Summary Statistics November 218 November 217 Paid in Cash 37 285 7.7% 85 69 23.2% $176,9 $164,9 7.3% Average Sale Price Dollar Volume $189,191 $177,93 6.3% $58.1 Million $5.7 Million 14.6% Median Percent of Original List Price Received 96.7% 96.5%.2% Median Time to Contract 35 Days 4 Days -12.5% Median Time to Sale 76 Days 86 Days -11.6% New Pending Sales 342 413 355-3.7% 384 7.6% Pending Inventory 485 Inventory (Active Listings) 1,7 s Supply of Inventory 3.3 553-12.3% 1, 7.% 3.2 3.1% 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 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 3,67 3.9% November 218 37 7.7% October 218 325 7.6% September 218 321 26.4% August 218 327-11.9% July 218 325-3.8% June 218 355.9% May 218 447 12.3% April 218 357-1.4% March 218 355 2.6% February 218 261 11.1% January 218 227 -.4% December 217 335 1.6% November 217 285-5.% 5 4 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Pct. of 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 Year-to-Date 978-5.% November 218 85 23.2% October 218 86 26.5% September 218 89 32.8% August 218 76-3.3% July 218 78-24.3% June 218 11-4.7% May 218 18-1.% April 218 12 17.6% March 218 95-28.% February 218 79-2.5% January 218 61-16.4% December 217 79-2.2% November 217 69-41.5% 15 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 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 27.1% -8.8% November 218 27.7% 14.5% October 218 26.5% 17.8% September 218 27.7% 4.9% August 218 23.2% -21.1% July 218 24.% -21.3% June 218 28.5% -5.3% May 218 24.2% -19.9% April 218 33.6% 19.1% March 218 26.8% -29.8% February 218 3.3% -12.2% January 218 26.9% -15.9% December 217 23.6% -27.8% November 217 24.2% -38.4% 6% 5% 4% 3% 2% 1% % Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Average Sale Price 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 $169,9 9.6% November 218 $176,9 7.3% October 218 $166,9 5.3% September 218 $17, 7.6% August 218 $172,5 9.9% July 218 $17, 7.4% June 218 $17, 6.3% May 218 $17, 8.6% April 218 $173, 13.3% March 218 $169,99 17.2% February 218 $165, 1.1% January 218 $155, 11.5% December 217 $164,9 17.% November 217 $164,9 17.4% $K $15K $K $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 $184,17 9.% November 218 $189,191 6.3% October 218 $176,25 3.7% September 218 $187,741 1.8% August 218 $185,155 8.9% July 218 $187,799 8.1% June 218 $182,665 4.1% May 218 $189,754 11.5% April 218 $189,646 13.9% March 218 $184,369 12.5% February 218 $174,642 7.8% January 218 $17,514 11.3% December 217 $178,353 13.6% November 217 $177,93 15.9% $K $15K $K $5K $K Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 Year-to-Date $664.3 Million 13.3% November 218 $58.1 Million 14.6% October 218 $57.3 Million 11.6% September 218 $6.3 Million 4.% August 218 $6.5 Million -4.% July 218 $61. Million 3.9% June 218 $64.8 Million 5.% May 218 $84.8 Million 25.3% April 218 $67.7 Million 12.3% March 218 $65.5 Million 15.5% February 218 $45.6 Million 19.7% January 218 $38.7 Million 1.8% December 217 $59.7 Million 25.6% November 217 $5.7 Million 1.1% $ M $8 M $6 M $4 M $2 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 96.7%.4% November 218 96.7%.2% October 218 96.7%.5% September 218 96.4% -.7% August 218 97.6%.6% July 218 97.3%.6% June 218 96.7%.6% May 218 96.5%.2% April 218 97.1%.8% March 218 96.1%.% February 218 96.%.9% January 218 96.9% 1.6% December 217 96.9% 1.3% November 217 96.5%.4% 12% % 8% 6% 4% 2% % Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 Year-to-Date 31 Days -6.1% November 218 35 Days -12.5% October 218 25 Days -13.8% September 218 33 Days 22.2% August 218 23 Days -4.2% July 218 27 Days -22.9% June 218 35 Days 9.4% May 218 37 Days 19.4% April 218 33 Days -8.3% March 218 35 Days -7.9% February 218 34 Days -5.6% January 218 34 Days -5.6% December 217 33 Days -31.3% November 217 4 Days 14.3% 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 72 Days -8.9% November 218 76 Days -11.6% October 218 62 Days -17.3% September 218 71 Days -9.% August 218 65 Days -4.4% July 218 68 Days -15.