ly Market Detail - February 216 Summary Statistics February 216 February 215 Paid in Cash 3,3 3,229 2.2% 1,216 1,355-1.3% $29, $265, 9.4% Average Sale Price Dollar Volume $465,268 $411,851 13.% $1.5 Billion $1.3 Billion 15.3% Median Percent of Original List Price Received 95.% 94.3%.7% Median Time to Contract 61 Days 65 Days -6.2% Median Time to Sale 111 Days 112 Days -.9% New Pending Sales New Listings 5,163 6,458 5,47-5.6% 5,685 13.6% Pending Inventory 1,515 Inventory (Active Listings) 2,132 s Supply of Inventory 4.9 11,866-11.4% 2,321 -.9% 5.4-9.3% The number of sales transactions which closed during February 216 3,3 2.2% January 216 2,95 -.6% December 215 4,29 November 215 3,237 October 215 4,15 September 215 4,174 August 215 4,172 July 215 4,821 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 June 215 May 215 4,981 4,529 16.1% 8.8% 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. April 215 March 215 February 215 4,429 4,313 3,229 12.% 21.5% 17.% -1.2% 5.5% -1.3% 9.5% 6.3% 12.9% 6, 5, 4, 3, 2, 1, Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - February 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 February 216 1,216-1.3% January 216 1,63-15.2% December 215 1,367-18.3% November 215 1,211-5.5% October 215 1,357-15.3% September 215 1,384-7.2% August 215 1,333-16.8% July 215 1,532-7.% June 215 1,731-3.2% May 215 1,576-1.9% April 215 1,672-4.3% March 215 1,724 5.1% February 215 1,355.9% 2,5 2, 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 February 216 36.8% -12.4% January 216 36.% -14.7% December 215 33.9% -17.5% November 215 37.4% -1.5% October 215 33.8% -14.2% September 215 33.2% -15.1% August 215 32.% -21.6% July 215 31.8% -17.6% June 215 34.8% -16.5% May 215 34.8% -18.1% April 215 37.8% -14.5% March 215 4.% -13.4% February 215 42.% -13.6% 6% 5% 4% 3% 2% 1% % Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
Average Sale Price ly Market Detail - February 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. February 216 $29, 9.4% January 216 $28, 7.7% December 215 $295, 9.3% November 215 $284,95 1.% October 215 $282, 6.8% September 215 $285,25 7.6% August 215 $29, 7.6% July 215 $294, 6.9% June 215 $295, 7.3% May 215 $29, 7.4% April 215 $28, 6.1% March 215 $275, 5.6% February 215 $265, 2.9% $4K $3K $2K $1K $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 February 216 $465,268 13.% January 216 $413,77.4% December 215 $448,942 9.2% November 215 $399,914 5.4% October 215 $396,738 4.9% September 215 $39,513 7.8% August 215 $398,429 1.2% July 215 $412,646-3.1% June 215 $448,552 3.2% May 215 $425,581-8.2% April 215 $443,568 9.3% March 215 $44,392-2.5% February 215 $411,851-4.9% $5K $4K $3K $2K $1K $K Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - February 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 February 216 $1.5 Billion 15.3% January 216 $1.2 Billion -.3% December 215 $1.8 Billion 7.7% November 215 $1.3 Billion 11.1% October 215 $1.6 Billion 3.5% September 215 $1.6 Billion 18.1% August 215 $1.7 Billion 7.9% July 215 $2. Billion 9.5% June 215 $2.2 Billion 2.% May 215 $1.9 Billion -.1% April 215 $2. Billion 22.4% March 215 $1.7 Billion 18.8% February 215 $1.3 Billion 11.3% $3 B $2 B $2 B $1 B $5 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 February 216 95.%.7% January 216 94.9%.7% December 215 95.1% 1.% November 215 94.9%.6% October 215 95.1%.3% September 215 95.3%.5% August 215 95.5%.7% July 215 95.3%.4% June 215 95.2%.3% May 215 94.9%.4% April 215 94.7%.% lagging indicator. March 215 94.4%.% February 215 94.3% -.4% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
Median Time to Sale Median Time to Contract ly Market Detail - February 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 February 216 61 Days -6.2% January 216 51 Days -17.7% December 215 48 Days -17.2% November 215 48 Days -2.% October 215 49 Days -15.5% September 215 47 Days -14.5% August 215 46 Days -14.8% July 215 48 Days -9.4% June 215 49 Days -5.8% May 215 53 Days -5.4% April 215 55 Days 5.8% March 215 62 Days 8.8% February 215 65 Days 8.3% 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 February 216 111 Days -.9% January 216 19 Days -5.2% December 215 98 Days -6.7% November 215 11 Days -2.9% October 215 98 Days -3.% September 215 94 Days -9.6% August 215 97 Days -3.% July 215 99 Days 2.1% June 215 11 Days 1.% May 215 13 Days 1.% April 215 13 Days 5.1% March 215 111 Days 6.7% February 215 112 Days 4.7% 15 1 5 Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
