ly Market Detail - June 216 Summary Statistics June 216 June 215 Paid in Cash 115 121-5.% 71 8-11.3% $14, $132,475 5.7% Average Sale Price Dollar Volume $164,427 $173,879-5.4% $18.9 Million $21. Million -1.1% Median Percent of Original List Price Received 94.1% 93.3%.9% Median Time to Contract 5 Days 53 Days -5.7% Median Time to Sale 88 Days 99 Days -11.1% New Pending Sales New Listings 121 115 87 39.1% 97 18.6% Pending Inventory 159 Inventory (Active Listings) 381 s Supply of Inventory 3.9 144 1.4% 385-1.% 3.6 8.3% The number of sales transactions which closed during June 216 115-5.% May 216 112-5.1% April 216 132 3.9% March 216 121-11.7% Economists' note : are one of the simplest yet most February 216 98-2.% important indicators for the residential real estate market. When January 216 63-22.2% comparing across markets of different sizes, we December 215 13-1.9% recommend comparing the percent changes in sales rather than the November 215 71-18.4% number of sales. (and many other market metrics) are October 215 96-3.% affected by seasonal cycles, so actual trends are more accurately September 215 93-11.4% represented by year-over-year changes (i.e. comparing a month's sales August 215 83-16.2% to the amount of sales in the same month in the previous year), rather July 215 86-13.1% than changes from one month to the next. June 215 121 3.1% 2 15 1 5 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - June 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 June 216 71-11.3% May 216 68-21.8% April 216 84-3.4% March 216 73-29.1% February 216 62-7.5% January 216 36-36.8% December 215 63-16.% November 215 5-3.8% October 215 6-6.3% September 215 5-2.6% August 215 47-35.6% July 215 54-21.7% June 215 8 25.% 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 June 216 61.7% -6.7% May 216 6.7% -17.6% April 216 63.6% -7.2% March 216 6.3% -19.8% February 216 63.3% -5.5% January 216 57.1% -18.9% December 215 61.2% -14.3% November 215 7.4% 17.7% October 215 62.5% -3.3% September 215 53.8% -1.3% August 215 56.6% -23.2% July 215 62.8% -9.9% June 215 66.1% -3.9% 1% 8% 6% 4% 2% % Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Average Sale Price ly Market Detail - June 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. June 216 $14, 5.7% May 216 $137,5 -.4% April 216 $14,25 19.1% March 216 $155,75 26.6% February 216 $132,375 2.1% January 216 $16, 39.1% December 215 $136, 27.1% November 215 $137,5 2.6% October 215 $128,7 3.8% September 215 $135, 14.9% August 215 $149,9 35.7% July 215 $125, 25.% June 215 $132,475 16.7% $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 June 216 $164,427-5.4% May 216 $179,725 6.7% April 216 $184,345 28.9% March 216 $25,465 4.3% February 216 $18,7 13.3% January 216 $181,133 3.2% December 215 $146,76 9.4% November 215 $27,227 48.% October 215 $157,74 2.% September 215 $167,668 9.3% August 215 $165,818 26.1% July 215 $147,973 29.8% June 215 $173,879 16.7% $25K $2K $15K $1K $5K $K Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - June 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 June 216 $18.9 Million -1.1% May 216 $2.1 Million 1.3% April 216 $24.3 Million 34.% March 216 $24.9 Million 24.% February 216 $17.7 Million 11.% January 216 $11.4 Million 1.3% December 215 $15.1 Million 7.3% November 215 $14.7 Million 2.8% October 215 $15.1 Million -1.1% September 215 $15.6 Million -3.2% August 215 $13.8 Million 5.7% July 215 $12.7 Million 12.8% June 215 $21. Million 51.8% $3 M $25 M $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 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 Med. Pct. of Orig. List Price Received June 216 94.1%.9% May 216 94.8% 1.8% April 216 93.2%.% March 216 94.4% 1.% February 216 93.8%.1% January 216 94.% 2.1% December 215 94.2%.3% November 215 95.5% 1.7% October 215 95.8% 3.7% September 215 93.1% -1.% August 215 93.7%.8% lagging indicator. July 215 94.5% 3.4% June 215 93.3% 1.9% 12% 1% 8% 6% 4% 2% % Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Median Time to Sale Median Time to Contract ly Market Detail - June 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 June 216 5 Days -5.7% May 216 45 Days -15.1% April 216 46 Days.% March 216 37 Days -7.5% February 216 35 Days -46.2% January 216 39 Days -32.8% December 215 41 Days -16.3% November 215 43 Days -48.2% October 215 36 Days -43.8% September 215 52 Days 2.9% August 215 42 Days -4.% July 215 45 Days -23.7% June 215 53 Days -35.4% 15 1 5 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 June 216 88 Days -11.1% May 216 95 Days 1.1% April 216 92 Days 7.% March 216 76 Days -2.6% February 216 76 Days -25.5% January 216 74 Days -31.5% December 215 8 Days -4.8% November 215 7 Days -39.7% October 215 84 Days -13.4% September 215 93 Days 2.2% August 215 99 Days 1.% July 215 85 Days -15.% June 215 99 Days -18.9% 2 15 1 5 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
