ly Market Detail - September 215 Summary Statistics September 215 September 214 Paid in Cash 22,813 2,553 11.% 7,764 8,6-3.7% $199,9 $18, 11.1% Average Sale Price Dollar Volume $27,724 $247,886 9.2% $6.2 Billion $5.1 Billion 21.3% Median Percent of Original List Price Received 95.6% 94.6% 1.1% Median Time to Contract 48 Days 56 Days -14.3% Median Time to Sale 92 Days 11 Days -8.9% New Pending Sales New Listings 22,321 26,354 22,992-2.9% 26,41 -.2% Pending Inventory 38,37 Inventory (Active Listings) 95,52 s Supply of Inventory 4.3 4,859-6.9% 13,682-8.3% 5.3-18.9% The number of sales transactions which closed during September 215 22,813 11.% August 215 23,166 9.% July 215 26,165 June 215 26,973 May 215 24,426 April 215 24,292 March 215 23,92 February 215 18,78 Economists' note : are one of the simplest yet most 9.3% important indicators for the residential real estate market. When 15.1% comparing across markets of different sizes, we 22.% recommend comparing the percent changes in sales rather than the 15.5% number of sales. (and many other market metrics) are January 215 15,762 8.% affected by seasonal cycles, so actual trends are more accurately December 214 22,3 15.7% represented by year-over-year changes (i.e. comparing a month's sales November 214 17,351 7.% to the amount of sales in the same month in the previous year), rather October 214 21,41 18.3% than changes from one month to the next. September 214 2,553 14.9% 19.% 19.2% 3, 25, 2, 15, 1, 5, Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - September 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 September 215 7,764-3.7% August 215 7,783-5.% July 215 8,533 3.4% June 215 8,991 1.2% May 215 8,474-9.1% April 215 9,21-1.4% March 215 9,267 4.2% February 215 7,652 2.1% January 215 6,85-4.5% December 214 8,437 4.2% November 214 6,812-3.3% October 214 8,51 6.9% September 214 8,6 8.5% 12, 1, 8, 6, 4, 2, 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 September 215 34.% -13.3% August 215 33.6% -13.% July 215 32.6% -13.3% June 215 33.3% -15.3% May 215 34.7% -16.8% April 215 37.1% -14.5% March 215 38.8% -14.5% February 215 42.3% -11.7% January 215 43.2% -11.5% December 214 38.3% -9.9% November 214 39.3% -9.7% October 214 39.7% -9.8% September 214 39.2% -5.5% 6% 5% 4% 3% 2% 1% % Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
Average Sale Price ly Market Detail - September 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 month, and the mix of the types of homes that sell can change over time. September 215 $199,9 11.1% August 215 $199,9 11.1% July 215 $199,999 8.1% June 215 $23, 9.7% May 215 $2, 11.1% April 215 $195, 11.4% March 215 $19, 9.2% February 215 $179,999 9.1% January 215 $174,9 7.3% December 214 $185, 6.9% November 214 $176,11 3.6% October 214 $177, 4.2% September 214 $18, 5.9% $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 September 215 $27,724 9.2% August 215 $266,89 4.1% July 215 $277,17 4.3% June 215 $286,52 4.8% May 215 $287,946 3.5% April 215 $284,733 8.2% March 215 $271,937 5.7% February 215 $261,578.5% January 215 $263,727 5.% December 214 $265,2 5.1% November 214 $25,8 4.2% October 214 $254,319 5.9% September 214 $247,886 2.8% $4K $3K $2K $1K $K Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - September 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 September 215 $6.2 Billion 21.3% August 215 $6.2 Billion 13.5% July 215 $7.2 Billion 24.2% June 215 $7.7 Billion 25.% May 215 $7. Billion 13.2% April 215 $6.9 Billion 24.7% March 215 $6.5 Billion 28.9% February 215 $4.7 Billion 16.2% January 215 $4.1 Billion 13.6% December 214 $5.8 Billion 21.7% November 214 $4.3 Billion 11.7% October 214 $5.4 Billion 25.5% September 214 $5.1 Billion 18.1% $1 B $8 B $6 B $4 B $2 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 Med. Pct. of Orig. List Price Received September 215 95.6% 1.1% August 215 95.7%.9% July 215 95.7%.9% June 215 95.6% 1.% May 215 95.3% 1.1% April 215 95.%.8% March 215 94.8%.7% February 215 94.3%.3% January 215 94.2%.1% December 214 94.5% -.1% November 214 94.5% -.3% lagging indicator. October 214 94.6% -.6% September 214 94.6% -.9% 12% 1% 8% 6% 4% 2% % Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
