ly Market Detail - March 218 Summary Statistics March 218 March 217 Paid in Cash 1,338 1,495-1.5% 31 339-11.2% $35,5 $331, 5.9% Average Sale Price Dollar Volume $432,1 $436,942-1.1% $578. Million $653.2 Million -11.5% Median Percent of Original List Price Received 95.9% 95.8%.1% Median Time to Contract 41 Days 43 Days -4.7% Median Time to Sale 83 Days 91 Days -8.8% New Pending Sales New Listings 1,76 2,121 1,982-11.2% 2,165-2.% Pending Inventory 3,116 Inventory (Active Listings) 5,31 s Supply of Inventory 4.1 3,468-1.1% 5,411-1.9% 3.8 7.9% 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. Year-to-Date March 218 3,341 1,338-3.6% -1.5% February 218 1,24 3.6% January 218 979 -.3% December 217 1,291-8.8% November 217 1,115-11.3% October 217 1,21-3.5% September 217 964-32.3% August 217 1,524-8.1% July 217 1,493-1.5% June 217 1,692-6.3% May 217 1,58-9.1% April 217 1,4-4.3% March 217 1,495 3.8% 2, 214 215 216 217 1,5 1, 5 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Market Detail - March 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 inancing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. Cash Sales Year-to-Date 784-12.5% March 218 31-11.2% February 218 263-4.7% January 218 22-21.7% December 217 299-8.8% November 217 218-28.3% October 217 252-18.2% September 217 229-32.8% August 217 325-15.4% July 217 38-15.8% June 217 341-23.2% May 217 349-23.% April 217 299-2.9% March 217 339-17.5% Cash Sales 6 5 4 3 2 1 214 215 216 217 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 inancing, such as mortgages, owner/seller inancing, assumed loans, etc. Percent of Closed Sales Paid in Cash Year-to-Date 23.5% -9.3% March 218 22.5% -.9% February 218 25.7% -7.9% January 218 22.5% -21.3% December 217 23.2%.% November 217 19.6% -19.% October 217 21.% -15.3% September 217 23.8% -.8% August 217 21.3% -8.2% July 217 2.6% -14.9% June 217 2.2% -17.9% May 217 22.1% -15.3% April 217 21.4% -17.1% March 217 22.7% -2.4% Pct. of Paid in Cash 6% 5% 4% 3% 2% 1% % 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Market Detail - March 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 re lects the values of the homes that sold each month, and the mix of the types of homes that sell can change over time. Year-to-Date $345, 8.2% March 218 $35,5 5.9% February 218 $335, 1.7% January 218 $345, 1.8% December 217 $34, 6.3% November 217 $35, 1.1% October 217 $335, 3.1% September 217 $357,6 1.% August 217 $35, 7.7% July 217 $35, 9.4% June 217 $355, 9.2% May 217 $335, 8.1% April 217 $33, 6.5% March 217 $331, 1.9% $4K $3K $2K $1K $K 214 215 216 217 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 $439,948 7.4% March 218 $432,1-1.1% February 218 $437,771 1.3% January 218 $453,87 18.8% December 217 $444,64 12.1% November 217 $427,257 1.2% October 217 $42,288 5.5% September 217 $433,148 14.% August 217 $444,424 15.8% July 217 $427,752 9.6% June 217 $426,34 12.8% May 217 $48,579 7.9% April 217 $397,5 5.% March 217 $436,942 15.3% Average Sale Price $5K $4K $3K $2K $1K $K 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Market Detail - March 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 $1.5 Billion 3.5% March 218 $578. Million -11.5% February 218 $448.3 Million 14.3% January 218 $443.6 Million 18.4% December 217 $574. Million 2.2% November 217 $476.4 Million -2.3% October 217 $54.8 Million 1.8% September 217 $417.6 Million -22.8% August 217 $677.3 Million 6.4% July 217 $638.6 Million 8.% June 217 $721.3 Million 5.7% May 217 $645.6 Million -1.9% April 217 $555.8 Million.5% March 217 $653.2 Million 19.7% $8 M 214 215 216 217 Volume Dollar $6 M $4 M $2 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 95.7%.% March 218 95.9%.1% February 218 96.%.2% January 218 95.4%.1% December 217 95.7%.% November 217 95.8% -.1% October 217 96.%.% September 217 96.% -.1% August 217 96.3%.1% July 217 96.% -.5% June 217 96.1%.% May 217 96.%.% April 217 96.1%.6% March 217 95.8%.2% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Market Detail - March 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 -2.2% March 218 41 Days -4.7% February 218 44 Days -12.% January 218 49 Days 8.9% December 217 43 Days -2.3% November 217 5 Days 16.3% October 217 42 Days -2.3% September 217 36 Days -2.7% August 217 35 Days -5.4% July 217 37 Days 2.8% June 217 37 Days -2.6% May 217 38 Days -9.5% April 217 39 Days -11.4% March 217 43 Days -12.2% Median Time to Contract 7 6 5 4 3 2 1 214 215 216 217 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 -7.4% March 218 83 Days -8.8% February 218 85 Days -9.6% January 218 93 Days -1.1% December 217 81 Days -1.% November 217 94 Days.% October 217 9 Days -3.2% September 217 84 Days -1.2% August 217 78 Days -1.3% July 217 81 Days -8.% June 217 83 Days -8.8% May 217 81 Days -1.