ly Market Detail - May 216 Summary Statistics May 216 May 215 Paid in Cash 517 465 11.2% 148 165-1.3% $178, $154, 15.6% Average Sale Price Dollar Volume $194,74 $169,6 15.2% $1.7 Million $78.6 Million 28.1% Median Percent of Original List Price Received 96.% 96.5% -.5% Median Time to Contract 37 Days 32 Days 15.6% Median Time to Sale 82 Days 75 Days 9.3% New Pending Sales New Listings 586 592 544 7.7% 575 3.% Pending Inventory 1,52 Inventory (Active Listings) 1,628 s Supply of Inventory 3.6 1,25 2.6% 1,532 6.3% 3.3 9.1% 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 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. May 216 517 11.2% April 216 517-3.% March 216 493.2% February 216 335-9.2% January 216 37-11.8% December 215 439-3.7% November 215 371-12.3% October 215 469-3.7% September 215 455-8.1% August 215 46-4.8% July 215 52 5.5% June 215 483-1.4% May 215 465-18.7% 8 212 213 214 215 6 4 2 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - May 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 May 216 148-1.3% April 216 155-27.6% March 216 146-33.3% February 216 119-27.% January 216 13-35.2% December 215 163-18.5% November 215 156-19.6% October 215 164-22.6% September 215 155-28.9% August 215 177-25.9% July 215 192-12.7% June 215 164-35.2% May 215 165-4.6% 3 25 2 15 1 5 212 213 214 215 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 May 216 28.6% -19.4% April 216 3.% -25.4% March 216 29.6% -33.5% February 216 35.5% -19.7% January 216 33.6% -26.5% December 215 37.1% -15.5% November 215 42.% -8.5% October 215 35.% -19.5% September 215 34.1% -22.5% August 215 38.5% -22.2% July 215 36.9% -17.3% June 215 34.% -27.5% May 215 35.5% -27.% 8% 6% 4% 2% % 212 213 214 215 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Average Sale Price ly Market Detail - May 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 month, and the mix of the types of homes that sell can change over time. May 216 $178, 15.6% April 216 $175, 12.9% March 216 $179, 19.4% February 216 $165, 17.% January 216 $171,679 21.5% December 215 $172,5 19.% November 215 $155, 1.5% October 215 $162, 13.3% September 215 $167,25 16.7% August 215 $155,9 14.6% July 215 $162, 22.4% June 215 $16, 18.5% May 215 $154, 18.5% $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 May 216 $194,74 15.2% April 216 $26,44 15.5% March 216 $195,472 16.2% February 216 $179,74 14.6% January 216 $179,985 19.6% December 215 $187,885 14.2% November 215 $174,8 15.4% October 215 $176,884 15.5% September 215 $182,217 16.3% August 215 $166,25 11.4% July 215 $174,177 18.9% June 215 $174,59 19.% May 215 $169,6 14.6% $25K $2K $15K $1K $5K $K 212 213 214 215 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - May 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 May 216 $1.7 Million 28.1% April 216 $16.5 Million 12.% March 216 $96.4 Million 16.5% February 216 $6.2 Million 4.1% January 216 $55.3 Million 5.5% December 215 $82.5 Million 1.% November 215 $64.6 Million 1.2% October 215 $83. Million 11.2% September 215 $82.9 Million 6.9% August 215 $76.5 Million 6.1% July 215 $9.6 Million 25.4% June 215 $84.3 Million 6.7% May 215 $78.6 Million -6.8% $12 M $1 M $8 M $6 M $4 M $2 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 May 216 96.% -.5% April 216 96.2%.8% March 216 96.% 1.1% February 216 96.%.2% January 216 95.9%.1% December 215 96.2%.6% November 215 96.4%.2% October 215 97.1% 1.5% September 215 96.5% 1.4% August 215 96.7%.7% July 215 96.7% 1.4% lagging indicator. June 215 96.%.9% May 215 96.5% 2.8% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 212 213 214 215 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Median Time to Sale Median Time to Contract ly Market Detail - May 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 May 216 37 Days 15.6% April 216 35 Days -23.9% March 216 52 Days.% February 216 42 Days -6.7% January 216 42 Days 5.% December 215 38 Days -29.6% November 215 37 Days -24.5% October 215 39 Days -31.6% September 215 35 Days -42.6% August 215 3 Days -48.3% July 215 35 Days -41.7% June 215 39 Days -37.1% May 215 32 Days -46.7% 1 8 6 4 2 212 213 214 215 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 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 May 216 82 Days 9.3% April 216 8 Days -13.% March 216 96 Days 2.1% February 216 91 Days.% January 216 9 Days -2.2% December 215 84 Days -4.5% November 215 82 Days 3.8% October 215 8 Days -9.1% September 215 77 Days -18.9% August 215 75 Days -17.6% July 215 83 Days -15.3% June 215 88 Days -9.3% May 215 75 Days -21.9% 15 212 213 214 215 1 5 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
