ly Market Detail - Q4 215 Summary Statistics Q4 215 Q4 214 Paid in Cash 3,137 3,426-8.4% 1,148 1,419-19.1% New Pending Sales 4,514 4,361 3.5% 5,478 5,716-4.2% $27, $246,14 9.7% Average Sale Price $442,315 $394,95 12.2% Median Days on Market 42 45-6.7% Average Percent of Original List Price Received 95.5% 94.7%.8% Pending (Active Listings) 2,912 6,45 3,81-23.4% 6,265-3.5% Months Supply of 5.2 5.6-6.8% 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 using the year-over-year percent changes rather than the absolute counts. Realtors and their clients should also be wary of quarter-to-quarter comparisons of because of potential seasonal effects. Q4 215 3,137-8.4% Q3 215 3,699 4.1% Q2 215 3,913 Q1 215 3,187 Q4 214 3,426 Q3 214 3,552 Q2 214 3,65 Q1 214 2,893 Q4 213 3,182 Q3 213 3,544 Q2 213 3,479 Q1 213 2,694 Q4 212 3,178 7.2% 1.2% 7.7%.2% 4.9% 7.4%.1% 21.2% 19.5% 1.% 28.1% 4,3 3,8 3,3 2,8 2,3
ly Market Detail - Q4 215 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 inancing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. Cash Sales Q4 215 1,148-19.1% Q3 215 1,24-13.6% Q2 215 1,358-15.2% Q1 215 1,32-5.7% Q4 214 1,419-1.7% Q3 214 1,435-9.7% Q2 214 1,62 3.% Q1 214 1,4 8.4% Q4 213 1,444-2.4% Q3 213 1,59 23.9% Q2 213 1,556 17.9% Q1 213 1,291 14.6% Q4 212 1,48 4.3% 1,7 Cash Sales 1,5 1,3 1,1 9 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 inancing, such as mortgages, owner/seller inancing, assumed loans, etc. Percent of Closed Sales Paid in Cash Q4 215 36.6% -11.6% Q3 215 33.5% -17.% Q2 215 34.7% -2.9% Q1 215 41.4% -14.4% Q4 214 41.4% -8.7% Q3 214 4.4% -1.% Q2 214 43.9% -1.9% Q1 214 48.4% 1.% Q4 213 45.4% -2.6% Q3 213 44.9% 2.3% Q2 213 44.7% -1.4% Q1 213 47.9% 4.1% Q4 212 46.6% 9.5% Pct. of Closed Sales Paid in Cash 5% 45% 4% 35% 3% 25%
ly Market Detail - Q4 215 New Pending Sales The number of property listings that went from "Active" to "Pending" status 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 inancing for homebuyers and the inventory of distressed properties for sale. Q4 215 Q3 215 Q2 215 Q1 215 Q4 214 Q3 214 Q2 214 Q1 214 Q4 213 Q3 213 Q2 213 Q1 213 Q4 212 New Pending Sales 4,514 4,463 5,35 5,113 4,361 4,89 5,18 5,2 4,41 5,113 5,54 5,227 4,748 3.5% -7.2% -2.8% -1.7% -.9% -5.9% -6.5% -.5% -7.3% 3.% 11.5% 3.5% 16.2% Pending Sales 5,9 5,4 4,9 4,4 3,9 The number of properties put onto the market during Economists' note : In a recovering market, we expect that new listings will eventually rise as sellers raise their estimations of value. But this increase will take place only after the market has turned up, so New Listings are a lagging indicator of the health of the market. Also be aware of properties which have been withdrawn from the market and then relisted. These are not really. Q4 215 Q3 215 Q2 215 Q1 215 Q4 214 Q3 214 Q2 214 Q1 214 Q4 213 Q3 213 Q2 213 Q1 213 Q4 212 5,478 6,223 6,264 6,49 5,716 6,237 6,255 6,384 5,548 5,937 6,25 5,725 4,738-4.2% -.2%.1% 1.7% 3.% 5.1% 3.8% 11.5% 17.1% 15.3% 18.5% 9.5% 4.7% 6,9 6,4 5,9 5,4 4,9 4,4
