ly Market Detail - February 218 Summary Statistics February 218 February 217 Paid in Cash 18,62 18,33 3.3% 5,588 5,859-4.6% $246,5 $225, 9.6% Average Sale Price Dollar Volume $336,61 $313,41 7.4% $6.3 Billion $5.7 Billion 1.9% Median Percent of Original List Price Received 96.3% 95.8%.5% Median Time to Contract 48 Days 54 Days -11.1% Median Time to Sale 9 Days 98 Days -8.2% New Pending Sales New Listings 26,45 31,475 26,31-1.% 29,699 6.% Pending Inventory 39,974 Inventory (Active Listings) 89,54 s Supply of Inventory 3.9 41,674-4.1% 93,818-4.6% 4.2-7.1% 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 35,184 1.1% February 218 18,62 3.3% January 218 16,564-1.3% December 217 22,93 2.6% November 217 19,99 1.3% October 217 2,543 2.% September 217 18,3-2.4% August 217 25,235.9% July 217 24,546 2.% June 217 28,25 4.3% May 217 27,854 7.6% April 217 23,829-1.2% March 217 25,921 9.3% February 217 18,33 -.5% 3, 25, 2, 15, 1, 5, Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
Pct. of Paid in Cash Cash Sales 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 financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. Cash Sales Year-to-Date 1,623-4.6% February 218 5,588-4.6% January 218 5,35-4.7% December 217 6,32-4.6% November 217 5,375-7.8% October 217 5,354-7.1% September 217 4,698-25.9% August 217 6,519-4.6% July 217 5,972-6.9% June 217 7,12-3.3% May 217 7,452-1.2% April 217 6,573-12.7% March 217 7,567 -.4% February 217 5,859-11.9% 1, 8, 6, 4, 2, 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 Year-to-Date 3.2% -5.6% February 218 3.% -7.7% January 218 3.4% -3.5% December 217 26.3% -7.1% November 217 26.9% -8.8% October 217 26.1% -8.7% September 217 26.1% -6.8% August 217 25.8% -5.5% July 217 24.3% -9.% June 217 25.2% -7.4% May 217 26.8% -8.2% April 217 27.6% -11.5% March 217 29.2% -8.8% February 217 32.5% -11.4% 6% 5% 4% 3% 2% 1% % Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
Average Sale Price 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 reflects 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 $245, 1.1% February 218 $246,5 9.6% January 218 $24, 9.1% December 217 $244,185 8.% November 217 $24, 9.1% October 217 $235,558 7.1% September 217 $239,9 7.6% August 217 $24, 6.7% July 217 $24, 7.1% June 217 $245, 8.9% May 217 $239, 7.7% April 217 $234,9 1.3% March 217 $231,9 1.4% February 217 $225, 12.5% $3K $25K $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 Year-to-Date $335,541 9.7% February 218 $336,61 7.4% January 218 $334,35 12.3% December 217 $32,985 9.4% November 217 $314,632 8.3% October 217 $38,835 6.8% September 217 $36,77 5.9% August 217 $313,93 7.7% July 217 $316,887 5.7% June 217 $328,921 7.3% May 217 $324,821 8.3% April 217 $32,574 8.3% March 217 $318,115 11.3% February 217 $313,41 9.5% $4K $3K $2K $1K $K Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
Med. Pct. of Orig. List Price Received Dollar Volume 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 $11.8 Billion 1.9% February 218 $6.3 Billion 1.9% January 218 $5.5 Billion 1.9% December 217 $7.4 Billion 12.2% November 217 $6.3 Billion 9.7% October 217 $6.3 Billion 9.% September 217 $5.5 Billion -15.7% August 217 $7.9 Billion 8.7% July 217 $7.8 Billion 7.8% June 217 $9.3 Billion 11.9% May 217 $9. Billion 16.6% April 217 $7.6 Billion 7.% March 217 $8.2 Billion 21.6% February 217 $5.7 Billion 9.% $1 B $8 B $6 B $4 B $2 B $ 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 96.2%.5% February 218 96.3%.5% January 218 96.%.4% December 217 96.3%.3% November 217 96.3%.2% October 217 96.3%.2% September 217 96.4%.2% August 217 96.5%.1% July 217 96.5%.1% June 217 96.5%.2% May 217 96.4%.2% April 217 96.2%.3% March 217 96.1%.3% February 217 95.8%.5% 12% 1% 8% 6% 4% 2% % Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
