ly Market Detail - August 217 Summary Statistics August 217 August 216 Paid in Cash 577 572.9% 148 153-3.3% $29,9 $199, 5.5% Average Sale Price Dollar Volume $233,643 $218,16 7.2% $134.8 Million $124.7 Million 8.1% Median Percent of Original List Price Received 97.1% 96.9%.2% Median Time to Contract 3 Days 43 Days -3.2% Median Time to Sale 77 Days 88 Days -12.5% New Pending Sales New Listings 67 658 557 9.% 692-4.9% Pending Inventory 848 Inventory (Active Listings) 1,734 s Supply of Inventory 3.3 86-1.4% 1,781-2.6% 3.7-1.8% The number of sales transactions which closed during August 217 July 217 585 11.% June 217 6 May 217 64 Economists' note : are one of the simplest yet most April 217 575 12.7% important indicators for the residential real estate market. When March 217 614 23.8% comparing across markets of different sizes, we February 217 393-4.6% recommend comparing the percent changes in sales rather than the January 217 387 9.6% number of sales. (and many other market metrics) are December 216 52 2.% affected by seasonal cycles, so actual trends are more accurately November 216 426 21.4% represented by year-over-year changes (i.e. comparing a month's October 216 445-4.9% sales to the amount of sales in the same month in the previous year), September 216 57-1.6% rather than changes from one month to the next. August 216 572 15.6% 577.9% 3.4% 6.5% 8 6 4 2 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - August 217 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 August 217 148-3.3% July 217 133-2.9% June 217 17 12.6% May 217 151-1.7% April 217 165 7.1% March 217 177 19.6% February 217 128-15.8% January 217 132 2.3% December 216 148-17.8% November 216 139.7% October 216 131-9.7% September 216 119-26.1% August 216 153-1.% 25 2 15 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 August 217 25.6% -4.1% July 217 22.7% -12.7% June 217 28.3% 8.8% May 217 25.% -16.1% April 217 28.7% -5.% March 217 28.8% -3.4% February 217 32.6% -11.7% January 217 34.1% -6.6% December 216 29.5% -19.4% November 216 32.6% -17.% October 216 29.4% -5.2% September 216 23.5% -24.9% August 216 26.7% -22.2% 6% 5% 4% 3% 2% 1% % Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
Average Sale Price ly Market Detail - August 217 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. July 217 $217, 13.% June 217 $21, 1.4% May 217 August 217 $29,9 5.5% $214, 1.9% April 217 $29,99 16.7% March 217 $21, 2.5% February 217 $25, 2.3% January 217 $195, 9.6% December 216 $21, 11.7% November 216 $24,45 2.3% October 216 $188, 6.2% September 216 $196,92 9.4% August 216 $199, 13.7% $25K $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 August 217 $233,643 7.2% July 217 $252,699 17.3% June 217 $235,333 12.6% May 217 $23,611 6.5% April 217 $216, 2.% March 217 $225,287 13.7% February 217 $215,72 14.3% January 217 $214,191 5.9% December 216 $211,91 3.5% November 216 $215,38 11.7% October 216 $21,225 8.9% September 216 $217,24 11.3% August 216 $218,16 12.9% $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - August 217 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 August 217 $134.8 Million 8.1% July 217 $147.8 Million 3.2% June 217 $141.2 Million 16.5% May 217 $139.3 Million 13.5% April 217 $124.2 Million 15.% March 217 $138.3 Million 4.7% February 217 $84.8 Million 9.% January 217 $82.9 Million 16.1% December 216 $16. Million 5.6% November 216 $91.7 Million 35.6% October 216 $93.6 Million 3.6% September 216 $11.1 Million 9.6% August 216 $124.7 Million 3.4% $2 M $15 M $1 M $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 August 217 97.1%.2% July 217 97.6%.8% June 217 97.2%.7% May 217 97.2% 1.1% April 217 96.2%.3% 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. March 217 February 217 January 217 December 216 November 216 October 216 September 216 96.2% 96.7% 96.% 96.5% 96.2% 96.6% 96.6% 1.1%.8%.5%.7%.9% 1.%.8% Med. Pct. of Orig. List Price Received August 216 96.9% 1.3% 12% 1% 8% 6% 4% 2% % Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
