Monthly Indicators 2017 brings out a rejuvenated crop of buyers with a renewed enthusiasm in a new calendar year. Sales totals may still inevitably start slow in the first half of the year due to ongoing inventory concerns. Continued declines in the number of homes available for sale may push out potential buyers who simply cannot compete for homes selling at higher price points in a low number of days, especially if mortgage rates continue to increase. New Listings were down 9.5 percent to 162. Pending Sales increased 18.8 percent to 95. Inventory shrank 17.6 percent to 1,457 units. Prices moved higher as the Median Sales Price was up 19.3 percent to $125,250. Days on Market decreased 20.0 percent to 176 days. Months Supply of Inventory was down 31.3 percent to 12.3 months, indicating that demand increased relative to supply. In case you missed it, we have a new U.S. president. In his first hour in office, the.25 percentage point rate cut for loans backed by the Federal Housing Administration (FHA) was removed, setting the table for what should be an interesting presidential term for real estate policy. FHA loans tend to be a favorable option for those with limited financial resources. On a brighter note, wages are on the uptick for many Americans, while unemployment rates have remained stable and relatively unchanged for several months. The system is ripe for more home purchasing if there are more homes available to sell. Activity Snapshot + 26.0% + 19.3% - 17.6% One-Year Change in Closed Sales One-Year Change in Median Sales Price 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 One-Year Change in Homes for Sale Residential activity in Otsego, Delaware, Chenango and Madison Counties, 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 12 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime.
Activity Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars 1-2016 1-2017 Percent Change YTD 2016 YTD 2017 Percent Change New Listings 179 162-9.5% 179 162-9.5% Pending Sales 80 95 + 18.8% 80 95 + 18.8% Closed Sales 73 92 + 26.0% 73 92 + 26.0% Days on Market 220 176-20.0% 220 176-20.0% Median Sales Price $105,000 $125,250 + 19.3% $105,000 $125,250 + 19.3% Avg. Sales Price $143,575 $152,181 + 6.0% $143,575 $152,181 + 6.0% Pct. of List Price Received 88.4% 91.1% + 3.1% 88.4% 91.1% + 3.1% Affordability Index 283 228-19.4% 283 228-19.4% Homes for Sale 1,768 1,457-17.6% -- -- -- 1-2015 1-2016 1-2017 Months Supply 17.9 12.3-31.3% -- -- -- 1-2015 1-2016 1-2017 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 180 179 162 180 179-2.7% - 0.6% - 9.5% -2.7% - 0.6% 162-9.5% New Listings February 2016 181 137 +32.1% March 2016 326 243 +34.2% April 2016 357 370-3.5% May 2016 359 417-13.9% June 2016 352 405-13.1% July 2016 306 349-12.3% August 2016 264 285-7.4% September 2016 260 244 +6.6% October 2016 194 231-16.0% November 2016 151 160-5.6% December 2016 148 137 +8.0% 2017 162 179-9.5% 12-Month Avg 255 263-3.0% Historical New Listings by Month 500 400 300 200 100 0 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 3
Pending Sales A count of the properties on which offers have been accepted in a given month. 59 80 95 + 25.5% + 35.6% + 18.8% + 25.5% + 35.6% 59 80 95 + 18.8% Pending Sales February 2016 82 68 +20.6% March 2016 97 67 +44.8% April 2016 89 85 +4.7% May 2016 115 80 +43.8% June 2016 143 128 +11.7% July 2016 128 124 +3.2% August 2016 135 123 +9.8% September 2016 132 103 +28.2% October 2016 152 121 +25.6% November 2016 136 104 +30.8% December 2016 119 102 +16.7% 2017 95 80 +18.8% 12-Month Avg 119 99 +20.2% Historical Pending Sales by Month 160 140 120 100 80 60 40 20 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 4
Closed Sales A count of the actual sales that closed in a given month. 52 73 92 + 2.0% + 40.4% + 26.0% + 2.0% + 40.4% 52 73 92 + 26.0% Closed Sales February 2016 85 66 +28.8% March 2016 84 74 +13.5% April 2016 86 78 +10.3% May 2016 108 80 +35.0% June 2016 132 118 +11.9% July 2016 124 119 +4.2% August 2016 147 123 +19.5% September 2016 126 108 +16.7% October 2016 146 119 +22.7% November 2016 128 106 +20.8% December 2016 141 112 +25.9% 2017 92 73 +26.0% 12-Month Avg 117 98 +19.4% Historical Closed Sales by Month 160 140 120 100 80 60 40 20 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 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. 177 220 176 177 220 + 9.9% + 24.3% - 20.0% + 9.9% + 24.3% 176-20.0% Days on Market February 2016 190 194-2.1% March 2016 191 202-5.4% April 2016 249 205 +21.5% May 2016 184 202-8.9% June 2016 184 197-6.6% July 2016 174 207-15.9% August 2016 190 162 +17.3% September 2016 182 162 +12.3% October 2016 167 160 +4.4% November 2016 178 165 +7.9% December 2016 183 171 +7.0% 2017 176 220-20.0% 12-Month Avg* 185 185 0.0% Historical Days on Market Until Sale by Month * Average Days on Market of all properties from February 2016 through 2017. This is not the average of the individual figures above. 