ly Market Detail - March 217 Summary Statistics March 217 March 216 Paid in Cash 62 36 72.2% 36 25 44.% $214,5 $192,45 11.5% Average Sale Price Dollar Volume $246,998 $268,499-8.% $15.3 Million $9.7 Million 58.4% Median Percent of Original List Price Received 94.7% 93.2% 1.6% Median Time to Contract 116 Days 67 Days 73.1% Median Time to Sale 161 Days 13 Days 56.3% New Pending Sales New Listings 83 8 49 69.4% 66 21.2% Pending Inventory 96 Inventory (Active Listings) 321 s Supply of Inventory 7.3 62 54.8% 427-24.8% 8.9-18.% 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. March 217 62 72.2% February 217 39.% January 217 32 18.5% December 216 37-2.6% November 216 32-23.8% October 216 31-8.8% September 216 41 5.1% August 216 52 8.3% July 216 54-8.5% June 216 56-21.1% May 216 52-4.2% April 216 43-25.9% March 216 36-3.8% 1 8 6 4 2 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - March 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 March 217 36 44.% February 217 27 5.% January 217 22 37.5% December 216 22 4.8% November 216 22-12.% October 216 1-41.2% September 216 27.% August 216 35 59.1% July 216 31.% June 216 36-5.3% May 216 26-51.9% April 216 33 3.1% March 216 25-28.6% 6 5 4 3 2 1 213 214 215 216 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 March 217 58.1% -16.3% February 217 69.2% 49.8% January 217 68.8% 16.% December 216 59.5% 7.6% November 216 68.8% 15.6% October 216 32.3% -35.4% September 216 65.9% -4.8% August 216 67.3% 46.9% July 216 57.4% 9.3% June 216 64.3% 2.2% May 216 5.% -19.5% April 216 76.7% 38.9% March 216 69.4% 3.1% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Average Sale Price ly Market Detail - March 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. March 217 $214,5 11.5% February 217 $242, 2.1% January 217 $215, -2.4% December 216 $222,5.9% November 216 $234, 17.3% October 216 $256,5 8.1% September 216 $275, 37.5% August 216 $189,5-25.% July 216 $236,25 2.7% June 216 $243, -4.7% May 216 $225, -13.5% April 216 $21, 2.3% March 216 $192,45-1.5% $3K $25K $2K $15K $1K $5K $K 213 214 215 216 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 March 217 $246,998-8.% February 217 $283,867 11.8% January 217 $268,643-9.4% December 216 $275,345-8.4% November 216 $32,115 32.8% October 216 $264,497-2.4% September 216 $293,732 11.7% August 216 $237,775-12.3% July 216 $245,33-7.6% June 216 $28,42-6.8% May 216 $276,912.% April 216 $267,53 9.1% March 216 $268,499 12.6% $4K $3K $2K $1K $K 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - March 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 March 217 $15.3 Million 58.4% February 217 $11.1 Million 11.8% January 217 $8.6 Million 7.3% December 216 $1.2 Million -1.8% November 216 $9.7 Million 1.2% October 216 $8.2 Million -11.1% September 216 $12. Million 17.4% August 216 $12.4 Million -5.% July 216 $13.2 Million -15.4% June 216 $15.7 Million -26.5% May 216 $14.4 Million -4.2% April 216 $11.5 Million -19.1% March 216 $9.7 Million -22.1% $3 M $25 M $2 M $15 M $1 M $5 M $ 213 214 215 216 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 March 217 94.7% 1.6% February 217 96.6% 2.8% January 217 93.% -1.8% December 216 93.% 1.2% November 216 94.5% -.1% October 216 93.1% 2.8% September 216 93.5% -.3% August 216 92.7% -1.3% July 216 93.2% -1.% June 216 95.4% 1.% May 216 93.6% -1.7% lagging indicator. April 216 94.3% 2.3% March 216 93.2% -1.6% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Median Time to Sale Median Time to Contract ly Market Detail - March 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 March 217 116 Days 73.1% February 217 53 Days -26.4% January 217 132 Days 149.1% December 216 54 Days -48.6% November 216 63 Days -26.7% October 216 169 Days 3.% September 216 117 Days 82.8% August 216 71 Days -36.% July 216 113 Days 21.5% June 216 61 Days -41.3% May 216 111 Days 5.% April 216 78 Days -46.6% March 216 67 Days 21.8% 3 25 2 15 1 5 213 214 215 216 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 March 217 161 Days 56.3% February 217 82 Days -28.1% January 217 164 Days 32.3% December 216 112 Days -27.3% November 216 92 Days -33.3% October 216 25 Days 15.8% September 216 166 Days 1.% August 216 19 Days -29.2% July 216 14 Days 11.1% June 216 15 Days -28.1% May 216 143 Days 14.4% April 216 112 Days -49.1% March 216 13 Days 41.1% 3 25 2 15 1 5 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