Median Time to Sale Median Time to Contract ly Market Detail - September 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 September 215 48 Days -14.3% August 215 48 Days -14.3% July 215 48 Days -14.3% June 215 48 Days -14.3% May 215 52 Days -8.8% April 215 54 Days -1.% March 215 62 Days -4.6% February 215 67 Days -1.5% January 215 65 Days 6.6% December 214 58 Days 7.4% November 214 59 Days 13.5% October 214 57 Days 16.3% September 214 56 Days 12.% 12 1 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 September 215 92 Days -8.9% August 215 93 Days -7.9% July 215 93 Days -7.9% June 215 95 Days -5.9% May 215 97 Days -4.% April 215 97 Days -5.8% March 215 16 Days -3.6% February 215 19 Days -3.5% January 215 111 Days 1.8% December 214 13 Days.% November 214 12 Days 4.1% October 214 1 Days 4.2% September 214 11 Days 2.% 2 15 1 5 Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
New Listings Pending Sales ly Market Detail - September 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 September 215 22,321-2.9% August 215 24,159 1.9% July 215 25,296 4.3% June 215 26,676 1.% May 215 26,81 2.7% April 215 28,424 6.5% March 215 29,79 1.6% February 215 25,37 11.7% January 215 24,432 8.2% December 214 18,773 6.7% November 214 19,987 5.% October 214 23,314 5.9% September 214 22,992 12.9% 4, 3, 2, 1, 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 September 215 26,354 -.2% August 215 27,133.3% July 215 29,167 4.1% June 215 3,92 1.4% May 215 29,75 1.4% April 215 3,477 4.9% March 215 31,595 8.5% February 215 28,163 4.7% January 215 3,422 7.8% December 214 21,43 4.6% November 214 22,86-1.7% October 214 28,298 3.2% September 214 26,41 4.6% 4, 3, 2, 1, Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
s Supply of Inventory Inventory ly Market Detail - September 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. 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 September 215 95,52-8.3% August 215 95,841-7.4% July 215 97,76-6.8% June 215 98,57-5.4% May 215 99,925-4.3% April 215 11,547-3.4% March 215 13,76-1.2% February 215 15,117 -.7% January 215 15,584 2.2% December 214 12,28 1.5% November 214 14,685 3.% October 214 14,831 6.% September 214 13,682 8.3% 2, 15, 1, 5, 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 September 215 4.3-18.9% August 215 4.4-18.5% July 215 4.5-18.2% June 215 4.6-16.4% May 215 4.7-14.5% April 215 4.8-14.3% March 215 5. -1.7% February 215 5.2-7.1% January 215 5.2-5.5% December 214 5.1-5.6% November 214 5.3-1.9% October 214 5.3.% September 214 5.3 3.9% 12. 1. 8. 6. 4. 2.. Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
Median Time to Contract ly Market Detail - September 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 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. September 214 September 215 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 91-28.1% $5, - $99,999 2,479-16.9% $1, - $149,999 3,843 1.6% $15, - $199,999 4,223 19.9% $2, - $249,999 3,242 28.7% $25, - $299,999 2,33 24.5% $3, - $399,999 2,711 28.1% $4, - $599,999 1,799 24.7% $6, - $999,999 799 12.2% $1,, or more 486 38.1% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4,5 4, 3,5 3, 2,5 2, 1,5 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. 18 16 14 12 1 8 6 4 2 Less than $5, September 214 September 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 36-23.4% $2, - $249,999 45-19.6% $25, - $299,999 Median Time to Contract Less than $5, 57-1.7% $5, - $99,999 42-19.2% $1, - $149,999 38-22.4% 51-12.1% $3, - $399,999 57-9.5% $4, - $599,999 63-11.3% $6, - $999,999 96-2.% $1,, or more 151-2.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
Inventory New Listings ly Market Detail - September 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. 5, 4, 3, 2, 1, September 214 September 215 Initial Listing Price New Listings Less than $5, 783-36.7% $5, - $99,999 2,42-25.4% $1, - $149,999 3,729-15.8% $15, - $199,999 4,654 6.4% $2, - $249,999 3,413 11.% $25, - $299,999 2,962 15.1% $3, - $399,999 3,412 1.7% $4, - $599,999 2,624 16.1% $6, - $999,999 1,393 12.4% $1,, or more 964 7.5% 5, 4, 3, 2, 1, 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 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. 16, 14, 12, 1, 8, 6, 4, 2, Less than $5, September 214 September 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 2,21-38.% $5, - $99,999 7,132-32.3% $1, - $149,999 9,93-27.3% $15, - $199,999 12,658-13.1% $2, - $249,999 1,699-5.1% $25, - $299,999 9,839 -.7% $3, - $399,999 13,17 3.1% $4, - $599,999 12,164 6.8% $6, - $999,999 8,572 8.8% $1,, or more 8,75 6.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16, 14, 12, 1, 8, 6, 4, 2, Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.
ly Distressed Market - September 215 September 215 September 214 Traditional 18,381 14,724 24.8% $216,5 $21, 3.1% Foreclosure/REO 3,644 4,584-2.5% $13, $113,3 14.7% Short Sale 788 1,245-36.7% $147, $138, 6.5% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ Data released on Thursday, October 22, 215. Data revised on Friday, February 26, 216. Next data release is Monday, November 23, 215.