% June 218 7 Days -9.1% May 218 79 Days 8.2% April 218 72 Days -13.3% March 218 8 Days -7.% February 218 69 Days -15.9% January 218 8 Days -7.% December 217 72 Days -18.2% November 217 86 Days 11.7% 14 12 8 6 4 2 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 Year-to-Date 4,258 1.6% November 218 342-3.7% October 218 374-1.3% September 218 351 4.4% August 218 413 5.9% July 218 33-17.3% June 218 39-3.9% May 218 424.2% April 218 449 8.5% March 218 434-2.9% February 218 376-8.5% January 218 375 18.7% December 217 242-9.% November 217 355 4.4% 6 5 4 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. Year-to-Date 4,826 5.% November 218 413 7.6% October 218 517 12.9% September 218 4 48.1% August 218 477 3.% July 218 388-7.% June 218 415-9.% May 218 482 11.3% April 218 42 -.2% March 218 459 6.7% February 218 447 4.% January 218 48-6.% December 217 288 1.3% November 217 384 9.7% 6 5 4 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 YTD (ly Avg) 967-1.% November 218 1,7 7.% October 218 1,61 5.8% September 218 928.% August 218 1,29 12.5% July 218 927 3.% June 218 871-1.1% May 218 985-1.4% April 218 885-5.% March 218 937-1.9% February 218 974-11.8% January 218 972-7.2% December 217 916-1.6% November 217 1, 1.2% 2, 1,5 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 YTD (ly Avg) 3. -3.2% November 218 3.3 3.1% October 218 3.2.% September 218 2.9.% August 218 3.2 14.3% July 218 2.9 3.6% June 218 2.7-1.% May 218 3. -3.2% April 218 2.8-6.7% March 218 2.9-6.5% February 218 3.1-13.9% January 218 3.1-8.8% December 217 2.9-3.3% November 217 3.2 3.2% 6. 5. 4. 3. 2. 1.. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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. 12 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. 35 25 15 5 Less than $5, Less than $5, November 217 November 218 $5, - $99,999 $5, - $99,999 $, - $149,999 $, - $149,999 $15, - $199,999 November 217 November 218 $15, - $199,999 $, - $249,999 $, - $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, 4-2.% $5, - $99,999 22-18.5% $, - $149,999 68-1.5% $15, - $199,999 111 18.1% $, - $249,999 5 13.6% $25, - $299,999 29 61.1% $, - $399,999 15-11.8% $4, - $599,999 7 25.% $6, - $999,999 -.% $1,, or more 1 N/A $, - $399,999 Sale Price $5, - $99,999 2 Days -5.% $, - $149,999 Median Time to Contract Less than $5, 16 Days -72.4% 22 Days -4.3% $15, - $199,999 33 Days -15.4% $, - $249,999 41 Days -26.8% $25, - $299,999 35 Days -5.7% $, - $399,999 45 Days -44.4% $4, - $599,999 44 Days -85.7% $6, - $999,999 (No Sales) N/A $1,, or more 138 Days N/A $, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 12 8 6 4 2 35 25 15 5 Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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. 14 12 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 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. 35 25 15 5 Less than $5, Less than $5, November 217 November 218 $5, - $99,999 $5, - $99,999 $, - $149,999 $, - $149,999 $15, - $199,999 November 217 November 218 $15, - $199,999 $, - $249,999 Inventory by Current Listing Price The number of property listings active at the end of $, - $249,999 $25, - $299,999 $25, - $299,999 Initial Listing Price Less than $5, 3-25.% $5, - $99,999 24-4.% $, - $149,999 93-1.6% $15, - $199,999 129 4.9% $, - $249,999 7 6.1% $25, - $299,999 42.% $, - $399,999 28-3.4% $4, - $599,999 14 4.% $6, - $999,999 1 9.% $1,, or more -.% $, - $399,999 Current Listing Price Inventory Less than $5, 7 4.% $5, - $99,999 51-19.% $, - $149,999 171-6.% $15, - $199,999 289 4.7% $, - $249,999 232 31.1% $25, - $299,999 121 16.3% $, - $399,999 11-2.9% $4, - $599,999 53 1.9% $6, - $999,999 3 15.4% $1,, or more 15 36.4% $, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 14 12 8 6 4 2 35 25 15 5 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 282 264 6.8% $178,445 $169,45 5.3% Foreclosure/REO 21 17 23.5% $91, $128,944-29.4% Short Sale 4 4.% $11, $141,5-22.3% % 9% 8% 7% 6% 5% 4% 3% 2% 1% % $, Traditional Foreclosure/REO Short Sale $25, $, $15, $, $5, $ Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.