ly Market Detail - Q2 218 Summary Statistics Q2 218 Q2 217 Paid in Cash 149 123 21.1% 22 32-31.3% $185, $182,5 1.4% Average Sale Price Dollar Volume $193,478 $187,37 3.4% $28.8 Million $23. Million 25.3% Median Percent of Original List Price Received 98.4% 98.5% -.1% Median Time to Contract 64 Days 72 Days -11.1% Median Time to Sale 89 Days 96 Days -7.3% New Pending Sales New Listings 121 179 99 22.2% 161 11.2% Pending Inventory 27 Inventory (Active Listings) 253 Months Supply of Inventory 6. 28-3.6% 233 8.6% 6.6-9.1% 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. Year-to-Date Q2 218 253 149 17.1% 21.1% Q1 218 14 11.8% Q4 217 126 44.8% Q3 217 127 3.3% Q2 217 123-21.2% Q1 217 93 1.1% Q4 216 87-7.4% Q3 216 123 2.6% Q2 216 156 27.9% Q1 216 92 2.2% Q4 215 94-1.1% Q3 215 12 1.9% Q2 215 122 16.2% 2 15 1 5 Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Pct. of Paid in Cash Cash Sales ly Market Detail - Q2 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 44-26.7% Q2 218 22-31.3% Q1 218 22-21.4% Q4 217 35 84.2% Q3 217 25-24.2% Q2 217 32-11.1% Q1 217 28-22.2% Q4 216 19-36.7% Q3 216 33 37.5% Q2 216 36 24.1% Q1 216 36.% Q4 215 3-6.3% Q3 215 24-17.2% Q2 215 29-21.6% 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 quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash Year-to-Date 17.4% -37.4% Q2 218 14.8% -43.1% Q1 218 21.2% -29.6% Q4 217 27.8% 27.5% Q3 217 19.7% -26.5% Q2 217 26.% 12.6% Q1 217 3.1% -23.% Q4 216 21.8% -31.7% Q3 216 26.8% 14.% Q2 216 23.1% -2.9% Q1 216 39.1% -2.3% Q4 215 31.9% -5.3% Q3 215 23.5% -25.4% Q2 215 23.8% -32.4% 5% 4% 3% 2% 1% % Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Average Sale Price ly Market Detail - Q2 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 quarter, and the mix of the types of homes that sell can change over time. Year-to-Date $193,2 7.9% Q2 218 $185, 1.4% Q1 218 $22, 19.4% Q4 217 $178,35-1.5% Q3 217 $185, 13.5% Q2 217 $182,5 1.6% Q1 217 $169,2 19.1% Q4 216 $181, 16.7% Q3 216 $163, 11.1% Q2 216 $165, 7.1% Q1 216 $142,5 9.3% Q4 215 $155,5 21.1% Q3 215 $146,7-5.4% Q2 215 $154, 16.2% $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 Year-to-Date $196,27 7.9% Q2 218 $193,478 3.4% Q1 218 $2,116 14.4% Q4 217 $194,856 8.4% Q3 217 $197,21 25.3% Q2 217 $187,37 6.% Q1 217 $174,924 17.4% Q4 216 $179,776 14.6% Q3 216 $157,3 -.4% Q2 216 $176,463 1.3% Q1 216 $148,978 3.9% Q4 215 $156,821 8.7% Q3 215 $157,876 6.% Q2 215 $174,145 32.5% $25K $2K $15K $1K $5K $K Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - Q2 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 $49.6 Million 26.4% Q2 218 $28.8 Million 25.3% Q1 218 $2.8 Million 27.9% Q4 217 $24.6 Million 57.% Q3 217 $25. Million 29.3% Q2 217 $23. Million -16.4% Q1 217 $16.3 Million 18.7% Q4 216 $15.6 Million 6.1% Q3 216 $19.3 Million 2.1% Q2 216 $27.5 Million 29.6% Q1 216 $13.7 Million 6.3% Q4 215 $14.7 Million 7.6% Q3 215 $16.1 Million 17.5% Q2 215 $21.2 Million 54.% $35 M $3 M $25 M $2 M $15 M $1 M $5 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 99.%.5% Q2 218 98.4% -.1% Q1 218 99.2%.7% Q4 217 97.6%.5% Q3 217 99.% 1.9% Q2 217 98.5%.9% Q1 217 98.5% 4.3% Q4 216 97.1%.6% Q3 216 97.2%.5% Q2 216 97.6% 1.3% Q1 216 94.4%.1% Q4 215 96.5% 5.8% Q3 215 96.7% 4.1% Q2 215 96.3% 1.4% 12% 1% 8% 6% 4% 2% % Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Median Time to Sale Median Time to Contract ly Market Detail - Q2 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 66 Days -19.5% Q2 218 64 Days -11.1% Q1 218 69 Days -23.3% Q4 217 7 Days -34.6% Q3 217 72 Days -3.8% Q2 217 72 Days -5.3% Q1 217 9 Days -21.7% Q4 216 17 Days 8.1% Q3 216 14 Days 3.% Q2 216 76 Days -12.6% Q1 216 115 Days -2.5% Q4 215 99 Days -19.5% Q3 215 11 Days -15.8% Q2 215 87 Days -17.1% 14 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 Year-to-Date 98 Days -9.3% Q2 218 89 Days -7.3% Q1 218 129 Days 12.2% Q4 217 116 Days -2.5% Q3 217 18 Days -2.% Q2 217 96 Days -9.4% Q1 217 115 Days -25.3% Q4 216 146 Days 9.% Q3 216 135 Days 8.9% Q2 216 16 Days -7.% Q1 216 154 Days -3.1% Q4 215 134 Days -13.5% Q3 215 124 Days -21.% Q2 215 114 Days -4.2% 2 15 1 5 Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
