ly Market Detail - Q2 218 Summary Statistics Q2 218 Q2 217 Paid in Cash 1,422 1,359 4.6% 433 428 1.2% $226,775 $215, 5.5% Average Sale Price Dollar Volume $272,31 $253,68 7.4% $387.2 Million $344.7 Million 12.3% Median Percent of Original List Price Received 95.6% 95.7% -.1% Median Time to Contract 41 Days 41 Days.% Median Time to Sale 83 Days 83 Days.% New Pending Sales New Listings 1,517 1,953 1,541-1.6% 1,886 3.6% Pending Inventory 693 Inventory (Active Listings) 1,715 Months Supply of Inventory 4.3 75-7.6% 1,512 13.4% 3.9 1.3% 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. Year-to-Date Q2 218 2,491 1,422 2.3% 4.6% Q1 218 1,69 -.7% Q4 217 1,113 11.4% Q3 217 1,28-4.6% Q2 217 1,359 4.5% Q1 217 1,76 -.2% Q4 216 999-7.9% Q3 216 1,266-4.5% Q2 216 1,3-1.9% Q1 216 1,78-4.% Q4 215 1,85.3% Q3 215 1,326 15.5% Q2 215 1,325 9.2% 1,5 1, 5 Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Pct. of Paid in Cash Cash Sales ly Market Detail - Q2 218 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 Year-to-Date 774-6.4% Q2 218 433 1.2% Q1 218 341-14.5% Q4 217 356-1.7% Q3 217 388-3.5% Q2 217 428-7.% Q1 217 399-3.4% Q4 216 362-17.9% Q3 216 42-2.4% Q2 216 46-16.2% Q1 216 413-18.5% Q4 215 441-5.4% Q3 215 55 2.6% Q2 215 549 -.4% 6 5 4 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 Year-to-Date 31.1% -8.5% Q2 218 3.5% -3.2% Q1 218 31.9% -14.% Q4 217 32.% -11.6% Q3 217 32.1%.9% Q2 217 31.5% -11.% Q1 217 37.1% -3.1% Q4 216 36.2% -1.8% Q3 216 31.8% -16.5% Q2 216 35.4% -14.5% Q1 216 38.3% -15.1% Q4 215 4.6% -5.8% Q3 215 38.1% -11.2% Q2 215 41.4% -8.8% 6% 5% 4% 3% 2% 1% % Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Average Sale Price ly Market Detail - Q2 218 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. Year-to-Date $227, 9.5% Q2 218 $226,775 5.5% Q1 218 $227,8 13.9% Q4 217 $216,5 6.8% Q3 217 $22, 11.9% Q2 217 $215, 1.3% Q1 217 $2, 11.2% Q4 216 $22,75 15.9% Q3 216 $196,6 15.4% Q2 216 $195, 18.2% Q1 216 $179,9 18.7% Q4 215 $175, 9.4% Q3 215 $17,3 8.1% Q2 215 $165, 8.6% $25K $2K $15K $1K $5K $K 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 Year-to-Date $269,398 8.% Q2 218 $272,31 7.4% Q1 218 $265,536 8.7% Q4 217 $252,948 4.% Q3 217 $255,277 9.3% Q2 217 $253,68 9.2% Q1 217 $244,375 14.2% Q4 216 $243,32 13.9% Q3 216 $233,594 12.9% Q2 216 $232,151 14.5% Q1 216 $214,69 15.8% Q4 215 $213,717 9.2% Q3 215 $26,972 11.9% Q2 215 $22,79 12.7% $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - Q2 218 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 Year-to-Date $671.1 Million 1.4% Q2 218 $387.2 Million 12.3% Q1 218 $283.9 Million 8.% Q4 217 $281.5 Million 15.8% Q3 217 $38.4 Million 4.3% Q2 217 $344.7 Million 14.2% Q1 217 $262.9 Million 13.9% Q4 216 $243.1 Million 4.8% Q3 216 $295.7 Million 7.8% Q2 216 $31.8 Million 12.4% Q1 216 $23.8 Million 11.1% Q4 215 $231.9 Million 9.5% Q3 215 $274.4 Million 29.2% Q2 215 $268.6 Million 23.1% $5 M $4 M $3 M $2 M $1 M $ 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 Year-to-Date 95.6%.1% Q2 218 95.6% -.1% Q1 218 95.5%.% Q4 217 95.8%.7% Q3 217 95.7%.1% Q2 217 95.7%.4% Q1 217 95.5%.5% Q4 216 95.1% -.1% Q3 216 95.6%.7% Q2 216 95.3% 1.1% Q1 216 95.% 1.7% Q4 215 95.2% 1.8% Q3 215 94.9% 1.3% Q2 215 94.3%.7% 12% 1% 8% 6% 4% 2% % Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Median Time to Sale Median Time to Contract ly Market Detail - Q2 218 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 Year-to-Date 45 Days 2.3% Q2 218 41 Days.% Q1 218 5 Days 2.% Q4 217 45 Days -1.% Q3 217 39 Days -4.9% Q2 217 41 Days -4.7% Q1 217 49 Days -15.5% Q4 216 5 Days -9.1% Q3 216 41 Days -18.% Q2 216 43 Days -2.4% Q1 216 58 Days -12.1% Q4 215 55 Days -16.7% Q3 215 5 Days -19.4% Q2 215 54 Days -15.6% 8 6 4 2 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 Year-to-Date 87 Days 1.2% Q2 218 83 Days.% Q1 218 94 Days 2.2% Q4 217 85 Days -9.6% Q3 217 82 Days -3.5% Q2 217 83 Days -5.7% Q1 217 92 Days -12.4% Q4 216 94 Days 1.1% Q3 216 85 Days -9.6% Q2 216 88 Days -8.3% Q1 216 15 Days.% Q4 215 93 Days -11.4% Q3 215 94 Days -6.% Q2 215 96 Days -5.9% 12 1 8 6 4 2 Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
