Copyright © 2015 Keller Williams Realty, Inc.
Copyright © 2015 Keller Williams Realty, Inc.
Copyright © 2015 Keller Williams Realty, Inc.
The Numbers That Drive U.S. Real Estate
1. Home Sales
2. Home Price
3. Months Supply of Inventory
4. Mortgage Rates
5. Affordability
Copyright © 2015 Keller Williams Realty, Inc.3 The Numbers That Drive U.S. Real Estate
1. Home Sales - Annual
4.93M homes sold in 2014—a slight drop from last year. This can be attributed to the slow start in the first quarter, as well as the drop in distressed sales and investor activity.
‘89 ‘91 ‘93 ‘95 ‘97 ‘99 ‘01 ‘03 ‘05 ‘07 ‘09 ‘11 '13 '14
4.95.14.7
4.34.34.64.4
4.9
5.76.26.0
5.45.04.74.64.74.5
4.03.83.53.53.4
3.22.92.93.0
Total Annual Single-Family Home Sales (in Millions)Source: NAR
4.9
2014 Sales
Copyright © 2015 Keller Williams Realty, Inc.4 The Numbers That Drive U.S. Real Estate
1. Home Sales - Monthly
The year started slow but returned to a healthy trend once we moved out of the first quarter and into the summer.
Jan '13 Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan '14 Feb Mar Apr May Jun Jul Aug Sep Oct NovDec '14
54.9
5.35.2
5.15.15
4.9
4.74.64.64.6
4.94.8
5.1
5.35.45.4
5.15.2
5554.9
Seasonally Adjusted Annual Rate of Home SalesSource: NAR
Copyright © 2015 Keller Williams Realty, Inc.5 The Numbers That Drive U.S. Real Estate
2. Home Price - Annual
Median price for 2014 was $208,500, an increase of 5.8%. We appear to be nearing the end of the bounce-back effect on home prices and are moving back to a long-term growth path.
‘89 ‘91 ‘93 ‘95 ‘97 ‘99 ‘01 ‘03 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14 '15 '16 '17 '18 '19 '20
Long-term Average = 4% Trend Reset Line Annual Median Home Price (in Thousands)
$225
$222
$179 $198
$95
Source: NAR
$166
$250
$208.5
17%$264
$317
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‘89 ‘91 ‘93 ‘95 ‘97 ‘99 ‘01 ‘03 ‘05 ‘07 ‘09 ‘11 '13 '14
5.8%
11.5%
6.3%
-2.7%
0.6%
-12.5%
-9.8%
-1.8%
1.3%
12.2%
8.3%7.5%7.0%6.3%
4.3%3.8%5.4%5.2%4.8%
3.1%4.0%3.4%2.7%
5.5%
2.9%
5.9%
Annual Median Home Price Appreciation
1989-2000 3.39%
2001-2006 8.9%
2007-2011 - 4.6%
6 The Numbers That Drive U.S. Real Estate
2. Home Price - Annual Appreciation
On an annual basis home prices appreciated 5.8% for 2014, returning close to the long-term average as we predicted last year.
Source: NAR
Copyright © 2015 Keller Williams Realty, Inc.7 The Numbers That Drive U.S. Real Estate
‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14
Balanced = 6 months Annual Months Supply of Inventory
5.24.95.9
8.3
9.48.8
10.4
8.9
6.5
4.54.34.74.74.64.54.8
3. Months Supply of Inventory - Annual
Inventory loosened in 2014, helping ease price growth back to sustainable levels.
Buye
r’s M
ktSe
ller’s
Mkt
Source: NAR
Bala
nced
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'72 '75 '80 '85 '90 '95 '00 '05 '10 '14
Annual Mortgage Rate (%) Historical Average from '72 - '14 Historical Average from '90 - '14
8 The Numbers That Drive U.S. Real Estate
4. Mortgage Rates - Annual
Mortgage rates averaged 4.17% in 2014, up 19 basis points from last year’s average.
Source: Freddie Mac
7.4
16.6
7.38.1 8.5
6.6
4.2
Copyright © 2015 Keller Williams Realty, Inc.9 The Numbers That Drive U.S. Real Estate
4. Mortgage Rates - Monthly
Jan '11 Jan '12 Nov '12 Dec '13 Jan '15
Monthly Mortgage Rate
3.9%
4.5%4.8%
3.35%
Source: Freddie Mac
Rates balked most economist predictions and trended downward for most of 2014.
4.5%
4.2%
3.7%
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15.0%
85.0%
Everything Else Principal and Interest Payment
10 The Numbers That Drive U.S. Real Estate
14.2%
85.8%
5. Affordability - Percentage of Income
The percentage of a typical family’s income increased only slightly in 2014, helped by the fall in interest rates and the slower growth in home prices.
21.6%
78.4%
Historically 2014Source: NAR
2013
Copyright © 2015 Keller Williams Realty, Inc.11 The Numbers That Drive U.S. Real Estate
5. Affordability - Annual
Despite the small increase in 2014, affordability remains well below the historical average due to low interest rates.
Source: NAR
0
10
20
30
40
'70 '72 '74 '76 '78 '80 '82 '84 '86 '88 '90 '92 '94 '96 '98 '00 '02 '04 '06 '08 '10 '12 '14
151413131415
18
222322
201920202119192020202019
21232324
222223
2628
30
3636
31
26
2221202019
17161717
Affordability Historic Average
21.6
Copyright © 2015 Keller Williams Realty, Inc.12 The Numbers That Drive U.S. Real Estate
5. Affordability in Perspective - House Payment
Median Home Price: $94,000 (Adj. $179,461)
Mortgage Rate: 10%
Monthly P&I Payment: $825 (Adj. $1,572)
Median Income: $28,906 (Adj. $54,305)
Median Home Price: $208,500
Mortgage Rate: 4%
Monthly P&I Payment: $995
Median Income: $52,250
1989 2014
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The Numbers That Drive Canadian Real Estate
1. Home Sales
2. Home Price
3. Inventory
4. Mortgage Rates
5. Affordability
Copyright © 2015 Keller Williams Realty, Inc.The Numbers That Drive Canadian Real Estate14
1. Home Sales - Annual
Canadian home sales grew by 5% in 2014, reaching 481,000 homes.
