Summary Statistics 217 216 Paid in Cash 3,84 3,63 6.6% 2,38 2,319 2.6% $225, $21, 7.1% Average Sale Price Dollar Volume $362,29 $328,965 1.1% $1.4 Billion $1.2 Billion 17.4% Median Percent of Original List Price Received 94.5% 95.% -.5% Median Time to Contract 55 Days 44 Days 25.% Median Time to Sale 99 Days 91 Days 8.8% New Pending Sales 4,96 5,83 3,87 7.6% 4,995 1.8% Pending Inventory 427 Inventory (Active Listings) 1,78 Months Supply of Inventory 5.3 385 1.9% 1,654 3.3% 5.5-3.6% The number of sales transactions which closed during 217 216 3,84 3,63 6.6% -4.% 215 3,752 5.2% 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. 214 3,568 213 3,676 212 3,432-2.9% 7.1% 13.9% 5, 4, 3, 2, 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
Pct. of Closed Sales Paid in Cash Cash Sales Cash Sales The number of during in which buyers exclusively paid in cash 217 216 Cash Sales 2,38 2.6% 2,319-8.4% 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. 215 2,532-1.1% 214 2,56-4.7% 213 2,685 6.3% 212 2,525 1.6% 3, 2,5 2, 1,5 5 212 213 214 215 216 217 Cash Sales as a Percentage of The percentage of during which were Cash Sales 216 Percent of Closed Sales Paid in Cash 217 62.% -3.7% 64.4% -4.6% 215 67.5% -5.9% 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 year involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. 214 213 212 71.7% -1.8% 73.% -.8% 73.6% -2.8% 8% 6% 4% 2% % 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
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 year, and the mix of the types of homes that sell can change over time. 217 $225, 7.1% 216 $21, 7.7% 215 $195, 8.3% 214 $18, 9.4% 213 $164,5 9.7% 212 $15, 7.2% $25K $2K $15K $1K $5K $K 212 213 214 215 216 217 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 217 $362,29 1.1% 216 $328,965 15.1% 215 $285,99 -.9% 214 $288,552 1.8% 213 $26,433 2.1% 212 $255,12 8.9% $4K $3K $2K $1K $K 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
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 217 $1.4 Billion 17.4% 216 $1.2 Billion 1.5% 215 $1.1 Billion 4.2% 214 $1. Billion 7.5% 213 $957.4 Million 9.3% 212 $875.6 Million 24.% $2 B 212 213 214 215 216 217 $1 B $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 217 94.5% -.5% 216 95.%.1% 215 94.9% 1.1% 214 93.9%.4% 213 93.5% 2.9% 212 9.9% 3.1% 1% 8% 6% 4% 2% % 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
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 217 55 Days 25.% 216 44 Days 7.3% 215 41 Days -22.6% 214 53 Days -5.4% 213 56 Days -33.3% 212 84 Days -23.6% 1 8 6 4 2 212 213 214 215 216 217 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 year was on the market. That is, 5% of homes selling this year 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 217 99 Days 8.8% 216 91 Days 7.1% 215 85 Days -11.5% 214 96 Days -5.% 213 11 Days -24.6% 212 134 Days -15.7% 15 212 213 214 215 216 217 1 5 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
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 217 4,96 7.6% 216 3,87-6.9% 215 4,91 8.8% 214 3,759-5.6% 213 3,982 12.4% 212 3,543 17.5% 5, 4, 3, 2, 212 213 214 215 216 217 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. 217 5,83 1.8% 216 4,995 12.2% 215 4,453 6.4% 214 4,187-4.% 213 4,362 11.5% 212 3,912 -.3% 6, 5, 4, 3, 2, 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
Months 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, since it is the most current. 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 217 1,78 3.3% 216 1,654 38.5% 215 1,194-2.9% 214 1,23-13.4% 213 1,421-7.2% 212 1,532-29.3% 2, 212 213 214 215 216 217 1,5 5 Months Supply of Inventory (-End) 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 217 5.3-3.6% 216 5.5 44.7% 215 3.8-7.3% 214 4.1-1.9% 213 4.6-14.8% 212 5.4-37.2% 6. 5. 4. 3. 2. 1.. 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
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. 9 8 7 6 5 4 3 2 1 Less than $5, 216 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 6-14.3% $5, - $99,999 214-1.1% $1, - $149,999 572-15.1% $15, - $199,999 87 5.2% $2, - $249,999 616 9.8% $25, - $299,999 385 2.3% $3, - $399,999 376 16.4% $4, - $599,999 343 1.2% $6, - $999,999 288 21.5% $, or more 233 7.1% $3, - $399,999 $4, - $599,999 $6, - $999,999 $, or more 9 8 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. 12 1 8 6 4 2 Less than $5, 216 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 55 Days 83.3% $1, - $149,999 Median Time to Contract Less than $5, 11 Days 197.1% 48 Days 33.3% $15, - $199,999 52 Days 36.8% $2, - $249,999 57 Days 29.5% $25, - $299,999 5 Days 2.% $3, - $399,999 63 Days 23.5% $4, - $599,999 89 Days 53.4% $6, - $999,999 67 Days -19.3% $, or more 51 Days -15.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $, or more 12 1 8 6 4 2 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
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. 1,2 8 6 4 2 Less than $5, 216 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 6-57.1% $5, - $99,999 177-24.% $1, - $149,999 663-6.% $15, - $199,999 1,13 4.5% $2, - $249,999 722-7.1% $25, - $299,999 617 17.7% $3, - $399,999 565 13.5% $4, - $599,999 537-4.1% $6, - $999,999 444-1.3% $, or more 339 27.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $, or more 1,2 8 6 4 2 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, since it is the most current. 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. 3 25 2 15 1 5 Less than $5, 216 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, -1.% $5, - $99,999 41-16.3% $1, - $149,999 172 24.6% $15, - $199,999 261 9.2% $2, - $249,999 192-11.5% $25, - $299,999 29 29.% $3, - $399,999 227 14.1% $4, - $599,999 28 15.2% $6, - $999,999 175-21.9% $, or more 151-16.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $, or more 3 25 2 15 1 5 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.
ly Distressed Market - 217 217 216 Traditional Foreclosure/REO Short Sale 3,755 3,484 7.8% $228,539 $213, 7.3% 73 99-26.3% $115, $119, -3.4% 12 2-4.% $159,5 $161,9-1.5% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, Traditional Foreclosure/REO Short Sale 212 213 214 215 216 217 $2, $15, $1, $5, $ 212 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next yearly data release is TBD.