ly Market Detail - March 217 Summary Statistics March 217 March 216 Paid in Cash 392 363 8.% 94 93 1.1% $183,3 $169,9 7.9% Average Sale Price Dollar Volume $21,288 $199,27 1.% $78.9 Million $72.3 Million 9.1% Median Percent of Original List Price Received 98.1% 95.9% 2.3% Median Time to Contract 63 Days 1 Days -37.% Median Time to Sale 98 Days 133 Days -26.3% New Pending Sales New Listings 31 466 34-1.% 517-9.9% Pending Inventory 252 Inventory (Active Listings) 1,544 s Supply of Inventory 4.6 28-1.% 1,858-16.9% 6. -23.3% The number of sales transactions which closed during March 217 392 8.% February 217 242.8% January 217 21 December 216 315 November 216 25 October 216 298 September 216 34 Economists' note : are one of the simplest yet most 12.1% important indicators for the residential real estate market. When 14.2% comparing across markets of different sizes, we -5.% recommend comparing the percent changes in sales rather than the August 216 353 1.% number of sales. (and many other market metrics) are July 216 388-1.8% affected by seasonal cycles, so actual trends are more accurately June 216 462 9.2% represented by year-over-year changes (i.e. comparing a month's sales May 216 411 19.5% to the amount of sales in the same month in the previous year), rather April 216 375 12.6% than changes from one month to the next. March 216 363 4.6% -4.1% 7.5% 5 4 3 2 1 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - March 217 Cash Sales The number of during in which buyers exclusively paid in cash 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. Cash Sales March 217 94 1.1% February 217 65 1.6% January 217 62 8.8% December 216 62-16.2% November 216 58-24.7% October 216 61-23.8% September 216 69-29.6% August 216 89 21.9% July 216 71-13.4% June 216 96 1.3% May 216 13 41.1% April 216 9-7.2% March 216 93-7.9% 12 1 8 6 4 2 213 214 215 216 Cash Sales as a Percentage of The percentage of during which were Cash Sales 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 month involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash March 217 24.% -6.3% February 217 26.9%.7% January 217 29.5% 13.5% December 216 19.7% -22.1% November 216 23.2% -32.8% October 216 2.5% -33.2% September 216 22.7% -25.8% August 216 25.2% 11.% July 216 18.3% -12.% June 216 2.8% 1.% May 216 25.1% 18.4% April 216 24.% -17.5% March 216 25.6% -12.% 4% 3% 2% 1% % 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Average Sale Price ly Market Detail - March 217 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 month, and the mix of the types of homes that sell can change over time. March 217 $183,3 7.9% February 217 $185,9 5.6% January 217 $185, 1.2% December 216 $23, 2.8% November 216 $189,95 1.1% October 216 $188, 7.5% September 216 $191,45 8.5% August 216 $187,5 2.7% July 216 $198,7 1.4% June 216 $194,5 6.5% May 216 $185, -.3% April 216 $18, 5.9% March 216 $169,9-1.7% $25K $2K $15K $1K $5K $K 213 214 215 216 Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) 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. Average Sale Price March 217 $21,288 1.% February 217 $21,442 5.5% January 217 $212,12 7.4% December 216 $226,322 22.9% November 216 $28,659 11.7% October 216 $223,499 14.6% September 216 $219,169 11.3% August 216 $25,898-4.5% July 216 $221,73 7.6% June 216 $216,27 4.2% May 216 $214,566-4.7% April 216 $211,168 -.8% March 216 $199,27 6.4% $25K $2K $15K $1K $5K $K 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - March 217 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 March 217 $78.9 Million 9.1% February 217 $5.9 Million 6.4% January 217 $44.5 Million 3.% December 216 $71.3 Million 32.1% November 216 $52.2 Million 25.2% October 216 $66.6 Million 3.8% September 216 $66.6 Million 5.7% August 216 $72.7 Million 5.1% July 216 $86. Million 5.7% June 216 $99.9 Million 13.8% May 216 $88.2 Million 13.8% April 216 $79.2 Million 11.7% March 216 $72.3 Million 11.3% $12 M $1 M $8 M $6 M $4 M $2 M $ 213 214 215 216 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 Med. Pct. of Orig. List Price Received March 217 98.1% 2.3% February 217 96.6% 1.% January 217 96.9%.5% December 216 96.6%.4% November 216 97.4% 2.6% October 216 97.4% 3.% September 216 97.4% 1.2% August 216 97.5% 1.% July 216 97.9%.5% June 216 98.3% 1.5% May 216 98.%.7% lagging indicator. April 216 97.1% 1.3% March 216 95.9% -.1% 12% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Median Time to Sale Median Time to Contract ly Market Detail - March 217 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 March 217 63 Days -37.% February 217 85 Days -15.8% January 217 8 Days -1.2% December 216 83 Days -16.2% November 216 7 Days -17.6% October 216 75 Days -7.4% September 216 75 Days 1.4% August 216 64 Days -1.5% July 216 56 Days -3.4% June 216 49 Days -25.8% May 216 64 Days 1.6% April 216 65 Days -5.8% March 216 1 Days 4.2% 2 213 214 215 216 15 1 5 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 month was on the market. That is, 5% of homes selling this month 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 March 217 98 Days -26.3% February 217 115 Days -7.3% January 217 124 Days -1.6% December 216 113 Days -16.3% November 216 111 Days -1.8% October 216 17 Days -4.5% September 216 99 Days 4.2% August 216 91 Days -6.2% July 216 89 Days 3.5% June 216 8 Days -12.1% May 216 96 Days.% April 216 93 Days -1.1% March 216 133 Days 5.6% 2 15 1 5 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
