Summary Statistics September 216 September 215 Paid in Cash 215 21 2.4% 35 62-43.5% $374,186 $379, -1.3% Average Sale Price Dollar Volume $646,345 $574,329 12.5% $139. Million $12.6 Million 15.2% Median Percent of Original List Price Received 97.9% 96.% 2.% Median Time to Contract 65 Days 93 Days -3.1% Median Time to Sale 146 Days 164 Days -11.% New Pending Sales 193 262 22-4.5% 246 6.5% Pending Inventory 428 Inventory (Active Listings) 1,43 s Supply of Inventory 7.2 481-11.% 1,438 -.6% 7.8-7.7% The number of sales transactions which closed during September 216 215 2.4% August 216 23 15.6% July 216 223 June 216 253 May 216 233 April 216 29 March 216 27 14.4% 9.5% 9.9% 22.9% 8.9% 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 February 216 January 216 December 215 141 124 211-17.5% -4.6% 11.6% 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. November 215 October 215 September 215 159 18 21 12.8% 8.4% 6.1% 2 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Pct. of Closed Sales Paid in Cash Cash Sales 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 216 35-43.5% August 216 62 51.2% July 216 65 71.1% June 216 59 2.4% May 216 55-11.3% April 216 59 22.9% March 216 8.7% February 216 47-26.6% January 216 38 5.6% December 215 47-21.7% November 215 45 12.5% October 215 41-14.6% September 215 62 8.8% 8 212 213 214 215 216 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 216 16.3% -44.7% August 216 27.% 31.1% July 216 29.1% 49.2% June 216 23.3% 9.9% May 216 23.6% -19.2% April 216 28.2%.% March 216 24.2%.% February 216 33.3% -11.% January 216 3.6% 1.5% December 215 22.3% -29.7% November 215 28.3% -.4% October 215 22.8% -21.1% September 215 29.5% 2.4% % 4% 3% 2% 1% % 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Average Sale Price The median sale price reported for (i.e. % of sales were above and % 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 216 $374,186-1.3% August 216 $416,147 11.% July 216 $377, -16.1% June 216 $367,683 11.4% May 216 $363,31-6.2% April 216 $392, 8.8% March 216 $3, 6.1% February 216 $41,62 13.2% January 216 $331, -18.6% December 215 $3, -1.4% November 215 $329, -1.8% October 215 $371,2 27.6% September 215 $379, 22.3% $K $4K $K $K $K $K 212 213 214 215 216 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 216 $646,345 12.5% August 216 $597,446 4.3% July 216 $664,174-7.7% June 216 $63,74 13.6% May 216 $624,119-7.1% April 216 $676,424 9.9% March 216 $61,462 21.9% February 216 $627,2-1.8% January 216 $6,751 9.2% December 215 $577,748-8.4% November 215 $521,441 4.8% October 215 $617,14 23.9% September 215 $574,329-2.2% $8K $6K $4K $K $K 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Med. Pct. of Orig. List Price Received Dollar Volume 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 216 $139. Million 15.2% August 216 $137.4 Million 2.5% July 216 $148.1 Million 5.6% June 216 $159.4 Million 24.5% May 216 $145.4 Million 2.2% April 216 $141.4 Million 35.1% March 216 $124.5 Million 32.8% February 216 $88.4 Million -19.% January 216 $74.5 Million 4.1% December 215 $121.9 Million 2.2% November 215 $82.9 Million 18.2% October 215 $111.1 Million 34.3% September 215 $12.6 Million 3.8% $ M 212 213 214 215 216 $ M $ M $ 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 September 216 97.9% 2.% August 216 95.3% -.5% July 216 95.6%.5% June 216 97.2% 2.3% May 216 96.7% 2.7% April 216 95.8%.7% March 216 96.1%.3% February 216 95.9% 2.% January 216 93.9% -.6% December 215 96.% 1.8% November 215 95.8%.6% lagging indicator. October 215 94.2% -.1% September 215 96.% 1.7% Med. Pct. of Orig. List Price Received 12% % 8% 6% 4% 2% % 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Median Time to Sale Median Time to Contract 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 216 65 Days -3.1% August 216 69 Days 6.2% July 216 82 Days -5.7% June 216 66 Days -19.5% May 216 63 Days -44.7% April 216 18 Days 13.7% March 216 118 Days -17.5% February 216 8 Days -3.4% January 216 127 Days 14.4% December 215 62 Days -37.4% November 215 82 Days.% October 215 84 Days -3.4% September 215 93 Days 29.2% 212 213 214 215 216 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, % of homes selling this month took less time to sell, and % 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 216 146 Days -11.% August 216 134 Days -13.% July 216 149 Days.7% June 216 149 Days 7.2% May 216 154 Days -13.% April 216 175 Days 17.4% March 216 24 Days -1.9% February 216 178 Days 2.3% January 216 Days -.5% December 215 171 Days 11.