Source: CREA
'89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Total Annual Single-Family Home Sales (in Thousands)
317
261
523481
481
2014 Sales
Copyright © 2015 Keller Williams Realty, Inc.The Numbers That Drive Canadian Real Estate15
‘80 ‘81 ‘83 ‘85 ‘87 ‘89 ‘91 ‘93 ‘95 ‘97 ‘99 ‘01 ‘03 ‘05 ‘07 ‘09 ‘11 '13 '14
Avg Home Price (in Thousands $) ‘80-’14 Compounded Growth Rate (CAGR) = 4.4% ‘90-’14 CAGR = 5.4%
408383
363362339
320305307
277249
227207
189172164158152155151151158153150149142147
130110
94807677727667
2. Home Price - Annual
Canadian home prices once again posted significant growth in 2014 with average prices reaching $408,068 (Canadian dollars).
Source: CREA
4.4%
5.4%
3.9% growth
16.3% growth
1.4% growth
10.1% growth
3.8% growth
Copyright © 2015 Keller Williams Realty, Inc.The Numbers That Drive Canadian Real Estate16
‘89 ‘90 ‘91 ‘92 ‘93 ‘94 ‘95 ‘96 ‘97 ‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14
Total Annual Single Family Home Sales 40% 60%
54%53%52%53%52%
59%
47%
62%61%64%64%66%
71%
63%
56%56%
50%50%48%
39%42%42%44%
40%
33%
47%
3. Inventory - Nationwide/Annual
Canadian inventory has remained in balanced territory throughout the year, but saw some slight tightening in the summer months coinciding with the pickup in sales and prices. This has since eased slightly at the end of the year.
Buy
er’s
Mkt
Selle
r’s M
ktB
alan
ced
Source: CREA
60%
40%
Copyright © 2015 Keller Williams Realty, Inc.The Numbers That Drive Canadian Real Estate17
4. Mortgage Rates - Annual/Monthly
Mortgage rates in Canada declined as well in 2014, due to similar reasons as those in the United States.
‘89 ‘91 ‘93 ‘95 ‘97 ‘99 ‘01 ‘03 ‘05 ‘07 ‘09 ‘11 '13 '14 Jan Mar May Jul Sep NovDec
Average Annual Mortgage Rate (Percentage)2014 Actual Monthly Mortgage Rate (Percentage)2014 Special Offer Mortgage Rate (Percentage)
Source: Bank of Canada
4.9
6.07.2
12.1
13.4
8.4
6.9
8.8
5.65.2 4.8
MonthlyYearly
3.2
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Property TypeQ3
2013Q3
2014Q3/Q3
Change
Detached bungalow 43.3% 42.6% -0.8%
Standard two-storey 48.9% 47.8% -1.2%
Standard condo 28.0% 27.1% -1%
The Numbers That Drive Canadian Real Estate18
5. Affordability - Annual
Affordability increased for all property types in 2014 due to the decline in interest rates.
An increase (+) in cost (%) represents deteriorated affordability ( ) A decrease (-) in cost (%) represents improved affordability ( )
Source: RBC
Avg. Since 1985
Q3 2014
Vs. Avg
39.2% +3.4%
43.7% +4.1%
27.0% +0.1%
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The U.S. Economy
1. Gross Domestic Product
2. Unemployment
3. Inflation
Copyright © 2015 Keller Williams Realty, Inc.20 The U.S. Economy
1. Gross Domestic Product - Annual
GDP grew 2.4% in 2014. Growth was hampered by weather and a generally slow first quarter; however, things picked up in the final three quarters and 2014 overall was a strong year.
‘89 ‘91 ‘93 ‘95 ‘97 ‘99 ‘01 ‘03 ‘05 ‘07 ‘09 ‘11 '13 '14
2.4%2.2%2.3%1.6%
2.5%
-2.8%
-0.3%
1.8%
2.7%3.3%
3.8%
2.8%
1.8%
1%
4.1%4.7%4.5%4.5%
3.8%
2.7%
4%
2.7%
3.6%
-0.1%
1.9%
3.7%
Real GDP Year-over-Year Change (Percentage)Source: BEA
Copyright © 2015 Keller Williams Realty, Inc.21 The U.S. Economy
1. Gross Domestic Product - Quarterly
Growth has seen a strong pace so far this year and should continue into 2015 with the help of lower energy prices.
Q2 ‘07 Q4 ‘07 Q2 ‘08 Q4 ‘08 Q2 ‘09 Q4 ‘09 Q2 ‘10 Q4 ‘10 Q2 ‘11 Q4 ‘11 Q2 ‘12 Q4 ‘12 Q2 '13 Q4 '13 Q2 '14 Q4 '14
2.6%
5.0%4.6%
-2.1%
3.5%4.5%
1.8%2.7%
0.1%
2.5%1.6%
2.3%
4.6%
0.8%
2.9%
-1.5%
2.5%2.7%3.9%
1.7%
3.9%
1.3%
-0.5%
-5.4%
-8.2%
-1.9%
2.0%
-2.7%
1.4%
2.7%3.1%
0.2%
Real GDP Growth Rate, Quarterly, Seasonally Adjusted (Percentage)Source: BEA
Copyright © 2015 Keller Williams Realty, Inc.22 The U.S. Economy
2. Unemployment - Annual
2014 was the strongest year since the recession for improvement in the unemployment rate.
Source: BLS
'47 '50 '60 '70 '80 '90 '00 '14
9.7% 1982
6.2% 2014
Fed’s Long-Term Projection (5.2% - 5.8%)
3.9% 1947
2.9% 1953
9.6% 2010
4.6% 2006-2007
5.8%5.2%
Annual Unemployment
Copyright © 2015 Keller Williams Realty, Inc.23 The U.S. Economy
Jan '08 May '08 Sep '08 Jan '09 May '09 Sep '09 Jan '10 May '10 Sep '10 Jan '11 May '11 Sep '11 Jan '12 May '12 Sep '12 Jan '13 May '13 Sep '13 Jan '14 May '14 Sep '14 Jan '15
10%
5%5.7%
2. Unemployment - Monthly
Now that the unemployment rate has dropped much closer to a normal level, 2015 will likely see the conversation begin to shift from unemployment to wages. Unemployment dropped 1% in 2014.
