ly Market Detail - Q1 216 Summary Statistics Q1 216 Q1 215 Paid in Cash 59 64-7.8% 2 31-35.5% $176,75 $17, 4.% Average Sale Price Dollar Volume $295,774 $212,979 38.9% $17.5 Million $13.6 Million 28.% Median Percent of Original List Price Received 94.2% 89.1% 5.7% Median Time to Contract 19 Days 129 Days -15.5% Median Time to Sale 148 Days 163 Days -9.2% New Pending Sales New Listings 79 99 89-11.2% 91 8.8% Pending Inventory 42 Inventory (Active Listings) 182 45-6.7% 182.% Months Supply of Inventory 8. 9.1-12.1% 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 quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. Q1 216 59-7.8% Q4 215 51-8.9% Q3 215 77 24.2% Q2 215 86 5.9% Q1 215 64 42.2% Q4 214 56 16.7% Q3 214 62 14.8% Q2 214 57 7.5% Q1 214 45 32.4% Q4 213 48 9.1% Q3 213 54.% Q2 213 53 43.2% Q1 213 34-1.5% 1 8 6 4 2 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - Q1 216 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 Q1 216 2-35.5% Q4 215 12-45.5% Q3 215 19 5.6% Q2 215 29 45.% Q1 215 31 24.% Q4 214 22 22.2% Q3 214 18 2.% Q2 214 2 33.3% Q1 214 25 18.3% Q4 213 18 5.9% Q3 213 15-6.3% Q2 213 15 7.1% Q1 213 12-7.7% 4 212 213 214 215 3 2 1 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 quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash Q1 216 33.9% -3.% Q4 215 23.5% -4.2% Q3 215 24.7% -14.8% Q2 215 33.7% -4.% Q1 215 48.4% -12.9% Q4 214 39.3% 4.8% Q3 214 29.% 4.3% Q2 214 35.1% 24.% Q1 214 55.6% 57.5% Q4 213 37.5% -2.8% Q3 213 27.8% -6.1% Q2 213 28.3% -25.1% Q1 213 35.3% 3.2% 6% 5% 4% 3% 2% 1% % 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Average Sale Price ly Market Detail - Q1 216 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 quarter, and the mix of the types of homes that sell can change over time. Q1 216 $176,75 4.% Q4 215 $161,5-8.8% Q3 215 $166,6-18.3% Q2 215 $21,5-1.4% Q1 215 $17, 1.9% Q4 214 $177, -4.8% Q3 214 $24, 16.9% Q2 214 $225, 36.4% Q1 214 $166,75-9.9% Q4 213 $186, 17.% Q3 213 $174,5 1.7% Q2 213 $165, 3.1% Q1 213 $185, -14.% $25K $2K $15K $1K $5K $K 212 213 214 215 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 Q1 216 $295,774 38.9% Q4 215 $241,476-2.6% Q3 215 $238,823-3.8% Q2 215 $287,68 6.6% Q1 215 $212,979-15.3% Q4 214 $247,991 3.% Q3 214 $248,384.1% Q2 214 $269,823 42.9% Q1 214 $251,465 1.2% Q4 213 $24,687 3.7% Q3 213 $248,139 31.2% Q2 213 $188,84-1.3% Q1 213 $228,118-2.3% $4K $3K $2K $1K $K 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - Q1 216 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 Q1 216 $17.5 Million 28.% Q4 215 $12.3 Million -11.3% Q3 215 $18.4 Million 19.4% Q2 215 $24.7 Million 6.8% Q1 215 $13.6 Million 2.5% Q4 214 $13.9 Million 2.2% Q3 214 $15.4 Million 14.9% Q2 214 $15.4 Million 53.7% Q1 214 $11.3 Million 45.9% Q4 213 $11.6 Million 13.1% Q3 213 $13.4 Million 31.2% Q2 213 $1. Million 28.5% Q1 213 $7.8 Million -12.6% $3 M $25 M $2 M $15 M $1 M $5 M $ 212 213 214 215 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 Q1 216 94.2% 5.7% Q4 215 95.3% 3.5% Q3 215 92.8% -2.3% Q2 215 95.% 3.% Q1 215 89.1% -.4% Q4 214 92.1% 3.5% Q3 214 95.% 1.7% Q2 214 92.2% 3.2% Q1 214 89.5% 1.% Q4 213 89.% 3.7% Q3 213 93.4% 4.4% Q2 213 89.3% 3.4% Q1 213 81.4% -4.5% 12% 1% 8% 6% 4% 2% % 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Median Time to Sale Median Time to Contract ly Market Detail - Q1 216 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 Q1 216 19 Days -15.5% Q4 215 58 Days -49.1% Q3 215 84 Days 64.7% Q2 215 78 Days -31.% Q1 215 129 Days 81.7% Q4 214 114 Days -.9% Q3 214 51 Days -42.% Q2 214 113 Days -4.2% Q1 214 71 Days -63.% Q4 213 115 Days -29.% Q3 213 88 Days -13.7% Q2 213 118 Days 9.3% Q1 213 192 Days -15.4% 25 2 15 1 5 212 213 214 215 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 quarter was on the market. That is, 5% of homes selling this quarter 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 Q1 216 148 Days -9.2% Q4 215 13 Days -34.4% Q3 215 133 Days 43.% Q2 215 17 Days -13.7% Q1 215 163 Days 61.4% Q4 214 157 Days 1.9% Q3 214 93 Days -26.8% Q2 214 124 Days -24.4% Q1 214 11 Days -59.8% Q4 213 154 Days -21.% Q3 213 127 Days -4.5% Q2 213 164 Days 15.5% Q1 213 251 Days -6.3% 3 25 2 15 1 5 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
