Lake Zurich, Ill.—WarmlyYours Radiant Heating released its “2017 Second Quarter Industry Report” earlier this week. According to the report, sales of electric radiant heating products are expected to grow in several major metropolitan markets across the country in Q3 2017. One of the most significant findings in the report was the substantial sales growth in several major metro markets, including Chicago (12.7%), Los Angeles (19.1%), Seattle (66.8%) and Minneapolis (20.1%) in Q2 2017. The growth in these markets was largely fueled by sales of electric floor heating systems.
According to the report, “[WarmlyYours was] able to identify that all of these markets showed median home value increase of nearly 10% between June 2016 and June 2017, with each projecting varying degrees of growth in Q3 of this year. This tells us that these markets have not yet reached a point of price saturation (which could stall sales of existing homes). Because of this, we expect to see these markets continue to provide growth, particularly in floor heating sales.”
The projections in the report estimate continued growth in these metro markets. WarmlyYours expects to see Q3 in radiant heating sales of 10% in Seattle, 7% in Minneapolis, and 5% in both Chicago and Los Angeles.
In addition to these projections, the report also analyzed the performance of the remodeling, construction, and housing industries. With housing prices continuing a steak month-over-month increase, the sales of existing homes continue to wither. However, there is light at the end of the tunnel due to an increase in pending home sales, as identified by the National Association of Realtors. This, coupled with a June 2017 increase in new construction starts (2.1% from prior year period, according to a joint press release issued by the U.S. Census Bureau and the U.S. Dept. of Housing and Urban Development), could mean that the supply shortage in available housing could see some alleviation.
Lake Zurich, Ill.⎯WarmlyYours Radiant Heating released its 2017 First Quarter Industry Report earlier this week. The report found that the first quarter of 2017 showed a 5.3% increase in total consolidated sales of WarmlyYours products and a 5.2% increase in electric floor heating. This growth can largely be attributed to a sizable increase in orders with an online origin. According to the report, the first quarter of 2017 saw a 13.5% increase in the number of online orders and a 12.4% increase in the amount spent on online orders, when compared to prior-year-period.
The report identified two primary causes for this shift in consumer behavior: increasing remodeling activity at the national level and significant developments to the WarmlyYours website.
According to the report, WarmlyYours expects online orders to continue to increase as a result of its recently launched revamped product pages. These new product pages reflect a more streamlined and user-friendly interface for consumers and are expected to help increase conversion rates across all metrics.
Additionally, the report analyzed the current projections for remodeling activity and the national housing market. It explained, “With the national housing market in its current state of inventory-related pressure, we expect to see a noticeable uptick in [floor heating] sales as ‘Fixer-Upper’ units enter the market and first-time buyers begin the necessary renovations…As a whole, WarmlyYours online and e-tailer sales are poised to grow due to an expanded portfolio of available products and a more fully realized digital marketing strategy.”
The use of radiant floor heating systems has grown rapidly in recent years, thanks to the introduction of innovative products catering to many different needs
According to company executives, one reason for the popularity of electric systems—the most-purchased type of radiant heat for flooring—is that they can be particularly useful in remodeling projects due to its method of installation. Many can be installed in a very thin thermal mass or mortar layer on top of a subfloor with a minimal increase in floor height. Continue reading Radiant floor heating options continue to surge