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 increased 0.7 percent to 857. Pending Sales were up 21.6 percent to 592. Inventory levels shrank 13.2 percent to 3,418 units. The Median Sales Price increased 23.1 percent to $113,250. Percent of Original List Price Received decreased 0.4 percent to 92.6. Months Supply of Inventory was down 22.8 percent to 6.1 months. 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 + 15.8% + 23.1% - 13.2% One-Year Change in Closed Sales One-Year Change in Median Sales Price Market Overview New Listings Pending Sales Closed Sales Median Sales Price Average Sales Price Percent of Original List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory One-Year Change in Inventory Residential real estate activity comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures. 2 3 4 5 6 7 8 9 10 11 Click on desired metric to jump to that page. Current as of November 10, 2012. Statistics are based on Residential Single Family listings and sales as reported to the Upstate Alliance of REALTORS Multiple Listing Service, Inc. (UPSTAR MLS), which may not reflect all real estate activity in the market. The primary coverage area of the UPSTAR MLS includes Allen, Whitley, Huntington, Adams, Wells, DeKalb, and Noble Counties, however listings from other surrounding counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing.
Market 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 851 857 + 0.7% 9,804 9,856 + 0.5% Pending Sales 487 592 + 21.6% 5,251 5,935 + 13.0% Closed Sales 520 602 + 15.8% 4,988 5,529 + 10.8% Median Sales Price $92,000 $113,250 + 23.1% $97,000 $106,000 + 9.3% Average Sales Price $108,660 $134,111 + 23.4% $116,109 $126,810 + 9.2% Pct. of Orig. Price Received 93.0% 92.6% - 0.4% 91.4% 92.1% + 0.8% Affordability Index 256 233-9.0% 247 245-0.8% Homes for Sale 3,939 3,418-13.2% -- -- -- Months Supply 7.9 6.1-22.8% -- -- -- Current as of November 10, 2012. Statistics are based on Residential Single Family listings and sales as reported to the Upstate Alliance of REALTORS Multiple Listing Service, Inc. (UPSTAR MLS), which may not reflect all real estate activity in the market. The primary coverage area of the UPSTAR MLS includes Allen, Whitley, Huntington, Adams, Wells, DeKalb, and Noble Counties, however listings from other surrounding counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. 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. 845 851 857 10,397-20.1% + 0.7% + 0.7% - 5.8% - 5.7% 9,804 9,856 + 0.5% New Listings November 2011 703 705-0.3% December 2011 510 639-20.2% January 2012 889 902-1.4% February 2012 928 699 +32.8% March 2012 1,162 1,101 +5.5% April 2012 1,128 1,064 +6.0% May 2012 1,099 1,111-1.1% June 2012 1,032 1,099-6.1% July 2012 951 1,032-7.8% August 2012 1,015 1,009 +0.6% September 2012 795 936-15.1% 2012 857 851 +0.7% 12-Month Avg 922 929-0.8% Historical New Listings by Month 1,800 1,600 1,400 1,200 1,000 800 600 400 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. 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. 398 487 592 5,426 5,251-41.0% + 22.4% + 21.6% - 5.6% - 3.2% 5,935 + 13.0% Pending Sales November 2011 455 408 +11.5% December 2011 382 307 +24.4% January 2012 439 379 +15.8% February 2012 512 421 +21.6% March 2012 623 568 +9.7% April 2012 655 603 +8.6% May 2012 675 596 +13.3% June 2012 652 576 +13.2% July 2012 595 536 +11.0% August 2012 665 583 +14.1% September 2012 527 502 +5.0% 2012 592 487 +21.6% 12-Month Avg 564 497 +13.5% Historical Pending Sales by Month 1,000 900 800 700 600 500 400 300 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. 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. 462 520 602 5,313 4,988-29.8% + 12.6% + 15.8% - 0.1% - 6.1% 5,529 + 10.8% Closed Sales November 2011 489 444 +10.1% December 2011 521 434 +20.0% January 2012 340 293 +16.0% February 2012 392 312 +25.6% March 2012 546 479 +14.0% April 2012 526 482 +9.1% May 2012 629 600 +4.8% June 2012 663 622 +6.6% July 2012 605 563 +7.5% August 2012 681 593 +14.8% September 2012 545 524 +4.0% 2012 602 520 +15.8% 12-Month Avg 545 489 +11.5% Historical Closed Sales by Month 900 800 700 600 500 400 300 200 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 5