New Listings Pending Sales ly Market Detail - Q1 216 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 Q1 216 79-11.2% Q4 215 51-5.6% Q3 215 84 27.3% Q2 215 82 2.6% Q1 215 89 67.9% Q4 214 54 22.7% Q3 214 66-4.3% Q2 214 68 41.7% Q1 214 53 1.9% Q4 213 44-8.3% Q3 213 69 35.3% Q2 213 48 2.1% Q1 213 52 3.% 1 8 6 4 2 212 213 214 215 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 Q1 216 99 8.8% Q4 215 69-1.4% Q3 215 95 8.% Q2 215 13-5.5% Q1 215 91 13.8% Q4 214 7 2.9% Q3 214 88 1.% Q2 214 19 23.9% Q1 214 8 33.3% Q4 213 68 47.8% Q3 213 8 15.9% Q2 213 88 1.% Q1 213 6-9.1% 12 1 8 6 4 2 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Months Supply of Inventory Inventory ly Market Detail - Q1 216 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. Here, we simply count the number of active listings on the last day of, and hold this number to compare with the same quarter 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 Q1 216 182.% Q4 215 169-1.6% Q3 215 182-9.9% Q2 215 191-1.5% Q1 215 182-4.2% Q4 214 189 13.2% Q3 214 22 19.5% Q2 214 194 7.2% Q1 214 19 15.9% Q4 213 167-1.2% Q3 213 169-16.7% Q2 213 181-2.6% Q1 213 164-26.1% 25 2 15 1 5 212 213 214 215 Months 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 Months Supply Q1 216 8. -12.1% Q4 215 7.3-29.1% Q3 215 7.7-32.5% Q2 215 8.6-24.6% Q1 215 9.1-2.2% Q4 214 1.3-2.8% Q3 214 11.4 3.6% Q2 214 11.4-2.6% Q1 214 11.4-1.7% Q4 213 1.6-9.4% Q3 213 11. -19.1% Q2 213 11.7-22.% average of monthly instead. Q1 213 11.6-2.5% 2. 15. 1. 5.. 212 213 214 215 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Median Time to Contract ly Market Detail - Q1 216 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 quarter's sales to the amount of sales in the same month in the previous year), rather than changes from one quarter to the next. Q1 215 Q1 216 18 16 14 12 1 8 6 4 2 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 1-83.3% $5, - $99,999 7-56.3% $1, - $149,999 11 12.% $15, - $199,999 12 9.1% $2, - $249,999 1-8.% $25, - $299,999 6 5.% $3, - $399,999 1 11.1% $4, - $599,999 4-33.3% $6, - $999,999 4 1.% $1,, or more 3 N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 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. 7 6 5 4 3 2 1 Less than $5, Q1 215 Q1 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 22 Days -51.1% $1, - $149,999 Median Time to Contract Less than $5, 88 Days 49.2% 36 Days -73.5% $15, - $199,999 164 Days 46.4% $2, - $249,999 163 Days 26.4% $25, - $299,999 43 Days -85.% $3, - $399,999 128 Days -2.5% $4, - $599,999 183 Days -17.2% $6, - $999,999 132 Days -78.7% $1,, or more 121 Days N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 7 6 5 4 3 2 1 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Inventory New Listings ly Market Detail - Q1 216 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. 2 15 1 5 Q1 215 Q1 216 Initial Listing Price New Listings Less than $5, 2-71.4% $5, - $99,999 9-1.% $1, - $149,999 16 45.5% $15, - $199,999 18 63.6% $2, - $249,999 3-57.1% $25, - $299,999 9 5.% $3, - $399,999 1-16.7% $4, - $599,999 17 54.5% $6, - $999,999 11-15.4% $1,, or more 4 33.3% 2 15 1 5 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 quarter 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 offmarket. 4 35 3 25 2 15 1 5 Less than $5, Q1 215 Q1 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 5-44.4% $5, - $99,999 14-33.3% $1, - $149,999 18-28.% $15, - $199,999 35 12.9% $2, - $249,999 7-58.8% $25, - $299,999 13 18.2% $3, - $399,999 21 5.% $4, - $599,999 3 25.% $6, - $999,999 31 47.6% $1,, or more 8 166.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 3 25 2 15 1 5 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
ly Distressed Market - Q1 216 Q1 216 Q1 215 Traditional 52 51 2.% $248, $174, 42.5% Foreclosure/REO 7 12-41.7% $65, $7, -7.1% Short Sale 1-1.% (No Sales) $5, N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $6, 211 212 213 214 Traditional Foreclosure/REO Short Sale $5, $4, $3, $2, $1, $ 211 212 213 214 Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.