% November 215 175 Days 4.2% October 215 148 Days -14.5% September 215 164 Days 1.8% 2 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Pending Sales 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 216 193-4.5% August 216 26-1.4% July 216 227 15.8% June 216 267 17.1% May 216 253-5.6% April 216 248-4.2% March 216 249 1.7% February 216 222 6.7% January 216 182-14.2% December 215 123-17.4% November 215 167 5.7% October 215 21-2.4% September 215 22 25.5% 2 212 213 214 215 216 The number of properties put onto the market during Economists' note : 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. September 216 262 6.5% August 216 255-2.3% July 216 245-14.% June 216 294 18.1% May 216 33 2.% April 216 32 3.4% March 216 33 12.6% February 216 275 9.1% January 216 222-12.3% December 215 171 8.2% November 215 164-7.9% October 215 212 1.% September 215 246 15.5% 4 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
s Supply of Inventory Inventory 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 are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when aren't keeping up with the rate at which homes are going off-market. Inventory September 216 1,43 -.6% August 216 1,43-1.% July 216 1,426-1.7% June 216 1,48 5.3% May 216 1,475 3.2% April 216 1,436-1.6% March 216 1,48-3.2% February 216 1,358-4.4% January 216 1,31-7.% December 215 1,31-6.% November 215 1,335-9.1% October 215 1,388-6.9% September 215 1,438-7.3% 2, 212 213 214 215 216 1, 1, 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 216 7.2-7.7% August 216 7.2-8.9% July 216 7.3-8.8% June 216 7.7-1.3% May 216 7.7-4.9% April 216 7.6-9.5% March 216 7.5-11.8% February 216 7.3-13.1% January 216 7. -17.6% December 215 6.9-17.9% November 215 7.2-21.7% October 215 7.5-2.2% September 215 7.8-22.8% 15. 212 213 214 215 216 1. 5.. Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Median Time to Contract 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 215 September 216 4 3 2 1 Sale Price Less than $, 2-6.% $, - $99,999 6-4.% $, - $149,999 6-33.3% $, - $199,999 2 66.7% $, - $249,999 19-34.5% $2, - $299,999 28 12.% $, - $399,999 33.% $4, - $599,999 47 2.5% $6, - $999,999 27 8.% $1,, or more 27-2.6% 4 3 2 1 Less than $, $, - $99,999 $, - $149,999 $, - $199,999 $, - $249,999 $2, - $299,999 $, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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. 2 Less than $, September 215 September 216 $, - $99,999 $, - $149,999 $, - $199,999 $, - $249,999 $2, - $299,999 Sale Price $, - $99,999 24 Days -73.% $, - $149,999 Median Time to Contract Less than $, 278 Days 969.2% 58 Days -72.4% $, - $199,999 45 Days -61.9% $, - $249,999 96 Days 18.5% $2, - $299,999 74 Days 335.3% $, - $399,999 56 Days -54.8% $4, - $599,999 45 Days -59.1% $6, - $999,999 159 Days 67.4% $1,, or more 86 Days -21.8% $, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 2 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Inventory by Initial Listing Price The number of properties put onto the market during Economists' note: 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 4 3 2 1 Less than $, September 215 September 216 $, - $99,999 $, - $149,999 $, - $199,999 $, - $249,999 $2, - $299,999 Initial Listing Price Less than $, -.% $, - $99,999 4 -.% $, - $149,999 7-41.7% $, - $199,999 14-3.% $, - $249,999 22 4.8% $2, - $299,999 29 11.5% $, - $399,999 34.% $4, - $599,999 45-4.3% $6, - $999,999 51.% $1,, or more 56 1.8% $, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6 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 month the following year. Inventory rises when are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when aren't keeping up with the rate at which homes are going off-market. 4 September 215 September 216 Current Listing Price Inventory Less than $, 4-75.% $, - $99,999 24-29.4% $, - $149,999 37-36.2% $, - $199,999 63-22.2% $, - $249,999 74-22.9% $2, - $299,999 82-33.9% $, - $399,999 137 3.% $4, - $599,999 27 3.1% $6, - $999,999 282 3.3% $1,, or more 457 26.6% 4 Less than $, $, - $99,999 $, - $149,999 $, - $199,999 $, - $249,999 $2, - $299,999 $, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
ly Distressed Market - September 216 September 216 September 215 Traditional 24 195 4.6% $382, $396, -3.5% Foreclosure/REO 8 15-46.7% $125,3 $6,4 17.4% Short Sale 3 N/A $24, (No Sales) N/A % 9% 8% 7% 6% % 4% 3% 2% 1% % $1,4, 212 213 214 215 216 Traditional Foreclosure/REO Short Sale $1,, $1,, $8, $6, $4, $, $ 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.