New Listings Pending Sales ly Market Detail - March 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. New Pending Sales March 217 83 69.4% February 217 74 64.4% January 217 48 26.3% December 216 32-2.% November 216 41 13.9% October 216 33-8.3% September 216 45 2.3% August 216 54 22.7% July 216 55.% June 216 49-15.5% May 216 75-16.7% April 216 53-25.4% March 216 49-25.8% 1 8 6 4 2 213 214 215 216 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. New Listings March 217 8 21.2% February 217 94 17.5% January 217 83-2.4% December 216 46-42.5% November 216 51-8.9% October 216 53-11.7% September 216 59-3.3% August 216 8 37.9% July 216 68 9.7% June 216 61-14.1% May 216 92-13.2% April 216 75 8.7% March 216 66-27.5% 12 1 8 6 4 2 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
s Supply of Inventory Inventory ly Market Detail - March 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 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 March 217 321-24.8% February 217 34-16.7% January 217 341-13.5% December 216 336-8.2% November 216 348-3.6% October 216 341-6.8% September 216 346-3.4% August 216 368-1.9% July 216 371 3.1% June 216 393 1.% May 216 48 2.% April 216 48 1.% March 216 427-1.6% 6 5 4 3 2 1 213 214 215 216 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 March 217 7.3-18.% February 217 8.1-1.2% January 217 8.1 1.3% December 216 8.1 9.5% November 216 8.3 15.3% October 216 8. 9.6% September 216 8.1 14.1% August 216 8.6 16.2% July 216 8.8 25.7% June 216 9.2 17.9% May 216 9.3 14.8% April 216 8.7-1.1% March 216 8.9-4.3% 2. 15. 1. 5.. 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Median Time to Contract ly Market Detail - March 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. March 216 March 217 16 14 12 1 8 6 4 2 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, -1.% $5, - $99,999 7 25.% $1, - $149,999 4-5.% $15, - $199,999 15 114.3% $2, - $249,999 11 266.7% $25, - $299,999 13 12.% $3, - $399,999 5-44.4% $4, - $599,999 4 33.3% $6, - $999,999 3 5.% $1,, or more N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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. 3 25 2 15 1 5 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 186 Days 1.7% $1, - $149,999 Median Time to Contract Less than $5, (No Sales) N/A 26 Days -74.3% $15, - $199,999 158 Days 731.6% $2, - $249,999 8 Days 471.4% $25, - $299,999 83 Days -66.3% $3, - $399,999 84 Days 86.7% $4, - $599,999 125 Days 38.9% $6, - $999,999 8 Days -4.7% $1,, or more (No Sales) N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Inventory New Listings ly Market Detail - March 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. 16 14 12 1 8 6 4 2 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, N/A $5, - $99,999 1-75.% $1, - $149,999 7 133.3% $15, - $199,999 15.% $2, - $249,999 15 7.1% $25, - $299,999 13 3.% $3, - $399,999 9 12.5% $4, - $599,999 14 25.% $6, - $999,999 5-28.6% $1,, or more 1.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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. 8 7 6 5 4 3 2 1 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 2 1.% $5, - $99,999 12-5.% $1, - $149,999 24-14.3% $15, - $199,999 43-23.2% $2, - $249,999 44-36.2% $25, - $299,999 36-37.9% $3, - $399,999 55-24.7% $4, - $599,999 64.% $6, - $999,999 31-22.5% $1,, or more 1-28.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 8 7 6 5 4 3 2 1 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
ly Distressed Market - March 217 March 217 March 216 Traditional 62 35 77.1% $214,5 $21, 2.1% Foreclosure/REO 1-1.% (No Sales) $3,5 N/A Short Sale N/A (No Sales) (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45, 213 214 215 216 Traditional Foreclosure/REO Short Sale $4, $35, $3, $25, $2, $15, $1, $5, $ 213 214 215 216 Data released on Friday, April 21, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.