Source: BLS
Copyright © 2015 Keller Williams Realty, Inc.24 The U.S. Economy
3. Inflation - Annual
Inflation will be important to watch. As Europe faces deflation, the Fed will need to make sure it does not spill into the U.S. economy.
'89 '91 '93 '95 '97 '99 '01 '03 '05 '07 '09 '11 '13
4.5%
5.0%
1.4%1.0%
CPI (Includes Energy and Food) Core CPI (Excludes Energy and Food) Target = 2%Source: BEA
1.75%1.7%
2%
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The Canadian Economy
1. Gross Domestic Product
2. Unemployment
3. Inflation
Copyright © 2015 Keller Williams Realty, Inc.The Canadian Economy26
1. Gross Domestic ProductGDP is expected to have grown by 2.4% in 2014. This is up slightly from last year with the Canadian housing market driving growth.
‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14
2.4%2.0%1.7%
2.4%
3.4%
-3.0%
0.9%
2.3%2.8%3.0%3.1%
2.1%2.7%
1.4%
5.3%5.6%
3.9%
Real GDP Year-over-Year ChangeSource: Statistics Canada
Copyright © 2015 Keller Williams Realty, Inc.The Canadian Economy27
2. Unemployment
‘76 ‘80 ‘85 ‘90 ‘95 ‘00 ‘05 ‘10 '14
Long-term Average = 8.5% Unemployment
6.97.17.37.58.08.3
6.26.16.36.8
7.27.67.7
7.36.8
7.68.3
9.19.69.5
10.4
11.411.2
10.3
8.27.57.8
8.89.6
10.5
11.412.0
11.1
7.67.57.5
8.48.1
7.1
Unemployment averaged 6.9% in 2014 in Canada. This is down slightly from last year.
Source: Statistics Canada
8.5%
Copyright © 2015 Keller Williams Realty, Inc.The Canadian Economy28
3. InflationInflation was moderately low in Canada in 2014. The more recent concern is the coming effects of dropping oil prices on inflation and how lowered interest rates affect prices on other goods.
'93 ‘95 '97 '99 '01 '03 ‘05 '07 '09 '11 '13 '14
1.3%
2.4%
1.5%
CPI (Includes Energy) Core CPI (Excludes Energy) Target = 2%Source: Statistics Canada
2.2%2%
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Events That Drive the Numbers in the U.S.
1. Industry
2. Credit Conditions
3. Distressed Sales
4. Underwater Homes
5. Federal Reserve Policy
6. New Home Construction
7. Oil Prices
8. Student Loan Debt
Copyright © 2015 Keller Williams Realty, Inc.30 U.S. Events
‘76 ‘80 ‘85 ‘90 ‘95 ‘00 ‘05 ‘10 '14
Sides Per Agent 10.3 Historical Average
9.09.89.3
8.47.97.86.9
7.5
9.5
11.212.312.612.913.213.513.613.8
12.211.6
10.710.710.39.2
8.28.08.0
9.59.39.99.69.19.4
7.07.6
8.5
11.0
12.714.013.8
1. Sides Per AgentSides per agent decreased slightly in 2014 as the agent population remained close to 1 million and home sales decreased from 5.1 million to 4.9 million.
Source: NAR
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‘76 ‘80 ‘85 ‘90 ‘95 ‘00 ‘05 ‘10 '14
Sides Per Agent Agents (in Thousands) Available Sides (in Millions) 10.3 Historical Average
1. Sides Per AgentSides per agent decreased slightly in 2014 as the agent population remained close to 1 million and home sales decreased from 5.1 million to 4.9 million.
1,099,102
9.9 M
1,358,00014.2M
4.4M
6.7M
486,000
Source: NAR
13.8
7.0
13.8
6.9
9.0
10.3
Copyright © 2015 Keller Williams Realty, Inc.32 U.S. Events
2. Credit ConditionsIn the last few years, banks began to loosen standards back toward normalcy. The third and fourth quarters of 2014 saw the largest number of banks loosening credit standards since the recession.
Source: Federal Reserve
Tightening
Loosening
Q3 '07 Q1 '08 Q3 '08 Q1 '09 Q3 '09 Q1 '10 Q3 '10 Q1 '11 Q3 '11 Q1 '12 Q3 '12 Q1 '13 Q3 '13 Q1 '14 Q3 '14
Tightening
Steady
Loosening
Copyright © 2015 Keller Williams Realty, Inc.33 U.S. Events
Oct '08 Jan '10 Jan '11 Jan '12 Jan '13 Jan '14 Dec '14
Foreclosures Short Sales
3. Distressed Sales
14%
49%
34%38%
40%
35%
In 2014 the percentage of sales made up of distressed properties declined more slowly as we moved into a more normal market.
Source: NAR
3%
6%
24%
Copyright © 2015 Keller Williams Realty, Inc.34 U.S. Events
4. Underwater HomesMore homes continued to reach positive equity in 2014; however, this effect was substantially less than last year as home price growth slowed and we moved away from a recovery and back toward a fundamentally driven market.
Q2 '10 Q4 '10 Q2 '11 Q4 '11 Q2 '12 Q4 '12 Q2 '13 Q4 '13 Q2 '14
10.3%10.7%12.7%13.3%13%
14.5%
19.7%21.7%22%22.3%
23.7%25.2%24.4%24.8%25%25.4%24.7%25.1%
Underwater Homes (% of Mortgaged Homes)Sources: Core Logic, Harvard Joint Center for Housing Studies
Copyright © 2015 Keller Williams Realty, Inc.35 U.S. Events
5. Federal Reserve PolicyIn 2014 the Federal Reserve ended its quantitative easing program, due to general improvement in both the economy and the labor market. This year they will have their first opportunity to consider raising interest rates.
