ly Market Detail - June 216 Summary Statistics June 216 June 215 Paid in Cash 1,177 1,342-12.3% 346 463-25.3% $23,5 $21, 9.8% Average Sale Price Dollar Volume $323,891 $35,961 5.9% $381.2 Million $41.6 Million -7.2% Median Percent of Original List Price Received 95.4% 95.2%.2% Median Time to Contract 61 Days 58 Days 5.2% Median Time to Sale 15 Days 13 Days 1.9% New Pending Sales New Listings 1,292 1,232 1,364-5.3% 1,215 1.4% Pending Inventory 2,46 Inventory (Active Listings) 5,8 s Supply of Inventory 4.7 2,211-7.5% 4,31 16.4% 4. 17.5% The number of sales transactions which closed during June 216 1,177-12.3% May 216 1,294 -.1% April 216 1,216 March 216 1,115 February 216 825 January 216 773 December 215 1,1 November 215 824 October 215 1,27 September 215 1,78-8.2% -13.2% Economists' note : are one of the simplest yet most -12.5% important indicators for the residential real estate market. When -5.5% comparing across markets of different sizes, we -4.% recommend comparing the percent changes in sales rather than the -6.6% number of sales. (and many other market metrics) are.1% affected by seasonal cycles, so actual trends are more accurately 14.1% represented by year-over-year changes (i.e. comparing a month's sales August 215 1,1.2% to the amount of sales in the same month in the previous year), rather July 215 1,286 23.9% than changes from one month to the next. June 215 1,342 14.5% 1,5 212 213 214 215 1, 5 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - June 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 June 216 346-25.3% May 216 395-25.3% April 216 429-23.3% March 216 419-26.2% February 216 328-27.1% January 216 324-21.5% December 215 436-11.6% November 215 337-12.7% October 215 384-19.2% September 215 375-12.2% August 215 374-2.8% July 215 437-8.% June 215 463-17.2% 1, 8 6 4 2 212 213 214 215 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 June 216 29.4% -14.8% May 216 3.5% -25.2% April 216 35.3% -16.4% March 216 37.6% -14.9% February 216 39.8% -16.6% January 216 41.9% -17.% December 215 39.6% -7.9% November 215 4.9% -6.6% October 215 37.4% -19.2% September 215 34.8% -23.% August 215 37.% -2.9% July 215 34.% -25.8% June 215 34.5% -27.7% 8% 6% 4% 2% % 212 213 214 215 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Average Sale Price ly Market Detail - June 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. June 216 $23,5 9.8% May 216 $225, 4.7% April 216 $235, 4.7% March 216 $225, 4.2% February 216 $216,81 11.8% January 216 $227, 22.2% December 215 $23, 22.8% November 215 $225,5 17.4% October 215 $27,9 15.% September 215 $21, 23.5% August 215 $22,245 13.5% July 215 $29,83 17.7% June 215 $21, 8.9% $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 June 216 $323,891 5.9% May 216 $317,536 1.6% April 216 $342,691 3.2% March 216 $33,27-9.1% February 216 $294,19-1.2% January 216 $4,764 46.2% December 215 $323,149 17.9% November 215 $298,597 12.% October 215 $294,556 2.5% September 215 $28,413 1.3% August 215 $263,664 4.8% July 215 $326,883 28.4% June 215 $35,961 6.7% $5K $4K $3K $2K $1K $K 212 213 214 215 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - June 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 June 216 $381.2 Million -7.2% May 216 $41.9 Million 1.5% April 216 $416.7 Million -5.3% March 216 $338.1 Million -21.1% February 216 $242.6 Million -13.6% January 216 $39.8 Million 38.2% December 215 $355.5 Million 13.2% November 215 $246. Million 4.7% October 215 $32.5 Million 2.6% September 215 $32.3 Million 25.8% August 215 $266.3 Million 5.% July 215 $42.4 Million 59.1% June 215 $41.6 Million 22.1% $5 M $4 M $3 M $2 M $1 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 Med. Pct. of Orig. List Price Received June 216 95.4%.2% May 216 95.1%.% April 216 95.7%.7% March 216 95.5%.8% February 216 95.9% 1.4% January 216 95.2%.% December 215 96.2%.5% November 215 95.9%.7% October 215 96.2% 1.3% September 215 95.9% 1.2% August 215 96.% 1.3% lagging indicator. July 215 95.4% 1.% June 215 95.2% 1.5% 12% 1% 8% 6% 4% 2% % 212 213 214 215 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Median Time to Sale Median Time to Contract ly Market Detail - June 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 June 216 61 Days 5.2% May 216 6 Days -6.3% April 216 52 Days -7.1% March 216 58 Days -13.4% February 216 51 Days -16.4% January 216 55 Days -1.8% December 215 45 Days -8.2% November 215 47 Days -19.% October 215 46 Days -23.3% September 215 54 Days -1.% August 215 56 Days -2.% July 215 57 Days -23.% June 215 58 Days -21.6% 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 June 216 15 Days 1.9% May 216 15 Days.% April 216 96 Days 1.1% March 216 1 Days -5.7% February 216 92 Days -8.% January 216 96 Days -1.% December 215 9 Days.% November 215 95 Days.% October 215 89 Days -11.% September 215 99 Days -2.% August 215 1 Days -1.7% July 215 12 Days -13.6% June 215 13 Days -13.4% 15 212 213 214 215 1 5 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
