ly Market Detail - May 216 Summary Statistics May 216 May 215 Paid in Cash 1,275 1,251 1.9% 728 842-13.5% $165,5 $15,95 9.6% Average Sale Price Dollar Volume $267,595 $25,933 6.6% $341.2 Million $313.9 Million 8.7% Median Percent of Original List Price Received 93.1% 92.9%.2% Median Time to Contract 51 Days 59 Days -13.6% Median Time to Sale 97 Days 98 Days -1.% New Pending Sales New Listings 1,374 1,58 1,466-6.3% 1,616-2.2% Pending Inventory 2,497 Inventory (Active Listings) 6,164 s Supply of Inventory 5.4 2,773-1.% 5,764 6.9% 5.2 3.8% 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 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. May 216 1,275 1.9% April 216 1,376-5.2% March 216 1,27-6.1% February 216 913-6.1% January 216 81-11.6% December 215 1,128.7% November 215 836 -.8% October 215 1,171 1.% September 215 1,157 14.% August 215 1,81 2.7% July 215 1,293 21.9% June 215 1,338 23.3% May 215 1,251-7.1% 2, 1,5 1, 5 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - May 216 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 May 216 728-13.5% April 216 856-14.7% March 216 812-15.6% February 216 571-19.7% January 216 52-19.% December 215 679-13.6% November 215 569-1.7% October 215 714-1.4% September 215 77 4.6% August 215 662-7.5% July 215 789 9.% June 215 82 13.4% May 215 842-11.3% 1,5 1, 5 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 May 216 57.1% -15.2% April 216 62.2% -1.% March 216 63.9% -1.3% February 216 62.5% -14.5% January 216 62.7% -8.3% December 215 6.2% -14.2% November 215 68.1% -.9% October 215 61.% -11.3% September 215 61.1% -8.3% August 215 61.2% -1.% July 215 61.% -1.6% June 215 61.3% -8.% May 215 67.3% -4.5% 1% 8% 6% 4% 2% % Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Average Sale Price ly Market Detail - May 216 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. May 216 $165,5 9.6% April 216 $154,95 6.1% March 216 $155, 12.9% February 216 $144,95 13.2% January 216 $139, 8.8% December 215 $152,5 8.9% November 215 $139, 5.3% October 215 $142, 9.6% September 215 $145, 18.6% August 215 $138, 6.2% July 215 $143, 11.7% June 215 $148,5 9.2% May 215 $15,95 14.4% $2K $15K $1K $5K $K 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 May 216 $267,595 6.6% April 216 $257,854 3.9% March 216 $252,151 3.5% February 216 $26,993-4.8% January 216 $233,495 4.% December 215 $21,976.2% November 215 $246,53 21.% October 215 $217,828 9.8% September 215 $219,223 1.4% August 215 $29,284 -.8% July 215 $228,322 7.2% June 215 $262,597 18.% May 215 $25,933.6% $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - May 216 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 May 216 $341.2 Million 8.7% April 216 $354.8 Million -1.5% March 216 $32.2 Million -2.8% February 216 $189. Million -1.6% January 216 $187. Million -8.% December 215 $238. Million 1.% November 215 $26.1 Million 2.% October 215 $255.1 Million 1.9% September 215 $253.6 Million 25.9% August 215 $226.2 Million 1.8% July 215 $295.2 Million 3.7% June 215 $351.4 Million 45.5% May 215 $313.9 Million -6.5% $4 M $3 M $2 M $1 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 May 216 93.1%.2% April 216 93.2%.6% March 216 93.3%.6% February 216 93.5%.3% January 216 93.4%.8% December 215 93.9%.9% November 215 94.3% 1.2% October 215 93.9%.8% September 215 93.8% 1.1% August 215 93.9%.9% July 215 93.5%.3% lagging indicator. June 215 93.6%.2% May 215 92.9%.4% Med. Pct. of Orig. List Price Received 1% 8% 6% 4% 2% % Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Median Time to Sale Median Time to Contract ly Market Detail - May 216 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 May 216 51 Days -13.6% April 216 52 Days -3.7% March 216 53 Days -13.1% February 216 48 Days -14.3% January 216 47 Days -17.5% December 215 48 Days -14.3% November 215 49 Days -19.7% October 215 56 Days -8.2% September 215 51 Days -27.1% August 215 55 Days -15.4% July 215 54 Days -11.5% June 215 53 Days -11.7% May 215 59 Days -1.7% 12 1 8 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 May 216 97 Days -1.% April 216 95 Days -3.1% March 216 96 Days -6.8% February 216 93 Days -3.1% January 216 91 Days -9.% December 215 87 Days -4.4% November 215 96 Days 2.1% October 215 97 Days -2.% September 215 97 Days -1.2% August 215 11 Days.% July 215 13 Days 3.% June 215 1 Days -1.% May 215 98 Days.% 15 1 5 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