1. In 2015 the Federal Reserve will closely watch for continued improvement in the economy and labor market as they weigh raising the Federal Funds rate.
2. The Fed will likely pay special attention to wage growth in 2015.
3. They will also be on alert for inflation moving too far below target levels of 2%.
4. The first round of rate increases most likely won’t happen until the second half of 2015.
Copyright © 2015 Keller Williams Realty, Inc.36 U.S. Events
6. New Home Construction
Historical '07 '08 '09 '10 '11 '12 '13 '14
648618535
430471445
622
1,0461,082
New Homes (in Thousands)
Single-family home construction increased 5% in 2014. While this makes 2014 the best year for construction since 2007, it still keeps us well below the historic average.
Source: U.S. Census Bureau
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7. Oil PricesOil prices have declined close to 60% since June 2014. Cheaper energy prices showed a boon to U.S. consumers and a tailwind to the U.S. economy in 2015.
37 U.S. Events
Jan '00 Jan '01 Jan '02 Jan '03 Jan '04 Jan '05 Jan '06 Jan '07 Jan '08 Jan '09 Jan '10 Jan '11 Jan '12 Jan '13 Jan '14 Jan '15
Weekly Oil Prices
46.6
23.6
141
114.3
35
Source: Federal Reserve Bank of St. Louis
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8. Student Loan DebtBetween 2003 and 2014, the total amount of student loan debt more than quadrupled, going from $241 billion to $1.1 trillion—a 356% increase.
71% of recent graduates had student loans, with balances averaging $29,400. At 6.5%, that is a payment of $333 per month.
38 U.S. Events
0
1
2
3
'03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14Student Loans (in Trillions) All Other Consumer Debt (in Trillions)
Source: Federal Reserve Bank of New York
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Events That Drive the Numbers in Canada
1. Sides Per Agent
2. Monetary Policy
Copyright © 2015 Keller Williams Realty, Inc.Canadian Events40
1. Sides Per AgentSides per agent increased slightly from 2013 to 2014 in Canada as agent count kept up with the slight increase in home sales.
‘98 ‘99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14
Sides Per Agent 10.3 Historic Average
8.88.58.58.88.89.5
8.9
11.110.911.712.012.212.612.2
10.510.19.2
10.3
Copyright © 2015 Keller Williams Realty, Inc.Canadian Events41
2. Monetary Policy
The Bank of Canada held the target overnight rate steady throughout 2014; however, in January of this year, they lowered rates in anticipation of the negative economic effects of falling oil prices.
1. This will likely place downward pressure on mortgage rates.
2. The BOC may have to lower rates again early this year depending on how oil prices impact the economy.
3. At the beginning of this year, the Bank of Canada will be looking to weigh inflation risks created by a weakening Canadian dollar against the potential economic downturn created by low oil prices.
4. This is in part an effort to cushion the housing market against the impact of reduced employment and incomes that may result from the oil price shock.
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Global Concerns
Copyright © 2015 Keller Williams Realty, Inc.43 Global Concerns
Global ConcernsThere are currently several issues in the world that could impact the U.S. market.
1. Continued slow growth and low inflation in Europe.
1.1. This could increase the U.S. trade deficit and put downward pressure on interest rates. A new stimulus package announced by the European Central Bank should help alleviate some of this risk.
2. Rising geopolitical tension in eastern Europe and Asia.
2.1. Political instability in the world caused people to move into the most stable markets. The most notable outcome will likely be continued downward pressure on interest rates as money moves into U.S. treasuries as a safe-haven asset.
3. Global ramifications of low oil prices.
3.1. A lot of countries depend on oil exports as a major part of their economies. While oil prices are good for the United States overall, the effect that prices have on other countries could have a less predictable impact.
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Luxury
1. The World’s Wealthy
2. Allocation of Financial Investments
3. Months Supply of Inventory
4. Days on Market
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1. The World’s Wealthy
45
YearHNWI* in US
(in Thousands)HNWI in Canada (in Thousands)
Global HNWI (in Millions)
Wealth of Global HNWIs (in US$ Trillions)
2005 2,669 232 8.8 $33.42006 2,920 248 9.5 $37.22007 3,019 281 10.1 $40.72008 2,460 231 8.6 $32.82009 2,866 251 10 $392010 3,104 282 10.9 $42.72011 3,068 280 11 $42
2012 3,436 298 12 $46.2
2013 4,006 320 12.4 $52.6
2005 - 201350%
increase38%
increase41%
increase57%
increase
Sources: Merrill Lynch Global Wealth Management and Capgemini
*HNWI = high net worth individuals
Luxury
Copyright © 2015 Keller Williams Realty, Inc.46
2. Allocation of Financial Investments - Globally
Year Real Estate Cash/Deposits Fixed Income Stock MarketAlternative
Investments
2004 16% 13% 24% 28% 19%
2005 16% 13% 21% 30% 20%
2006 24% 14% 21% 31% 10%
2007 14% 17% 27% 33% 9%
2008 18% 21% 29% 25% 7%
2009 18% 17% 31% 29% 6%
2010 19% 14% 29% 33% 5%
2012 20% 28% 16% 26% 10%
2013 18.7% 26.6% 15.7% 24.8% 13.5%
Sources: Merrill Lynch Global Wealth Management and Capgemini * No data for 2011.
Luxury
Copyright © 2015 Keller Williams Realty, Inc.47
3. Months Supply of Inventory M
onth
s Su
pply
Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14
39.4
10.9
22.9
6.3
12.9
3.9
14.5
8.4
5.6
11.6
8.2
6.7
19.2
11.3
7.86
Luxury Move-Up Starter Balanced (6 Months)
11.1
6.5
4.0
Source: BrokerMetrics
10.9
6.2
4.1
Luxury
Copyright © 2015 Keller Williams Realty, Inc.48
4. Days on Market
Dec '08 Dec '09 Dec '10 Dec '11 Dec '12 Dec '13 Dec '14
Luxury Move-Up Starter
164
121126
109
90
8992
112
143
Source: BrokerMetrics
109
81
93
144
84
96
119
79
85
144
98
110
Luxury
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Commercial
1. Job Growth
2. Vacancy Rates
3. Loan Delinquency Rates
4. Commercial Property Price Index
Copyright © 2015 Keller Williams Realty, Inc.50 Commercial
1. Job Growth
'89 '90 '91 '92 '93 '94 '95 '96 '97 '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
3-Week Moving Average of Net Jobs Added, in Thousands 0 Jobs Added
237
301
172
-167-290
-780
314
0
Source: REIS
289
Businesses in the United States added a net 2.95 million jobs this year, the best year since 1999.