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. $98,000 $92,000 $113,250 $97,000 $97,000 + 1.0% - 6.1% + 23.1% + 3.2% 0.0% $106,000 + 9.3% Median Sales Price November 2011 $92,256 $99,900-7.7% December 2011 $105,000 $100,750 +4.2% January 2012 $87,500 $84,605 +3.4% February 2012 $89,500 $84,000 +6.5% March 2012 $99,900 $97,000 +3.0% April 2012 $100,500 $99,900 +0.6% May 2012 $109,900 $99,000 +11.0% June 2012 $112,000 $104,525 +7.2% July 2012 $112,000 $104,500 +7.2% August 2012 $109,450 $102,500 +6.8% September 2012 $109,900 $98,000 +12.1% 2012 $113,250 $92,000 +23.1% 12-Month Avg* $105,000 $97,500 +7.7% Historical Median Sales Price by Month * Average Median Sales Price of all properties from November 2011 through 2012. This is not the average of the individual figures above. $120,000 $110,000 $100,000 $90,000 $80,000 $70,000 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 6
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $118,468 $108,660 $134,111 $113,574 $116,109 + 7.1% - 8.3% + 23.4% + 3.5% + 2.2% $126,810 + 9.2% Average Sales Price November 2011 $112,597 $118,466-5.0% December 2011 $122,369 $118,370 +3.4% January 2012 $107,454 $102,104 +5.2% February 2012 $111,790 $106,711 +4.8% March 2012 $118,673 $112,660 +5.3% April 2012 $114,430 $108,979 +5.0% May 2012 $135,864 $116,912 +16.2% June 2012 $132,141 $125,802 +5.0% July 2012 $132,393 $128,263 +3.2% August 2012 $130,234 $121,144 +7.5% September 2012 $134,155 $115,472 +16.2% 2012 $134,111 $108,660 +23.4% 12-Month Med* $125,389 $116,456 +7.7% 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. $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 7
Percent of Original List Price Received Percentage found when dividing a property s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 90.6% 93.0% 92.6% 91.7% 91.4% 92.1% - 1.3% + 2.6% - 0.4% + 1.4% - 0.3% + 0.8% Pct. of Orig. Price Received November 2011 91.1% 91.6% -0.5% December 2011 90.4% 90.7% -0.3% January 2012 90.7% 89.8% +1.0% February 2012 89.9% 89.3% +0.7% March 2012 91.7% 89.9% +2.0% April 2012 92.0% 91.5% +0.5% May 2012 92.8% 91.5% +1.4% June 2012 93.6% 92.3% +1.4% July 2012 92.7% 92.7% 0.0% August 2012 91.8% 91.3% +0.5% September 2012 92.1% 91.0% +1.2% 2012 92.6% 93.0% -0.4% 12-Month Avg* 91.9% 91.4% +0.5% Historical Percent of Original List Price Received by Month * Pct. of Orig. Price Received of all properties from November 2011 through 2012. This is not the average of the individual figures above. 98% 96% 94% 92% 90% 88% 86% 84% counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 8
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. 239 256 233 241 247 245 + 3.0% + 7.1% - 9.0% + 1.7% + 2.5% - 0.8% Affordability Index November 2011 257 237 +8.4% December 2011 235 233 +0.9% January 2012 268 257 +4.3% February 2012 266 257 +3.5% March 2012 244 233 +4.7% April 2012 246 230 +7.0% May 2012 233 235-0.9% June 2012 231 228 +1.3% July 2012 233 227 +2.6% August 2012 237 236 +0.4% September 2012 240 247-2.8% 2012 233 256-9.0% 12-Month Avg 244 240 +1.6% Historical Housing Affordability Index by Month 280 260 240 220 200 180 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 9
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 4,386 3,939 3,418-6.6% - 10.2% - 13.2% Homes for Sale November 2011 3,682 4,107-10.3% December 2011 3,147 3,756-16.2% January 2012 3,184 3,822-16.7% February 2012 3,296 3,723-11.5% March 2012 3,460 3,890-11.1% April 2012 3,647 3,991-8.6% May 2012 3,756 4,153-9.6% June 2012 3,834 4,228-9.3% July 2012 3,802 4,311-11.8% August 2012 3,747 4,278-12.4% September 2012 3,654 4,149-11.9% 2012 3,418 3,939-13.2% 12-Month Avg* 3,552 4,029-11.8% Historical Inventory of Homes for Sale by Month * Homes for Sale for all properties from November 2011 through 2012. This is not the average of the individual figures above. 6,000 5,500 5,000 4,500 4,000 3,500 3,000 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 10
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. 8.4 7.9 6.1-3.4% - 6.0% - 22.8% Months Supply November 2011 7.3 8.0-8.8% December 2011 6.2 7.3-15.1% January 2012 6.2 7.5-17.3% February 2012 6.3 7.5-16.0% March 2012 6.6 8.1-18.5% April 2012 6.9 8.8-21.6% May 2012 7.0 8.9-21.3% June 2012 7.1 8.9-20.2% July 2012 7.0 8.9-21.3% August 2012 6.8 8.8-22.7% September 2012 6.6 8.5-22.4% 2012 6.1 7.9-22.8% 12-Month Avg* 6.7 8.3-19.3% Historical Months Supply of Inventory by Month * Months Supply for all properties from November 2011 through 2012. This is not the average of the individual figures above. 10 9 8 7 6 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 counties may also be entered in the UPSTAR MLS and therefore are included in the MLS-wide statistics. Powered by 10K Research and Marketing. Click for Cover Page 11