Summary Statistics June 217 June 216 Paid in Cash 2,2 1,885 7.2% 378 356 6.2% $245, $229,9 6.6% Average Sale Price Dollar Volume $38,695 $286,8 7.6% $623.6 Million $54.6 Million 15.3% Median Percent of Original List Price Received 97.4% 97.4%.% Median Time to Contract 25 Days 28 Days -1.7% Median Time to Sale 71 Days 78 Days -9.% New Pending Sales 2,78 2,353 1,856 12.% 2,85 12.9% Pending Inventory 2,911 Inventory (Active Listings) 4,657 s Supply of Inventory 2.8 2,998-2.9% 4,577 1.7% 3. -6.7% The number of sales transactions which closed during June 217 2,2 7.2% May 217 2,4 12.4% April 217 1,651 March 217 1,833 February 217 1,328 January 217 1,22 December 216 1,64-3.2% 13.5% 2.9% 2.% 6.1% 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 November 216 October 216 September 216 1,557 1,48 1,691 28.7% -1.5% 13.5% 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. August 216 July 216 June 216 1,767 1,762 1,885 7.9% -.5% 1.% 2, 2, 1, 1, 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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 June 217 378 6.2% May 217 373 -.8% April 217 341-16.% March 217 381-6.8% February 217 321-7.8% January 217 333 12.5% December 216 315-23.7% November 216 337 2.4% October 216 336-14.1% September 216 421 5.8% August 216 355-27.7% July 216 371-25.5% June 216 356-27.8% 8 213 214 215 216 6 4 2 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 June 217 18.7% -1.1% May 217 18.3% -11.6% April 217 2.7% -13.% March 217 2.8% -17.8% February 217 24.2% -1.4% January 217 27.7% -6.1% December 216 19.6% -28.2% November 216 21.6% -2.6% October 216 22.7% -12.7% September 216 24.9% -6.7% August 216 2.1% -33.% July 216 21.1% -24.9% June 216 18.9% -28.4% 6% 5% 4% 3% 2% 1% % 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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. June 217 $245, 6.6% May 217 $239,89 6.6% April 217 $229,99 1.6% March 217 $23, 11.1% February 217 $225, 11.9% January 217 $21, 7.7% December 216 $232,575 9.1% November 216 $225, 6.1% October 216 $22, 14.3% September 216 $221,9 9.% August 216 $225,892 12.9% July 216 $224,945 9.7% June 216 $229,9 11.4% $3K $25K $2K $15K $1K $5K $K 213 214 215 216 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 June 217 $38,695 7.6% May 217 $299,127 11.1% April 217 $275,842 5.8% March 217 $283,24 1.4% February 217 $265,253 9.3% January 217 $262,658 9.1% December 216 $284,791 11.9% November 216 $28,696 13.1% October 216 $268,153 13.2% September 216 $263,959 6.8% August 216 $276,825 12.9% July 216 $285, 13.5% June 216 $286,8 1.5% $4K $3K $2K $1K $K 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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 June 217 $623.6 Million 15.3% May 217 $61.2 Million 24.8% April 217 $455.4 Million 2.4% March 217 $519.1 Million 25.3% February 217 $352.3 Million 12.5% January 217 $315.7 Million 3.9% December 216 $456.8 Million 18.7% November 216 $437. Million 45.6% October 216 $396.9 Million 11.5% September 216 $446.4 Million 21.2% August 216 $489.1 Million 21.8% July 216 $53.1 Million 13.% June 216 $54.6 Million 11.6% $8 M 213 214 215 216 $6 M $4 M $2 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 June 217 97.4%.% May 217 97.7%.% April 217 97.7%.9% March 217 97.3%.3% February 217 97.%.6% January 217 97.1% 1.1% December 216 97.3% 1.2% November 216 97.5%.6% October 216 97.3%.8% September 216 97.1% 1.% August 216 97.6% 1.7% lagging indicator. July 216 97.6% 1.3% June 216 97.4% 1.1% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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 June 217 25 Days -1.7% May 217 28 Days 7.7% April 217 29 Days -3.3% March 217 33 Days -15.4% February 217 41 Days -25.5% January 217 36 Days -18.2% December 216 3 Days -28.6% November 216 33 Days -13.2% October 216 33 Days -13.2% September 216 31 Days -24.4% August 216 28 Days -31.7% July 216 28 Days -2.% June 216 28 Days -24.3% 8 213 214 215 216 6 4 2 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 June 217 71 Days -9.