ly Market Detail - Q1 215 Summary Statistics Q1 215 Q1 214 Paid in Cash 57,742 49,845 15.8% 23,724 23,51.9% $182, $168, 8.3% Average Sale Price Dollar Volume $266,453 $256,477 3.9% $15.4 Billion $12.7 Billion 2.5% Median Percent of Original List Price Received 94.4% 94.%.4% Median Time to Contract 64 Days 65 Days -1.5% Median Time to Sale 18 Days 111 Days -2.7% New Pending Sales New Listings 78,881 9,18 71,592 1.2% 84,235 7.1% Pending Inventory 46,156 Inventory (Active Listings) 13,76 46,489 -.7% 14,925-1.2% Months Supply of Inventory 5. 5.6-1.7% 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 215 57,742 15.8% Q4 214 6,791 14.% Q3 214 63,785 Q2 214 66,79 Q1 214 49,845 Q4 213 53,343 Q3 213 59,697 Q2 213 63,153 Q1 213 49,267 Q4 212 52,518 Q3 212 51,679 Q2 212 54,861 Q1 212 44,27 6.8% 4.6% 1.2% 1.6% 15.5% 15.1% 11.9% 22.% 8.7% 5.1% -.8% 8, 211 212 213 214 6, 4, 2, Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - Q1 215 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 215 23,724.9% Q4 214 23,75 2.8% Q3 214 24,59-1.5% Q2 214 27,359-5.3% Q1 214 23,51-3.9% Q4 213 23,97-5.7% Q3 213 24,89 11.3% Q2 213 28,886 16.7% Q1 213 24,461 15.1% Q4 212 24,488 28.2% Q3 212 22,362 1.5% Q2 212 24,75 4.9% Q1 212 21,253-5.% 4, 211 212 213 214 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 215 41.1% -12.9% Q4 214 39.1% -9.7% Q3 214 38.4% -7.9% Q2 214 41.4% -9.4% Q1 214 47.2% -4.8% Q4 213 43.3% -7.1% Q3 213 41.7% -3.7% Q2 213 45.7% 1.3% Q1 213 49.6% 2.7% Q4 212 46.6% 5.2% Q3 212 43.3% 1.6% Q2 212 45.1% -.2% Q1 212 48.3% -4.2% 6% 5% 4% 3% 2% 1% % 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Average Sale Price ly Market Detail - Q1 215 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 215 $182, 8.3% Q4 214 $18, 5.9% Q3 214 $181,445 3.7% Q2 214 $18, 5.9% Q1 214 $168, 9.1% Q4 213 $17, 13.3% Q3 213 $175, 19.% Q2 213 $17, 14.9% Q1 213 $154, 14.1% Q4 212 $15, 11.1% Q3 212 $147, 7.3% Q2 212 $148, 9.6% Q1 212 $135, 8.% $2K $15K $1K $5K $K 211 212 213 214 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 215 $266,453 3.9% Q4 214 $256,96 5.2% Q3 214 $256,639 3.4% Q2 214 $271,719 4.4% Q1 214 $256,477 11.% Q4 213 $244,362 7.7% Q3 213 $248,92 14.8% Q2 213 $26,22 12.% Q1 213 $23,968 12.7% Q4 212 $226,985 12.5% Q3 212 $216,44 5.% Q2 212 $232,415 6.7% Q1 212 $24,948 5.4% $3K $25K $2K $15K $1K $5K $K 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - Q1 215 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 215 $15.4 Billion 2.5% Q4 214 $15.6 Billion 2.% Q3 214 $16.3 Billion 1.6% Q2 214 $17.9 Billion 9.3% Q1 214 $12.7 Billion 12.3% Q4 213 $13. Billion 9.4% Q3 213 $14.8 Billion 32.6% Q2 213 $16.4 Billion 28.9% Q1 213 $11.3 Billion 26.1% Q4 212 $11.9 Billion 37.2% Q3 212 $11.1 Billion 14.3% Q2 212 $12.7 Billion 12.1% Q1 212 $9. Billion 4.6% $2 B 211 212 213 214 $15 B $1 B $5 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 Q1 215 94.4%.4% Q4 214 94.5% -.4% Q3 214 94.7% -.7% Q2 214 94.4% -.6% Q1 214 94.%.1% Q4 213 94.9% 1.4% Q3 213 95.4% 2.3% Q2 213 95.% 2.4% Q1 213 93.9% 2.5% Q4 212 93.6% 2.5% Q3 212 93.3% 2.6% Q2 212 92.8% 3.1% Q1 212 91.6% 2.6% 12% 1% 8% 6% 4% 2% % 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Median Time to Sale Median Time to Contract ly Market Detail - Q1 215 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 215 64 Days -1.5% Q4 214 58 Days 11.5% Q3 214 56 Days 12.% Q2 214 57 Days 3.6% Q1 214 65 Days.% Q4 213 52 Days -18.8% Q3 213 5 Days -24.2% Q2 213 55 Days -22.5% Q1 213 65 Days -22.6% Q4 212 64 Days -23.8% Q3 212 66 Days -27.5% Q2 212 71 Days -3.4% Q1 212 84 Days -21.5% 12 1 8 6 4 2 211 212 213 214 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 215 18 Days -2.7% Q4 214 12 Days 3.% Q3 214 11 Days 1.% Q2 214 12 Days -1.9% Q1 214 111 Days -5.1% Q4 213 99 Days -16.8% Q3 213 1 Days -17.4% Q2 213 14 Days -14.8% Q1 213 117 Days -13.3% Q4 212 119 Days -12.5% Q3 212 121 Days -13.6% Q2 212 122 Days -18.1% Q1 212 135 Days -12.9% 2 15 1 5 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
