Monthly Indicators 2012 It's been a giant year for the housing market and for sports teams named Giants. As we round out the remaining two months of the year, let's recap. Most markets shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it's both about market fundamentals and market composition. New Listings were down 32.1 percent to 195. Pending Sales decreased 44.0 percent to 103. Inventory shrank 6.0 percent to 1,261 units. Prices remained under pressure as the Median Sales Price was down 14.5 percent to $93,000. Days on Market increased 17.2 percent to 116 days. Months Supply of Inventory was down 12.6 percent to 9.0 months, the tenth consecutive month of year-over-year declines. The economy is growing but at a glacial pace, and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy, and financial situations in Europe, China and elsewhere, believe it or not, have an effect on your local housing market. Activity Snapshot - 13.2% - 14.5% - 6.0% One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Homes for Sale Residential activity in Broome, Chenango and Tioga Counties in New York and Bradford and Susquehanna Counties in Pennsylvania, comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures. Activity Overview New Listings Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory 2 3 4 5 6 7 8 9 10 11 12 Click on desired metric to jump to that page. Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing.
Activity Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars 10-2011 10-2012 Percent Change YTD 2011 YTD 2012 Percent Change New Listings 287 195-32.1% 2,801 2,697-3.7% Pending Sales 184 103-44.0% 1,387 1,435 + 3.5% Closed Sales 151 131-13.2% 1,245 1,421 + 14.1% Days on Market 99 116 + 17.2% 112 109-2.7% Median Sales Price $108,750 $93,000-14.5% $112,633 $110,250-2.1% Average Sales Price $121,837 $118,729-2.6% $130,711 $126,215-3.4% Pct. of List Price Received 93.8% 95.1% + 1.4% 94.1% 94.2% + 0.1% Affordability Index 213 252 + 18.3% 208 224 + 7.7% Homes for Sale 1,341 1,261-6.0% -- -- -- Months Supply 10.3 9.0-12.6% -- -- -- Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 2
New Listings A count of the properties that have been newly listed on the market in a given month. 197 287 195 2,862 2,801-30.9% + 45.7% - 32.1% -5.6% - 2.1% 2,697-3.7% New Listings November 2011 222 173 +28.3% December 2011 175 127 +37.8% January 2012 198 210-5.7% February 2012 213 204 +4.4% March 2012 278 289-3.8% April 2012 289 314-8.0% May 2012 349 343 +1.7% June 2012 325 333-2.4% July 2012 306 301 +1.7% August 2012 296 315-6.0% September 2012 248 205 +21.0% 2012 195 287-32.1% 12-Month Avg 258 258 0.0% Historical New Listings by Month 400 350 300 250 200 150 100 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 3
Pending Sales A count of the properties on which offers have been accepted in a given month. 129 184 103 1,370 1,387-23.2% + 42.6% - 44.0% - 11.2% + 1.2% 1,435 + 3.5% Pending Sales November 2011 142 93 +52.7% December 2011 110 76 +44.7% January 2012 114 90 +26.7% February 2012 129 107 +20.6% March 2012 158 134 +17.9% April 2012 163 128 +27.3% May 2012 160 139 +15.1% June 2012 187 170 +10.0% July 2012 166 151 +9.9% August 2012 152 151 +0.7% September 2012 103 133-22.6% 2012 103 184-44.0% 12-Month Avg 141 130 +8.5% Historical Pending Sales by Month 300 250 200 150 100 50 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 4
Closed Sales A count of the actual sales that closed in a given month. 121 151 131 1,316 1,245-36.3% + 24.8% - 13.2% -4.4% - 5.4% 1,421 + 14.1% Closed Sales November 2011 138 118 +16.9% December 2011 184 111 +65.8% January 2012 142 86 +65.1% February 2012 125 76 +64.5% March 2012 112 109 +2.8% April 2012 128 108 +18.5% May 2012 131 132-0.8% June 2012 165 151 +9.3% July 2012 174 141 +23.4% August 2012 179 161 +11.2% September 2012 134 130 +3.1% 2012 131 151-13.2% 12-Month Avg 145 123 +17.9% Historical Closed Sales by Month 400 300 200 100 0 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 5
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month. 102 99 116 99 112 + 39.7% - 2.9% + 17.2% + 8.8% + 13.1% 109-2.7% Days on Market November 2011 108 106 +1.9% December 2011 122 102 +19.6% January 2012 120 102 +17.6% February 2012 114 117-2.6% March 2012 126 135-6.7% April 2012 126 141-10.6% May 2012 118 116 +1.7% June 2012 114 107 +6.5% July 2012 90 114-21.1% August 2012 83 98-15.3% September 2012 97 108-10.2% 2012 116 99 +17.2% 12-Month Avg* 110 111-0.9% Historical Days on Market Until Sale by Month * Average Days on Market of all properties from November 2011 through 2012. This is not the average of the individual figures above. 160 140 120 100 80 60 40 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 6