New Listings Pending Sales ly Market Detail - Q2 218 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 Year-to-Date 2,947.9% Q2 218 1,517-1.6% Q1 218 1,43 3.6% Q4 217 1,185 14.6% Q3 217 1,249-4.1% Q2 217 1,541 4.2% Q1 217 1,38 1.7% Q4 216 1,34-13.9% Q3 216 1,32-2.% Q2 216 1,479-5.9% Q1 216 1,357-1.3% Q4 215 1,21 3.8% Q3 215 1,328.1% Q2 215 1,572 8.3% 2, 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 Year-to-Date 3,93 4.8% Q2 218 1,953 3.6% Q1 218 1,95 6.% Q4 217 1,699 24.6% Q3 217 1,544-12.7% Q2 217 1,886 3.3% Q1 217 1,839.8% Q4 216 1,364-8.8% Q3 216 1,768-3.% Q2 216 1,825-2.5% Q1 216 1,824-8.6% Q4 215 1,496-4.3% Q3 215 1,822 -.3% Q2 215 1,872 1.2% 2,5 2, 1,5 1, 5 Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Months Supply of Inventory Inventory ly Market Detail - Q2 218 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 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. Inventory YTD (Monthly Avg) 1,674 12.8% Q2 218 1,715 13.4% Q1 218 1,65 1.9% Q4 217 1,547 6.3% Q3 217 1,423-11.8% Q2 217 1,512-1.3% Q1 217 1,488-9.7% Q4 216 1,455-9.6% Q3 216 1,614-1.2% Q2 216 1,532-12.2% Q1 216 1,648-13.2% Q4 215 1,61-16.3% Q3 215 1,633-18.% Q2 215 1,744-9.9% 2,5 2, 1,5 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 average of monthly instead. Months Supply YTD (Monthly Avg) 4.2 1.5% Q2 218 4.3 1.3% Q1 218 4.2 1.5% Q4 217 3.9 2.6% Q3 217 3.7-9.8% Q2 217 3.9 2.6% Q1 217 3.8-7.3% Q4 216 3.8-5.% Q3 216 4.1 2.5% Q2 216 3.8-15.6% Q1 216 4.1-18.% Q4 215 4. -24.5% Q3 215 4. -28.6% Q2 215 4.5-18.2% 7. 6. 5. 4. 3. 2. 1.. Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Median Time to Contract ly Market Detail - Q2 218 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 quarter in the previous year), rather than changes from one quarter to the next. 4 35 3 25 2 15 1 5 Less than $5, Q2 217 Q2 218 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 9-25.% $5, - $99,999 44-45.% $1, - $149,999 149-27.% $15, - $199,999 347 5.8% $2, - $249,999 299 3.6% $25, - $299,999 191 9.1% $3, - $399,999 212 22.5% $4, - $599,999 11 4.8% $6, - $999,999 4 5.3% $1,, or more 21 4.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 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. 3 25 2 15 1 5 Less than $5, Q2 217 Q2 218 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 3 Days -6.3% $2, - $249,999 41 Days 28.1% $25, - $299,999 Median Time to Contract Less than $5, 9 Days -69.% $5, - $99,999 34 Days 13.3% $1, - $149,999 21 Days -19.2% 5 Days -18.% $3, - $399,999 62 Days -12.7% $4, - $599,999 63 Days -42.2% $6, - $999,999 158 Days 26.4% $1,, or more 261 Days 41.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
Inventory New Listings ly Market Detail - Q2 218 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. 45 4 35 3 25 2 15 1 5 Less than $5, Q2 217 Q2 218 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 11-35.3% $5, - $99,999 42-44.7% $1, - $149,999 138-28.1% $15, - $199,999 366-13.3% $2, - $249,999 345.6% $25, - $299,999 34 22.6% $3, - $399,999 374 26.4% $4, - $599,999 219 17.7% $6, - $999,999 94 36.2% $1,, or more 6 62.2% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 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 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, Q2 217 Q2 218 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 5 66.7% $5, - $99,999 31-6.1% $1, - $149,999 6-31.% $15, - $199,999 237 2.6% $2, - $249,999 25 14.7% $25, - $299,999 229 16.8% $3, - $399,999 336 22.6% $4, - $599,999 272 29.5% $6, - $999,999 179 11.9% $1,, or more 116 16.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 3 25 2 15 1 5 Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.
ly Distressed Market - Q2 218 Q2 218 Q2 217 Traditional 1,366 1,274 7.2% $229, $22, 4.1% Foreclosure/REO 46 78-41.% $162,45 $138,314 17.5% Short Sale 1 7 42.9% $222,25 $158, 4.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ Data released on Wednesday, August 8, 218. Historical data revised on Friday, September 7, 218. Next data release is Thursday, November 1, 218.