New Listings Pending Sales ly Market Detail - Q2 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 22 6.9% Q2 218 121 22.2% Q1 218 81-1.% Q4 217 82 26.2% Q3 217 12 2.% Q2 217 99-21.4% Q1 217 9 7.1% Q4 216 65-16.7% Q3 216 85-2.3% Q2 216 126 1.5% Q1 216 84-3.4% Q4 215 78 14.7% Q3 215 87 33.8% Q2 215 114 23.9% 14 12 1 8 6 4 2 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 37 13.5% Q2 218 179 11.2% Q1 218 191 15.8% Q4 217 117 25.8% Q3 217 15 5.% Q2 217 161 2.5% Q1 217 165-6.3% Q4 216 93-16.2% Q3 216 1-33.3% Q2 216 157 11.3% Q1 216 176 3.4% Q4 215 111 16.8% Q3 215 15 18.1% Q2 215 141 14.6% 25 2 15 1 5 Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Months Supply of Inventory Inventory ly Market Detail - Q2 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 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. Inventory YTD (Monthly Avg) 242 4.3% Q2 218 253 8.6% Q1 218 261 11.1% Q4 217 2.5% Q3 217 238 9.2% Q2 217 233-11.4% Q1 217 235-17.3% Q4 216 199-22.3% Q3 216 218-16.5% Q2 216 263 7.3% Q1 216 284 8.% Q4 215 256 1.2% Q3 215 261-12.1% Q2 215 245-16.4% 35 3 25 2 15 1 5 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 average of monthly instead. Months Supply YTD (Monthly Avg) 6. -4.8% Q2 218 6. -9.1% Q1 218 6.5 6.6% Q4 217 5.1-1.9% Q3 217 6.6 17.9% Q2 217 6.6-7.% Q1 217 6.1-26.5% Q4 216 5.2-3.7% Q3 216 5.6-27.3% Q2 216 7.1-4.1% Q1 216 8.3.% Q4 215 7.5-8.5% Q3 215 7.7-23.% Q2 215 7.4-26.7% 14. 12. 1. 8. 6. 4. 2.. Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Median Time to Contract ly Market Detail - Q2 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 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. 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. 9 8 7 6 5 4 3 2 1 Less than $5, Less than $5, Q2 217 Q2 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 Q2 217 Q2 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 39 34.5% $15, - $199,999 29-6.5% $2, - $249,999 38 4.7% $25, - $299,999 1-9.1% $3, - $399,999 13 116.7% $4, - $599,999 2 1.% $6, - $999,999 2.% $1,, or more N/A Sale Price $15, - $199,999 47 Days -47.8% $2, - $249,999 82 Days 15.5% $25, - $299,999 Median Time to Contract Less than $5, 488 Days 234.% $5, - $99,999 62 Days 59.% $1, - $149,999 Less than $5, 1-66.7% $5, - $99,999 15 15.4% $3, - $399,999 49 Days -21.% 74 Days -7.5% $3, - $399,999 98 Days 75.% $4, - $599,999 89 Days 274.5% $6, - $999,999 259 Days -41.1% $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 45 4 35 3 25 2 15 1 5 9 8 7 6 5 4 3 2 1 Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
Inventory New Listings ly Market Detail - Q2 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. 5 45 4 35 3 25 2 15 1 5 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. 6 5 4 3 2 1 Less than $5, Less than $5, Q2 217 Q2 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 Q2 217 Q2 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 6-66.7% $1, - $149,999 42 4.% $15, - $199,999 34 25.9% $2, - $249,999 43 13.2% $25, - $299,999 29 16.% $3, - $399,999 18 28.6% $4, - $599,999 3-57.1% $6, - $999,999 3 2.% $1,, or more -1.% Current Listing Price New Listings Inventory Less than $5, 1 N/A $3, - $399,999 Less than $5, 1.% $5, - $99,999 12-42.9% $1, - $149,999 49 22.5% $15, - $199,999 42-2.3% $2, - $249,999 56 16.7% $25, - $299,999 46 7.4% $3, - $399,999 23-8.% $4, - $599,999 12-25.% $6, - $999,999 1.% $1,, or more 2.% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 5 45 4 35 3 25 2 15 1 5 6 5 4 3 2 1 Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.
ly Distressed Market - Q2 218 Q2 218 Q2 217 Traditional 137 18 26.9% $185, $19, -2.6% Foreclosure/REO 12 15-2.% $131,5 $88,536 48.5% Short Sale N/A (No Sales) (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ Data released on Wednesday, August 8, 218. Next data release is Thursday, November 1, 218.