New Listings Pending Sales ly Market Detail - February 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 February 216 5,163-5.6% January 216 4,497-12.8% December 215 3,866-5.9% November 215 4,26-8.9% October 215 5,1-5.7% September 215 4,843-7.8% August 215 5,139-3.3% July 215 5,366 -.6% June 215 5,757 4.7% May 215 5,77-1.5% April 215 6,113 1.5% March 215 6,397 9.1% February 215 5,47 1.5% 8, 6, 4, 2, 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 February 216 6,458 13.6% January 216 6,17-3.3% December 215 4,215-7.1% November 215 4,962 3.9% October 215 5,727-5.% September 215 5,421-4.5% August 215 5,66 -.9% July 215 6,5 3.9% June 215 6,68 5.7% May 215 5,873 -.8% April 215 6,5.5% March 215 6,43 9.1% February 215 5,685 4.4% 8, 6, 4, 2, Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
s Supply of Inventory Inventory ly Market Detail - February 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 February 216 2,132 -.9% January 216 19,429-5.3% December 215 18,235-7.% November 215 18,945-5.4% October 215 18,77-6.7% September 215 18,324-6.4% August 215 18,272-5.2% July 215 18,437-4.1% June 215 18,312-3.% May 215 18,69.6% April 215 18,871 1.4% March 215 19,696 7.8% February 215 2,321 1.8% 25, 2, 15, 1, 5, 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 February 216 4.9-9.3% January 216 4.8-12.7% December 215 4.5-15.1% November 215 4.6-14.8% October 215 4.6-14.8% September 215 4.5-16.7% August 215 4.5-15.1% July 215 4.6-13.2% June 215 4.6-13.2% May 215 4.8-7.7% April 215 4.9-5.8% March 215 5.1-1.9% February 215 5.4 3.8% 1. 8. 6. 4. 2.. Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
Median Time to Contract ly Market Detail - February 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. February 215 February 216 8 7 6 5 4 3 2 1 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 28-48.1% $5, - $99,999 132-35.% $1, - $149,999 268-32.8% $15, - $199,999 46.5% $2, - $249,999 46 17.3% $25, - $299,999 431 4.4% $3, - $399,999 79 18.8% $4, - $599,999 457 16.6% $6, - $999,999 27 5.6% $1,, or more 22 12.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 8 7 6 5 4 3 2 1 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. 2 15 1 5 February 215 February 216 Sale Price $5, - $99,999 6 Days 17.6% $1, - $149,999 Median Time to Contract Less than $5, 51 Days -21.5% 43 Days -27.1% $15, - $199,999 42 Days.% $2, - $249,999 55 Days -1.8% $25, - $299,999 51 Days -13.6% $3, - $399,999 61 Days -11.6% $4, - $599,999 7 Days -7.9% $6, - $999,999 83 Days -9.8% $1,, or more 183 Days 25.3% 2 15 1 5 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 Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
Inventory New Listings ly Market Detail - February 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. 1,4 1,2 1, 8 6 4 2 Less than $5, February 215 February 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 27-34.1% $5, - $99,999 166-36.6% $1, - $149,999 396-26.7% $15, - $199,999 622 1.3% $2, - $249,999 693 21.4% $25, - $299,999 782 1.1% $3, - $399,999 1,231 12.6% $4, - $599,999 1,126 29.7% $6, - $999,999 74 44.2% $1,, or more 675 42.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,4 1,2 1, 8 6 4 2 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. 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Less than $5, February 215 February 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 34-71.9% $5, - $99,999 446-47.2% $1, - $149,999 941-4.6% $15, - $199,999 1,292-21.% $2, - $249,999 1,365-12.9% $25, - $299,999 1,75-1.4% $3, - $399,999 3,338-1.1% $4, - $599,999 3,741 14.2% $6, - $999,999 2,948 16.5% $1,, or more 4,277 24.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.
ly Distressed Market - February 216 February 216 February 215 Traditional 2,549 2,249 13.3% $314,9 $35, 3.2% Foreclosure/REO 556 73-23.8% $22, $185, 18.9% Short Sale 195 25-22.% $225, $22, 2.3% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35, Traditional Foreclosure/REO Short Sale $3, $25, $2, $15, $1, $5, $ Data released on Monday, March 21, 216. Historical data revised on Friday, February 26, 216. Next data release is Wednesday, April 2, 216.