New Listings Pending Sales ly Market Detail - Q1 215 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 215 78,881 1.2% Q4 214 62,74 5.8% Q3 214 7,949 5.3% Q2 214 77,36 -.9% Q1 214 71,592-3.1% Q4 213 58,649-5.1% Q3 213 67,44 15.4% Q2 213 77,729 28.2% Q1 213 73,915 27.1% Q4 212 61,827 39.6% Q3 212 58,48 2.3% Q2 212 6,613 11.9% Q1 212 58,154 5.8% 1, 8, 6, 4, 2, 211 212 213 214 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 215 9,18 7.1% Q4 214 72,57 2.% Q3 214 81,479 3.% Q2 214 84,989 8.9% Q1 214 84,235 1.6% Q4 213 71,65 15.3% Q3 213 79,112 17.8% Q2 213 78,56 13.% Q1 213 76,196 6.% Q4 212 61,657 3.6% Q3 212 67,141 7.5% Q2 212 69,88 7.6% Q1 212 71,852 4.2% 1, 8, 6, 4, 2, 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Months Supply of Inventory Inventory ly Market Detail - Q1 215 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 215 13,76-1.2% Q4 214 12,28 1.5% Q3 214 13,682 8.3% Q2 214 14,155 18.4% Q1 214 14,925 15.1% Q4 213 1,661 9.1% Q3 213 95,736-9.2% Q2 213 87,97-23.7% Q1 213 91,181-27.5% Q4 212 92,32-29.2% Q3 212 15,387-22.8% Q2 212 115,351-2.3% Q1 212 125,737-21.1% 2, 211 212 213 214 15, 1, 5, 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 215 5. -1.7% Q4 214 5.1-5.6% Q3 214 5.3 3.9% Q2 214 5.5 12.2% Q1 214 5.6 5.7% Q4 213 5.4-1.8% Q3 213 5.1-21.5% Q2 213 4.9-32.9% Q1 213 5.3-34.6% Q4 212 5.5-34.5% Q3 212 6.5-27.% Q2 212 7.3-24.% average of monthly instead. Q1 212 8.1-23.6% 12. 1. 8. 6. 4. 2.. 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Median Time to Contract ly Market Detail - Q1 215 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 214 Q1 215 12, 1, 8, 6, 4, 2, Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 3,584-9.8% $5, - $99,999 7,887-4.4% $1, - $149,999 1,56 13.1% $15, - $199,999 9,736 22.2% $2, - $249,999 6,95 28.3% $25, - $299,999 5,433 33.9% $3, - $399,999 5,97 27.5% $4, - $599,999 4,197 29.1% $6, - $999,999 2,28 19.4% $1,, or more 1,397 14.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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. 18 16 14 12 1 8 6 4 2 Less than $5, Q1 214 Q1 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 57 Days -6.6% $1, - $149,999 Median Time to Contract Less than $5, 54 Days -2.6% 55 Days -6.8% $15, - $199,999 58 Days -6.5% $2, - $249,999 66 Days 6.5% $25, - $299,999 66 Days 4.8% $3, - $399,999 75 Days 19.% $4, - $599,999 85 Days 9.% $6, - $999,999 14 Days 1.6% $1,, or more 145 Days -5.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
Inventory New Listings ly Market Detail - Q1 215 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. 16, 14, 12, 1, 8, 6, 4, 2, Less than $5, Q1 214 Q1 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 3,393-12.9% $5, - $99,999 9,224-16.1% $1, - $149,999 13,233-3.1% $15, - $199,999 14,68 9.2% $2, - $249,999 1,826 18.2% $25, - $299,999 9,447 17.8% $3, - $399,999 11,468 19.6% $4, - $599,999 9,39 17.7% $6, - $999,999 5,129 17.1% $1,, or more 3,741 9.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16, 14, 12, 1, 8, 6, 4, 2, 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. 16, 14, 12, 1, 8, 6, 4, 2, Less than $5, Q1 214 Q1 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 2,992-28.% $5, - $99,999 9,7-25.8% $1, - $149,999 11,991-14.8% $15, - $199,999 13,997-2.9% $2, - $249,999 11,313 5.9% $25, - $299,999 1,243 7.4% $3, - $399,999 13,441 11.8% $4, - $599,999 12,562 13.4% $6, - $999,999 8,966 11.% $1,, or more 9,194 5.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16, 14, 12, 1, 8, 6, 4, 2, Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.
ly Distressed Market - Q1 215 Q1 215 Q1 214 Traditional 41,68 34,16 22.% $213,474 $24,9 4.2% Foreclosure/REO 13,437 11,623 15.6% $119, $1, 19.% Short Sale 2,697 4,116-34.5% $149,9 $135, 11.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, 211 212 213 214 Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ 211 212 213 214 Data released on Monday, May 11, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Tuesday, August 11, 215.