Summary Statistics May 18 May 17 Paid in Cash 63 7-1.% 41 3 36.7% $265, $257, 3.1% Average Sale Price Dollar Volume $329,197 $36,75 7.3% $.7 Million $21.5 Million -3.4% Median Percent of Original List Price Received 95.% 94.4%.6% Median Time to Contract Days 87 Days -54.% Median Time to Sale 74 Days 129 Days -42.6% New Pending Sales 73 74 74-1.4% 75-1.3% Pending Inventory 9 Inventory (Active Listings) 321 s Supply of Inventory 6.2 97-7.2% 295 8.8% 6.3-1.6% 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 May 18 257 63-1.2% -1.% April 18 66 15.8% March 18 54-12.9% February 18 36-7.7% January 18 38 18.8% December 17 8.1% November 17 42 31.3% October 17 37 19.4% September 17 59 43.9% August 17 61 17.3% July 17 53-1.9% June 17 73 3.4% May 17 7 34.6% 8 Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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 148.7% May 18 41 36.7% April 18 25.% March 18 24-33.3% February 18 16 -.7% January 18 27 22.7% December 17 18-18.2% November 17 29 31.8% October 17 23 13.% September 17 28 3.7% August 17 41 17.1% July 17 29-6.5% June 17 11.1% May 17 3 15.4% 5 3 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 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 57.6% 1.9% May 18 65.1% 51.7% April 18.6% 8.% March 18 44.4% -23.6% February 18 44.4% -35.8% January 18 71.1% 3.3% December 17 45.% -24.4% November 17 69.%.3% October 17 62.2% 92.6% September 17 47.5% -27.9% August 17 67.2% -.1% July 17 54.7% -4.7% June 17 54.8% -14.8% May 17 42.9% -14.2% % 8% % % % % Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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 $255, 6.7% May 18 $265, 3.1% April 18 $246, -8.9% March 18 $251,375 17.2% February 18 $256, 5.9% January 18 $255, 18.6% December 17 $234,375 5.3% November 17 $265, 13.2% October 17 $2, 1.4% September 17 $235, -14.5% August 17 $31, 58.8% July 17 $235, -.5% June 17 $27, 11.1% May 17 $257, 14.2% $35K $3K $25K $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 $298,337 7.9% May 18 $329,197 7.3% April 18 $298,762 1.2% March 18 $271,483 9.9% February 18 $273,411-3.7% January 18 $38,211 14.7% December 17 $271,7-1.3% November 17 $293,283-2.9% October 17 $27,673 2.3% September 17 $35,4 4.% August 17 $376,593 58.4% July 17 $279,225 14.% June 17 $299,947 7.% May 17 $36,75 1.8% $K $3K $K $K $K Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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 $76.7 Million 6.6% May 18 $.7 Million -3.4% April 18 $19.7 Million 27.7% March 18 $14.7 Million -4.3% February 18 $9.8 Million -11.1% January 18 $11.7 Million 36.2% December 17 $1.9 Million 6.7% November 17 $12.3 Million 27.4% October 17 $1. Million 22.1% September 17 $18. Million 49.6% August 17 $23. Million 85.8% July 17 $14.8 Million 11.8% June 17 $21.9 Million 39.4% May 17 $21.5 Million 49.1% $3 M $25 M $ 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 95.%.3% May 18 95.%.6% April 18 94.6% -.1% March 18 95.%.3% February 18 95.8% -.8% January 18 94.8% 1.9% December 17 93.6%.6% November 17 95.9% 1.5% October 17 94.4% 1.4% September 17 95.2% 1.8% August 17 93.5%.9% July 17 94.9% 1.8% June 17 95.% -.4% May 17 94.4%.9% 1% % 8% % % % % Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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 66 Days -21.4% May 18 Days -54.% April 18 7 Days -1.4% March 18 69 Days -.5% February 18 38 Days -28.3% January 18 91 Days -31.1% December 17 18 Days.% November 17 44 Days -3.2% October 17 54 Days -68.% September 17 83 Days -29.1% August 17 67 Days -5.6% July 17 62 Days -45.1% June 17 8 Days 31.1% May 17 87 Days -21.6% 15 5 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 15 Days -16.