Summary Statistics Q4 217 Q4 216 Paid in Cash 295 297 -.7% 89 16-16.% $222, $212,125 4.7% Average Sale Price Dollar Volume $287,431 $276,258 4.% $84.8 Million $82. Million 3.3% Median Percent of Original List Price Received 94.6% 94.%.6% Median Time to Contract 55 Days 48 Days 14.6% Median Time to Sale 92 Days 97 Days -5.2% New Pending Sales 3 447 286 4.9% 378 18.3% Pending Inventory 116 Inventory (Active Listings) 557 Months Supply of Inventory 5.1 13-1.8% 531 4.9% 4.8 6.3% 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. Q4 217 295 -.7% Q3 217 324-9.7% Q2 217 386 Q1 217 296 Q4 216 297 Q3 216 359 Q2 216 398 Q1 216 279 Q4 215 265 Q3 215 283 Q2 215 323 Q1 215 263 Q4 214 265-3.% 6.1% 12.1% 26.9% 23.2% 6.1%.% 3.7% 12.5% 12.4% 36.6% 5 4 3 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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 Q4 217 89-16.% Q3 217 15-18.% Q2 217 126-6.% Q1 217 16-13.1% Q4 216 16-7.% Q3 216 128 5.8% Q2 216 134-8.2% Q1 216 122-6.9% Q4 215 114 -.9% Q3 215 121.8% Q2 215 146 2.8% Q1 215 131 15.9% Q4 214 115 25.% 213 214 215 216 217 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 quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash Q4 217 3.2% -15.4% Q3 217 32.4% -9.2% Q2 217 32.6% -3.3% Q1 217 35.8% -18.1% Q4 216 35.7% -17.% Q3 216 35.7% -16.6% Q2 216 33.7% -25.4% Q1 216 43.7% -12.2% Q4 215 43.% -.9% Q3 215 42.8% -2.7% Q2 215 45.2% -8.7% Q1 215 49.8% 3.1% Q4 214 43.4% -8.4% 6% 5% 4% 3% 2% 1% % 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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 quarter, and the mix of the types of homes that sell can change over time. Q4 217 $222, 4.7% Q3 217 $217, 11.3% Q2 217 $226,5 2.1% Q1 217 $, 2.6% Q4 216 $212,125 6.1% Q3 216 $195, 4.3% Q2 216 $188,526 1.9% Q1 216 $195, 11.4% Q4 215 $199,9 12.3% Q3 215 $187, 11.% Q2 215 $185, 6.% Q1 215 $175, 5.9% Q4 214 $178, 6.3% $25K $K $15K $K $5K $K 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 Q4 217 $287,431 4.% Q3 217 $283,333 13.5% Q2 217 $293,661 2.8% Q1 217 $283,31 17.1% Q4 216 $276,258-1.2% Q3 216 $249,71.2% Q2 216 $243,12-6.3% Q1 216 $241,886 3.% Q4 215 $279,63 17.6% Q3 215 $249,151 1.2% Q2 215 $259,222 12.8% Q1 215 $234,736.5% Q4 214 $237,785-1.8% $4K $3K $K $K $K 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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 Q4 217 $84.8 Million 3.3% Q3 217 $91.8 Million 2.4% Q2 217 $113.4 Million 17.2% Q1 217 $83.9 Million 24.3% Q4 216 $82. Million 1.7% Q3 216 $89.6 Million 27.1% Q2 216 $96.7 Million 15.5% Q1 216 $67.5 Million 9.3% Q4 215 $74.1 Million 17.6% Q3 215 $7.5 Million 14.2% Q2 215 $83.7 Million 26.9% Q1 215 $61.7 Million 13.% Q4 214 $63. Million 34.1% $12 M $ M $8 M $6 M $4 M $2 M $ 213 214 215 216 217 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 Q4 217 94.6%.6% Q3 217 94.2% -.6% Q2 217 94.7%.5% Q1 217 95.% 1.3% Q4 216 94.% 1.2% Q3 216 94.8% 1.9% Q2 216 94.2%.7% Q1 216 93.8% 2.2% Q4 215 92.9% 1.% Q3 215 93.%.8% Q2 215 93.5%.9% Q1 215 91.8% -.9% Q4 214 92.% -.6% % 8% 6% 4% 2% % 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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 Q4 217 55 Days 14.6% Q3 217 43 Days -17.3% Q2 217 47 Days -14.5% Q1 217 5 Days -35.9% Q4 216 48 Days -25.% Q3 216 52 Days -22.4% Q2 216 55 Days -6.8% Q1 216 78 Days -4.9% Q4 215 64 Days -25.6% Q3 215 67 Days -17.3% Q2 215 59 Days -23.4% Q1 215 82 Days 5.1% Q4 214 86 Days -27.7% 213 214 215 216 217 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 quarter was on the market. That is, 5% of homes selling this quarter 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 Q4 217 92 Days -5.2% Q3 217 88 Days -6.4% Q2 217 89 Days -11.9% Q1 217 98 Days -19.7% Q4 216 97 Days -11.