The REALTORS® Confidence Index (RCI) Report provides monthly information about expectations for overall market conditions, buyer/seller traffic, price, buyer profiles, and issues affecting real estate. REALTORS® in the January report generally mentioned strong buyer demand amid tight inventory. Higher prices and shorter days on the market were accompanied by tight inventories and restrictive credit conditions.
REALTORS® Are Increasingly Optimistic Concerning the Market Outlook
Examples of improving residential markets are delineated in detail in the RCI Report:
- Eighty three percent of REALTORS® reported constant or higher prices in January compared to a year ago.
- Median days on market for all sales was reported at 71 days in January, compared to 99 a year ago.
- Thirty-one percent reported time on market at less than 1 month when sold.
- Ninety-one percent of REALTORS® reported that they expect constant or higher prices in the next 12 months.
- Distressed sales were at 24 percent of market, down from 40 percent in March of 2011.