Summary Statistics November 218 November 217 Paid in Cash 2,578 19,983 3.% 5,338 5,372 -.6% $255, $24, 6.3% Average Sale Price Dollar Volume $331,711 $314,76 5.4% $6.8 Billion $6.3 Billion 8.5% Median Percent of Original List Price Received 96.2% 96.3% -.1% Median Time to Contract 41 Days 46 Days -1.9% Median Time to Sale 84 Days 91 Days -7.7% New Pending Sales 2,352 27,3 22,119-8.% 26,213 4.1% Pending Inventory 3,92 Inventory (Active Listings) 96,56 s Supply of Inventory 4.1 34,53-1.5% 85,837 11.9% 3.8 7.9% 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. Year-to-Date November 218 257,194 2,578 3.3% 3.% October 218 22,272 8.5% September 218 21,87 17.% August 218 26,273 4.2% July 218 25,483 3.9% June 218 27,825-1.6% May 218 28,58.8% April 218 25,418 6.7% March 218 25,19-3.4% February 218 18,62 3.3% January 218 16,561-1.2% December 217 22,89 2.6% November 217 19,983 1.3% 3, 25, 2, 15, 5, 214 215 216 217 218 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
Pct. of 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 Year-to-Date 67,113 -.9% November 218 5,338 -.6% October 218 5,97 11.7% September 218 5,39 14.8% August 218 6,59 1.2% July 218 6,239 4.6% June 218 6,72-6.1% May 218 7,24-5.7% April 218 6,611.6% March 218 6,631-12.2% February 218 5,584-4.6% January 218 5,34-4.6% December 217 6,26-4.6% November 217 5,372-7.8% 214 215 216 217 218 8, 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 Year-to-Date 26.1% -4.% November 218 25.9% -3.7% October 218 26.8% 3.1% September 218 25.6% -1.9% August 218 25.1% -2.7% July 218 24.5%.8% June 218 24.1% -4.4% May 218 25.% -6.4% April 218 26.% -5.8% March 218 26.5% -9.2% February 218 3.% -7.7% January 218 3.4% -3.5% December 217 26.3% -7.1% November 217 26.9% -8.8% 6% 5% 4% 3% 2% 1% % 214 215 216 217 218 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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. Year-to-Date $254, 7.2% November 218 $255, 6.3% October 218 $253,853 7.6% September 218 $251,61 4.9% August 218 $254,29 6.% July 218 $255, 6.3% June 218 $26, 6.1% May 218 $255, 6.7% April 218 $253, 7.7% March 218 $251, 8.2% February 218 $246,9 9.7% January 218 $24, 9.1% December 217 $244,7 8.3% November 217 $24, 9.1% $3K $25K $2K $15K $1K $5K $K 214 215 216 217 218 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 Year-to-Date $339,112 7.2% November 218 $331,711 5.4% October 218 $331,626 7.4% September 218 $323,958 5.6% August 218 $328,414 4.6% July 218 $335,95 5.7% June 218 $354,59 7.7% May 218 $346,111 6.5% April 218 $353,26 1.1% March 218 $345,772 8.6% February 218 $336,77 7.4% January 218 $334,381 12.3% December 217 $321,77 9.4% November 217 $314,76 8.3% $4K $3K 214 215 216 217 218 $2K $1K $K Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 Year-to-Date $87.2 Billion 1.8% November 218 $6.8 Billion 8.5% October 218 $7.4 Billion 16.4% September 218 $6.8 Billion 23.5% August 218 $8.6 Billion 8.9% July 218 $8.5 Billion 9.8% June 218 $9.9 Billion 6.% May 218 $9.7 Billion 7.4% April 218 $9. Billion 17.5% March 218 $8.7 Billion 4.9% February 218 $6.3 Billion 11.% January 218 $5.5 Billion 1.9% December 217 $7.3 Billion 12.2% November 217 $6.3 Billion 9.7% $12 B $1 B $8 B $6 B $4 B $2 B $ 214 215 216 217 218 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 Year-to-Date 96.5%.2% November 218 96.2% -.1% October 218 96.3%.% September 218 96.5%.1% August 218 96.6%.1% July 218 96.7%.2% June 218 96.9%.4% May 218 96.7%.3% April 218 96.6%.4% March 218 96.5%.4% February 218 96.3%.5% January 218 96.%.4% December 217 96.3%.3% November 217 96.3%.2% 12% 1% 8% 6% 4% 2% % 214 215 216 217 218 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 Year-to-Date 38 Days -7.3% November 218 41 Days -1.9% October 218 4 Days -7.% September 218 38 Days.% August 218 36 Days -2.7% July 218 36 Days.% June 218 34 Days -1.5% May 218 35 Days -1.3% April 218 36 Days -1.% March 218 42 Days -1.6% February 218 48 Days -11.1% January 218 45 Days -8.2% December 217 41 Days -8.9% November 217 46 Days 7.% 8 214 215 216 217 218 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 Year-to-Date 81 Days -6.9% November 218 84 Days -7.7% October 218 82 Days -9.9% September 218 8 Days -5.9% August 218 78 Days -2.5% July 218 78 Days -3.7% June 218 79 Days -4.8% May 218 78 Days -6.% April 218 78 Days -8.2% March 218 85 Days -7.6% February 218 9 Days -8.2% January 218 89 Days -8.2% December 217 83 Days -9.8% November 217 91 Days -1.1% 12 1 8 6 4 2 214 215 216 217 218 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 Year-to-Date 285,947 1.