ly Market Detail - February 218 Summary Statistics February 218 February 217 Paid in Cash 983 954 3.% 533 58-8.1% $23, $22, 4.5% Average Sale Price Dollar Volume $435,262 $382,784 13.7% $427.9 Million $365.2 Million 17.2% Median Percent of Original List Price Received 93.8% 93.1%.8% Median Time to Contract 83 Days 83 Days.% Median Time to Sale 123 Days 127 Days -3.1% New Pending Sales 1,37 2,59 1,362.6% 2,414 7.3% Pending Inventory 2,485 Inventory (Active Listings) 15,92 s Supply of Inventory 14.4 2,494 -.4% 15,289 4.% 13.7 5.1% 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. Year-to-Date February 218 1,928 983 5.5% 3.% January 218 945 8.1% December 217 1,154 6.5% November 217 965 -.7% October 217 998 1.5% September 217 84-24.4% August 217 1,85-5.7% July 217 1,132 2.5% June 217 1,323-1.5% May 217 1,384 5.7% April 217 1,111-12.5% March 217 1,327 2.3% February 217 954-1.% 2, 214 215 216 217 1,5 1, 5 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 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 Year-to-Date 1,44-5.1% February 218 533-8.1% January 218 511-1.7% December 217 612-1.9% November 217 526-5.7% October 217 527-6.2% September 217 463-24.2% 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% Cash Sales 1,2 1, 8 6 4 2 214 215 216 217 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 Year-to-Date 54.1% -1.1% February 218 54.2% -1.9% January 218 54.1% -9.1% December 217 53.% -8.% November 217 54.5% -5.1% October 217 52.8% -7.7% September 217 57.6%.3% 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% Pct. of Paid in Cash 8% 6% 4% 2% % 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 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. Year-to-Date $23, 4.5% February 218 $23, 4.5% January 218 $23, 3.5% December 217 $235, 11.9% November 217 $23, 5.9% October 217 $216,25 1.1% September 217 $234,5 7.1% August 217 $225, 4.7% July 217 $225,.% June 217 $235, 6.8% May 217 $225, 4.8% April 217 $229, 6.5% March 217 $225, 7.4% February 217 $22, 6.3% $25K $2K $15K $1K $5K $K 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 Year-to-Date $42,984 14.7% February 218 $435,262 13.7% January 218 $46,131 16.2% December 217 $385,338 23.2% November 217 $346,713-7.6% October 217 $365,318 4.4% September 217 $379,24 8.7% 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.% Average Sale Price $5K $4K $3K $2K $1K $K 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 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 Year-to-Date $811.7 Million 21.% February 218 $427.9 Million 17.2% January 218 $383.8 Million 25.6% December 217 $444.7 Million 31.2% November 217 $334.6 Million -8.2% October 217 $364.6 Million 6.% September 217 $34.7 Million -17.9% 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% Volume Dollar $7 M $6 M $5 M $4 M $3 M $2 M $1 M $ 214 215 216 217 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 lagging indicator. Med. Pct. of Orig. List Price Received Year-to-Date 93.4%.2% February 218 93.8%.8% January 218 92.9% -.5% December 217 93.5% -.6% November 217 93.5%.% October 217 93.7% -.1% September 217 93.2% -.3% August 217 94.%.1% July 217 93.5% -.5% June 217 93.8% -.4% May 217 93.7% -.6% April 217 93.6% -.3% March 217 93.5% -.3% February 217 93.1% -.7% Med. Pct. of Orig. List Price Received 1% 8% 6% 4% 2% % 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 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 Year-to-Date 81 Days -2.4% February 218 83 Days.% January 218 75 Days -11.8% December 217 87 Days 16.% November 217 81 Days 14.1% October 217 8 Days 2.6% September 217 73 Days.% 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% Median Time to Contract 1 8 6 4 2 214 215 216 217 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 Year-to-Date 124 Days -3.9% February 218 123 Days -3.1% January 218 123 Days -6.1% December 217 127 Days 3.3% November 217 122 Days 2.5% October 217 128 Days 2.4% September 217 12 Days -3.2% 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% Median Time to Sale 14 12 1 8 6 4 2 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 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. New Pending Sales Year-to-Date 2,77 2.4% February 218 1,37.6% January 218 1,337 4.4% December 217 1,7-2.