New Listings Pending Sales ly Market Detail - May 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 May 216 586 7.7% April 216 641 7.6% March 216 613-4.7% February 216 581 3.9% January 216 463-16.9% December 215 372-2.3% November 215 429-23.9% October 215 485-29.1% September 215 54-19.% August 215 582-1.6% July 215 56-13.% June 215 584-17.5% May 215 544-3.3% 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 May 216 592 3.% April 216 645 9.9% March 216 685 13.2% February 216 695 24.6% January 216 679 3.3% December 215 456.% November 215 559 18.2% October 215 58-2.7% September 215 586 4.3% August 215 567 2.2% July 215 613.2% June 215 61 6.1% May 215 575-4.5% 8 212 213 214 215 6 4 2 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
s Supply of Inventory Inventory ly Market Detail - May 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. 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 May 216 1,628 6.3% April 216 1,719 11.2% March 216 1,822 14.5% February 216 1,84 8.3% January 216 1,84 3.4% December 215 1,632 -.4% November 215 1,643-3.4% October 215 1,557-1.% September 215 1,55-13.7% August 215 1,472-16.2% July 215 1,511-18.2% June 215 1,491-2.% May 215 1,532-2.4% 4, 212 213 214 215 3, 2, 1, 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 May 216 3.6 9.1% April 216 3.9 18.2% March 216 4.1 2.6% February 216 4.1 13.9% January 216 4. 8.1% December 215 3.6 2.9% November 215 3.6.% October 215 3.4-8.1% September 215 3.3-13.2% August 215 3.2-17.9% July 215 3.3-19.5% June 215 3.2-23.8% May 215 3.3-25.% 1. 8. 6. 4. 2.. 212 213 214 215 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Median Time to Contract ly Market Detail - May 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 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. May 215 May 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, 9-3.8% $5, - $99,999 29-5.8% $1, - $149,999 119-21.7% $15, - $199,999 168 31.3% $2, - $249,999 96 5.% $25, - $299,999 57 159.1% $3, - $399,999 21 61.5% $4, - $599,999 15 66.7% $6, - $999,999 3-4.% $1,, or more 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. 35 3 25 2 15 1 5 Less than $5, May 215 May 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 51 Days 64.5% $1, - $149,999 Median Time to Contract Less than $5, 55 Days 22.2% 26 Days -3.7% $15, - $199,999 27 Days 3.8% $2, - $249,999 45 Days 18.4% $25, - $299,999 47 Days -7.8% $3, - $399,999 76 Days 1.% $4, - $599,999 147 Days -51.3% $6, - $999,999 84 Days -34.9% $1,, or more (No Sales) N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 35 3 25 2 15 1 5 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Inventory New Listings ly Market Detail - May 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 May 215 May 216 Initial Listing Price New Listings Less than $5, 11-26.7% $5, - $99,999 25-7.6% $1, - $149,999 12-16.7% $15, - $199,999 172 32.3% $2, - $249,999 119 46.9% $25, - $299,999 83 27.7% $3, - $399,999 39 11.4% $4, - $599,999 13-7.1% $6, - $999,999 7 4.% $1,, or more 3 2.% 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 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. 45 4 35 3 25 2 15 1 5 Less than $5, May 215 May 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 21-36.4% $5, - $99,999 73-53.8% $1, - $149,999 162-25.3% $15, - $199,999 37 13.3% $2, - $249,999 385 46.4% $25, - $299,999 279 29.8% $3, - $399,999 169 3.7% $4, - $599,999 17-3.6% $6, - $999,999 79 19.7% $1,, or more 46 31.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 1 5 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
ly Distressed Market - May 216 May 216 May 215 Traditional 46 368 25.% $182, $159,45 14.1% Foreclosure/REO 48 84-42.9% $143,464 $134, 7.1% Short Sale 9 13-3.8% $159, $123, 29.3% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $2, $18, $16, $14, $12, $1, $8, $6, $4, $2, $ 212 213 214 215 Traditional Foreclosure/REO Short Sale 212 213 214 215 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.