ly Market Detail - Q3 215 Summary Statistics Q3 215 Q3 214 Paid in Cash 28,458 26,35 8.2% 16,918 17,16 -.6% $15, $138, 8.7% Average Sale Price Dollar Volume $221,755 $213,948 3.6% $6.3 Billion $5.6 Billion 12.1% Median Percent of Original List Price Received 94.3% 93.8%.5% Median Time to Contract 58 Days 63 Days -7.9% Median Time to Sale 12 Days 17 Days -4.7% New Pending Sales New Listings 29,981 35,387 3,365-1.3% 35,896-1.4% Pending Inventory 16,2 Inventory (Active Listings) 48,231 17,714-9.6% 5,855-5.2% Months Supply of Inventory 5.1 5.7-1.5% 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 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. Q3 215 28,458 8.2% Q2 215 32,566 6.6% Q1 215 26,116 Q4 214 25,811 Q3 214 26,35 Q2 214 3,552 Q1 214 24,767 Q4 213 24,665 Q3 213 27,726 Q2 213 32,18 Q1 213 25,121 Q4 212 25,189 Q3 212 24,478 5.4% 4.6% -5.1% -4.8% -1.4% -2.1% 13.3% 9.1% 3.6% 14.7% 3.3% 4, 3, 2, 1, Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - Q3 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 Q3 215 16,918 -.6% Q2 215 2,522-1.3% Q1 215 17,79 -.2% Q4 214 16,796-1.2% Q3 214 17,16-1.2% Q2 214 2,782-1.3% Q1 214 17,821-5.8% Q4 213 17,6-8.5% Q3 213 18,958 5.6% Q2 213 23,156 4.2% Q1 213 18,917.% Q4 212 18,595 12.8% Q3 212 17,95 2.6% 25, 2, 15, 1, 5, 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 Q3 215 59.4% -8.2% Q2 215 63.% -7.4% Q1 215 68.1% -5.4% Q4 214 65.1% -5.5% Q3 214 64.7% -5.4% Q2 214 68.% -5.7% Q1 214 72.% -4.4% Q4 213 68.9% -6.6% Q3 213 68.4% -6.7% Q2 213 72.1% -4.5% Q1 213 75.3% -3.6% Q4 212 73.8% -1.6% Q3 212 73.3% -.7% 1% 8% 6% 4% 2% % Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Average Sale Price ly Market Detail - Q3 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 quarter, and the mix of the types of homes that sell can change over time. Q3 215 $15, 8.7% Q2 215 $155, 1.7% Q1 215 $145, 7.5% Q4 214 $142, 7.6% Q3 214 $138, 6.2% Q2 214 $14, 8.9% Q1 214 $134,9 17.3% Q4 213 $132, 18.4% Q3 213 $13, 23.8% Q2 213 $128,55 16.9% Q1 213 $115, 17.3% Q4 212 $111,5 23.8% Q3 212 $15, 16.7% $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 Q3 215 $221,755 3.6% Q2 215 $242,583 3.5% Q1 215 $23,452 5.5% Q4 214 $22,66 8.7% Q3 214 $213,948 4.6% Q2 214 $234,288 8.6% Q1 214 $218,336 16.2% Q4 213 $22,93 8.% Q3 213 $24,573 18.2% Q2 213 $215,735 11.9% Q1 213 $187,925 12.3% Q4 212 $187,966 2.1% Q3 212 $173,18 11.1% $3K $25K $2K $15K $1K $5K $K Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - Q3 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 Q3 215 $6.3 Billion 12.1% Q2 215 $7.9 Billion 1.4% Q1 215 $6. Billion 11.4% Q4 214 $5.7 Billion 13.8% Q3 214 $5.6 Billion -.7% Q2 214 $7.1 Billion 3.3% Q1 214 $5.4 Billion 14.5% Q4 213 $5. Billion 5.7% Q3 213 $5.7 Billion 33.8% Q2 213 $6.9 Billion 22.1% Q1 213 $4.7 Billion 16.4% Q4 212 $4.7 Billion 37.7% Q3 212 $4.2 Billion 14.8% $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 lagging indicator. Med. Pct. of Orig. List Price Received Q3 215 94.3%.5% Q2 215 94.%.3% Q1 215 93.8%.2% Q4 214 93.8% -.6% Q3 214 93.8% -.8% Q2 214 93.7% -.2% Q1 214 93.6%.2% Q4 213 94.4% 1.2% Q3 213 94.6% 1.5% Q2 213 93.9% 2.% Q1 213 93.4% 2.1% Q4 212 93.3% 2.1% Q3 212 93.2% 2.5% 1% 8% 6% 4% 2% % Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Median Time to Sale Median Time to Contract ly Market Detail - Q3 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 Q3 215 58 Days -7.9% Q2 215 57 Days -6.6% Q1 215 63 Days -3.1% Q4 214 63 Days 14.5% Q3 214 63 Days 8.6% Q2 214 61 Days.% Q1 214 65 Days -1.5% Q4 213 55 Days -17.9% Q3 213 58 Days -12.1% Q2 213 61 Days -16.4% Q1 213 66 Days -17.5% Q4 212 67 Days -15.2% Q3 212 66 Days -23.3% 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 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 Q3 215 12 Days -4.7% Q2 215 1 Days -2.9% Q1 215 14 Days -2.8% Q4 214 14 Days 5.1% Q3 214 17 Days 1.9% Q2 214 13 Days -2.8% Q1 214 17 Days -5.3% Q4 213 99 Days -16.8% Q3 213 15 Days -13.9% Q2 213 16 Days -13.8% Q1 213 113 Days -12.4% Q4 212 119 Days -11.2% Q3 212 122 Days -12.9% 2 15 1 5 Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