New Listings Pending Sales ly Market Detail - June 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 June 216 121 39.1% May 216 15-5.4% April 216 19-8.4% March 216 144-5.9% February 216 146 2.8% January 216 124-12.1% December 215 64-25.6% November 215 95-6.9% October 215 93-23.1% September 215 95-14.4% August 215 13-12.7% July 215 15-1.3% June 215 87-12.1% 25 2 15 1 5 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 June 216 115 18.6% May 216 127 11.4% April 216 148 18.4% March 216 148.7% February 216 148 -.7% January 216 185 12.8% December 215 87-2.9% November 215 133 12.7% October 215 124-1.6% September 215 17-18.3% August 215 89-19.8% July 215 18-12.9% June 215 97-8.5% 25 2 15 1 5 Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
s Supply of Inventory Inventory ly Market Detail - June 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 June 216 381-1.% May 216 417 1.7% April 216 41-2.8% March 216 398-7.% February 216 411-13.8% January 216 43-11.2% December 215 382-2.3% November 215 372-19.5% October 215 344-25.4% September 215 327-32.4% August 215 323-31.4% July 215 358-28.5% June 215 385-24.5% 1, 8 6 4 2 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 June 216 3.9 8.3% May 216 4.2 7.7% April 216 4.2 5.% March 216 4. -2.4% February 216 4.1-1.9% January 216 4.3-8.5% December 215 3.8-19.1% November 215 3.7-19.6% October 215 3.3-28.3% September 215 3.2-34.7% August 215 3.1-35.4% July 215 3.4-34.6% June 215 3.6-32.1% 12. 1. 8. 6. 4. 2.. Data released on Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Median Time to Contract ly Market Detail - June 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. June 215 June 216 45 4 35 3 25 2 15 1 5 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 7 25.% $5, - $99,999 27-12.9% $1, - $149,999 27-3.8% $15, - $199,999 2.% $2, - $249,999 17 21.4% $25, - $299,999 7 75.% $3, - $399,999 5 66.7% $4, - $599,999 3-4.% $6, - $999,999 2.% $1,, or more -1.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 1 5 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 June 215 June 216 Sale Price $15, - $199,999 41 Days -42.3% $2, - $249,999 63 Days 34.% $25, - $299,999 Median Time to Contract Less than $5, 44 Days 91.3% $5, - $99,999 35 Days -23.9% $1, - $149,999 32 Days -36.% 68 Days -69.8% $3, - $399,999 77 Days 16.7% $4, - $599,999 27 Days 12.2% $6, - $999,999 2 Days -96.4% $1,, or more (No Sales) N/A 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 Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
Inventory New Listings ly Market Detail - June 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. 3 25 2 15 1 5 Less than $5, June 215 June 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 2-6.% $5, - $99,999 26 8.3% $1, - $149,999 21-22.2% $15, - $199,999 25 31.6% $2, - $249,999 18 12.5% $25, - $299,999 9 35.% $3, - $399,999 8 3.% $4, - $599,999 5 4.% $6, - $999,999-1.% $1,, or more 1 N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 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. 1 8 6 4 2 June 215 June 216 Current Listing Price Inventory Less than $5, 3-57.1% $5, - $99,999 58-19.4% $1, - $149,999 84-9.7% $15, - $199,999 71 1.4% $2, - $249,999 44-12.% $25, - $299,999 36 38.5% $3, - $399,999 29 2.8% $4, - $599,999 27 8.% $6, - $999,999 22 15.8% $1,, or more 7-22.2% 1 8 6 4 2 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 Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.
ly Distressed Market - June 216 June 216 June 215 Traditional 17 12 4.9% $149, $14,5 6.% Foreclosure/REO 7 15-53.3% $87, $97,5-1.8% Short Sale 1 4-75.% $34, $11, -69.1% 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 Thursday, July 21, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised on April 15, 216. Next data release is Wednesday, August 24, 216.