New Listings Pending Sales ly Market Detail - June 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 June 216 1,292-5.3% May 216 1,48-6.4% April 216 1,55-7.3% March 216 1,524-12.4% February 216 1,325-12.1% January 216 1,165-17.1% December 215 967-5.2% November 215 1,71-4.7% October 215 1,254 1.5% September 215 1,151-3.4% August 215 1,244 4.3% July 215 1,298 5.5% June 215 1,364 13.1% 2, 212 213 214 215 1,5 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 June 216 1,232 1.4% May 216 1,342 1.6% April 216 1,41 2.9% March 216 1,633 1.7% February 216 1,792 14.3% January 216 1,73-2.6% December 215 1,195-4.% November 215 1,435 1.5% October 215 1,475-3.1% September 215 1,215 -.5% August 215 1,183.1% July 215 1,23 4.1% June 215 1,215 9.5% 2, 212 213 214 215 1,5 1, 5 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
s Supply of Inventory Inventory ly Market Detail - June 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 June 216 5,8 16.4% May 216 5,275 14.1% April 216 5,472 9.1% March 216 5,811 8.4% February 216 5,99 5.4% January 216 5,475 -.8% December 215 4,912-4.9% November 215 4,786-5.7% October 215 4,392-1.8% September 215 4,14-9.5% August 215 4,75-12.7% July 215 4,188-12.1% June 215 4,31-12.4% 1, 8, 6, 4, 2, 212 213 214 215 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 June 216 4.7 17.5% May 216 4.9 14.% April 216 5.1 8.5% March 216 5.4 5.9% February 216 5.4.% January 216 4.9-9.3% December 215 4.4-13.7% November 215 4.3-15.7% October 215 3.9-22.% September 215 3.7-21.3% August 215 3.7-22.9% July 215 3.8-22.4% June 215 4. -2.% 8. 6. 4. 2.. 212 213 214 215 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Median Time to Contract ly Market Detail - June 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. June 215 June 216 3 25 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 9-57.1% $5, - $99,999 36-58.6% $1, - $149,999 146-43.8% $15, - $199,999 264 -.4% $2, - $249,999 185 5.7% $25, - $299,999 149 4.2% $3, - $399,999 16-7.% $4, - $599,999 115 4.5% $6, - $999,999 76 2.6% $1,, or more 37-19.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 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. 16 14 12 1 8 6 4 2 Less than $5, June 215 June 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 41 Days -8.9% $2, - $249,999 47 Days -21.7% $25, - $299,999 Median Time to Contract Less than $5, 25 Days -53.7% $5, - $99,999 21 Days -46.2% $1, - $149,999 4 Days 2.6% 68 Days -9.3% $3, - $399,999 94 Days 54.1% $4, - $599,999 115 Days 3.7% $6, - $999,999 91 Days -16.5% $1,, or more 17 Days -24.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16 14 12 1 8 6 4 2 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Inventory New Listings ly Market Detail - June 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. 3 25 2 15 1 5 Less than $5, June 215 June 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 7-68.2% $5, - $99,999 41-53.4% $1, - $149,999 135-45.6% $15, - $199,999 282 43.9% $2, - $249,999 197 34.% $25, - $299,999 149 1.4% $3, - $399,999 175 21.5% $4, - $599,999 15 23.% $6, - $999,999 63-6.% $1,, or more 33-28.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 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. 1,2 1, 8 6 4 2 Less than $5, June 215 June 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 9-81.3% $5, - $99,999 1-45.4% $1, - $149,999 29-42.4% $15, - $199,999 536 28.2% $2, - $249,999 553 53.6% $25, - $299,999 547 33.4% $3, - $399,999 91 17.6% $4, - $599,999 977 26.9% $6, - $999,999 615 21.5% $1,, or more 561 17.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,2 1, 8 6 4 2 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
ly Distressed Market - June 216 June 216 June 215 Traditional 1,111 1,154-3.7% $239,9 $227,95 5.2% Foreclosure/REO 54 158-65.8% $15,95 $138,825 8.7% Short Sale 12 3-6.% $167,966 $132, 27.2% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, 212 213 214 215 Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ 212 213 214 215 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.