking easy for agents, saving them time and expanding their reach. The advertising tool auto-fills listing information and images by pulling up-to-date listing information from MLS feeds via the MoxiCloud and pulls agent information from the brokerage’s roster. As a result, agents can get ads up and running with just a few clicks. Agents are able to expand their sphere of influence, drive awareness to their listings, generate leads, and promote their services as a local real estate expert.
“These new upgrades to MoxiPromote will give agents an even easier to use, sleeker and more intuitive platform for advertising their listings, their offices, or themselves,” said Smoak. 
Agents can manage ads across both the Facebook Audience Network and the Google Display Network. Across these platforms, they can run lead gen ads, traffic ads, and always-on campaigns. And, as a cherry on top, MoxiWorks is recognized by Facebook as a Facebook Top Provider.
To learn more about MoxiPromote and how it can benefit your business, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and 400,000 agents nationwide, accounting for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 97%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Strong year of home sales on the horizon in 2022
As we close out 2021, hopefully with our loved ones, we are taking one final look back at home sales for this year before we turn the calendar and embark on the next chapter in our industry.
2021
2021 took us on a wild ride as we got a peek at the possibility of new seasonality trends. It was also proof that people’s need for a great home to live their lives, raise their family, and now work, is resilient against almost all other things.
Since October we’ve also been predicting that we will see 6.8 million home sales this year. The last time we saw a year of higher home sales was back in 2005. It’s almost hard to believe after a year of non-stop talk about inventory shortages that the result will be a historic number of transactions.
So what does all of this mean for 2022? First, let’s take our last look at 2021.
November 2021
In November, there were 536K home sales, which was 4% more than we predicted. The result was a 6% decrease in sales from October, but a 2% increase year over year. While we historically see a 2% increase YOY as we saw in 2018 and 2019, in 2020 there was a 24% increase YOY, which means November stayed a hot month even not in the height of a pandemic.
December & January
In this final month of 2021, we predict there will be 545K home sales in December which would be a 2% increase from November. In January we predict we will start the year strong with 515K home sales, which would be a 5% decrease from December, but a 27% increase year over year.
Ringing in 2022
As we look ahead to 2022 there are a number of things to consider that will impact transactions. One of the main areas we are paying attention to is inflation, and specifically wage inflation.
As home price decelerates, wage inflation will likely increase affordability therefore causing another strong year of transactions across the country. That’s not to say that all markets will be affordable, but the wage inflation (arguably caused by corporations like Amazon setting the new standard for wages) will have an impact on new homebuyers coming on the market especially in more affordable communities.
Something else that will likely impact the rate of home sales is the Great Resignation. Coldwell Banker recently released a study that revealed the impact the Great Resignation will have on the housing market, particularly in more affordable areas of the country. Around the country workers have indicated they would take a pay decrease in order to live in a more affordable area of the country. So what will that mean for inventory and transactions?
Ultimately, we predict with the deceleration of home prices, wage inflation, and for the foreseeable future, continued low-interest rates, 2022 could be another record-breaking year for home sales.
What role do you play?
As more and more ways to buy and sell homes emerge on the market, one thing remains true – buyers and sellers need a trusted advisor. The most recent data from NAR in 2020 stated that “87% of buyers recently purchased their home through a real estate agent or broker” (source). That means 87% of home sales are dependent on all of you.
Continue to nurture your sphere. Be the first person someone thinks of when they are ready to buy or sell, or, even before they are ready. You have the power to make a difference for your clients, your community, and the industry as a whole.
See you in 2022!
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
Holiday home selling season in swing
Happy November — it’s a big month here at MoxiWorks as our Home Sales Predictor turned 1. It’s been an exciting year making predictions, gleaning insights, and up-leveling the data we provide to you to help you and your brokerage become more profitable.
As we round the corner on year 2 of this pandemic and recovery, there will likely be more ebbs and flows in the market, but we are also hopeful that we may be finally be falling into more of a “new normal” when it comes to home sales. Only time will tell, but we’re looking forward to seeing the results.
October Lookback
We predicted there would be 594K home sales in October. The actual was 558K which was a decrease of 4% month over month and 9% decrease in sales year over year. Historically we’ve seen a modest uptick in home sales between September and October (in 2020 there was a 1% increase, 2019 a 3% increase, 2018 6% increase).
There could be a number of reasons we saw this decrease this year. Are we possibly heading into a new seasonality impacted by the pandemic? For example, this year we saw a 35% increase month over month between February and March putting us into a strong Spring season. Is that going to be the new norm?
It’s also entirely possible that the majority of people who were going to move because of the pandemic have amended their housing accommodations for now and will instead be focused on traveling/spending time with family during the holidays.
We were also curious what the steep increase in national home sale prices has looked like over the years and were not all that surprised to see the drastic average difference nationwide the second half of 2020 and into this year.
While the drastic increase has slowed some, with this sustained, overly expensive market, could that also be explaining why transaction velocity may be slowing?
It’s also possible that it’s a combination of these high prices, low inventory, bidding wars and institutional buying have all created pessimism among buyers, especially for first-timers that is causing the slowdown.
Looking Ahead
Based on the activity of agents inside MoxiWorks products we predict there will be 513K home sales in November which would be an 8% decrease in home sales from October and a 2% decrease YOY.
In December we predict there will be 521K home sales which would be an increase of 1% from November, but a 9% decrease year over year looking back at 2020. And, if all of this holds true we are still expecting this to be one of the strongest years of home sales with 6.6 million home sales across the U.S.
Close the year strong
Whether you and your agents are completely wiped from this banner year, or are still full steam ahead, we know that whether we’re in a pandemic, working through the recovery, or in more precedented times, the market is always regionally and locally specific.
Your local experience matters. What’s happening in your market matters. Be that expert for your sphere. Let them know what’s happening in their area and why now is a good time to buy or sell. You have the chance to make this your best year yet for you and your clients.
Cheers to finishing this year strong!
The Home Sales Predictor is a set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
