ly Market Detail - November 218 Summary Statistics November 218 November 217 Paid in Cash 833 79 5.4% 215 194 1.8% $22, $218,.9% Average Sale Price Dollar Volume $235,16 $226,72 3.7% $195.9 Million $179.1 Million 9.4% Median Percent of Original List Price Received 96.2% 97.1% -.9% Median Time to Contract 33 Days 31 Days 6.5% Median Time to Sale 78 Days 82 Days -4.9% New Pending Sales New Listings 761 978 796-4.4% 923 6.% Pending Inventory 1,38 Inventory (Active Listings) 2,62 s Supply of Inventory 2.9 1,145-9.3% 2,291 14.4% 2.6 11.5% 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 9,83 2.9% November 218 833 5.4% October 218 884 11.6% September 218 789 8.1% August 218 95.8% July 218 941-4.8% June 218 1,79.7% May 218 1,143 7.8% April 218 895-2.3% March 218 942-3.1% February 218 727 8.% January 218 647 5.4% December 217 886 5.4% November 217 79 4.9% 1,4 1,2 1, 8 6 4 2 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Pct. of Paid in Cash Cash Sales ly Market Detail - November 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 2,467-4.3% November 218 215 1.8% October 218 213-3.6% September 218 198 5.9% August 218 242.4% July 218 235-9.6% June 218 246-5.4% May 218 265-8.% April 218 216-11.5% March 218 231-13.5% February 218 197-7.1% January 218 29 3.% December 217 232-11.8% November 217 194-14.2% 5 214 215 216 217 218 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 month involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash Year-to-Date 25.1% -7.% November 218 25.8% 4.9% October 218 24.1% -13.6% September 218 25.1% -2.% August 218 25.5% -.4% July 218 25.% -4.9% June 218 22.8% -6.2% May 218 23.2% -14.7% April 218 24.1% -9.4% March 218 24.5% -1.9% February 218 27.1% -14.% January 218 32.3% -2.4% December 217 26.2% -16.3% November 217 24.6% -18.% 6% 5% 4% 3% 2% 1% % 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Average Sale Price ly Market Detail - November 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 month, and the mix of the types of homes that sell can change over time. Year-to-Date $215, 7.5% November 218 $22,.9% October 218 $215, 7.5% September 218 $215,9 5.% August 218 $223,25 6.3% July 218 $216, 2.9% June 218 $222, 9.4% May 218 $215, 4.9% April 218 $217,735 16.4% March 218 $28,5 9.8% February 218 $219,44 17.3% January 218 $186,4 5.3% December 217 $215, 12.% November 217 $218, 16.4% $25K $2K $15K $1K $5K $K 214 215 216 217 218 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 $231,86 7.4% November 218 $235,16 3.7% October 218 $234,736 5.7% September 218 $228,86 2.% August 218 $234,174 4.3% July 218 $233,553 5.% June 218 $237,463 8.% May 218 $231,269 6.7% April 218 $229,449 12.8% March 218 $228,8 1.4% February 218 $233,479 15.3% January 218 $28,44 1.1% December 217 $232,835 11.7% November 217 $226,72 11.9% $25K $2K $15K $1K $5K $K 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - November 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 $2.3 Billion 1.5% November 218 $195.9 Million 9.4% October 218 $27.5 Million 17.9% September 218 $18.6 Million 1.3% August 218 $222.5 Million 5.2% July 218 $219.8 Million.% June 218 $256.2 Million 8.7% May 218 $264.3 Million 15.% April 218 $25.4 Million 1.2% March 218 $214.9 Million 7.% February 218 $169.7 Million 24.6% January 218 $134.9 Million 16.1% December 217 $26.3 Million 17.7% November 217 $179.1 Million 17.4% $3 M $25 M $2 M $15 M $1 M $5 M $ 214 215 216 217 218 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 97.%.3% November 218 96.2% -.9% October 218 96.5% -.2% September 218 96.8% -.1% August 218 97.1%.3% July 218 97.%.2% June 218 97.3%.3% May 218 97.2%.5% April 218 97.3%.7% March 218 96.7%.% February 218 97.1%.9% January 218 96.4% 1.2% December 217 96.6%.4% November 217 97.1%.5% 12% 1% 8% 6% 4% 2% % 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Median Time to Sale Median Time to Contract ly Market Detail - November 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 31 Days 1.7% November 218 33 Days 6.5% October 218 36 Days 16.1% September 218 28 Days 12.% August 218 27 Days 22.7% July 218 28 Days 7.7% June 218 29 Days 26.1% May 218 28 Days -3.4% April 218 3 Days 15.4% March 218 35 Days.% February 218 39 Days 2.6% January 218 35 Days -16.7% December 217 33 Days 6.5% November 217 31 Days 14.8% 8 214 215 216 217 218 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 75 Days 1.4% November 218 78 Days -4.9% October 218 77 Days -3.8% September 218 69 Days -4.2% August 218 67 Days -2.9% July 218 72 Days 4.3% June 218 73 Days 4.3% May 218 73 Days -2.7% April 218 74 Days 5.7% March 218 79 Days 1.3% February 218 84 Days 2.4% January 218 82 Days -2.4% December 217 71 Days -5.3% November 217 82 Days 12.3% 14 12 1 8 6 4 2 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
