Summary Statistics. Closed Sales. Paid in Cash. Median Sale Price. Average Sale Price. Dollar Volume. Median Time to Sale.

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1 ly Market Detail Summary Statistics Paid in Cash 225,46 23,85 11.% 11,334 92, % $168,5 $145, 16.2% Average Sale Price Dollar Volume $246,86 $22, % $55.5 Billion $44.7 Billion 24.1% Median Percent of Original List Price Received 94.9% 92.9% 2.2% Median Time to Contract 55 Days 7 Days -21.4% Median Time to Sale 15 Days 124 Days -15.3% New Pending Sales New Listings 277,697 34, ,2 16.2% 269, % Pending Inventory 37,335 Inventory (Active Listings) 1,661 Months Supply of Inventory , % 92,32 9.1% % The number of sales transactions which closed during ,46 23,85 11.% 8.5% , % Economists' note : are one of the simplest yet most important indicators for the residential real estate market. When comparing across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales , , , % 34.6% N/A 25, 2, 15, 1, 5, Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

2 Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail Cash Sales The number of during in which buyers exclusively paid in cash Cash Sales 11, % 92, % Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care , % 21 75,2 17.5% 29 63, % 28 32,883 N/A 12, 1, 8, 6, 4, 2, Cash Sales as a Percentage of The percentage of during which were Cash Sales Percent of Closed Sales Paid in Cash % -1.8% %.2% % 7.5% Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of (i.e. those not paid fully in cash) each year involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc % 14.9% 36.9% 44.1% 25.6% N/A 5% 4% 3% 2% 1% % Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

3 Average Sale Price ly Market Detail The median sale price reported for (i.e. 5% of sales were above and 5% of sales were below) Economists' note : is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each year, and the mix of the types of homes that sell can change over time. 213 $168,5 16.2% 212 $145, 8.6% 211 $133,5-4.6% 21 $139,9-3.5% 29 $145, -23.7% 28 $19, N/A $2K $15K $1K $5K $K Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) Average Sale Price 213 $246, % 212 $22,89 7.5% Economists' note : Usually, we prefer over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses particularly when it is analyzed alongside the. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area. 211 $25,515.4% 21 $24, % 29 $25, % 28 $275,977 N/A $3K $25K $2K $15K $1K $5K $K Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

4 Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail Dollar Volume The sum of the sale prices for all sales which closed during Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying by Average Sale Price. It is a strong indicator of the health of the real estate industry in a market, and is of particular interest to real estate professionals, investors, analysts, and government agencies. Potential home sellers and home buyers, on the other hand, will likely be better served by paying attention to trends in the two components of Dollar Volume (i.e. sales and prices) individually. Dollar Volume 213 $55.5 Billion 24.1% 212 $44.7 Billion 16.6% 211 $38.4 Billion 6.2% 21 $36.1 Billion 2.3% 29 $35.3 Billion -.1% 28 $35.4 Billion N/A $6 B $5 B $4 B $3 B $2 B $1 B $ Median Percent of Original List Price Received The median of the sale price (as a percentage of the original list price) across all properties selling during Economists' note : The Median Percent of Original List Price Received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling price (or better it) in order to get a contract on the house. This is usually the last measure to indicate a market has shifted from down to up, so it is what we would call a lagging indicator. Med. Pct. of Orig. List Price Received % 2.2% % 2.8% % -.7% % 2.% % 1.8% % N/A 1% 8% 6% 4% 2% % Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

5 Median Time to Sale Median Time to Contract ly Market Detail Median Time to Contract The median number of days between the listing date and contract date for all during Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales. Median Time to Contract Days -21.4% Days -27.1% Days 2.% 21 8 Days -17.5% Days -23.% Days N/A Median Time to Sale The median number of days between the listing date and closing date for all during Economists' note : Time to Sale is a measure of the length of the home selling process, calculated as the number of days between the initial listing of a property and the closing of the sale. Median Time to Sale is the amount of time the "middle" property selling this year was on the market. That is, 5% of homes selling this year took less time to sell, and 5% of homes took more time to sell. Median Time to Sale gives a more accurate picture than Average Time to Sale, which can be skewed upward by small numbers of properties taking an abnormally long time to sell. Median Time to Sale Days -15.3% Days -14.5% Days 14.2% Days -8.6% Days -13.7% Days N/A Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

