ly Market Detail - Q2 216 Summary Statistics Q2 216 Q2 215 Paid in Cash 4,725 4,598 2.8% 2,894 3,68-5.7% $142, $131, 8.4% Average Sale Price Dollar Volume $191,675 $189,36 1.3% $95.7 Million $87.4 Million 4.% Median Percent of Original List Price Received 93.7% 92.9%.9% Median Time to Contract 57 Days 62 Days -8.1% Median Time to Sale 11 Days 16 Days -4.7% New Pending Sales New Listings 5,637 6,382 5,628.2% 6,432 -.8% Pending Inventory 3,39 Inventory (Active Listings) 8,642 Months Supply of Inventory 6.1 3,743-9.4% 8,488 1.8% 6.1.% 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. Q2 216 4,725 2.8% Q1 216 3,843 -.4% Q4 215 4,7 Q3 215 4,423 Q2 215 4,598 Q1 215 3,86 Q4 214 4,27 Q3 214 4,126 Q2 214 4,491 Q1 214 3,719 Q4 213 3,894 Q3 213 4,276 Q2 213 4,661 -.5% 7.2% 2.4% 3.8% 3.4% -3.5% -3.6% -4.9% -3.% 7.7% 2.6% 5, 4, 3, 2, 1, 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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 Q2 216 2,894-5.7% Q1 216 2,521-8.7% Q4 215 2,77-4.6% Q3 215 2,826-2.6% Q2 215 3,68-5.9% Q1 215 2,762-3.% Q4 214 2,838-2.7% Q3 214 2,91-8.4% Q2 214 3,261-11.8% Q1 214 2,846-1.4% Q4 213 2,918-9.5% Q3 213 3,167 -.1% Q2 213 3,699.% 4, 212 213 214 215 Cash Sales 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 Q2 216 61.2% -8.2% Q1 216 65.6% -8.4% Q4 215 67.6% -4.1% Q3 215 63.9% -9.1% Q2 215 66.7% -8.1% Q1 215 71.6% -6.4% Q4 214 7.5% -5.9% Q3 214 7.3% -5.1% Q2 214 72.6% -8.6% Q1 214 76.5% -5.8% Q4 213 74.9% -6.7% Q3 213 74.1% -7.3% Q2 213 79.4% -2.5% Pct. of Closed Sales Paid in Cash 1% 8% 6% 4% 2% % 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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. Q2 216 $142, 8.4% Q1 216 $134,9 6.2% Q4 215 $129, 3.2% Q3 215 $135, 7.1% Q2 215 $131, 4.8% Q1 215 $127, 5.8% Q4 214 $125, 5.9% Q3 214 $126, 14.5% Q2 214 $125, 19.% Q1 214 $12, 29.% Q4 213 $118, 28.3% Q3 213 $11, 28.7% Q2 213 $15, 23.5% $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 Q2 216 $191,675 1.3% Q1 216 $185,328 1.1% Q4 215 $181,315 5.4% Q3 215 $184,645 4.4% Q2 215 $189,36 3.2% Q1 215 $183,234 7.4% Q4 214 $172,53 2.3% Q3 214 $176,96 11.1% Q2 214 $183,372 15.% Q1 214 $17,63 17.% Q4 213 $168,167 19.3% Q3 213 $159,2 21.9% Q2 213 $159,5 17.2% Average Sale Price $25K $2K $15K $1K $5K $K 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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 Q2 216 $95.7 Million 4.% Q1 216 $712.2 Million.7% Q4 215 $726.5 Million 4.9% Q3 215 $816.7 Million 11.9% Q2 215 $87.4 Million 5.7% Q1 215 $77.3 Million 11.5% Q4 214 $692.9 Million 5.8% Q3 214 $729.9 Million 7.2% Q2 214 $823.5 Million 1.8% Q1 214 $634.6 Million 11.3% Q4 213 $654.8 Million 15.7% Q3 213 $68.7 Million 31.3% Q2 213 $743.4 Million 2.2% Dollar Volume $1 B $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 lagging indicator. Med. Pct. of Orig. List Price Received Q2 216 93.7%.9% Q1 216 93.5%.5% Q4 215 93.7%.5% Q3 215 93.6%.1% Q2 215 92.9% -.7% Q1 215 93.% -.6% Q4 214 93.2% -1.5% Q3 214 93.5% -1.9% Q2 214 93.6% -.7% Q1 214 93.6% -.3% Q4 213 94.6%.4% Q3 213 95.3% 1.2% Q2 213 94.3% 1.7% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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 Q2 216 57 Days -8.1% Q1 216 62 Days -1.6% Q4 215 63 Days -1.6% Q3 215 63 Days 6.8% Q2 215 62 Days 14.8% Q1 215 63 Days 14.5% Q4 214 64 Days 42.2% Q3 214 59 Days 37.2% Q2 214 54 Days 22.7% Q1 214 55 Days 5.8% Q4 213 45 Days -8.2% Q3 213 43 Days -8.5% Q2 213 44 Days -1.2% Median Time to Contract 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 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 Q2 216 11 Days -4.7% Q1 216 17 Days -1.8% Q4 215 15 Days -2.8% Q3 215 18 Days 2.9% Q2 215 16 Days 7.1% Q1 215 19 Days 4.8% Q4 214 18 Days 13.7% Q3 214 15 Days 9.4% Q2 214 99 Days 2.1% Q1 214 14 Days -3.7% Q4 213 95 Days -13.6% Q3 213 96 Days -14.3% Q2 213 97 Days -9.3% Median Time to Sale 15 1 5 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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 Q2 216 5,637.2% Q1 216 5,489-5.1% Q4 215 4,716-3.3% Q3 215 5,343 1.9% Q2 215 5,628 1.4% Q1 215 5,786 2.1% Q4 214 4,877.8% Q3 214 5,242-3.6% Q2 214 5,549-7.1% Q1 214 5,665-7.5% Q4 213 4,838-9.7% Q3 213 5,439 3.7% Q2 213 5,971.6% Pending Sales 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 Q2 216 6,382 -.8% Q1 216 8,53 8.4% Q4 215 6,258 1.8% Q3 215 6,113-3.6% Q2 215 6,432.3% Q1 215 7,43 5.