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $112,250 $108,750 $93,000 $109,710-9.5% - 3.1% - 14.5% -4.6% + 2.7% $112,633 $110,250-2.1% Median Sales Price November 2011 $120,000 $107,000 +12.1% December 2011 $105,500 $111,702-5.6% January 2012 $109,000 $110,640-1.5% February 2012 $108,000 $109,000-0.9% March 2012 $88,833 $102,500-13.3% April 2012 $108,247 $101,500 +6.6% May 2012 $118,000 $106,850 +10.4% June 2012 $116,000 $120,000-3.3% July 2012 $117,500 $125,080-6.1% August 2012 $129,900 $120,000 +8.3% September 2012 $96,250 $118,000-18.4% 2012 $93,000 $108,750-14.5% 12-Month Med* $110,000 $112,000-1.8% Historical Median Sales Price by Month * Median Sales Price of all properties from November 2011 through 2012. This is not the average of the individual figures above. $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $125,965 $121,837 $118,729 $123,139 $130,711-1.8% - 3.3% - 2.6% -2.3% + 6.1% $126,215-3.4% Average Sales Price November 2011 $124,898 $124,003 +0.7% December 2011 $116,344 $138,966-16.3% January 2012 $123,835 $123,958-0.1% February 2012 $115,461 $135,459-14.8% March 2012 $131,171 $124,693 +5.2% April 2012 $122,766 $133,063-7.7% May 2012 $127,916 $125,671 +1.8% June 2012 $125,624 $135,778-7.5% July 2012 $133,380 $139,395-4.3% August 2012 $140,343 $133,392 +5.2% September 2012 $116,436 $132,228-11.9% 2012 $118,729 $121,837-2.6% 12-Month Avg* $125,064 $130,800-4.4% Historical Average Sales Price by Month * Average Sales Price of all properties from November 2011 through 2012. This is not the average of the individual figures above. $150,000 $140,000 $130,000 $120,000 $110,000 $100,000 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 8
Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 95.7% 93.8% 95.1% 94.8% 94.1% 94.2% + 0.3% - 2.0% + 1.4% -0.6% - 0.7% + 0.1% Pct. of List Price Received November 2011 94.6% 93.8% +0.9% December 2011 92.8% 94.6% -1.9% January 2012 94.0% 94.2% -0.2% February 2012 94.1% 93.8% +0.3% March 2012 91.4% 92.6% -1.3% April 2012 93.5% 94.1% -0.6% May 2012 94.6% 95.4% -0.8% June 2012 94.7% 94.5% +0.2% July 2012 93.8% 95.0% -1.3% August 2012 94.4% 93.9% +0.5% September 2012 95.4% 93.8% +1.7% 2012 95.1% 93.8% +1.4% 12-Month Avg* 94.0% 94.2% -0.2% Historical Percent of List Price Received by Month * Average Pct. of List Price Received for all properties from November 2011 through 2012. This is not the average of the individual figures above. 98% 97% 96% 95% 94% 93% 92% 91% Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 9
Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 201 213 252 205 208 + 16.2% + 6.0% + 18.3% + 12.0% + 1.5% 224 + 7.7% Affordability Index November 2011 200 210-4.8% December 2011 220 201 +9.5% January 2012 215 198 +8.6% February 2012 218 200 +9.0% March 2012 249 210 +18.6% April 2012 219 214 +2.3% May 2012 208 209-0.5% June 2012 211 193 +9.3% July 2012 212 187 +13.4% August 2012 196 197-0.5% September 2012 247 202 +22.3% 2012 252 213 +18.3% 12-Month Avg 221 203 +8.7% Historical Housing Affordability Index by Month 260 240 220 200 180 160 140 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 1,371 1,341 1,261 + 7.2% - 2.2% - 6.0% Homes for Sale November 2011 1,263 1,307-3.4% December 2011 1,185 1,216-2.5% January 2012 1,170 1,206-3.0% February 2012 1,167 1,178-0.9% March 2012 1,188 1,245-4.6% April 2012 1,221 1,317-7.3% May 2012 1,271 1,446-12.1% June 2012 1,273 1,487-14.4% July 2012 1,308 1,509-13.3% August 2012 1,322 1,539-14.1% September 2012 1,320 1,418-6.9% 2012 1,261 1,341-6.0% 12-Month Avg 1,246 1,351-7.8% Historical Inventory of Homes for Sale by Month 1,600 1,400 1,200 1,000 800 600 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 11
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 10.4 10.3 9.0 + 18.2% - 1.0% - 12.6% Months Supply November 2011 9.4 10.0-6.0% December 2011 8.7 9.5-8.4% January 2012 8.4 9.4-10.6% February 2012 8.3 9.4-11.7% March 2012 8.3 10.2-18.6% April 2012 8.4 11.5-27.0% May 2012 8.6 12.5-31.2% June 2012 8.6 12.3-30.1% July 2012 8.7 12.3-29.3% August 2012 8.8 12.5-29.6% September 2012 9.0 11.3-20.4% 2012 9.0 10.3-12.6% 12-Month Avg 8.7 10.9-20.2% Historical Months Supply of Inventory by Month 14.0 12.0 10.0 8.0 6.0 4.0 2.0 Current as of November 10, 2012. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS. Powered by 10K Research and Marketing. Click for Cover Page 12