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BOATING MARKET REPORT: SHIFT IN BUYER INTENTIONS SHOW NORMALIZING CONDITIONS ARE UNDERWAY

BOATING MARKET REPORT: SHIFT IN BUYER INTENTIONS SHOW NORMALIZING CONDITIONS ARE UNDERWAY
PR Newswire
MIAMI, Feb. 28, 2023

The number of boats sold down 4.3% compared to 2019Online buyer interest shifts for the first time in three years The global …

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BOATING MARKET REPORT: SHIFT IN BUYER INTENTIONS SHOW NORMALIZING CONDITIONS ARE UNDERWAY

PR Newswire

MIAMI, Feb. 28, 2023

  • The number of boats sold down 4.3% compared to 2019
  • Online buyer interest shifts for the first time in three years
  • The global average boat value is up 29.5% compared to 2019
  • Boats sold in 2022 total over $11.4 billion globally
  • Rising interest rates drove smaller loan amounts

MIAMI, Feb. 28, 2023 /PRNewswire/ -- The boating market began to normalize last year as buyer interest shifted and the total number of boats sold globally decreased for the first time since the pandemic-driven boom. Boats Group, a global leader in online boating marketplaces, today announced findings from its latest annual market report, analyzing 2022 while comparing the pandemic-induced surge and trends in consumer interest.

The change towards more typical market conditions emerged in 2022 as the total number of boats sold dipped by just 4.3% compared to the same period in pre-pandemic 2019. By comparison, boats sold in 2020 and 2021 were down 15.9% and 11.8%, respectively, compared to 2019.

Additional factors of increased boat value, lack of inventory and softening consumer demand also impacted market fluctuation. In December, a significant shift in the total volume of U.S.-based Google searches by online boat shoppers fell behind the same period in 2019, illustrating the cooling of buyer demand.

"For the first time in three years, we're seeing consumer demand soften. However, our marketplaces' share of voice is the highest it's ever been, which is a very positive sign for the health of the industry," said Courtney Chalmers, vice president of marketing at Boats Group. "The effects of the demand and supply chain disruption during the pandemic are also still very apparent. Boats continue to move off the market faster and sales remain higher than before the surge."

The overall value of vessels dropped below 2021 by roughly 16%, inching closer to values seen in 2020. However, 2022 total values remained higher than before the pandemic boating boom, totaling more than $11 billion in sales. The global average boat price was 29.5% higher than in 2019 and was comparable to 2021.

According to Trident Funding, a leading marine lending company, boat loan applications were up by 80% in 2022 compared to 2021. Trident reports loan amounts were smaller than in 2021, primarily driven by rising interest rates.

"Borrowers are feeling the elevated boat prices and rate increases, yet are looking to continue their adventures on the water, just in a more affordable way," said Mark Breeden, president of Trident Funding. "The substantial rise of applicants last year shows boaters' dedication to their lifestyle and is encouraging for the industry as we transition from the boating boom that occurred during the pandemic. As the supply chain and inventory levels normalize, we look for the market to provide increased ways for consumers to enjoy their time on the water."

Inventory levels also made a significant comeback last year, as listings were a mere 4.5 percent below 2019, driven by new boats coming to market. This considerable growth is yet another signal that the industry is nearing more balanced supply and demand conditions.

For a comprehensive view of the boating market, visit boatsgroup.com/news to download the 2022 Annual Market Index from Boats Group.

About Boats Group
Boats Group owns and operates the world's leading online boating marketplaces, connecting the largest global audience of boat buyers with top sellers and manufacturers. Boats Group's portfolio includes a variety of industry-leading brands like Boat Trader, YachtWorld, boats.com, iNautia, Cosas De Barcos, Botentekoop, Annonces du Bateau, Boats and Outboards, Boatshop24, Click&Boat and Trident Funding.

For nearly three decades, Boats Group has helped marine retailers sell more boats faster and convert more shoppers into buyers than any other source. Through a comprehensive suite of digital business solutions, including proprietary web-based contract management tools, and premier digital marketing strategies and services, Boats Group delivers unmatched value to its industry partners and optimizes the virtual path to boat ownership.