6 New Listings Pending Sales ly Market Detail New Pending Sales The number of listed properties that went under contract during Economists' note : Because of the typical length of time it takes for a sale to close, economists consider Pending Sales to be a decent indicator of potential future. It is important to bear in mind, however, that not all Pending Sales will be closed successfully. So, the effectiveness of Pending Sales as a future indicator of Closed Sales is susceptible to changes in market conditions such as the availability of financing for homebuyers and the inventory of distressed properties for sale. New Pending Sales , % ,2 18.3% ,4 6.1% 21 19, % , % ,633 N/A 3, 25, 2, 15, 1, 5, New Listings The number of properties put onto the market during Economists' note : New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of value and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include properties that were recently taken off the market and quickly relisted, since these are not really new listings. New Listings , % , % , % 21 31, % ,39-9.6% ,896 N/A 4, 3, 2, 1, Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

7 Months Supply of Inventory Inventory ly Market Detail Inventory (Active Listings) The number of property listings active at the end of Economists' note : There are a number of ways to define and calculate Inventory. Our method is to simply count the number of active listings on the last day of, since it is the most current. Inventory rises when New Listings are outpacing the number of listings that go offmarket (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market. Inventory 213 1, % , % , % ,738.8% , % 28 27,61 N/A 25, 2, 15, 1, 5, Months Supply of Inventory (-End) An estimate of the number of months it will take to deplete the current Inventory given recent sales rates Economists' note : MSI is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers' market, and anything lower is a sellers' market. There is no single accepted way of calculating MSI. A common method is to divide current Inventory by the most recent month's count, but this count is a usually poor predictor of future due to seasonal cycles. To eliminate seasonal effects, we use the 12-month average of monthly instead. Months Supply % % % % % N/A Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

8 Median Time to Contract ly Market Detail by Sale Price The number of sales transactions which closed during Economists' note : are one of the simplest yet most important indicators for the residential real estate market. When comparing across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. 5, 4, 3, 2, 1, Sale Price Less than $5, 15, % $5, - $99,999 37, % $1, - $149,999 43,35 3.7% $15, - $199,999 36, % $2, - $249,999 25, % $25, - $299,999 18, % $3, - $399,999 2, % $4, - $599,999 14, % $6, - $999,999 7, % $1,, or more 4, % 5, 4, 3, 2, 1, Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales Sale Price $5, - $99, Days -15.6% $1, - $149,999 Median Time to Contract Less than $5, 55 Days -1.8% 48 Days -23.8% $15, - $199, Days -3.4% $2, - $249, Days -27.1% $25, - $299, Days -31.1% $3, - $399, Days -25.6% $4, - $599, Days -3.3% $6, - $999, Days -26.8% $1,, or more 168 Days -19.6% Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

9 Inventory New Listings ly Market Detail New Listings by Initial Listing Price The number of properties put onto the market during Economists' note: New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of value and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include properties that were recently taken off the market and quickly relisted, since these are not really new listings. 6, 5, 4, 3, 2, 1, Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 16, % $5, - $99,999 46, % $1, - $149,999 52, % $15, - $199,999 48, % $2, - $249,999 32, % $25, - $299,999 27, % $3, - $399,999 31, % $4, - $599,999 24, % $6, - $999,999 13, % $1,, or more 1, % $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6, 5, 4, 3, 2, 1, Inventory by Current Listing Price The number of property listings active at the end of Economists' note : There are a number of ways to define and calculate Inventory. Our method is to simply count the number of active listings on the last day of, since it is the most current. Inventory rises when New Listings are outpacing the number of listings that go offmarket (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market. 16, 14, 12, 1, 8, 6, 4, 2, Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 4, % $5, - $99,999 12,99-6.7% $1, - $149,999 14,223 8.% $15, - $199,999 14, % $2, - $249,999 1,3 17.1% $25, - $299,999 8, % $3, - $399,999 1, % $4, - $599,999 9, % $6, - $999,999 7, % $1,, or more 8, % $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16, 14, 12, 1, 8, 6, 4, 2, Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.

10 ly Distressed Market Traditional 153, , % $24, $18, 13.3% Foreclosure/REO 39,674 37,83 7.% $11, $92,5 9.2% Short Sale 31,918 44, % $125, $115, 8.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Tuesday, February 11, 214. Data revised on Friday, February 26, 216. Next yearly data release is Wednesday, February 11, 215.