Monthly Indicators. December Monthly Snapshot - 0.7% + 7.5% - 5.3%

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1 Monthly Indicators 2014 Monthly Snapshot + 7.5% - 5.3% - 0.7% It was another recovery year in 2014, although not quite to the level of With a broad pattern of rising prices and stable to improving inventory, the market shifted from being drastically undersupplied to approaching equilibrium. Price gains in 2014 were still positive but less robust than last year. More homes for sales and increased sales are anticipated in 2015, with a continued drop in months supply unless the market becomes glutted. Single Family Closed Sales increased 7.3 percent to 1,960. Townhouse-Condo Closed Sales increased 6.2 percent to 481. Adult Communities Closed Sales increased 30.8 percent to 51. Single Family Median Sales Price was down 2.0 percent to $345,000. Townhouse-Condo Median Sales Price was down 1.1 percent to $242,250. Adult Communities Median Sales Price was down 14.9 percent to $320,000. Interest rates remained lower than anyone expected during the year. This coupled nicely on the governmental side with mortgage debt forgiveness and interest deduction preservation. Student loan debt, sluggish wage growth and a lack of sufficient mortgage liquidity still remain hurdles to greater recovery. The metrics to watch in 2015 include days on market, percent of list price received and absorption rates, as these can offer deeper and more meaningful insights into the future direction of housing. One-Year Change in Closed Sales All Properties One-Year Change in Homes for Sale All Properties One-Year Change in Median Sales Price All Properties For residential real estate activity in Garden State MLS. Percent changes are calculated using rounded figures. Single Family Market Overview Townhouse-Condo Market Overview Adult Community Market Overview New Listings Pending Sales Closed Sales Median Sales Price Average Sales Price Percent of List Price Received Days on Market Until Sale Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Total Market Overview Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing.

2 Single Family Market Overview Key metrics for Single Family Properties Only, excluding Manufactured Housing, for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2013 YTD 2014 Percent Change New Listings 1,278 1, % 38,099 41, % Pending Sales 1,084 1, % 22,034 22, % Closed Sales 1,826 1, % 21,985 21, % Median Sales Price $352,000 $345, % $370,000 $365, % Avg. Sales Price $429,810 $418, % $456,831 $453, % Pct. of List Price Received 96.2% 96.6% + 0.4% 96.4% 96.9% + 0.5% Days on Market % % Affordability Index % % Homes for Sale 12,040 11, % Months Supply % Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 2

3 Townhouse-Condo Market Overview Key metrics for Townhouses and Condominiums Only for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2013 YTD 2014 Percent Change New Listings % 8,176 8, % Pending Sales % 5,398 5, % Closed Sales % 5,372 5, % Median Sales Price $245,000 $242, % $255,000 $262, % Avg. Sales Price $268,386 $281, % $287,309 $298, % Pct. of List Price Received 96.2% 96.6% + 0.4% 96.5% 96.9% + 0.4% Days on Market % % Affordability Index % % Homes for Sale 2,227 2, % Months Supply % Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 3

4 Adult Community Market Overview Key metrics for properties in Adult Communities Only for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2013 YTD 2014 Percent Change New Listings % 984 1, % Pending Sales % % Closed Sales % % Median Sales Price $375,950 $320, % $319,950 $320, % Avg. Sales Price $383,819 $330, % $350,482 $340, % Pct. of List Price Received 96.2% 97.6% + 1.5% 97.1% 97.0% - 0.1% Days on Market % % Affordability Index % % Homes for Sale % Months Supply % Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 4

5 New Listings A count of the properties that have been newly listed on the market in a given month. 1,351 1,278 1,535 36,763 38,099 41, ,231 8,176 8, , , % -5.4% % - 7.2% -5.0% % % % % -7.0% + 3.6% + 7.7% % -0.7% + 5.1% % -6.1% + 6.8% Historical New Listings by Month 6,000 5,000 4,000 3,000 2,000 1,000 0 January , February , March , April , May , June , July , August , September , October , November , , Month Avg. 3, Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 5

6 Pending Sales A count of the properties on which offers have been accepted in a given month. 1,443 22,034 22,291 1,117 1,084 18, ,440 5,398 5, % -3.0% % % + 5.9% % % % % % % + 1.2% % % + 0.2% % % 0.0% Historical Pending Sales by Month 3,000 2,500 2,000 1,500 1, January , February , March , April , May , June , July , August , September , October , November , , Month Avg. 1, Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 6

7 Closed Sales A count of the actual sales that closed in a given month. 1,826 1,960 18,214 21,985 21,210 1, ,333 5,372 5, % % + 7.3% % % + 6.2% % % % % % -3.5% % % -1.5% % % + 3.0% Historical Closed Sales by Month 3,000 2,500 2,000 1,500 1, January , February March , April , May , June , July , August , September , October , November , , Month Avg. 1, Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 7