% April 217 84 Days -9.7% March 217 91 Days -8.1% Median Time to Sale 12 1 8 6 4 2 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Market Detail - March 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 inancing for homebuyers and the inventory of distressed properties for sale. New Pending Sales Year-to-Date 4,756-6.7% March 218 1,76-11.2% February 218 1,572-3.% January 218 1,424-4.9% December 217 1,19-5.2% November 217 1,351-5.6% October 217 1,48-2.1% September 217 96-4.% August 217 1,724-8.4% July 217 1,76-2.8% June 217 1,846-4.% May 217 1,813-7.9% April 217 1,767-15.3% March 217 1,982-9.7% 2,5 214 215 216 217 Pending Sales 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 6,136 1.3% March 218 2,121-2.% February 218 2,8 8.4% January 218 2,7-1.5% December 217 1,236-6.2% November 217 1,615-4.4% October 217 1,785 8.1% September 217 1,85-38.9% August 217 1,913-5.1% July 217 1,969 -.2% June 217 2,47-1.9% May 217 2,217 2.4% April 217 1,941-9.2% March 217 2,165-5.2% 2,5 214 215 216 217 New Listings 2, 1,5 1, 5 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Market Detail - March 218 Inventory (Active Listings) The number of property listings active at the end of Economists' note : There are a number of ways to de ine 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 YTD (ly Avg) 5,224-4.5% March 218 5,31-1.9% February 218 5,27-4.3% January 218 5,91-7.2% December 217 4,74-7.4% November 217 5,64-5.3% October 217 5,19-4.3% September 217 5,85-4.8% August 217 5,211-3.4% July 217 5,351-1.6% June 217 5,357-2.4% May 217 5,521-3.9% April 217 5,452-2.7% March 217 5,411-6.9% Inventory 7, 6, 5, 4, 3, 2, 1, 214 215 216 217 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 YTD (ly Avg) 4. 5.3% March 218 4.1 7.9% February 218 4. 2.6% January 218 3.9 2.6% December 217 3.6.% November 217 3.8 2.7% October 217 3.8 2.7% September 217 3.8 2.7% August 217 3.8 2.7% July 217 3.9 2.6% June 217 3.9 2.6% May 217 4..% April 217 3.9.% March 217 3.8-7.3% s Supply of Inventory 6. 5. 4. 3. 2. 1.. 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Median Time to Contract ly Market Detail - March 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 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. 45 4 35 3 25 2 15 1 5 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, Less than $5, March 217 March 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 March 217 March 218 $15, - $199,999 $2, - $249,999 $2, - $249,999 $25, - $299,999 Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during $25, - $299,999 Sale Price $1, - $149,999 33-57.7% $15, - $199,999 86-41.5% $2, - $249,999 157-16.9% $25, - $299,999 172-8.5% $3, - $399,999 43 3.9% $4, - $599,999 294-7.8% $6, - $999,999 129 27.7% $1,, or more 57-12.3% Sale Price $15, - $199,999 31 Days -11.4% $2, - $249,999 34 Days.% $25, - $299,999 Median Time to Contract Less than $5, 19 Days -75.6% $5, - $99,999 167 Days 1291.7% $1, - $149,999 Less than $5, 6-33.3% $5, - $99,999 1-9.9% $3, - $399,999 27 Days 3.8% 32 Days -13.5% $3, - $399,999 31 Days -6.1% $4, - $599,999 5 Days.% $6, - $999,999 99 Days -6.6% $1,, or more 157 Days -6.5% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 45 4 35 3 25 2 15 1 5 18 16 14 12 1 8 6 4 2 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
New Listings Inventory ly Market Detail - March 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. 6 5 4 3 2 1 Economists' note : There are a number of ways to de ine 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. 1,4 1,2 1, 8 6 4 2 Less than $5, Less than $5, March 217 March 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 March 217 March 218 $15, - $199,999 $2, - $249,999 Inventory by Current Listing Price The number of property listings active at the end of $2, - $249,999 $25, - $299,999 $25, - $299,999 Initial Listing Price $5, - $99,999 8-42.9% $1, - $149,999 38-47.2% $15, - $199,999 127-31.% $2, - $249,999 194-9.8% $25, - $299,999 268-3.9% $3, - $399,999 549 6.% $4, - $599,999 499 2.7% $6, - $999,999 272 12.4% $1,, or more 164 11.6% Current Listing Price New Listings Inventory Less than $5, 2-75.% $3, - $399,999 Less than $5, 1-75.% $5, - $99,999 9-55.% $1, - $149,999 51-46.3% $15, - $199,999 229-2.8% $2, - $249,999 365-2.4% $25, - $299,999 453-2.8% $3, - $399,999 969-1.4% $4, - $599,999 1,222-1.1% $6, - $999,999 951 2.1% $1,, or more 1,6 4.5% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 6 5 4 3 2 1 1,4 1,2 1, 8 6 4 2 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Distressed Market - March 218 March 218 March 217 Traditional 1,276 1,356-5.9% $355, $335, 6.% Foreclosure/REO 47 96-51.% $32,617 $275,25 9.9% Short Sale 15 43-65.1% $28, $29, -3.4% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $4, 214 215 216 217 Traditional Foreclosure/REO Short Sale $35, $3, $25, $2, $15, $1, $5, $ 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.