New Listings Pending Sales ly Market Detail - May 216 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 May 216 1,374-6.3% April 216 1,524-5.3% March 216 1,677-1.4% February 216 1,418-11.1% January 216 1,233-14.8% December 215 1,35-1.3% November 215 1,5-18.7% October 215 1,299-9.6% September 215 1,194-12.3% August 215 1,329-3.9% July 215 1,316-3.1% June 215 1,388.4% May 215 1,466-2.9% 2,5 2, 1,5 1, 5 New Listings The number of properties put onto the market during Economists' note : New Listings 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. New Listings May 216 1,58-2.2% April 216 1,872 11.9% March 216 1,974 4.2% February 216 1,97 11.3% January 216 1,996-3.5% December 215 1,415-2.3% November 215 1,545 5.% October 215 1,82 4.3% September 215 1,544 1.5% August 215 1,44-7.3% July 215 1,442 1.5% June 215 1,415-2.7% May 215 1,616 2.9% 2,5 2, 1,5 1, 5 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
s Supply of Inventory Inventory ly Market Detail - May 216 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 New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market. Inventory May 216 6,164 6.9% April 216 6,436 8.5% March 216 6,539 4.9% February 216 6,669 5.1% January 216 6,365 -.6% December 215 5,852-1.8% November 215 5,831-2.6% October 215 5,534-6.4% September 215 5,258-7.8% August 215 5,171-8.3% July 215 5,352-6.4% June 215 5,483-5.7% May 215 5,764-2.8% 12, 1, 8, 6, 4, 2, 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 May 216 5.4 3.8% April 216 5.7 7.5% March 216 5.7 1.8% February 216 5.8.% January 216 5.5-5.2% December 215 5. -7.4% November 215 5. -7.4% October 215 4.8-9.4% September 215 4.5-11.8% August 215 4.5-1.% July 215 4.7-7.8% June 215 4.9-3.9% May 215 5.2 2.% 12. 1. 8. 6. 4. 2.. Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Median Time to Contract ly Market Detail - May 216 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. May 215 May 216 3 25 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 11-24.1% $5, - $99,999 229-11.2% $1, - $149,999 212.5% $15, - $199,999 193 9.7% $2, - $249,999 141 25.9% $25, - $299,999 98 28.9% $3, - $399,999 99 5.3% $4, - $599,999 16 47.2% $6, - $999,999 5-16.7% $1,, or more 37-21.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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. 12 1 8 6 4 2 Less than $5, May 215 May 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 49 Days -7.5% $1, - $149,999 Median Time to Contract Less than $5, 65 Days -4.4% 48 Days -4.% $15, - $199,999 36 Days -14.3% $2, - $249,999 4 Days -23.1% $25, - $299,999 52 Days -17.5% $3, - $399,999 4 Days -57.% $4, - $599,999 82 Days 3.8% $6, - $999,999 79 Days 29.5% $1,, or more 18 Days 21.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 12 1 8 6 4 2 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
Inventory New Listings ly Market Detail - May 216 New Listings by Initial Listing Price The number of properties put onto the market during Economists' note: New Listings 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. 4 35 3 25 2 15 1 5 Less than $5, May 215 May 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 94-36.5% $5, - $99,999 264-21.9% $1, - $149,999 265-13.4% $15, - $199,999 265 12.8% $2, - $249,999 187 17.6% $25, - $299,999 129 37.2% $3, - $399,999 159 27.2% $4, - $599,999 17 8.1% $6, - $999,999 5-27.5% $1,, or more 6 39.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 3 25 2 15 1 5 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 New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market. 1,2 1, 8 6 4 2 Less than $5, May 215 May 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 46-27.5% $5, - $99,999 1,31-2.3% $1, - $149,999 827-9.1% $15, - $199,999 726 12.4% $2, - $249,999 618 32.3% $25, - $299,999 442 4.2% $3, - $399,999 593 15.4% $4, - $599,999 654 34.% $6, - $999,999 384 15.7% $1,, or more 483 31.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,2 1, 8 6 4 2 Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.
ly Distressed Market - May 216 May 216 May 215 Traditional 1,18 1,52 12.2% $173, $165, 4.8% Foreclosure/REO 83 181-54.1% $1, $99,35.7% Short Sale 12 18-33.3% $118,5 $98, 2.9% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $2, $18, $16, $14, $12, $1, $8, $6, $4, $2, $ Traditional Foreclosure/REO Short Sale Data released on Wednesday, June 22, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Thursday, July 21, 216.