Copyright © 2015 Keller Williams Realty, Inc.
'99 '00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Office Industrial Retail Apt
51 Commercial
2. Vacancy Rates
7.2%
17%
11%
6.9%
12.6%
6.4%
8.3%
7.9%
3.2%
16.6%
10.2%
9%
4.3%
7.9%
9.1%
7.1%
3.8%
9.5%
7.5%
5.7%
17%
11.4%
10.6%
8%
17.6%
11.7%
11%
6.6%
Source: REIS
Overall, vacancy rates declined for all property types, with apartments continuing to be the strongest market.
Copyright © 2015 Keller Williams Realty, Inc.52 Commercial
‘91 ‘92 ‘93 ‘94 ‘95 ‘96 ‘97 ‘98 '99 ‘00 ‘01 ‘02 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14
Average '91 to present Commercial Real Estate Loan Delinquency Rate
3. Loan Delinquency Rates
12.06%
1.05%
8.76%
1.78%
Source: Board of Governors of the Federal Reserve System
The most recent loan delinquency rate is 1.78%, the lowest it has been since 2007.
4.01%
Copyright © 2015 Keller Williams Realty, Inc.53 Commercial
4. Commercial Property Price IndexThe price index increased 12.5% in 2014. Industrial and offices located in central business districts posted the largest gains while retail and suburban offices had the smallest gains.
0
50
100
150
'00 '01 '02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
Commercial Property Price Index (% change from 2000)
8586
46
13
Source: Moody’s/RCA
Copyright © 2015 Keller Williams Realty, Inc.
Industry 1. New Loan Disclosure Forms
2. Mortgage Regulations
3. Lending Requirements Loosened
4. Search Portals
5. New Industry Initiatives
6. Search Engine Optimization
7. Four Tech Trends of 2015
8. Future Home-Buying Process
9. Competitor Update
Copyright © 2015 Keller Williams Realty, Inc.55 Industry
1. New Loan Disclosure Forms1. Problem: Current federal law requires consumers be provided two sets of mortgage loan disclosure forms:
1.1. Provides overlapping information
1.2. Uses inconsistent language
1.3. Confuses consumers
2. Solution: The Dodd-Frank Act requires that these forms be integrated into one by August 2015.
3. Impact:
3.1. The new rules do have the potential to delay closings because the new closing disclosure document must be provided to the consumer at least three business days before the loan closes, which is longer than the previous requirement of one day.
3.2. The new forms should facilitate the home-buying process by making it easier for consumers to understand their mortgage and closing details.
Copyright © 2015 Keller Williams Realty, Inc.56 Industry
2. Mortgage Regulations - Qualified Mortgages
1. In October, the Qualified Residential Mortgage Exemption was finalized in the new rules governing risk retention for banks. The rule means that banks will no longer have to retain any risk for qualified mortgages they sell in the secondary market.
2. This should loosen mortgage lending.
Copyright © 2015 Keller Williams Realty, Inc.57 Industry
3. Lending Requirements Loosened
1. FHFA* is lowering the minimum down payment requirement from 5% to 3% for certain buyers:
1.1. First-time home buyers
1.2. Families in underserved areas
1.3. Low to moderate income borrowers
2. FHA lowers MIP from 1.35% to 0.85%.
3. By increasing access to credit, these measures will increase demand in the housing market, especially from first-time home buyers.
*Federal Housing Finance Agency
Copyright © 2015 Keller Williams Realty, Inc.58 Industry
4. Search Portals
1. Zillow acquired Trulia for $3.5 billion in stock.
1.1. Want a larger market share—estimate the agent advertising market to be worth $12 billion.
1.2. Zillow-ListHub agreement set to expire in April, meaning they are dependent on direct partnerships with MLSs and brokers for data.
1.3. Anticipate price increase.
2. News Corp acquired Move Inc. for $950 million.
2.1. NAR operating still intact, minor changes to come.
2.2. News Corp’s real estate company, REA Group, will hold a 20% stake in Realtor.com. REA Group has a monopoly-level market share in Australia and has been criticized for substantial price increases. Despite a large market share of internet traffic in Australia (75%), clearance rates at auctions have remained the same.
Copyright © 2015 Keller Williams Realty, Inc.59 Industry
4. Challenge With Search Portals
Leads SALE
Portals
Copyright © 2015 Keller Williams Realty, Inc.60 Industry
4. Opportunity With Search Portals
Leads SALE
Portals
?
Copyright © 2015 Keller Williams Realty, Inc.61 Industry
5. New Industry Initiatives
Two separate movements attempting to accomplish what should have happened 10 years ago.
1. Project Upstream: KW is actively working with industry leaders toward a common goal to create an industry-centric portal that represents “My Listings, My Leads.” This will create a single point of entry for listings so agents can control what happens with their leads.
2. Broker Portal: National broker portal initiative is attempting to build the first national MLS consumer-facing search portal. Their goal is to create a portal funded by MLS dues and data, governed by brokers and MLSs, to present listings to consumers with a display that adheres to fair display guidelines devised by a group of MLSs and brokers. Scheduled to launch in 2016.
Copyright © 2015 Keller Williams Realty, Inc.62 Industry
6. Search Engine Optimization - KW Austin Case Study
1. Problem – KW Market Centers in Austin, which have a 20% listing market share were being challenged by competitive firms who were offering SEO-driven buyer leads.