ly Market Detail - Q4 215 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. Q4 215 $27, 9.7% Q3 215 $273,2 9.3% Q2 215 $271, 1.6% Q1 215 $25, 8.7% Q4 214 $246,14 4.7% Q3 214 $25, 8.7% Q2 214 $245, 8.9% Q1 214 $23, 11.8% Q4 213 $235, 18.1% Q3 213 $23, 21.1% Q2 213 $225, 21.% Q1 213 $25,65 17.5% Q4 212 $199, 13.7% $29K $24K $19K $14K Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) Economists' note : As noted above, 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 Q4 215 $442,315 12.2% Q3 215 $439,673.3% Q2 215 $463,67.2% Q1 215 $436,129 1.4% Q4 214 $394,95-2.% Q3 214 $438,431 14.9% Q2 214 $462,18 3.5% Q1 214 $43,312 17.9% Q4 213 $41,996 2.7% Q3 213 $381,612 8.1% Q2 213 $446,379 14.2% Q1 213 $364,991 14.8% Q4 212 $391,446 25.9% Average Sale Price $5K $45K $4K $35K $3K $25K
ly Market Detail - Q4 215 Median Days on Market The median number of days that properties sold during were on the market Economists' note : Median Days on Market is the amount of time the "middle" property selling this quarter was on the market. That is, 5% of homes selling this quarter took less time to sell, and 5% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market. Median Days on Market Q4 215 42-6.7% Q3 215 39-13.3% Q2 215 44 2.3% Q1 215 51 8.5% Q4 214 45 12.5% Q3 214 45 21.6% Q2 214 43 7.5% Q1 214 47 2.2% Q4 213 4-2.4% Q3 213 37-14.% Q2 213 4-11.1% Q1 213 46-6.1% Q4 212 41-19.6% Median Days on Market 8 6 4 2 Average Percent of Original List Price Received The average of the sale price (as a percentage of the original list price) across all properties selling during Economists' note : The Average Percent of Original List Price Received is an indicator of market conditions, in that in a recovering market, the measure 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 that has shifted from down to up, and is another lagging indicator. Avg. Pct. of Orig. List Price Received Q4 215 95.5%.8% Q3 215 95.9%.5% Q2 215 94.9%.1% Q1 215 94.5% -.6% Q4 214 94.7% -1.6% Q3 214 95.4% -.7% Q2 214 94.8% -.6% Q1 214 95.1%.5% Q4 213 96.2% 2.% Q3 213 96.1% 3.1% Q2 213 95.4% 2.9% Q1 213 94.6% 2.7% Q4 212 94.3% 3.3% Avg. Pct. of Orig. List Price Received 1% 95% 9% 85% 8% 75%
ly Market Detail - Q4 215 (Active Listings) The number of property listings active at the end of Economists' note : There are a number of ways to calculate, so these numbers may not match up to others you see in your market. We calculate by counting the number of active listings on the last day of, and hold this number to compare with the same quarter the following year. Q4 215 6,45-3.5% Q3 215 6,2-5.4% Q2 215 5,754-6.% Q1 215 6,96.4% Q4 214 6,265 4.7% Q3 214 6,347 19.7% Q2 214 6,122 22.7% Q1 214 6,74 22.5% Q4 213 5,986 19.7% Q3 213 5,34 4.9% Q2 213 4,99-3.1% Q1 213 4,96-9.7% Q4 212 5, -18.6% 8,8 7,8 6,8 5,8 4,8 Months Supply of An estimate of the number of months it will take to deplete the current given recent sales rates Economists' note : This is an indicator of the state of the market, whether it is a buyers' market or a sellers' market. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 Months of. Higher numbers indicate a buyers' market, lower numbers a sellers' market. Months Supply Q4 215 5.2-6.8% Q3 215 5.1-11.7% Q2 215 4.9-11.4% Q1 215 5.3-4.8% Q4 214 5.6 -.2% Q3 214 5.7 16.2% Q2 214 5.5 13.5% Q1 214 5.6 9.5% Q4 213 5.6 6.4% Q3 213 4.9-12.5% Q2 213 4.9-15.9% Q1 213 5.1-19.1% Q4 212 5.2-24.5% Months Supply of 11. 9. 7. 5. 3.