% May 18 74 Days -42.6% April 18 11 Days -3.5% March 18 126 Days -21.7% February 18 92 Days 12.2% January 18 137 Days -16.5% December 17 142 Days 26.8% November 17 85 Days -7.6% October 17 98 Days -52.2% September 17 113 Days -31.9% August 17 113 Days 3.7% July 17 113 Days -19.3% June 17 129 Days 22.9% May 17 129 Days -9.8% 25 15 5 Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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 311-1.4% May 18 73-1.4% April 18 71 4.4% March 18 69-16.9% February 18 51-31.1% January 18 47-2.1% December 17 42 31.3% November 17 47 14.6% October 17 5 51.5% September 17 22-51.1% August 17 67 24.1% July 17 7 27.3% June 17 62 26.5% May 17 74-1.3% 8 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 414.2% May 18 74-1.3% April 18 116 43.2% March 18 96.% February 18 53-43.6% January 18 75-9.6% December 17 7 52.2% November 17 85 66.7% October 17 64.8% September 17 45-23.7% August 17 75-6.3% July 17-11.8% June 17 76 24.6% May 17 75-18.5% 1 1 8 Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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) 37-4.4% May 18 321 8.8% April 18 332 7.1% March 18 31-6.2% February 18 283-16.8% January 18 297-12.9% December 17 316-6.% November 17 288-17.2% October 17 267-21.7% September 17 272-21.4% August 17 266-27.7% July 17 265-28.6% June 17 316-19.6% May 17 295-27.7% 5 3 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) 5.9-19.2% May 18 6.2-1.6% April 18 6.3-7.4% March 18 5.8 -.5% February 18 5.4-33.3% January 18 5.6-3.9% December 17 6.1-24.7% November 17 5.6-32.5% October 17 5.2-35.% September 17 5.4-33.3% August 17 5.4-37.2% July 17 5.5-37.5% June 17 6.5-29.3% May 17 6.3-32.3% 12. 1. 8. 6. 4. 2.. Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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. 16 14 12 1 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. 8 7 5 3 Less than $5, Less than $5, May 17 May 18 $5, - $99,999 $5, - $99,999 $, - $149,999 $, - $149,999 $15, - $199,999 May 17 May 18 $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 $, - $149,999 3 -.% $15, - $199,999 8-46.7% $, - $249,999 12 33.3% $25, - $299,999 7.% $3, - $399,999 14 7.7% $, - $599,999 4 -.% $, - $999,999 9 8.% $1,, or more 1.% Sale Price $15, - $199,999 Days -2.4% $, - $249,999 26 Days -78.5% $25, - $299,999 Median Time to Contract Less than $5, (No Sales) N/A $5, - $99,999 24 Days -66.7% $, - $149,999 Less than $5, N/A $5, - $99,999 5.% $3, - $399,999 41 Days -88.% 79 Days -47.% $3, - $399,999 Days -75.3% $, - $599,999 338 Days 472.9% $, - $999,999 23 Days -84.9% $1,, or more Days -.% $3, - $399,999 $, - $599,999 $, - $599,999 $, - $999,999 $, - $999,999 $1,, or more $1,, or more 16 14 12 1 8 6 4 2 8 7 5 3 Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
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. 18 16 14 12 1 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. 9 8 7 5 3 1 Less than $5, Less than $5, May 17 May 18 $5, - $99,999 $5, - $99,999 $, - $149,999 $, - $149,999 $15, - $199,999 May 17 May 18 $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 $5, - $99,999 1-5.% $, - $149,999 9 125.% $15, - $199,999 7-41.7% $, - $249,999 1 66.7% $25, - $299,999 7-46.2% $3, - $399,999 16 33.3% $, - $599,999 16-5.9% $, - $999,999 5.% $1,, or more 3-25.% Current Listing Price Inventory Less than $5, N/A $3, - $399,999 Less than $5, 3 5.% $5, - $99,999 5-5.% $, - $149,999 27 68.8% $15, - $199,999 27-18.2% $, - $249,999 29-17.1% $25, - $299,999 34 9.7% $3, - $399,999 73 52.1% $, - $599,999 83 23.9% $, - $999,999 32-17.9% $1,, or more 8-42.9% $3, - $399,999 $, - $599,999 $, - $599,999 $, - $999,999 $, - $999,999 $1,, or more $1,, or more 18 16 14 12 1 8 6 4 2 9 8 7 5 3 1 Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.
ly Distressed Market - May 18 May 18 May 17 Traditional 63 69-8.7% $265, $255, 3.9% Foreclosure/REO 1 -.% (No Sales) $69, N/A Short Sale N/A (No Sales) (No Sales) N/A % 9% 8% 7% % 5% % 3% % 1% % $8, Traditional Foreclosure/REO Short Sale $7, $, $5, $, $3, $, $, $ Data released on Wednesday, June, 18. Next data release is Monday, July 23, 18.