ly Market Detail - February 217 Summary Statistics February 217 February 216 Paid in Cash 85 78 9.% 61 64-4.7% $199,9 $146,95 36.% Average Sale Price Dollar Volume $227,467 $179,12 27.% $19.3 Million $14. Million 38.4% Median Percent of Original List Price Received 95.1% 95.4% -.3% Median Time to Contract 51 Days 33 Days 54.5% Median Time to Sale 96 Days 74 Days 29.7% New Pending Sales New Listings 14 139 14-25.7% 157-11.5% Pending Inventory 143 Inventory (Active Listings) 544 s Supply of Inventory 5.8 171-16.4% 514 5.8% 5.5 5.5% The number of sales transactions which closed during February 217 85 9.% January 217 71-7.8% December 216 89.% November 216 73 4.3% Economists' note : are one of the simplest yet most October 216 76-1.3% important indicators for the residential real estate market. When September 216 11 3.1% comparing across markets of different sizes, we August 216 8 9.6% recommend comparing the percent changes in sales rather than the July 216 77 5.5% number of sales. (and many other market metrics) are June 216 114 32.6% affected by seasonal cycles, so actual trends are more accurately May 216 114 11.8% represented by year-over-year changes (i.e. comparing a month's April 216 136-12.3% sales to the amount of sales in the same month in the previous year), March 216 115-17.3% rather than changes from one month to the next. February 216 78-2.4% 2 213 214 215 216 15 1 5 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - February 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 February 217 61-4.7% January 217 47.% December 216 57-14.9% November 216 49-2.% October 216 52-5.5% September 216 53-22.1% August 216 56 36.6% July 216 51 15.9% June 216 69 21.1% May 216 8 14.3% April 216 77-33.% March 216 82-18.% February 216 64-25.6% 15 213 214 215 216 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 February 217 71.8% -12.5% January 217 66.2% 8.5% December 216 64.% -15.% November 216 67.1% -6.% October 216 68.4% -4.2% September 216 52.5% -24.4% August 216 7.% 24.6% July 216 66.2% 9.8% June 216 6.5% -8.7% May 216 7.2% 2.3% April 216 56.6% -23.7% March 216 71.3% -.8% February 216 82.1% -6.5% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
Average Sale Price ly Market Detail - February 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. February 217 $199,9 36.% January 217 $158, 9.% December 216 $155, 14.8% November 216 $15, 6.4% October 216 $133,5 6.8% September 216 $155, 7.8% August 216 $116,25-1.9% July 216 $157, 4.7% June 216 $137,45 1.6% May 216 $158,25-6.% April 216 $16, 6.7% March 216 $153, 5.5% February 216 $146,95 2.% $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 February 217 $227,467 27.% January 217 $199,379 6.% December 216 $27,459 2.5% November 216 $221,584 33.5% October 216 $19,613 26.3% September 216 $182,439-6.2% August 216 $152,29-1.6% July 216 $184,72-2.3% June 216 $185,275.9% May 216 $223,167-5.3% April 216 $196,33 3.6% March 216 $168,79-6.2% February 216 $179,12 27.9% $25K $2K $15K $1K $5K $K 213 214 215 216 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - February 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 February 217 $19.3 Million 38.4% January 217 $14.2 Million -2.3% December 216 $18.5 Million 2.5% November 216 $16.2 Million 39.3% October 216 $14.5 Million 24.6% September 216 $18.4 Million -3.4% August 216 $12.2 Million 7.8% July 216 $14.2 Million 3.% June 216 $21.1 Million 33.8% May 216 $25.4 Million 5.8% April 216 $26.7 Million -9.1% March 216 $19.4 Million -22.4% February 216 $14. Million 1.8% $4 M 213 214 215 216 $3 M $2 M $1 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 Med. Pct. of Orig. List Price Received February 217 95.1% -.3% January 217 94.9% -.7% December 216 94.5% -.6% November 216 94.7%.2% October 216 94.7% -.9% September 216 94.3%.4% August 216 94.3%.2% July 216 93.4% -1.2% June 216 93.7% -.3% May 216 94.5%.9% April 216 94.1% -.5% would call a lagging indicator. March 216 93.9% -.8% February 216 95.4% 3.9% 12% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