ly Market Detail - Q4 215 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 using the year-over-year percent changes rather than the absolute counts. Realtors and their clients should also be wary of quarter-to-quarter comparisons of because of potential seasonal effects. 6 5 4 3 2 1 Less than $5, Q4 214 Q4 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 46-17.9% $5, - $99,999 195-31.3% $1, - $149,999 291-35.2% $15, - $199,999 398-16.2% $2, - $249,999 443-6.1% $25, - $299,999 449 5.9% $3, - $399,999 551 23.5% $4, - $599,999 35-5.4% $6, - $999,999 222-12.6% $1,, or more 192-2.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6 5 4 3 2 1 Median Days on Market by Sale Price The median number of days that properties sold during were on the market Economists' note: Median Days on Market is the amount of time the "middle" property selling this quarter was on the market. That is, 5% of homes selling this quarter took less time to sell, and 5% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market. 1 Q4 214 Q4 215 Sale Price $15, - $199,999 3-14.3% $2, - $249,999 3-18.9% $25, - $299,999 Median Days on Market Less than $5, 36-42.9% $5, - $99,999 38 11.8% $1, - $149,999 44-2.2% 4 2.6% $3, - $399,999 49-2.% $4, - $599,999 51-8.9% $6, - $999,999 51.% $1,, or more 79-15.1% 1 Median Days on Market 8 6 4 2 8 6 4 2 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more
ly Market Detail - Q4 215 by Initial Listing Price The number of properties put onto the market during Economists' note: In a recovering market, we expect that new listings will eventually rise as sellers raise their estimations of value. But this increase will take place only after the market has turned up, so New Listings are a lagging indicator of the health of the market. Also be aware of properties which have been withdrawn from the market and then relisted. These are not really. 1,2 1, 8 6 4 2 Less than $5, Q4 214 Q4 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 48-36.% $5, - $99,999 211-5.1% $1, - $149,999 332-45.% $15, - $199,999 565-28.6% $2, - $249,999 552-3.5% $25, - $299,999 661 -.9% $3, - $399,999 978 22.3% $4, - $599,999 83 17.7% $6, - $999,999 53 2.3% $1,, or more 771 37.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,2 1, 8 6 4 2 by Current Listing Price The number of property listings active at the end of Economists' note: There are a number of ways to calculate, so these numbers may not match up to others you see in your market. We calculate by counting the number of active listings on the last day of, and hold this number to compare with the same quarter the following year. 1,6 1,4 1,2 1, 8 6 4 2 Less than $5, Q4 214 Q4 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Less than $5, 19-56.8% $5, - $99,999 19-7.1% $1, - $149,999 238-57.8% $15, - $199,999 377-38.8% $2, - $249,999 42-23.1% $25, - $299,999 562-1.7% $3, - $399,999 991 12.9% $4, - $599,999 1,4 21.1% $6, - $999,999 851 2.4% $1,, or more 1,456 34.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,6 1,4 1,2 1, 8 6 4 2
ly Distressed Market - Q4 215 Q4 215 Q4 214 Traditional 2,31 2,14 7.9% $3, $3,.% Foreclosure/REO 61 912-33.1% $185, $165, 12.1% Short Sale 217 374-42.% $183,5 $193,5-5.2% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35, Traditional Foreclosure/REO Short Sale $3, $25, $2, $15, $1, $5, $