ly Market Detail - August 217 Summary Statistics August 217 August 216 Paid in Cash 1,85 1,15-5.7% 558 653-14.5% $225, $215, 4.7% Average Sale Price Dollar Volume $33,969 $335,12-1.2% $359.1 Million $385.4 Million -6.8% Median Percent of Original List Price Received 94.% 93.9%.1% Median Time to Contract 66 Days 72 Days -8.3% Median Time to Sale 17 Days 126 Days -15.1% New Pending Sales 1,421 2,371 1,346 5.6% 2,268 4.5% Pending Inventory 2,497 Inventory (Active Listings) 15,3 s Supply of Inventory 13.6 2,696-7.4% 14,53 7.% 11.6 17.2% The number of sales transactions which closed during August 217 July 217 1,132 2.5% June 217 1,323 May 217 1,384 Economists' note : are one of the simplest yet most April 217 1,111-12.5% important indicators for the residential real estate market. When March 217 1,327 2.3% comparing across markets of different sizes, we February 217 954-1.% recommend comparing the percent changes in sales rather than the January 217 874-9.8% number of sales. (and many other market metrics) are December 216 1,84-7.8% affected by seasonal cycles, so actual trends are more accurately November 216 972-11.4% represented by year-over-year changes (i.e. comparing a month's October 216 983-3.% sales to the amount of sales in the same month in the previous year), September 216 1,64-18.3% rather than changes from one month to the next. August 216 1,15-13.6% 1,85-5.7% -1.5% 5.7% 2, 213 214 215 216 217 1,5 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 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 inancing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. Cash Sales August 217 558-14.5% July 217 638.8% June 217 682-14.5% May 217 745-8.1% April 217 614-22.1% March 217 791-4.8% February 217 58-17.5% January 217 52-18.4% December 216 624-17.7% November 216 558-24.6% October 216 562-37.6% September 216 611-24.8% August 216 653-22.4% 1,5 213 214 215 216 217 Cash Sales 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 inancing, such as mortgages, owner/seller inancing, assumed loans, etc. Percent of Closed Sales Paid in Cash August 217 51.4% -9.5% July 217 56.4% -1.6% June 217 51.5% -13.3% May 217 53.8% -13.2% April 217 55.3% -11.% March 217 59.6% -7.% February 217 6.8% -8.3% January 217 59.5% -9.4% December 216 57.6% -1.7% November 216 57.4% -15.% October 216 57.2% -1.8% September 216 57.4% -7.9% August 216 56.8% -1.1% of Closed Paid in Cash Pct. Sales 1% 8% 6% 4% 2% % 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
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 re lects 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 $225,.% June 217 $235, 6.8% May 217 August 217 $225, 4.7% $225, 4.8% April 217 $229, 6.5% March 217 $225, 7.4% February 217 $22, 6.3% January 217 $222,25 8.4% December 216 $21, 1.3% November 216 $217,25 7.% October 216 $214, 7.% September 216 $219, 9.2% August 216 $215, 5.7% $25K $2K $15K $1K $5K $K 213 214 215 216 217 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 $33,969-1.2% July 217 $367,652 9.% June 217 $384,319 2.9% May 217 $374,218 4.6% April 217 $361,544-15.7% March 217 $429,384 21.2% February 217 $382,784 11.% January 217 $349,533-8.5% December 216 $312,765-12.6% November 216 $375,159 5.% October 216 $349,978.1% September 216 $348,642-11.5% August 216 $335,12 3.7% Average Sale Price $5K $4K $3K $2K $1K $K 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
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 $359.1 Million -6.8% July 217 $416.2 Million 11.8% June 217 $58.5 Million 1.4% May 217 $517.9 Million 1.6% April 217 $41.7 Million -26.2% March 217 $569.8 Million 24.% February 217 $365.2 Million -.1% January 217 $35.5 Million -17.4% December 216 $339. Million -19.4% November 216 $364.7 Million -6.9% October 216 $344. Million -3.% September 216 $371. Million -27.7% August 216 $385.4 Million -1.4% $8 M 213 214 215 216 217 Volume Dollar $6 M $4 M $2 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 94.%.1% July 217 93.5% -.5% June 217 93.8% -.4% May 217 93.7% -.6% April 217 93.6% -.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 93.5% 93.1% 93.4% 94.1% 93.5% 93.8% 93.5% -.3% -.7% -.5%.% -1.2% -.3% -1.% Med. Pct. of Orig. List Price Received August 216 93.9% -.2% Orig. of Pct. Med. List Price Received 12% 1% 8% 6% 4% 2% % 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
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 66 Days -8.3% July 217 72 Days -1.4% June 217 73 Days 9.% May 217 75 Days 17.2% April 217 76 Days 15.2% March 217 83 Days 22.1% February 217 83 Days 15.3% January 217 85 Days 13.3% December 216 75 Days 1.4% November 216 71 Days 6.% October 216 78 Days.% September 216 73 Days 1.4% August 216 72 Days -12.2% Median Time to Contract 1 8 6 4 2 213 214 215 216 217 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 17 Days -15.1% July 217 119 Days -2.5% June 217 119 Days.% May 217 115 Days 7.5% April 217 119 Days 8.2% March 217 124 Days 6.% February 217 127 Days 4.1% January 217 131 Days 4.8% December 216 123 Days 4.2% November 216 119 Days.% October 216 125 Days 1.6% September 216 124 Days 3.3% August 216 126 Days -.8% Median Time to Sale 15 1 5 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