New Listings Pending Sales ly Market Detail - November 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 1,743.4% November 218 761-4.4% October 218 89-13.% September 218 881 45.6% August 218 1,9 -.3% July 218 989 5.1% June 218 949-13.4% May 218 1,131 2.3% April 218 1,163 4.1% March 218 1,73-4.5% February 218 996 3.1% January 218 91-1.9% December 217 752 3.9% November 217 796 5.% 1,4 1,2 1, 8 6 4 2 214 215 216 217 218 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 12,96 4.9% November 218 978 6.% October 218 1,68 -.2% September 218 1,9 4.7% August 218 1,72-2.2% July 218 1,94 2.7% June 218 1,151-1.3% May 218 1,231 5.7% April 218 1,161 11.5% March 218 1,22-3.5% February 218 1,38 3.9% January 218 1,92 4.2% December 217 787 4.2% November 217 923 4.5% 1,4 1,2 1, 8 6 4 2 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
s Supply of Inventory Inventory ly Market Detail - November 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 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) 2,399 6.4% November 218 2,62 14.4% October 218 2,537 14.4% September 218 2,476 9.4% August 218 2,416 8.4% July 218 2,472 9.5% June 218 2,427 9.3% May 218 2,36 4.5% April 218 2,265 3.5% March 218 2,251-4.% February 218 2,29.9% January 218 2,334 1.1% December 217 2,224.5% November 217 2,291 -.4% 3,5 3, 2,5 2, 1,5 1, 5 214 215 216 217 218 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) 2.7 3.8% November 218 2.9 11.5% October 218 2.9 11.5% September 218 2.8 7.7% August 218 2.8 7.7% July 218 2.8 7.7% June 218 2.8 7.7% May 218 2.6.% April 218 2.6.% March 218 2.6-7.1% February 218 2.6-3.7% January 218 2.7.% December 217 2.6.% November 217 2.6-3.7% 6. 5. 4. 3. 2. 1.. 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Median Time to Contract ly Market Detail - November 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. 18 16 14 12 1 8 6 4 2 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, November 217 November 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 November 217 November 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 Less than $5, 8 14.3% $5, - $99,999 8-2.4% $1, - $149,999 152 4.1% $15, - $199,999 124 1.7% $2, - $249,999 14-7.9% $25, - $299,999 11-3.5% $3, - $399,999 154 23.2% $4, - $599,999 54 22.7% $6, - $999,999 11 37.5% $1,, or more N/A $3, - $399,999 Sale Price $5, - $99,999 18 Days -21.7% $1, - $149,999 Median Time to Contract Less than $5, 28 Days -5.9% 29 Days 2.8% $15, - $199,999 32 Days 39.1% $2, - $249,999 43 Days 26.5% $25, - $299,999 43 Days 2.4% $3, - $399,999 58 Days.% $4, - $599,999 55 Days 83.3% $6, - $999,999 Days -1.% $1,, or more (No Sales) N/A $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 18 16 14 12 1 8 6 4 2 18 16 14 12 1 8 6 4 2 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Inventory New Listings ly Market Detail - November 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. 2 18 16 14 12 1 8 6 4 2 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. 6 5 4 3 2 1 Less than $5, Less than $5, November 217 November 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 November 217 November 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 New Listings Less than $5, 5.% $5, - $99,999 6-36.2% $1, - $149,999 172-1.1% $15, - $199,999 14-2.1% $2, - $249,999 16 12.7% $25, - $299,999 162 25.6% $3, - $399,999 182 31.9% $4, - $599,999 75-3.8% $6, - $999,999 17-1.5% $1,, or more 5 4.% $3, - $399,999 Current Listing Price Inventory Less than $5, 11 37.5% $5, - $99,999 12-12.4% $1, - $149,999 415 12.5% $15, - $199,999 3 16.7% $2, - $249,999 416 17.8% $25, - $299,999 384 1.3% $3, - $399,999 493 19.1% $4, - $599,999 339 2.2% $6, - $999,999 115 17.3% $1,, or more 27 8.% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 2 18 16 14 12 1 8 6 4 2 6 5 4 3 2 1 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
ly Distressed Market - November 218 November 218 November 217 Traditional 81 756 6.% $223, $22, 1.4% Foreclosure/REO 24 25-4.% $163,438 $132, 23.8% Short Sale 8 9-11.1% $159,25 $91, 75.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, 214 215 216 217 218 Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ 214 215 216 217 218 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.