Median Time to Sale Median Time to Contract ly Market Detail - February 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 February 217 51 Days 54.5% January 217 42 Days -12.5% December 216 38 Days -2.8% November 216 47 Days.% October 216 73 Days 121.2% September 216 83 Days 25.8% August 216 53 Days.% July 216 74 Days -14.9% June 216 7 Days 4.% May 216 6 Days 1.7% April 216 4 Days -14.9% March 216 52 Days 1.6% February 216 33 Days -56.6% 12 1 8 6 4 2 213 214 215 216 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 February 217 96 Days 29.7% January 217 78 Days -17.9% December 216 67 Days -26.4% November 216 87 Days 11.5% October 216 92 Days 24.3% September 216 137 Days 3.5% August 216 97 Days 12.8% July 216 119 Days -7.% June 216 112 Days 12.% May 216 12 Days -7.3% April 216 9 Days 8.4% March 216 83 Days -5.7% February 216 74 Days -29.5% 2 15 1 5 213 214 215 216 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
New Listings Pending Sales ly Market Detail - February 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 February 217 14-25.7% January 217 112 1.9% December 216 84 2.% November 216 82-9.9% October 216 74-2.6% September 216 85 4.9% August 216 86-23.2% July 216 88 8.6% June 216 85 25.% May 216 12 18.6% April 216 139 23.% March 216 121-18.2% February 216 14-7.9% 2 213 214 215 216 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 February 217 139-11.5% January 217 169-1.7% December 216 12 5.3% November 216 144 27.4% October 216 131 23.6% September 216 91 4.6% August 216 74-22.1% July 216 8-8.% June 216 74-3.9% May 216 86 28.4% April 216 133 37.1% March 216 138 9.5% February 216 157 23.6% 2 213 214 215 216 15 1 5 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
s Supply of Inventory Inventory ly Market Detail - February 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 February 217 544 5.8% January 217 518 3.4% December 216 469 7.6% November 216 452 11.3% October 216 399 2.% September 216 357 -.6% August 216 354-1.9% July 216 379-2.3% June 216 49 -.5% May 216 447 6.2% April 216 485 6.8% March 216 521 5.9% February 216 514 -.8% 8 213 214 215 216 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 February 217 5.8 5.5% January 217 5.5 3.8% December 216 5. 6.4% November 216 4.8 11.6% October 216 4.2.% September 216 3.8-2.6% August 216 3.8-5.% July 216 4.1-4.7% June 216 4.4-2.2% May 216 4.9 6.5% April 216 5.4 1.2% March 216 5.7 3.6% February 216 5.5-6.8% 1. 8. 6. 4. 2.. 213 214 215 216 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
Median Time to Contract ly Market Detail - February 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. February 216 February 217 25 2 15 1 5 Sale Price Less than $5, -1.% $5, - $99,999 15.% $1, - $149,999 22 22.2% $15, - $199,999 6-45.5% $2, - $249,999 19 72.7% $25, - $299,999 6-14.3% $3, - $399,999 7 4.% $4, - $599,999 6 2.% $6, - $999,999 3 5.% $1,, or more 1 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 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, February 216 February 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 116 Days 16.% $2, - $249,999 88 Days 91.3% $25, - $299,999 Median Time to Contract Less than $5, (No Sales) N/A $5, - $99,999 46 Days 36.% $1, - $149,999 56 Days 3.2% 25 Days 18.3% $3, - $399,999 24 Days -29.4% $4, - $599,999 141 Days -48.7% $6, - $999,999 137 Days 878.6% $1,, or more 17 Days N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
Inventory New Listings ly Market Detail - February 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. 4 35 3 25 2 15 1 5 Less than $5, February 216 February 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 4-42.9% $5, - $99,999 22-38.9% $1, - $149,999 33 17.9% $15, - $199,999 33 5.% $2, - $249,999 9-59.1% $25, - $299,999 4-75.% $3, - $399,999 16 6.% $4, - $599,999 13 44.4% $6, - $999,999 5-16.7% $1,, or more -1.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 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 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. 12 1 8 6 4 2 Less than $5, February 216 February 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 7-5.% $5, - $99,999 8 14.3% $1, - $149,999 67-13.% $15, - $199,999 97 54.% $2, - $249,999 65 4.8% $25, - $299,999 54-6.9% $3, - $399,999 8-2.4% $4, - $599,999 57-5.% $6, - $999,999 26 3.% $1,, or more 11 37.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 12 1 8 6 4 2 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.
ly Distressed Market - February 217 February 217 February 216 Traditional Foreclosure/REO Short Sale 84 77 9.1% $199,95 $147,9 35.2% 1 1.% $16, $13, 23.1% N/A (No Sales) (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $4, 213 214 215 216 Traditional Foreclosure/REO Short Sale $35, $3, $25, $2, $15, $1, $5, $ 213 214 215 216 Data released on Wednesday, March 22, 217. Data revised on Monday, January 16, 217. Next data release is Friday, April 21, 217.