260 240 220 200 180 160 140 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 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. $94,590 $105,000 $125,250 $94,590 $105,000-14.0% + 11.0% + 19.3% - 14.0% + 11.0% $125,250 + 19.3% Median Sales Price February 2016 $117,750 $88,500 +33.1% March 2016 $101,064 $100,000 +1.1% April 2016 $112,701 $89,750 +25.6% May 2016 $105,000 $115,000-8.7% June 2016 $122,750 $115,000 +6.7% July 2016 $125,500 $128,550-2.4% August 2016 $126,450 $110,000 +15.0% September 2016 $134,000 $129,000 +3.9% October 2016 $111,500 $125,000-10.8% November 2016 $107,015 $118,920-10.0% December 2016 $116,000 $117,511-1.3% 2017 $125,250 $105,000 +19.3% 12-Month Med* $117,021 $115,000 +1.8% Historical Median Sales Price by Month * Median Sales Price of all properties from February 2016 through 2017. This is not the average of the individual figures above. $140,000 $130,000 $120,000 $110,000 $100,000 $90,000 $80,000 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 7
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $113,006 $143,575 $152,181 $113,006 $143,575-13.2% + 27.1% + 6.0% - 13.2% + 27.1% $152,181 + 6.0% Avg. Sales Price February 2016 $138,163 $131,942 +4.7% March 2016 $138,869 $113,992 +21.8% April 2016 $115,808 $120,332-3.8% May 2016 $121,000 $126,088-4.0% June 2016 $156,642 $151,007 +3.7% July 2016 $151,987 $147,761 +2.9% August 2016 $156,084 $128,871 +21.1% September 2016 $156,773 $144,700 +8.3% October 2016 $134,528 $145,436-7.5% November 2016 $127,914 $126,715 +0.9% December 2016 $142,037 $139,851 +1.6% 2017 $152,181 $143,575 +6.0% 12-Month Avg* $142,097 $136,363 +4.2% Historical Average Sales Price by Month * Avg. Sales Price of all properties from February 2016 through 2017. This is not the average of the individual figures above. $180,000 $160,000 $140,000 $120,000 $100,000 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 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. 93.6% 88.4% 91.1% 93.6% 88.4% + 2.4% - 5.6% + 3.1% + 2.4% - 5.6% 91.1% + 3.1% Pct. of List Price Received February 2016 90.6% 90.2% +0.4% March 2016 92.5% 92.0% +0.5% April 2016 91.1% 90.6% +0.6% May 2016 89.7% 92.7% -3.2% June 2016 92.4% 93.4% -1.1% July 2016 92.3% 91.9% +0.4% August 2016 93.9% 92.3% +1.7% September 2016 93.1% 93.4% -0.3% October 2016 93.6% 91.7% +2.1% November 2016 91.9% 91.5% +0.4% December 2016 93.4% 91.6% +2.0% 2017 91.1% 88.4% +3.1% 12-Month Avg* 92.3% 91.8% +0.5% Historical Percent of List Price Received by Month * Average Pct. of List Price Received for all properties from February 2016 through 2017. This is not the average of the individual figures above. 94% 93% 92% 91% 90% 89% 88% 87% Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 9
Housing Affordability Index This index measures housing affordability for the region. For example, 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. 324 283 228 324 283 + 28.6% - 12.7% - 19.4% + 28.6% - 12.7% 228-19.4% Affordability Index February 2016 260 347-25.1% March 2016 301 303-0.7% April 2016 271 341-20.5% May 2016 291 267 +9.0% June 2016 253 262-3.4% July 2016 247 231 +6.9% August 2016 246 272-9.6% September 2016 231 234-1.3% October 2016 282 242 +16.5% November 2016 278 252 +10.3% December 2016 248 256-3.1% 2017 228 283-19.4% 12-Month Avg 261 274-4.7% Historical Housing Affordability Index by Month 350 325 300 275 250 225 200 175 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 1,819 1,768 1,457 + 7.8% - 2.8% - 17.6% Homes for Sale February 2016 1,763 1,778-0.8% March 2016 1,834 1,835-0.1% April 2016 1,931 1,968-1.9% May 2016 2,046 2,159-5.2% June 2016 2,106 2,282-7.7% July 2016 2,130 2,360-9.7% August 2016 2,117 2,388-11.3% September 2016 2,074 2,354-11.9% October 2016 1,940 2,243-13.5% November 2016 1,739 2,078-16.3% December 2016 1,505 1,821-17.4% 2017 1,457 1,768-17.6% 12-Month Avg 1,887 2,086-9.5% Historical Inventory of Homes for Sale by Month 2,400 2,200 2,000 1,800 1,600 1,400 1,200 1-2010 7-2010 1-2011 7-2011 1-2012 7-2012 1-2013 7-2013 1-2014 7-2014 1-2015 7-2015 1-2016 7-2016 1-2017 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 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. 22.4 17.9 12.3 + 8.2% - 20.1% - 31.3% Months Supply February 2016 17.6 21.7-18.9% March 2016 17.9 22.1-19.0% April 2016 18.8 23.2-19.0% May 2016 19.4 25.2-23.0% June 2016 19.7 25.5-22.7% July 2016 19.9 25.6-22.3% August 2016 19.6 25.8-24.0% September 2016 18.7 25.5-26.7% October 2016 17.1 23.7-27.8% November 2016 15.0 21.5-30.2% December 2016 12.8 18.8-31.9% 2017 12.3 17.9-31.3% 12-Month Avg 17.4 23.1-24.7% Historical Months Supply of Inventory by Month 35.0 30.0 25.0 20.0 15.0 10.0 1-2010 7-2010 1-2011 7-2011 1-2012 7-2012 1-2013 7-2013 1-2014 7-2014 1-2015 7-2015 1-2016 7-2016 1-2017 Current as of February 10, 2017. All data from the Otsego-Delaware Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 12