% Q4 214 6,149 1.9% Q3 214 6,338 2.7% Q2 214 6,414 5.5% Q1 214 7,75 11.4% Q4 213 6,33 12.1% Q3 213 6,174 16.7% Q2 213 6,81 3.7% New Listings 1, 8, 6, 4, 2, 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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 Q2 216 8,642 1.8% Q1 216 9,67 8.5% Q4 215 8,377 1.% Q3 215 8,16 -.3% Q2 215 8,488 9.% Q1 215 8,858 12.8% Q4 214 8,29 17.% Q3 214 8,41 27.1% Q2 214 7,789 33.8% Q1 214 7,856 3.5% Q4 213 7,88 17.5% Q3 213 6,325 7.2% Q2 213 5,823-4.9% Inventory 12, 1, 8, 6, 4, 2, 212 213 214 215 Months Supply of Inventory An estimate of the number of months it willtake 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 Q2 216 6.1.% Q1 216 6.8 6.2% Q4 215 6. -1.6% Q3 215 5.7-3.4% Q2 215 6.1 7.% Q1 215 6.4 12.3% Q4 214 6.1 19.6% Q3 214 5.9 31.1% Q2 214 5.7 35.7% Q1 214 5.7 29.5% Q4 213 5.1 15.9% Q3 213 4.5 2.3% average of monthly instead. Q2 213 4.2-8.7% Months Supply of Inventory 8. 6. 4. 2.. 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Market Detail - Q2 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. 1,4 1,2 1, 8 6 4 2 Less than $5, Q2 215 Q2 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 376-16.3% $5, - $99,999 1,99-8.3% $1, - $149,999 993 4.5% $15, - $199,999 74 11.3% $2, - $249,999 562 29.8% $25, - $299,999 316 11.7% $3, - $399,999 29 1.3% $4, - $599,999 184 2.2% $6, - $999,999 115 5.5% $1,, or more 5-26.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,4 1,2 1, 8 6 4 2 Median Time to Contract 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, Q2 215 Q2 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 44 Days -15.4% $2, - $249,999 42 Days -16.% $25, - $299,999 Median Time to Contract Less than $5, 81 Days 14.1% $5, - $99,999 59 Days.% $1, - $149,999 54 Days -1.% 58 Days -7.9% $3, - $399,999 87 Days 2.4% $4, - $599,999 73 Days -3.5% $6, - $999,999 137 Days 75.6% $1,, or more 94 Days -31.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16 14 12 1 8 6 4 2 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
New Listings ly Market Detail - Q2 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. 1,8 1,6 1,4 1,2 1, 8 6 4 2 Less than $5, Q2 215 Q2 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 328-22.3% $5, - $99,999 1,223-2.6% $1, - $149,999 1,229-6.4% $15, - $199,999 1,42.1% $2, - $249,999 765 23.2% $25, - $299,999 525 18.2% $3, - $399,999 533 19.8% $4, - $599,999 398 32.7% $6, - $999,999 199 8.7% $1,, or more 14 13.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,8 1,6 1,4 1,2 1, 8 6 4 2 Inventory 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. 2,5 2, 1,5 1, 5 Q2 215 Q2 216 Current Listing Price Inventory Less than $5, 379-39.4% $5, - $99,999 1,632-2.7% $1, - $149,999 1,456-9.3% $15, - $199,999 1,113 4.3% $2, - $249,999 81 23.% $25, - $299,999 72 18.4% $3, - $399,999 858 22.4% $4, - $599,999 782 47.3% $6, - $999,999 51 38.6% $1,, or more 49 41.5% 2,5 2, 1,5 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 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.
ly Distressed Market - Q2 216 Q2 216 Q2 215 Traditional 4,146 3,61 15.1% $149,5 $145, 3.1% Foreclosure/REO 52 856-41.4% $18, $9, 2.% Short Sale 77 141-45.4% $12,474 $125, -3.6% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $16, 211 212 213 214 215 Traditional Foreclosure/REO Short Sale $14, $12, $1, $8, $6, $4, $2, $ 211 212 213 214 215 Data released on Wednesday, August 1, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Thursday, November 3, 216.