% May 217 74 Days -1.3% April 217 76 Days -1.3% March 217 78 Days -7.1% February 217 89 Days -9.2% January 217 84 Days -5.6% December 216 78 Days -1.3% November 216 83 Days -2.4% October 216 83 Days -2.4% September 216 78 Days -8.2% August 216 76 Days -12.6% July 216 77 Days -3.8% June 216 78 Days -1.3% 12 1 8 6 4 2 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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 June 217 2,78 12.% May 217 2,125 13.2% April 217 2,78 -.5% March 217 2,19 5.1% February 217 1,81-3.4% January 217 1,726 8.% December 216 1,431 5.4% November 216 1,473 7.4% October 216 1,665.8% September 216 1,689 4.1% August 216 1,913 9.9% July 216 1,859-1.2% June 216 1,856-1.7% 2, 2, 1, 1, 213 214 215 216 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. June 217 2,353 12.9% May 217 2,397 9.9% April 217 2,141 1.2% March 217 2,375 2.3% February 217 1,939-2.1% January 217 1,92 13.3% December 216 1,454 17.1% November 216 1,724 18.4% October 216 1,756.9% September 216 1,776 6.9% August 216 2,34 17.8% July 216 2,53 11.6% June 216 2,85 1.6% 3, 2, 2, 1, 1, 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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 June 217 4,657 1.7% May 217 4,584-1.7% April 217 4,434.9% March 217 4,457 -.7% February 217 4,47 1.4% January 217 4,431 1.9% December 216 4,382.4% November 216 4,526-3.1% October 216 4,518-3.6% September 216 4,568-2.2% August 216 4,599-1.6% July 216 4,635-3.9% June 216 4,577-8.1% 6, 5, 4, 3, 2, 1, 213 214 215 216 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 June 217 2.8-6.7% May 217 2.8-6.7% April 217 2.7-6.9% March 217 2.7-1.% February 217 2.7-6.9% January 217 2.7-6.9% December 216 2.7-6.9% November 216 2.8-9.7% October 216 2.9-6.5% September 216 2.9-6.5% August 216 3. -6.3% July 216 3. -9.1% June 216 3. -14.3% 5. 4. 3. 2. 1.. 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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. June 216 June 217 45 4 35 3 25 2 15 1 5 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 12-25.% $5, - $99,999 71-21.1% $1, - $149,999 142-33.6% $15, - $199,999 384 -.3% $2, - $249,999 424 14.9% $25, - $299,999 269 1.7% $3, - $399,999 35 27.7% $4, - $599,999 223 2.5% $6, - $999,999 19 41.6% $1,, or more 36 12.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 1 5 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. 9 8 7 6 5 4 3 2 1 Less than $5, June 216 June 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 13 Days -63.9% $1, - $149,999 Median Time to Contract Less than $5, 34 Days -5.6% 19 Days -17.4% $15, - $199,999 17 Days -22.7% $2, - $249,999 29 Days 2.8% $25, - $299,999 21 Days -3.% $3, - $399,999 26 Days -35.% $4, - $599,999 33 Days 32.% $6, - $999,999 44 Days -4.3% $1,, or more 8 Days 23.1% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 9 8 7 6 5 4 3 2 1 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
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. 6 4 3 2 1 Less than $5, June 216 June 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 13-45.8% $5, - $99,999 75-21.9% $1, - $149,999 186-7.5% $15, - $199,999 414.7% $2, - $249,999 518 45.1% $25, - $299,999 362 38.7% $3, - $399,999 353 7.6% $4, - $599,999 261 4.4% $6, - $999,999 135 22.7% $1,, or more 36-23.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6 4 3 2 1 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 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 6 4 3 2 1 Less than $5, June 216 June 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 11-64.5% $5, - $99,999 16-41.4% $1, - $149,999 242-8.3% $15, - $199,999 569-1.% $2, - $249,999 798 1.8% $25, - $299,999 679 5.3% $3, - $399,999 844 7.1% $4, - $599,999 721 2.% $6, - $999,999 427.7% $1,, or more 26 7.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 9 8 7 6 4 3 2 1 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Distressed Market - June 217 June 217 June 216 Traditional 1,917 1,726 11.1% $25, $239, 4.6% Foreclosure/REO 73 19-33.% $168, $154, 9.1% Short Sale 3 5-4.% $169,25 $145, 16.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, 213 214 215 216 Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.