Owned by Permira, Boats Group is headquartered in Miami, Florida, United States, with co-headquarters in Fareham, England, and additional offices in Padova, Italy and Barcelona, Spain. For more information about Boats Group, visit boatsgroup.com.

About Trident Funding
Trident Funding, the nation's largest independently owned boat, RV and aircraft loan origination company, helps recreational enthusiasts find the financing needed to pursue their passion.

Since its inception in 1996, Trident Funding has worked with more than 40 banks and financial institutions, specializing in helping customers receive competitive rates and terms for their recreational purchases.

Trident Funding is owned by Boats Group and operates nationally out of five distinct regions in the United States – each with its own team of professionals specializing in marine, yacht and RV lending. Trident is headquartered in Miami, Florida with additional offices located in California, Connecticut, Maryland and Washington. For more information about Trident Funding, visit tridentfunding.com.

Media Contact:
Rachael Lobeck | Boats Group | press@boats.com

This release contains disclosures that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can be identified by the use of words such as "may," "will," "expect," "project," "estimate," "anticipate," "plan," "believe," "potential," "should," "continue" or the negative versions of those words or other comparable words. These forward-looking statements are based upon Boats Group's current plans or expectations and are subject to a number of uncertainties and risks. These statements are not guarantees of future performance, and Boats Group has no specific intention to update these statements. As a consequence, current plans, and anticipated actions may differ from those expressed in any forward-looking statements made by Boats Group or on Boats Group's behalf.

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Aging at AACR Annual Meeting 2024

BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging…

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March 11, 2024

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BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging research. Aging is one of the most prominent journals published by Impact Journals. 

Credit: Impact Journals

BUFFALO, NY- March 11, 2024 – Impact Journals publishes scholarly journals in the biomedical sciences with a focus on all areas of cancer and aging research. Aging is one of the most prominent journals published by Impact Journals. 

Impact Journals will be participating as an exhibitor at the American Association for Cancer Research (AACR) Annual Meeting 2024 from April 5-10 at the San Diego Convention Center in San Diego, California. This year, the AACR meeting theme is “Inspiring Science • Fueling Progress • Revolutionizing Care.”

Visit booth #4159 at the AACR Annual Meeting 2024 to connect with members of the Aging team.

About Aging-US:

Aging publishes research papers in all fields of aging research including but not limited, aging from yeast to mammals, cellular senescence, age-related diseases such as cancer and Alzheimer’s diseases and their prevention and treatment, anti-aging strategies and drug development and especially the role of signal transduction pathways such as mTOR in aging and potential approaches to modulate these signaling pathways to extend lifespan. The journal aims to promote treatment of age-related diseases by slowing down aging, validation of anti-aging drugs by treating age-related diseases, prevention of cancer by inhibiting aging. Cancer and COVID-19 are age-related diseases.

Aging is indexed and archived by PubMed/Medline (abbreviated as “Aging (Albany NY)”), PubMed Central, Web of Science: Science Citation Index Expanded (abbreviated as “Aging‐US” and listed in the Cell Biology and Geriatrics & Gerontology categories), Scopus (abbreviated as “Aging” and listed in the Cell Biology and Aging categories), Biological Abstracts, BIOSIS Previews, EMBASE, META (Chan Zuckerberg Initiative) (2018-2022), and Dimensions (Digital Science).

Please visit our website at www.Aging-US.com​​ and connect with us:

  • Aging X
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Click here to subscribe to Aging publication updates.

For media inquiries, please contact media@impactjournals.com.

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NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked…

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March 11, 2024

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NY Fed Finds Medium, Long-Term Inflation Expectations Jump Amid Surge In Stock Market Optimism

One month after the inflation outlook tracked by the NY Fed Consumer Survey extended their late 2023 slide, with 3Y inflation expectations in January sliding to a record low 2.4% (from 2.6% in December), even as 1 and 5Y inflation forecasts remained flat, moments ago the NY Fed reported that in February there was a sharp rebound in longer-term inflation expectations, rising to 2.7% from 2.4% at the three-year ahead horizon, and jumping to 2.9% from 2.5% at the five-year ahead horizon, while the 1Y inflation outlook was flat for the 3rd month in a row, stuck at 3.0%. 