2. Solution – Our Austin KW Market Centers put together a $10K-per-month budget to pay for outside SEO help. The cost was evenly distributed by the number of agents per Market Center and had a single firm manage their PPC, AdWords, content, social media, and website development.
3. Results
3.1. 185% increase in traffic from December 2013 to December 2014
3.2. Organic SEO traffic up 49.4%
3.3. This removed the competitive challenge
Copyright © 2015 Keller Williams Realty, Inc.63 Industry
7. Four Tech Trends of 2015
1. Mobile – Native app usage on smartphones is continuing to grow at the expense of the mobile web. Users are spending 86% of the three hours per day they spend on mobile devices interacting with apps.
2. Virtual Tours – 3D and virtual tour streaming technology are on pace to experience a big year in terms of growth and technological advancements.
3. Smart Home – The connected-home trend will impact the real estate industry by providing a more granular level of data on homes and requiring agents to be educated on smart home products.
4. Predictive Analytics – Algorithms used to predict consumer behavior are becoming increasingly accurate.
Copyright © 2015 Keller Williams Realty, Inc.64 Industry
8. Future Home-Buying Process
Video – Sarah Buys a House in 2020
Four major takeaways from this exercise:
1. Everything could happen on one platform—home search, agent search, financing, and closing.
2. Technology doesn’t have to empower just the consumer—it can empower the agent as well.
3. Real estate fundamentals are just that—fundamentals.
4. The value of data shifting from value of scarcity to value of expertise!
Copyright © 2015 Keller Williams Realty, Inc.65 Industry
9. Competitor Update1. Berkshire Hathaway Home Services
1.1. Incorporating Prudential offices and using Berkshire Hathaway brand as a tool when recruiting agents, but no new value proposition.
2. RE/MAX
2.1. Launched agent-branded consumer app and continues to expand internationally.
2.2. Stock price is stagnant.
3. Realogy
3.1. Acquired ZipRealty for its Internet-based marketing platform, which will be used to support Realogy’s firms.
3.2. Refinanced their $1.9-billion loan to lower the interest rates, but Realogy’s large debt continues to limit the company’s flexibility.
4. Redfin
4.1. In anticipation of going public, technology-based company raised another $70.9 million in venture capital, increased its presence to more than 50 markets, and launched its first TV commercial.
Copyright © 2015 Keller Williams Realty, Inc.
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.67 National Association of Realtors
First-time Home Buyers
'93 '95 '97 '99 '01 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
33%
38%39%37%
50%47%
41%39%
36%
40%40%40%42%42%42%42%41%
First-time Home Buyers
40% 40%
Copyright © 2015 Keller Williams Realty, Inc.68 National Association of Realtors
Primary Reason for Purchasing a Home
2006 2008 2013 2014
Desire to own a home 32% 34% 30% 24%
Desire for a larger home 14 10 12 12
Job-related relocation or move 12 11 8 9
Change in family situation 9 9 7 8
Desire to be closer to family/friends * 6 6 3
Desire for a home in a better area 8 5 6 8
Affordability * 3 6 5
Desire for a smaller home 5 3 5 3
Retirement 4 3 5 3
Desire to be closer to job/school/transit 7 4 4 2
Establish household * 1 3 3
Financial security * 1 2 3
Copyright © 2015 Keller Williams Realty, Inc.69 National Association of Realtors
Tenure in Previous Home
2007 2013 2014
1 year or less 6% 3% 4%
2 to 3 years 23 9 9
4 to 5 years 17 13 12
6 to 7 years 13 15 11
8 to 10 years 13 18 20
11 to 15 years 12 19 20
16 to 20 years 7 9 9
21 years or more 10 14 16
Median 3 9 10
13% buy again in less than 4 years.
Copyright © 2015 Keller Williams Realty, Inc.70 National Association of Realtors
Buyer’s Expected TenureBuyers expect to stay almost twice as long as they actually do. Stay in touch so that even if your client’s move is unexpected, you are top of mind.
2013 2014
1 year or less 1% 2%
2 to 3 years 2 3
4 to 5 years 9 9
6 to 7 years 3 3
8 to 10 years 15 14
11 to 15 years 6 5
16 to 20 years 27 25
Don’t know 37 39
Median 15 12
Copyright © 2015 Keller Williams Realty, Inc.71 National Association of Realtors
Weeks in Home Search
'01 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
10
1212121212
10
888887
Number of Weeks*There is no data for 2002.
Copyright © 2015 Keller Williams Realty, Inc.72 National Association of Realtors
First Step in Buying Process
2013 2014
Looked online for properties for sale 42% 43%
Contacted a real estate agent 17 15
Looked online for information about the buying process 14 12
Talked with a friend or relative about the buying process 5 7
Contacted a bank or mortgage lender 6 6
Drove by homes/neighborhoods 7 6
Visited open houses 3 3
Contacted a builder/visited builder models 2 2
Contacted a home seller directly 1 1
Looked in newspapers, magazines, or home-buying guides 1 1
Attended a Home Buying Seminar * 1
Copyright © 2015 Keller Williams Realty, Inc.73 National Association of Realtors
Information Sources Buyers Use
2004 2013 2014
Internet 74% 89% 88%
Real estate agent 90 89 87
Mobile or tablet website or application * 45 50
Mobile or tablet search engine * 42 48
Yard sign 74 51 48
Open house 51 45 44
Online video site * 27 26
Print newspaper advertisement 53 23 21
Home builder 37 17 18
Home book or magazine 40 15 14
Billboard 21 5 4
Television 26 4 4
Relocation company 16 3 3
Copyright © 2015 Keller Williams Realty, Inc.74 National Association of Realtors
Where Buyers Found The Home They Purchased
‘01 ‘03 ‘04 ‘05 ‘06 ‘07 ‘08 ‘09 ‘10 ‘11 ‘12 '13 '14
Internet 8% 11% 15% 24% 24% 29% 32% 36% 37% 40% 42% 43% 43%
Real estate agent 48 41 38 36 36 34 34 36 38 35 33 33 33
Yard sign/Open house sign 15 16 16 15 15 14 15 12 11 11 9 9 9
Friend, relative, or neighbor 8 7 7 7 8 8 7 6 6 6 5 6 6
Home builder or their agent 3 7 7 7 8 8 7 5 4 5 4 5 5
Directly from sellers/knew the sellers
4 4 5 3 3 3 2 2 2 2 1 2 3
Print newspaper advertisement 7 7 5 5 5 3 3 2 2 2 1 1 1
Home book or magazine 2 1 2 1 1 1 1 * * * * 1 *
Other 3 6 4 -- -- -- -- -- -- -- -- -- *
*There is no data for 2002.