Median Time to Sale Median Time to Contract ly Market Detail - August 217 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 August 217 3 Days -3.2% July 217 25 Days -3.6% June 217 29 Days -38.3% May 217 32 Days -31.9% April 217 4 Days -2.% March 217 48 Days -17.2% February 217 53 Days -1.9% January 217 54 Days 17.4% December 216 41 Days -14.6% November 216 36 Days -28.% October 216 31 Days -38.% September 216 29 Days -49.1% August 216 43 Days -29.5% 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 August 217 77 Days -12.5% July 217 76 Days -9.5% June 217 78 Days -17.% May 217 79 Days -13.2% April 217 84 Days -9.7% March 217 89 Days -14.4% February 217 98 Days -3.% January 217 98 Days 3.2% December 216 87 Days -5.4% November 216 87 Days -5.4% October 216 82 Days -12.8% September 216 81 Days -2.6% August 216 88 Days -13.7% 15 1 5 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
New Listings Pending Sales ly Market Detail - August 217 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. July 217 587-3.5% June 217 664 26.% May 217 New Pending Sales August 217 67 9.% 63 6.4% April 217 641-6.6% March 217 684 16.5% February 217 629 9.2% January 217 57 13.3% December 216 444 1.6% November 216 44 1.4% October 216 47-5.2% September 216 446-13.6% August 216 557-1.4% 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 August 217 658-4.9% July 217 648 12.5% June 217 742 19.3% May 217 734 25.7% April 217 656.2% March 217 73 9.7% February 217 612 2.7% January 217 663 11.2% December 216 429-5.7% November 216 55-3.4% October 216 597 5.7% September 216 57-6.1% August 216 692 19.3% 8 6 4 2 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
s Supply of Inventory Inventory ly Market Detail - August 217 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 offmarket (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 August 217 1,734-2.6% July 217 1,749 1.6% June 217 1,734-4.6% May 217 1,74-7.5% April 217 1,659-13.5% March 217 1,74-14.5% February 217 1,789-1.8% January 217 1,862-7.6% December 216 1,835-7.7% November 216 1,899-6.8% October 216 1,911-4.8% September 216 1,835-7.% August 216 1,781-8.% 3, 2,5 2, 1,5 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 August 217 3.3-1.8% July 217 3.4-5.6% June 217 3.4-8.1% May 217 3.3-13.2% April 217 3.3-17.5% March 217 3.4-17.1% February 217 3.6-12.2% January 217 3.8-7.3% December 216 3.7-9.8% November 216 3.9-7.1% October 216 3.9-4.9% September 216 3.8-5.% August 216 3.7-7.5% 8. 6. 4. 2.. Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
Median Time to Contract ly Market Detail - August 217 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. 18 16 14 12 1 8 6 4 2 Less than $5, August 216 August 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 2-84.6% $5, - $99,999 25-24.2% $1, - $149,999 69-2.8% $15, - $199,999 161-5.8% $2, - $249,999 141 7.6% $25, - $299,999 8-4.8% $3, - $399,999 67 63.4% $4, - $599,999 22 1.% $6, - $999,999 6-14.3% $1,, or more 4 3.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 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. 5 4 3 2 1 August 216 August 217 Sale Price $5, - $99,999 41 Days 57.7% $1, - $149,999 Median Time to Contract Less than $5, 45 Days -36.6% 22 Days -43.6% $15, - $199,999 14 Days -51.7% $2, - $249,999 29 Days -34.1% $25, - $299,999 56 Days 16.7% $3, - $399,999 74 Days 6.9% $4, - $599,999 32 Days -7.9% $6, - $999,999 19 Days -76.3% $1,, or more 7 Days -97.8% 5 4 3 2 1 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 Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
Inventory New Listings ly Market Detail - August 217 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. 18 16 14 12 1 8 6 4 2 Less than $5, August 216 August 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 4-69.2% $5, - $99,999 25-28.6% $1, - $149,999 53-3.3% $15, - $199,999 15-7.4% $2, - $249,999 148 8.8% $25, - $299,999 117-7.1% $3, - $399,999 95 2.3% $4, - $599,999 46 4.5% $6, - $999,999 14-22.2% $1,, or more 6 1.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 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 35 3 25 2 15 1 5 Less than $5, August 216 August 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 9-5.% $5, - $99,999 49-38.% $1, - $149,999 97-33.6% $15, - $199,999 241-13.3% $2, - $249,999 34 1.4% $25, - $299,999 34 1.% $3, - $399,999 29.3% $4, - $599,999 225 8.7% $6, - $999,999 11 19.6% $1,, or more 69 9.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 3 25 2 15 1 5 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
ly Distressed Market - August 217 August 217 August 216 Traditional 541 523 3.4% $213, $22,495 5.2% Foreclosure/REO 27 38-28.9% $121,23 $146, -17.% Short Sale 9 11-18.2% $18, $163, 1.4% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.