The increases in both the three-year ahead and five-year ahead measures were most pronounced for respondents with at most high school degrees (in other words, the "really smart folks" are expecting deflation soon). The survey’s measure of disagreement across respondents (the difference between the 75th and 25th percentile of inflation expectations) decreased at all horizons, while the median inflation uncertainty—or the uncertainty expressed regarding future inflation outcomes—declined at the one- and three-year ahead horizons and remained unchanged at the five-year ahead horizon.

Going down the survey, we find that the median year-ahead expected price changes increased by 0.1 percentage point to 4.3% for gas; decreased by 1.8 percentage points to 6.8% for the cost of medical care (its lowest reading since September 2020); decreased by 0.1 percentage point to 5.8% for the cost of a college education; and surprisingly decreased by 0.3 percentage point for rent to 6.1% (its lowest reading since December 2020), and remained flat for food at 4.9%.

We find the rent expectations surprising because it is happening just asking rents are rising across the country.

At the same time as consumers erroneously saw sharply lower rents, median home price growth expectations remained unchanged for the fifth consecutive month at 3.0%.

Turning to the labor market, the survey found that the average perceived likelihood of voluntary and involuntary job separations increased, while the perceived likelihood of finding a job (in the event of a job loss) declined. "The mean probability of leaving one’s job voluntarily in the next 12 months also increased, by 1.8 percentage points to 19.5%."

Mean unemployment expectations - or the mean probability that the U.S. unemployment rate will be higher one year from now - decreased by 1.1 percentage points to 36.1%, the lowest reading since February 2022. Additionally, the median one-year-ahead expected earnings growth was unchanged at 2.8%, remaining slightly below its 12-month trailing average of 2.9%.

Turning to household finance, we find the following:

  • The median expected growth in household income remained unchanged at 3.1%. The series has been moving within a narrow range of 2.9% to 3.3% since January 2023, and remains above the February 2020 pre-pandemic level of 2.7%.
  • Median household spending growth expectations increased by 0.2 percentage point to 5.2%. The increase was driven by respondents with a high school degree or less.
  • Median year-ahead expected growth in government debt increased to 9.3% from 8.9%.
  • The mean perceived probability that the average interest rate on saving accounts will be higher in 12 months increased by 0.6 percentage point to 26.1%, remaining below its 12-month trailing average of 30%.
  • Perceptions about households’ current financial situations deteriorated somewhat with fewer respondents reporting being better off than a year ago. Year-ahead expectations also deteriorated marginally with a smaller share of respondents expecting to be better off and a slightly larger share of respondents expecting to be worse off a year from now.
  • The mean perceived probability that U.S. stock prices will be higher 12 months from now increased by 1.4 percentage point to 38.9%.
  • At the same time, perceptions and expectations about credit access turned less optimistic: "Perceptions of credit access compared to a year ago deteriorated with a larger share of respondents reporting tighter conditions and a smaller share reporting looser conditions compared to a year ago."

Also, a smaller percentage of consumers, 11.45% vs 12.14% in prior month, expect to not be able to make minimum debt payment over the next three months

Last, and perhaps most humorous, is the now traditional cognitive dissonance one observes with these polls, because at a time when long-term inflation expectations jumped, which clearly suggests that financial conditions will need to be tightened, the number of respondents expecting higher stock prices one year from today jumped to the highest since November 2021... which incidentally is just when the market topped out during the last cycle before suffering a painful bear market.

Tyler Durden Mon, 03/11/2024 - 12:40

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Homes listed for sale in early June sell for $7,700 more

New Zillow research suggests the spring home shopping season may see a second wave this summer if mortgage rates fall
The post Homes listed for sale in…

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March 11, 2024

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  • A Zillow analysis of 2023 home sales finds homes listed in the first two weeks of June sold for 2.3% more. 
  • The best time to list a home for sale is a month later than it was in 2019, likely driven by mortgage rates.
  • The best time to list can be as early as the second half of February in San Francisco, and as late as the first half of July in New York and Philadelphia. 