New Listings Pending Sales ly Market Detail - March 217 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 March 217 31-1.% February 217 278 23.6% January 217 174.6% December 216 21 2.% November 216 21 7.5% October 216 22 6.8% September 216 24-9.3% August 216 275 13.6% July 216 263-9.3% June 216 36.3% May 216 413 31.9% April 216 28 2.2% March 216 34 9.7% 5 4 3 2 1 213 214 215 216 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 March 217 466-9.9% February 217 367-1.6% January 217 33-5.7% December 216 232-7.2% November 216 283 1.4% October 216 284-9.8% September 216 311-1.9% August 216 376 7.7% July 216 377-19.3% June 216 459-6.7% May 216 497 2.% April 216 56 5.6% March 216 517 14.9% 6 5 4 3 2 1 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
s Supply of Inventory Inventory ly Market Detail - March 217 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, and hold this number to compare with the same month the following year. Inventory rises when New Listings are outpacing the number of listings that go off-market (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 March 217 1,544-16.9% February 217 1,486-18.6% January 217 1,486-17.2% December 216 1,426-18.1% November 216 1,56-15.6% October 216 1,569-17.9% September 216 1,665-12.4% August 216 1,749-9.6% July 216 1,8-8.4% June 216 1,866-5.7% May 216 1,86-8.1% April 216 1,949-3.2% March 216 1,858-3.2% 2,5 2, 1,5 1, 5 213 214 215 216 s Supply of Inventory 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. s Supply March 217 4.6-23.3% February 217 4.5-23.7% January 217 4.5-22.4% December 216 4.3-24.6% November 216 4.7-21.7% October 216 4.8-22.6% September 216 5.1-17.7% August 216 5.4-14.3% July 216 5.6-13.8% June 216 5.8-12.1% May 216 5.6-16.4% April 216 6.2-11.4% March 216 6. -11.8% 1. 8. 6. 4. 2.. 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Median Time to Contract ly Market Detail - March 217 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. (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), rather than changes from one month to the next. March 216 March 217 8 7 6 5 4 3 2 1 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 29 3.6% $5, - $99,999 5 4.2% $1, - $149,999 61-19.7% $15, - $199,999 76 7.% $2, - $249,999 68 25.9% $25, - $299,999 5 51.5% $3, - $399,999 39 11.4% $4, - $599,999 13 3.% $6, - $999,999 6.% $1,, or more -1.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 8 7 6 5 4 3 2 1 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. 1,2 1, 8 6 4 2 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 57 Days -33.7% $2, - $249,999 42 Days -67.2% $25, - $299,999 Median Time to Contract Less than $5, 48 Days -7.9% $5, - $99,999 84 Days -15.2% $1, - $149,999 66 Days -25.% 6 Days -48.3% $3, - $399,999 8 Days 15.9% $4, - $599,999 61 Days -7.6% $6, - $999,999 132 Days 94.1% $1,, or more (No Sales) N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,2 1, 8 6 4 2 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Inventory New Listings ly Market Detail - March 217 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. 1 8 6 4 2 March 216 March 217 Initial Listing Price New Listings Less than $5, 18-5.3% $5, - $99,999 42-25.% $1, - $149,999 67-16.3% $15, - $199,999 84-11.6% $2, - $249,999 85 9.% $25, - $299,999 53 1.9% $3, - $399,999 7-7.9% $4, - $599,999 35-23.9% $6, - $999,999 12-14.3% $1,, or more -1.% 1 8 6 4 2 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 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, and hold this number to compare with the same month the following year. Inventory rises when New Listings are outpacing the number of listings that go off-market (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. 35 3 25 2 15 1 5 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 6-31.% $5, - $99,999 167-36.7% $1, - $149,999 243-27.% $15, - $199,999 257-13.2% $2, - $249,999 21.5% $25, - $299,999 171-4.5% $3, - $399,999 192-19.% $4, - $599,999 144-3.4% $6, - $999,999 75-7.4% $1,, or more 25 8.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 35 3 25 2 15 1 5 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
ly Distressed Market - March 217 March 217 March 216 Traditional 346 284 21.8% $2, $19, 5.3% Foreclosure/REO 44 69-36.2% $83,813 $92,725-9.6% Short Sale 2 1-8.% $1, $125, -2.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, 213 214 215 216 Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.