Copyright © 2015 Keller Williams Realty, Inc.75 National Association of Realtors
Value of Website FeaturesProperty photos
Detailed property info
Virtual video tours
Interactive maps
Agent contact info
Neighborhood info
Recently sold property info
Pending sales
Info about open houses
Videos
Real estate news or articles
0 30 60 90 120
Very Useful Somewhat Useful Not Useful Did Not Use/NA
Copyright © 2015 Keller Williams Realty, Inc.76 National Association of Realtors
Method of Home PurchaseJust because buyers are using the Internet more doesn’t mean they’re not relying on you. In fact, the number of buyers using an agent remains near a ten-year high. To keep it that way, understand your value proposition and be able to communicate it.
'01 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
88%88%89%89%83%77%81%79%77%77%77%75%69%
Agent or Broker Builder or Builder's Agent Previous Owner Other
*There is no data for 2002.
Copyright © 2015 Keller Williams Realty, Inc.77 National Association of Realtors
Buyer Representation AgreementThis is a no-brainer risk mitigator for agents wanting to protect their time and income.
2005 2011 2012 2013 2014
Yes, a written arrangement 43% 42% 40% 42% 40%
Yes, an oral arrangement 20 18 19 19 19
No 26 29 28 26 29
Don’t know 12 11 13 13 13
Copyright © 2015 Keller Williams Realty, Inc.78 National Association of Realtors
What Buyers Want Most from Their Agent
Help finding the right home
Help negotiating terms
Help with price negotiations
Price of comparable home sales
Help with paperwork
Tell me how much I can afford
Help with financing
Help teach buyer about neighborhood and area
Help find renters for buyers' property
Other 1%
0%
2%
3%
4%
6%
8%
11%
12%
53%
Copyright © 2015 Keller Williams Realty, Inc.79 National Association of Realtors
How Buyers Found Their Agent The data is clear. Staying in relationship with your database is the #1 way to get more business.
2005 2011 2012 2013 2014
Referred by (or is) a friend, neighbor, or relative 44% 41% 40% 42% 40%
Used agent previously to buy or sell a home 11 9 10 12 12
Website 7 9 11 9 10
Visited an open house and met agent 7 7 6 6 5
Saw contact information on for sale/open house sign 6 6 6 6 5
Referred by another real estate agent or broker * * * 4 5
Referred through employer or relocation company 4 4 4 4 4
Personal contact by agent (telephone, email, etc.) 3 3 4 3 3
Walked into or called office and agent was on duty 4 4 3 3 2
Search engine * * * * 1
Newspaper, Yellow Pages, or home book ad 2 1 * 1 1
Direct mail (newsletter, flier, postcard, etc.) 1 -- * * *
Other 6 10 10 10 11
Copyright © 2015 Keller Williams Realty, Inc.80 National Association of Realtors
Interviews by BuyerTwo out of three times, if you are not the first one they call, there is no possibility to get their business.
2002 2005 2009 2010 2011 2012 2013 2014
One 59% 64% 66% 64% 65% 66% 66% 67%
Two 22 20 19 21 20 20 20 20
Three 19 10 10 10 10 8 10 8
Four or more -- 5 6 6 6 6 5 4
Copyright © 2015 Keller Williams Realty, Inc.81 National Association of Realtors
Most Important Factors for Buyers
Honest and trustworthy
Reputation
Agent is family or friend
Knowledge of neighborhood
Caring and good listener
Timely responses
100% accessible (tech)
Association with company
Designations
Other 1%
1%
4%
4%
7%
8%
13%
15%
23%
23%
Copyright © 2015 Keller Williams Realty, Inc.82
Home as a Financial Investment
2005 2010 2011 2012 2013 2014
Good financial investment 94% 85% 78% 78% 81% 79%
- Better than stocks * 47 45 46 44 40
- About as good as stocks * 30 24 23 27 27
- Not as good as stocks * 9 9 9 10 12
Not a good financial investment 1 4 8 6 6 7
Don’t know 5 11 14 16 13 14
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.83
Buyer: Repeat and Referrals
'14
'13
'12
'11
'10
'09
'08
'07
'06
'05
'04
'03 1%
2%
2%
2%
1%
1%
2%
2%
2%
2%
2%
1%
5%
7%
7%
7%
5%
4%
5%
5%
4%
4%
4%
5%
5%
7%
6%
6%
7%
6%
6%
6%
5%
5%
6%
5%
15%
18%
19%
19%
19%
18%
22%
22%
17%
15%
15%
15%
74%
66%
66%
66%
68%
70%
66%
65%
72%
74%
73%
73%
Definitely Probably Probably Not Definitely Not Don’t Know
88%
88%
89%
89%
27%
88%
88%
87%
85%
85%
84%
89%
Definitely and Probably
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.84
Method Sellers Used to Find Their Agent
2005 2011 2012 2013 2014
Referred by (or is) a friend, neighbor, or relative 43% 39% 38% 39% 38%
Used agent previously to buy or sell a home 28 22 23 25 22
Visited an open house and met agent 4 4 4 4 5
Website 2 3 3 4 4
Personal contact by agent (telephone, email, etc.) 5 4 5 4 4
Referred by another real estate agent or broker 3 4 4 4 4
Saw contact information on for sale/open house sign 4 4 4 3 3
Referred through employer or relocation company 3 5 4 3 3
Direct mail (newsletter, flyer, postcard, etc.) 3 2 2 2 2
Walked into or called office and agent was on duty 2 1 2 2 1
Newspaper, Yellow Pages, or home book ad 2 1 1 1 1
Advertising specialty (calendar, magnet, etc.) * * 1 1 *
Other * 11 11 10 14
Copyright © 2015 Keller Williams Realty, Inc.85
Seller InterviewsNumber of agents sellers contacted before deciding who to list with.