Spring home sellers looking to maximize their sale price may want to wait it out and list their home for sale in the first half of June. A new Zillow® analysis of 2023 sales found that homes listed in the first two weeks of June sold for 2.3% more, a $7,700 boost on a typical U.S. home.  

The best time to list consistently had been early May in the years leading up to the pandemic. The shift to June suggests mortgage rates are strongly influencing demand on top of the usual seasonality that brings buyers to the market in the spring. This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later. 

The 2.3% sale price premium registered last June followed the first spring in more than 15 years with mortgage rates over 6% on a 30-year fixed-rate loan. The high rates put home buyers on the back foot, and as rates continued upward through May, they were still reassessing and less likely to bid boldly. In June, however, rates pulled back a little from 6.79% to 6.67%, which likely presented an opportunity for determined buyers heading into summer. More buyers understood their market position and could afford to transact, boosting competition and sale prices.

The old logic was that sellers could earn a premium by listing in late spring, when search activity hit its peak. Now, with persistently low inventory, mortgage rate fluctuations make their own seasonality. First-time home buyers who are on the edge of qualifying for a home loan may dip in and out of the market, depending on what’s happening with rates. It is almost certain the Federal Reserve will push back any interest-rate cuts to mid-2024 at the earliest. If mortgage rates follow, that could bring another surge of buyers later this year.

Mortgage rates have been impacting affordability and sale prices since they began rising rapidly two years ago. In 2022, sellers nationwide saw the highest sale premium when they listed their home in late March, right before rates barreled past 5% and continued climbing. 

Zillow’s research finds the best time to list can vary widely by metropolitan area. In 2023, it was as early as the second half of February in San Francisco, and as late as the first half of July in New York. Thirty of the top 35 largest metro areas saw for-sale listings command the highest sale prices between May and early July last year. 

Zillow also found a wide range in the sale price premiums associated with homes listed during those peak periods. At the hottest time of the year in San Jose, homes sold for 5.5% more, a $88,000 boost on a typical home. Meanwhile, homes in San Antonio sold for 1.9% more during that same time period.  

 

Metropolitan Area Best Time to List Price Premium Dollar Boost
United States First half of June 2.3% $7,700
New York, NY First half of July 2.4% $15,500
Los Angeles, CA First half of May 4.1% $39,300
Chicago, IL First half of June 2.8% $8,800
Dallas, TX First half of June 2.5% $9,200
Houston, TX Second half of April 2.0% $6,200
Washington, DC Second half of June 2.2% $12,700
Philadelphia, PA First half of July 2.4% $8,200
Miami, FL First half of June 2.3% $12,900
Atlanta, GA Second half of June 2.3% $8,700
Boston, MA Second half of May 3.5% $23,600
Phoenix, AZ First half of June 3.2% $14,700
San Francisco, CA Second half of February 4.2% $50,300
Riverside, CA First half of May 2.7% $15,600
Detroit, MI First half of July 3.3% $7,900
Seattle, WA First half of June 4.3% $31,500
Minneapolis, MN Second half of May 3.7% $13,400
San Diego, CA Second half of April 3.1% $29,600
Tampa, FL Second half of June 2.1% $8,000
Denver, CO Second half of May 2.9% $16,900
Baltimore, MD First half of July 2.2% $8,200
St. Louis, MO First half of June 2.9% $7,000
Orlando, FL First half of June 2.2% $8,700
Charlotte, NC Second half of May 3.0% $11,000
San Antonio, TX First half of June 1.9% $5,400
Portland, OR Second half of April 2.6% $14,300
Sacramento, CA First half of June 3.2% $17,900
Pittsburgh, PA Second half of June 2.3% $4,700
Cincinnati, OH Second half of April 2.7% $7,500
Austin, TX Second half of May 2.8% $12,600
Las Vegas, NV First half of June 3.4% $14,600
Kansas City, MO Second half of May 2.5% $7,300
Columbus, OH Second half of June 3.3% $10,400
Indianapolis, IN First half of July 3.0% $8,100
Cleveland, OH First half of July  3.4% $7,400
San Jose, CA First half of June 5.5% $88,400

 

The post Homes listed for sale in early June sell for $7,700 more appeared first on Zillow Research.

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