% Q3 216 94 Days -13.8% Q2 216 11 Days -7.3% Q1 216 122 Days -5.4% Q4 215 19 Days -19.9% Q3 215 19 Days -12.8% Q2 215 19 Days -12.1% Q1 215 129 Days 6.6% Q4 214 136 Days -4.2% 15 5 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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 Q4 217 3 4.9% Q3 217 326-11.7% Q2 217 433 5.4% Q1 217 47 -.2% Q4 216 286-4.7% Q3 216 369 31.3% Q2 216 411 14.5% Q1 216 48 11.8% Q4 215 3 16.7% Q3 215 281-7.3% Q2 215 359 9.8% Q1 215 365 25.4% Q4 214 257-13.8% 6 5 4 3 213 214 215 216 217 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. Q4 217 447 18.3% Q3 217 391-14.1% Q2 217 448-11.1% Q1 217 548 8.3% Q4 216 378-5.3% Q3 216 455-1.7% Q2 216 54 14.5% Q1 216 56 3.5% Q4 215 399 4.7% Q3 215 463 13.2% Q2 215 44 -.9% Q1 215 489.8% Q4 214 381 6.1% 6 5 4 3 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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. Here, we 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 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 Q4 217 557 4.9% Q3 217 466-13.1% Q2 217 529-3.6% Q1 217 572-5.1% Q4 216 531-16.8% Q3 216 536-14.6% Q2 216 549-7.6% Q1 216 63-8.6% Q4 215 638-6.3% Q3 215 628-7.% Q2 215 594-17.7% Q1 215 66-7.7% Q4 214 681 3.7% 8 213 214 215 216 217 6 4 Months Supply of Inventory Months Supply Q4 217 5.1 6.3% Q3 217 4.3-12.2% Q2 217 4.7-13.% Q1 217 5.1-19.% Economists' note : MSI is a useful indicator of market conditions. The Q4 216 4.8-29.4% benchmark for a balanced market (favoring neither buyer nor seller) is Q3 216 4.9-25.8% 5.5 months of inventory. Anything higher is traditionally a buyers' Q2 216 5.4-14.3% market, and anything lower is a sellers' market. There is no single Q1 216 6.3-13.7% accepted way of calculating MSI. A common method is to divide Q4 215 6.8-11.7% current Inventory by the most recent month's count, but Q3 215 6.6-19.5% this count is a usually poor predictor of future due to Q2 215 6.3-28.4% seasonal cycles. To eliminate seasonal effects, we use the 12-month Q1 215 7.3-14.1% average of monthly instead. Q4 214 7.7-2.5% An estimate of the number of months it will take to deplete the current Inventory given recent sales rates 1. 8. 6. 4. 2.. 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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 quarter's sales to the amount of sales in the same month in the previous year), rather than changes from one quarter to the next. Q4 216 Q4 217 8 7 6 5 4 3 2 1 Less than $5, - $, - $15, - $, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, -.% $5, - $99,999 7-58.8% $, - $149,999 51-7.3% $15, - $199,999 72 5.9% $, - $249,999 41-12.8% $25, - $299,999 34 36.% $3, - $399,999 41 13.9% $4, - $599,999 27-1.% $6, - $999,999 16 45.5% $1,, or more 6-14.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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. 25 15 5 Q4 216 Q4 217 Sale Price $15, - $199,999 54 Days 54.3% $, - $249,999 35 Days -37.5% $25, - $299,999 Median Time to Contract Less than $5, (No Sales) N/A $5, - $99,999 86 Days 352.6% $, - $149,999 26 Days -25.7% 55 Days -12.7% $3, - $399,999 74 Days 45.1% $4, - $599,999 58 Days -24.7% $6, - $999,999 219 Days 62.2% $1,, or more 125 Days 26.3% 25 15 5 Less than $5, $5, - $99,999 $, - $149,999 $15, - $199,999 $, - $249,999 $25, - $299,999 $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
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. 12 8 6 4 2 Less than $5, Q4 216 Q4 217 $5, - $99,999 $, - $149,999 $15, - $199,999 $, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, -.% $5, - $99,999 9-55.% $, - $149,999 49-18.3% $15, - $199,999 97 44.8% $, - $249,999 63 53.7% $25, - $299,999 53 35.9% $3, - $399,999 72 3.9% $4, - $599,999 61 29.8% $6, - $999,999 29-6.5% $1,, or more 14-12.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 12 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, 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. 12 8 6 4 2 Less than $5, Q4 216 Q4 217 $5, - $99,999 $, - $149,999 $15, - $199,999 $, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 2.% $5, - $99,999 13 18.2% $, - $149,999 37-11.9% $15, - $199,999 86 19.4% $, - $249,999 64 12.3% $25, - $299,999 57-1.7% $3, - $399,999 19 22.5% $4, - $599,999 9 5.9% $6, - $999,999 57-9.5% $1,, or more 42-19.2% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 12 8 6 4 2 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.
ly Distressed Market - Q4 217 Q4 217 Q4 216 Traditional 288 283 1.8% $222,25 $215, 3.4% Foreclosure/REO 6 12-5.% $229,5 $124,5 84.% Short Sale 1 2-5.% $113, $33, -62.7% % 9% 8% 7% 6% 5% 4% 3% 2% 1% % $5, $45, $4, $35, $3, $25, $, $15, $, $5, $ 213 214 215 216 217 Traditional Foreclosure/REO Short Sale 213 214 215 216 217 Data released on Tuesday, February 13, 218. Data revised on Monday, January 16, 217. Next quarterly data release is Monday, May 14, 218.