% November 218 2,352-8.% October 218 23,18-4.2% September 218 22,443 37.9% August 218 26,239-2.6% July 218 26,29.4% June 218 26,894-2.9% May 218 29,434.% April 218 3,127 4.4% March 218 3,576 -.9% February 218 26,25-1.% January 218 24,549.3% December 217 19,48 -.1% November 217 22,119 5.4% 35, 3, 25, 2, 15, 5, 214 215 216 217 218 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. Year-to-Date 344,691 6.9% November 218 27,3 4.1% October 218 3,895 9.5% September 218 27,219 47.3% August 218 32,45 6.6% July 218 3,48 3.1% June 218 31,411-1.5% May 218 34,477 4.9% April 218 33,256 11.3% March 218 34,193.7% February 218 31,487 6.1% January 218 31,928 1.3% December 217 2,65 -.3% November 217 26,213 1.8% 4, 214 215 216 217 218 3, 2, Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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 YTD (ly Avg) 9,291 1.% November 218 96,56 11.9% October 218 94,167 9.8% September 218 9,382 6.5% August 218 9,586 4.5% July 218 88,813.% June 218 88,411-2.1% May 218 9,159 -.7% April 218 89,98-1.2% March 218 88,672-4.2% February 218 89,55-4.5% January 218 87,38-7.2% December 217 82,163-7.% November 217 85,837-6.8% 12, 1, 8, 6, 4, 2, 214 215 216 217 218 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 YTD (ly Avg) 3.9-2.5% November 218 4.1 7.9% October 218 4. 5.3% September 218 3.9 2.6% August 218 4. 5.3% July 218 3.9.% June 218 3.9.% May 218 4..% April 218 3.9-2.5% March 218 3.9-4.9% February 218 3.9-7.1% January 218 3.9-7.1% December 217 3.6-7.7% November 217 3.8-7.3% 6. 5. 4. 3. 2. 1.. 214 215 216 217 218 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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. 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 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. 2 18 16 14 12 1 8 6 4 2 Less than $5, Less than $5, November 217 November 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 November 217 November 218 $15, - $199,999 $2, - $249,999 $2, - $249,999 $25, - $299,999 Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during $25, - $299,999 Sale Price $1, - $149,999 1,823-19.7% $15, - $199,999 3,321-9.2% $2, - $249,999 3,832 7.9% $25, - $299,999 2,931 7.2% $3, - $399,999 3,683 16.1% $4, - $599,999 2,532 21.2% $6, - $999,999 979 13.6% $1,, or more 519 1.4% Sale Price $15, - $199,999 31 Days -3.1% $2, - $249,999 37 Days -11.9% $25, - $299,999 Median Time to Contract Less than $5, 34 Days 3.% $5, - $99,999 26 Days -16.1% $1, - $149,999 Less than $5, 236-9.2% $5, - $99,999 722-21.% $3, - $399,999 28 Days -3.4% 41 Days -16.3% $3, - $399,999 46 Days -19.3% $4, - $599,999 57 Days -17.4% $6, - $999,999 89 Days -13.6% $1,, or more 136 Days -22.3% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 2 18 16 14 12 1 8 6 4 2 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
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, 5, 4, 3, 2, 1, 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. 18, 16, 14, 12, 8, 6, 4, 2, Less than $5, Less than $5, November 217 November 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 November 217 November 218 $15, - $199,999 $2, - $249,999 Inventory by Current Listing Price The number of property listings active at the end of $2, - $249,999 $25, - $299,999 $25, - $299,999 Initial Listing Price $5, - $99,999 797-19.4% $1, - $149,999 1,975-18.5% $15, - $199,999 3,758-6.7% $2, - $249,999 4,53 13.1% $25, - $299,999 3,925 12.% $3, - $399,999 4,972 14.2% $4, - $599,999 3,724 5.7% $6, - $999,999 1,927 6.% $1,, or more 1,535 13.4% Current Listing Price Inventory Less than $5, 184-22.% $3, - $399,999 Less than $5, 448-17.9% $5, - $99,999 2,1-16.6% $1, - $149,999 4,784-4.9% $15, - $199,999 9,556 11.2% $2, - $249,999 12,666 23.3% $25, - $299,999 12,269 2.3% $3, - $399,999 16,978 16.9% $4, - $599,999 15,974 11.3% $6, - $999,999 1,577 8.8% $1,, or more 1,794 5.9% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 6, 5, 4, 3, 2, 1, 18, 16, 14, 12, 8, 6, 4, 2, Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.
ly Distressed Market - November 218 November 218 November 217 Traditional 19,833 18,84 5.3% $257,383 $243, 5.9% Foreclosure/REO 588 866-32.1% $174, $164,95 5.5% Short Sale 157 277-43.3% $185, $195,126-5.2% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, 214 215 216 217 218 Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ 214 215 216 217 218 Produced by Realtors with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, December 19, 218. Next data release is Tuesday, January 22, 219.