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 inancing for homebuyers and the inventory of distressed properties for sale. July 217 1,232-3.1% June 217 1,43 4.2% May 217 New Pending Sales August 217 1,421 5.6% 1,53 6.7% April 217 1,379-15.8% March 217 1,589 -.9% February 217 1,362-11.1% January 217 1,281-1.5% December 216 1,92-7.8% November 216 1,11-12.3% October 216 1,123-26.% September 216 1,266-17.% August 216 1,346-18.4% Pending Sales 3, 2,5 2, 1,5 1, 5 213 214 215 216 217 The number of properties put onto the market during Economists' note : 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. August 217 2,371 4.5% July 217 2,328 9.5% June 217 2,272-2.3% May 217 2,431 4.2% April 217 2,177-13.% March 217 2,752 2.6% February 217 2,414-14.6% January 217 2,637-3.8% December 216 1,856-7.9% November 216 2,217 1.% October 216 2,36-16.7% September 216 2,175-3.4% August 216 2,268 3.% 3, 2,5 2, 1,5 1, 5 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
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 de ine 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 are outpacing the number of listings that go offmarket (regardless of whether they actually sell). Likewise, it falls when aren't keeping up with the rate at which homes are going off-market. Inventory August 217 15,3 7.% July 217 15,77 7.% June 217 15,67 6.9% May 217 15,326 8.8% April 217 15,37 9.2% March 217 15,416 1.5% February 217 15,289 1.4% January 217 15,111 13.8% December 216 14,436 16.3% November 216 14,81 18.6% October 216 14,48 19.4% September 216 14,16 2.5% August 216 14,53 2.1% 2, 213 214 215 216 217 Inventory 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 August 217 13.6 17.2% July 217 13.5 17.4% June 217 13.6 2.4% May 217 13.8 24.3% April 217 13.8 25.5% March 217 13.8 27.8% February 217 13.7 29.2% January 217 13.4 32.7% December 216 12.7 35.1% November 216 13. 39.8% October 216 12.5 38.9% September 216 11.9 36.8% August 216 11.6 34.9% s Supply of Inventory 15. 1. 5.. 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
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. 25 2 15 1 5 August 216 August 217 Sale Price Less than $5, 7-41.7% $5, - $99,999 57-27.8% $1, - $149,999 188-9.6% $15, - $199,999 189-11.7% $2, - $249,999 183.% $25, - $299,999 148 32.1% $3, - $399,999 125 14.7% $4, - $599,999 13-1.9% $6, - $999,999 44-38.% $1,, or more 41-28.1% 25 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 Median Time to Contract 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. 25 2 15 1 5 August 216 August 217 Sale Price $5, - $99,999 28 Days -57.6% $1, - $149,999 Median Time to Contract Less than $5, 64 Days -3.% 35 Days -18.6% $15, - $199,999 49 Days -9.3% $2, - $249,999 58 Days 16.% $25, - $299,999 76 Days -5.% $3, - $399,999 11 Days 1.9% $4, - $599,999 148 Days 17.5% $6, - $999,999 129 Days 4.9% $1,, or more 196 Days 23.3% 25 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 Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.
ly Market Detail - August 217 by Initial Listing Price The number of properties put onto the market during Economists' note: 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, August 216 August 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 19.% $5, - $99,999 86-22.5% $1, - $149,999 237-22.% $15, - $199,999 358 15.5% $2, - $249,999 3 17.2% $25, - $299,999 29 2.8% $3, - $399,999 318 5.% $4, - $599,999 37 12.% $6, - $999,999 233 7.4% $1,, or more 223-4.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 3 25 2 15 1 5 Inventory Inventory by Current Listing Price The number of property listings active at the end of Economists' note : There are a number of ways to de ine 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 are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when aren't keeping up with the rate at which homes are going off-market. 3, 2,5 2, 1,5 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, 1-16.7% $5, - $99,999 252-3.2% $1, - $149,999 752-12.3% $15, - $199,999 1,27 1.2% $2, - $249,999 1,289 15.6% $25, - $299,999 1,53 14.3% $3, - $399,999 2,371 8.1% $4, - $599,999 2,727 7.3% $6, - $999,999 2,225 7.1% $1,, or more 2,667 8.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3, 2,5 2, 1,5 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 984 976.8% $235, $233,.9% Foreclosure/REO 91 151-39.7% $15, $145, 3.4% Short Sale 1 23-56.5% $192,5 $164, 17.4% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, 213 214 215 216 217 Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ 213 214 215 216 217 Data released on Wednesday, September 2, 217. Data revised on Monday, January 16, 217. Next data release is Friday, October 2, 217.