2002 2010 2011 2012 2013 2014
One 76% 66% 66% 65% 66% 67%
Two 16 19 16 20 19 20
Three 8 10 13 11 11 8
Four or more -- 6 5 5 4 4
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.86
What Sellers Want Most from Their Agent
2005 2010 2011 2012 2013 2014
Help sellers market home to potential buyers * 20% 24% 21% 25% 23%
Help sell the home within specific time frame 27 19 19 22 20 20
Help price the home competitively 17 23 20 18 19 19
Help find a buyer for the home 28 21 19 19 15 14
Help sellers find ways to fix up the home to sell it for more 12 7 9 10 11 13
Help with negotiations and dealing with buyers 5 5 5 5 4 5
Help with paperwork/inspections/preparing for settlement 7 4 3 3 4 3
Help sellers see homes available for purchase 3 1 2 1 1 2
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.87
Most Important Factor for Sellers
2005 2010 2011 2012 2013 2014
Reputation of agent 57% 35% 38% 37% 35% 36%
Agent is honest and trustworthy * 23 20 19 18 19
Agent’s knowledge of the neighborhood 17 12 11 12 14 15
Agent is friend or family member * 16 18 13 15 13
Agent has caring personality/Good listener * 4 4 4 5 4
Agent’s association with a particular firm 6 4 5 4 5 4
Agent’s commission * * * * 3 4
Agent seems 100% accessible because of use of technology like tablet or smartphone
* * * * 1 3
Professional designations held by agent 3 1 1 1 1 2
Other 17 4 4 5 3 2
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.88
Compensation Negotiations
2011 2012 2013 2014
Real estate agent initiated discussion of compensation 43% 43% 43% 46%
Client brought up the topic and the real estate agent was able and willing to negotiate their commission or fee
26 22 25 21
Client did not know commissions and fees could be negotiated
13 15 14 15
Client did know commissions and fees could be negotiated but did not bring up the topic
8 11 10 11
Client brought up the topic and the real estate agent was not willing or able to negotiate their commission or fee
10 9 8 7
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.89
Seller: Repeat and Referrals'14
'13
'12
'11
'10
'09
'08
'07
'06
'05
'04
'03 1%
2%
2%
1%
1%
2%
1%
3%
2%
1%
2%
7%
8%
6%
7%
7%
6%
7%
8%
5%
7%
7%
7%
6%
8%
6%
8%
9%
8%
10%
7%
8%
7%
8%
8%
15%
19%
23%
19%
19%
20%
22%
21%
16%
18%
19%
15%
70%
63%
65%
63%
62%
65%
59%
63%
69%
66%
65%
68%
Definitely Probably Probably Not Definitely Not Don’t Know
1%
2%
3%
1%
2%
1%
1%
2%
0%
2%
1%
83%
84%
84%
85%
84%
81%
85%
81%
82%
88%
82%
85%
Definitely and Probably
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.90
Method Used to Sell Home
2001 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Sold home using an agent or broker
79% 83% 82% 85% 84% 85% 84% 85% 88% 87% 88% 88% 88%
For sale by owner (FSBO) 13 14 14 13 12 12 13 11 9 10 9 9 9
Sold to home-buying company 1 1 1 1 1 1 1 1 1 1 1 1 1
Other 7 3 3 2 3 2 2 3 3 2 2 2 2
*There is no data for 2002.
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.91
Incentives Offered to Attract Buyers
2011 2012 2013 2014
None 59% 60% 64% 64%
Home warranty policies 23 22 19 19
Assistance with closing costs 20 17 16 18
Credit toward remodeling or repairs 7 7 7 6
Other incentives, such as a car, flat-screen TV, etc. 3 3 4 4
Assistance with condo association fees 1 * * 1
Other 4 5 4 3
National Association of Realtors
Copyright © 2015 Keller Williams Realty, Inc.
Keller Williams Research
1. MLS Study
2. Mortgage Regulations
Copyright © 2015 Keller Williams Realty, Inc.93 Keller Williams Research
1. MLS Study: Percentage of Expired Listings
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
7%4%
10%
6%
10%13%
19%
27%
33%
21%
7%4%
11%
6%
12%12%14%
18%
26%
17%
Full Service Limited Service
Copyright © 2015 Keller Williams Realty, Inc.94
1. MLS Study: Average Price
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
335319
234232231
186
293298306
323
345
315
237
215
307
215
325340340
328
Full-Service Average Price (in Thousands of Dollars) Limited-Service Average Price (in Thousands of Dollars)
Keller Williams Research
Copyright © 2015 Keller Williams Realty, Inc.95
1. MLS Study: Days on Market
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
54
47
58
6864
81
8791
82
64
4947
57
72747776
86
80
67
Full Service Limited Service
Keller Williams Research
Copyright © 2015 Keller Williams Realty, Inc.96
1. MLS Study: Market Share
'05 '06 '07 '08 '09 '10 '11 '12 '13 '14
1.2%1.2%1.3%1.43%
2.43%2.07%2.17%
2.65%
4.04%3.78%
Limited-Service Broker Market Share
Keller Williams Research
Copyright © 2015 Keller Williams Realty, Inc.97
2. Commission: Average Seller
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
2.40%2.44%
2.40% 2.40% 2.40% 2.40%
2.50%
2.59%2.56%
2.63%2.60%
2.68%2.71%
Keller Williams Research
Copyright © 2015 Keller Williams Realty, Inc.98
2. Commission: Average Buyer
'02 '03 '04 '05 '06 '07 '08 '09 '10 '11 '12 '13 '14
2.80%2.77% 2.78%
2.71% 2.70%2.68%
2.83%
3.00%
2.86% 2.87%
2.80%
2.75%2.78%
Keller Williams Research
Copyright © 2015 Keller Williams Realty, Inc.