New Listings Pending Sales ly Market Detail - Q3 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 Q3 215 29,981-1.3% Q2 215 33,79.% Q1 215 35,983.9% Q4 214 27,667-1.7% Q3 214 3,365-6.6% Q2 214 33,78-11.9% Q1 214 35,648-7.8% Q4 213 28,157-8.% Q3 213 32,51 13.5% Q2 213 38,279 21.4% Q1 213 38,644 15.7% Q4 212 3,622 25.9% Q3 212 28,64 9.7% 5, 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 Q3 215 35,387-1.4% Q2 215 38,51 1.3% Q1 215 44,559 2.9% Q4 214 35,511-1.5% Q3 214 35,896-2.3% Q2 214 37,999 1.2% Q1 214 43,289 7.5% Q4 213 36,44 8.7% Q3 213 36,738 14.% Q2 213 37,555 8.6% Q1 213 4,256 2.5% Q4 212 33,163 -.2% Q3 212 32,235 1.6% 5, 4, 3, 2, 1, Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Months Supply of Inventory Inventory ly Market Detail - Q3 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. 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 Q3 215 48,231-5.2% Q2 215 5,929-1.3% Q1 215 54,514.5% Q4 214 52,62.3% Q3 214 5,855 5.9% Q2 214 51,586 11.% Q1 214 54,237 7.8% Q4 213 51,889.7% Q3 213 48,16-11.5% Q2 213 46,459-21.1% Q1 213 5,313-24.% Q4 212 51,52-26.5% Q3 212 54,23-24.5% 1, 8, 6, 4, 2, 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 Months Supply Q3 215 5.1-1.5% Q2 215 5.5-3.5% Q1 215 6..% Q4 214 5.8 1.8% Q3 214 5.7 9.6% Q2 214 5.7 9.6% Q1 214 6. 3.4% Q4 213 5.7-5.% Q3 213 5.2-2.% Q2 213 5.2-26.8% Q1 213 5.8-27.5% Q4 212 6. -27.7% average of monthly instead. Q3 212 6.5-23.5% 12. 1. 8. 6. 4. 2.. Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Median Time to Contract ly Market Detail - Q3 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 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. Q3 214 Q3 215 7, 6, 5, 4, 3, 2, 1, Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 2,37-11.1% $5, - $99,999 6,8-2.7% $1, - $149,999 5,834 9.% $15, - $199,999 4,428 19.% $2, - $249,999 2,931 25.4% $25, - $299,999 1,865 22.4% $3, - $399,999 2,76 14.1% $4, - $599,999 1,534 1.5% $6, - $999,999 876 11.2% $1,, or more 527.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 7, 6, 5, 4, 3, 2, 1, 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. 14 12 1 8 6 4 2 Less than $5, Q3 214 Q3 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 52 Days -3.7% $1, - $149,999 Median Time to Contract Less than $5, 62 Days -8.8% 5 Days -9.1% $15, - $199,999 5 Days -9.1% $2, - $249,999 54 Days -15.6% $25, - $299,999 69 Days -1.4% $3, - $399,999 78 Days -13.3% $4, - $599,999 9 Days -14.3% $6, - $999,999 12 Days -11.3% $1,, or more 116 Days 1.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 14 12 1 8 6 4 2 Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
Inventory New Listings ly Market Detail - Q3 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. 9, 8, 7, 6, 5, 4, 3, 2, 1, Less than $5, Q3 214 Q3 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 1,958-26.4% $5, - $99,999 6,51-15.5% $1, - $149,999 6,636-4.2% $15, - $199,999 5,43 4.1% $2, - $249,999 3,676 12.2% $25, - $299,999 2,733 8.6% $3, - $399,999 3,14 7.% $4, - $599,999 2,536 1.% $6, - $999,999 1,573 15.8% $1,, or more 1,258 19.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 9, 8, 7, 6, 5, 4, 3, 2, 1, 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. 1, 8, 6, 4, 2, Q3 214 Q3 215 Current Listing Price Inventory Less than $5, 2,33-36.1% $5, - $99,999 6,886-22.6% $1, - $149,999 6,881-1.4% $15, - $199,999 5,74-9.5% $2, - $249,999 4,516 -.3% $25, - $299,999 4,134 1.5% $3, - $399,999 5,556 3.7% $4, - $599,999 5,367 9.3% $6, - $999,999 3,788 17.5% $1,, or more 3,366 24.4% 1, 8, 6, 4, 2, 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 Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.
ly Distressed Market - Q3 215 Q3 215 Q3 214 Traditional 23,551 2,95 17.2% $162,9 $159, 2.5% Foreclosure/REO 4,255 5,72-16.1% $97, $87,55 1.8% Short Sale 652 1,138-42.7% $11, $11,.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $18, Traditional Foreclosure/REO Short Sale $16, $14, $12, $1, $8, $6, $4, $2, $ Data released on Thursday, November 12, 215. Data revised on Friday, February 26, 216. Next quarterly data release is Wednesday, February 1, 216.