8 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $350,000 $352,000 $345,000 $241,750 $245,000 $242,250 $280,000 $375,950 $320,000 $352,000 $370,000 $365,000 $250,125 $255,000 $262,000 $310,000 $319,950 $320, % + 0.6% -2.0% - 8.8% + 1.3% -1.1% + 3.7% % % -1.9% + 5.1% -1.4% -6.5% + 1.9% + 2.7% + 1.6% + 3.2% + 0.0% Historical Median Sales Price by Month $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 January 2014 $345,000 $244,000 $285,000 February 2014 $335,000 $241,954 $295,000 March 2014 $340,000 $236,000 $323,500 April 2014 $335,000 $258,500 $315,000 May 2014 $360,000 $260,500 $317,450 June 2014 $400,000 $267,000 $348,250 July 2014 $412,000 $285,000 $325,000 August 2014 $410,000 $271,000 $330,000 September 2014 $360,000 $272,000 $360,000 October 2014 $340,000 $273,000 $260,000 November 2014 $353,500 $246,375 $324, $345,000 $242,250 $320, Month Med.* $365,000 $262,000 $320,000 * Median Sales Price for all properties from January 2014 through This is not the average of the individual figures above. Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 8

9 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $429,823 $429,810 $418,422 $268,092 $268,386 $281,363 $328,568 $383,819 $330,361 $430,733 $456,831 $453,335 $283,535 $287,309 $298,293 $338,596 $350,482 $340, % -0.0% -2.6% - 6.8% + 0.1% + 4.8% + 7.1% % % -1.6% + 6.1% -0.8% -2.1% + 1.3% + 3.8% + 5.6% + 3.5% -2.9% Historical Average Sales Price by Month $600,000 $500,000 $400,000 $300,000 $200,000 January 2014 $427,433 $279,323 $307,921 February 2014 $407,864 $274,199 $318,654 March 2014 $417,100 $274,398 $350,775 April 2014 $429,533 $276,563 $355,081 May 2014 $440,444 $317,803 $336,222 June 2014 $492,435 $307,931 $371,559 July 2014 $507,897 $310,699 $334,628 August 2014 $512,615 $309,542 $350,178 September 2014 $444,979 $319,735 $355,674 October 2014 $406,802 $304,387 $296,139 November 2014 $440,769 $290,103 $351, $418,422 $281,363 $330, Month Avg.* $453,335 $298,293 $340,295 * Avg. Sales Price for all properties from January 2014 through This is not the average of the individual figures above. Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 9

10 Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 96.6% 96.7% 96.2% 96.2% 96.6% 96.2% 95.0% 94.9% 97.6% 96.9% 96.9% 97.1% 96.4% 96.5% 96.6% 97.0% 95.1% 95.3% + 0.6% + 1.3% + 0.4% - 0.1% + 1.4% + 0.4% -2.5% -0.5% + 1.5% + 0.3% + 1.4% + 0.5% + 0.3% + 1.3% + 0.4% + 1.0% + 0.5% -0.1% Historical Percent of List Price Received by Month 100.0% 99.0% 98.0% 97.0% 96.0% 95.0% 94.0% 93.0% January % 96.9% 96.5% February % 96.2% 95.4% March % 97.1% 96.2% April % 96.8% 96.7% May % 97.2% 97.6% June % 97.1% 98.1% July % 97.2% 96.5% August % 96.9% 97.5% September % 97.1% 97.4% October % 96.9% 95.6% November % 96.5% 97.1% % 96.6% 97.6% 12-Month Avg.* 96.9% 96.9% 97.0% * Pct. of List Price Received for all properties from January 2014 through This is not the average of the individual figures above. Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 10

11 Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month % % -3.4% + 0.9% % -4.9% -5.9% -5.4% % 0.0% % -8.0% + 3.0% % % % -6.5% % Historical Days on Market Until Sale by Month January February March April May June July August September October November Month Avg.* * Days on Market for all properties from January 2014 through This is not the average of the individual figures above. Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 11

12 Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability % -8.8% + 3.5% % % + 3.1% + 4.7% % % % % + 2.8% % % -1.3% + 6.8% % + 1.6% Historical Housing Affordability Index by Month January February March April May June July August September October November Month Avg.* * Affordability Index for all properties from January 2014 through This is not the average of the individual figures above. Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 12

13 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 12,922 12,040 11,356 2,667 2,227 2, % -6.8% -5.7% % % -4.2% % % + 3.2% Historical Inventory of Homes for Sale by Month 25,000 20,000 15,000 10,000 5,000 0 January ,177 2, February ,286 2, March ,334 2, April ,885 2, May ,089 2, June ,709 2, July ,740 2, August ,216 2, September ,051 2, October ,264 2, November ,802 2, ,356 2, Month Avg. 14,576 2, Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 13

14 Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months % % -7.6% % % -6.0% % % + 1.8% Historical Months Supply of Inventory by Month January February March April May June July August September October November Month Avg.* * Months Supply for all properties from January 2014 through This is not the average of the individual figures above. Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 14

15 Total Market Overview Key metrics for single-family properties, townhouses, condominiums and properties in adult communities combined, for the report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparklines Percent Change YTD 2013 YTD 2014 Percent Change New Listings 1,666 1, % 47,259 50, % Pending Sales 1,436 1, % 28,086 28, % Closed Sales 2,318 2, % 28,000 27, % Median Sales Price $325,000 $322, % $339,000 $339, % Avg. Sales Price $397,419 $390, % $421,834 $420, % Pct. of List Price Received 96.2% 96.6% + 0.4% 96.5% 96.9% + 0.4% Days on Market % % Affordability Index % % Homes for Sale 14,575 13, % Months Supply % Data as of January 8, All data from the Garden State MLS. Provided by the New Jersey Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover 15