% November 217 1,281 15.4% October 217 1,22 7.% September 217 74-41.5% August 217 1,421 5.6% July 217 1,232-3.1% June 217 1,43 4.2% May 217 1,53 6.7% April 217 1,379-15.8% March 217 1,589 -.9% February 217 1,362-11.1% 2,5 214 215 216 217 Pending Sales 2, 1,5 1, 5 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. Year-to-Date 5,369 6.3% February 218 2,59 7.3% January 218 2,779 5.4% December 217 1,782-4.% November 217 2,29 3.3% October 217 2,471 21.4% September 217 1,429-34.3% 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% 3, 2,5 2, 1,5 1, 5 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 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 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. Inventory YTD (ly Avg) 15,738 3.5% February 218 15,92 4.% January 218 15,573 3.1% December 217 14,984 3.8% November 217 15,477 4.5% October 217 15,222 5.6% September 217 14,834 5.2% 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% 2, 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 YTD (ly Avg) 14.3 5.1% February 218 14.4 5.1% January 218 14.2 6.% December 217 13.7 7.9% November 217 14.2 9.2% October 217 14. 12.% September 217 13.7 15.1% 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% s Supply of Inventory 2. 15. 1. 5.. 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
Median Time to Contract ly Market Detail - February 218 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. 2 18 16 14 12 1 8 6 4 2 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. 35 3 25 2 15 1 5 Less than $5, Less than $5, February 217 February 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 February 217 February 218 $15, - $199,999 $2, - $249,999 $2, - $249,999 $25, - $299,999 Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during $25, - $299,999 Sale Price $1, - $149,999 154-13.% $15, - $199,999 182.6% $2, - $249,999 159 22.3% $25, - $299,999 18 2.% $3, - $399,999 17-9.3% $4, - $599,999 87 1.1% $6, - $999,999 56 14.3% $1,, or more 72 3.9% Sale Price $15, - $199,999 54 Days -1.% $2, - $249,999 67 Days -13.% $25, - $299,999 Median Time to Contract Less than $5, 75 Days 114.3% $5, - $99,999 72 Days 1.4% $1, - $149,999 Less than $5, 1 42.9% $5, - $99,999 48-29.4% $3, - $399,999 55 Days -8.3% 74 Days -1.3% $3, - $399,999 111 Days 1.8% $4, - $599,999 122 Days -36.8% $6, - $999,999 184 Days 1.1% $1,, or more 25 Days -28.6% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 2 18 16 14 12 1 8 6 4 2 35 3 25 2 15 1 5 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Market Detail - February 218 Inventory 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 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, Less than $5, February 217 February 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 February 217 February 218 $15, - $199,999 $2, - $249,999 Inventory by Current Listing Price The number of property listings active at the end of $2, - $249,999 $25, - $299,999 $25, - $299,999 Initial Listing Price $5, - $99,999 68-22.7% $1, - $149,999 229-17.3% $15, - $199,999 372 15.5% $2, - $249,999 338 2.7% $25, - $299,999 291 15.5% $3, - $399,999 379 11.5% $4, - $599,999 334-1.5% $6, - $999,999 267 11.3% $1,, or more 293 1.6% Current Listing Price Inventory Less than $5, 19 72.7% $3, - $399,999 Less than $5, 9-25.% $5, - $99,999 29-3.8% $1, - $149,999 762-14.1% $15, - $199,999 1,353 14.4% $2, - $249,999 1,443 1.% $25, - $299,999 1,56 1.% $3, - $399,999 2,511 4.4% $4, - $599,999 2,811.8% $6, - $999,999 2,4 9.4% $1,, or more 2,844 6.8% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 4 35 3 25 2 15 1 5 3, 2,5 2, 1,5 1, 5 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
ly Distressed Market - February 218 February 218 February 217 Traditional 911 829 9.9% $24, $235, 2.1% Foreclosure/REO 66 1-34.% $134,8 $142,5-5.4% Short Sale 6 25-76.% $195, $128, 52.3% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, 214 215 216 217 Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ 214 215 216 217 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.