Median Time to Sale Median Time to Contract 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 46 Days -9.8% February 218 48 Days -11.1% January 218 45 Days -8.2% December 217 41 Days -8.9% November 217 46 Days 7.% October 217 43 Days.% September 217 38 Days -7.3% August 217 37 Days -7.5% July 217 36 Days -1.% June 217 38 Days -7.3% May 217 39 Days -9.3% April 217 4 Days -9.1% March 217 47 Days -6.% February 217 54 Days -5.3% 8 6 4 2 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 9 Days -8.2% February 218 9 Days -8.2% January 218 89 Days -8.2% December 217 83 Days -9.8% November 217 91 Days -1.1% October 217 91 Days.% September 217 85 Days -5.6% August 217 8 Days -9.1% July 217 81 Days -9.% June 217 83 Days -8.8% May 217 83 Days -7.8% April 217 85 Days -5.6% March 217 92 Days -7.1% February 217 98 Days -6.7% 12 1 8 6 4 2 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
New Listings Pending Sales 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 financing for homebuyers and the inventory of distressed properties for sale. New Pending Sales Year-to-Date 5,556 -.5% February 218 26,45-1.% January 218 24,511.1% December 217 19,419 -.1% November 217 22,131 5.5% October 217 24,28 1.1% September 217 16,284-3.2% August 217 26,949 2.2% July 217 26,28 3.3% June 217 27,818 2.2% May 217 29,465 7.1% April 217 28,883-4.4% March 217 3,861 3.6% February 217 26,31-2.% 35, 3, 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 Year-to-Date 63,354 3.5% February 218 31,475 6.% January 218 31,879 1.1% December 217 2,614 -.4% November 217 26,221 1.8% October 217 28,228 9.8% September 217 18,493-3.8% August 217 3,67.8% July 217 29,565 6.1% June 217 31,313 4.2% May 217 32,893 7.2% April 217 29,898-4.9% March 217 33,984 1.8% February 217 29,699-5.9% 4, 3, 2, 1, Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
s Supply of Inventory Inventory 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 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 YTD (ly Avg) 88,35-6.% February 218 89,54-4.6% January 218 87,196-7.3% December 217 82,179-7.1% November 217 85,849-6.8% October 217 85,755-5.7% September 217 84,862-6.1% August 217 86,661-4.5% July 217 88,812-2.7% June 217 89,318-3.1% May 217 9,858-4.3% April 217 9,261-5.2% March 217 92,558-4.9% February 217 93,818-4.% 12, 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 YTD (ly Avg) 3.9-7.1% February 218 3.9-7.1% January 218 3.9-7.1% December 217 3.6-7.7% November 217 3.8-7.3% October 217 3.8-7.3% September 217 3.8-7.3% August 217 3.8-7.3% July 217 3.9-4.9% June 217 3.9-4.9% May 217 4. -7.% April 217 4. -7.% March 217 4.1-6.8% February 217 4.2-4.5% 6. 5. 4. 3. 2. 1.. 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. 4, 3,5 3, 2,5 2, 1,5 1, 5 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. 18 16 14 12 1 8 6 4 2 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 Less than $5, 197-48.4% $5, - $99,999 837-34.1% $1, - $149,999 1,973-17.5% $15, - $199,999 3,285-4.3% $2, - $249,999 3,183 8.9% $25, - $299,999 2,631 19.9% $3, - $399,999 3,14 21.% $4, - $599,999 2,4 17.9% $6, - $999,999 879 18.5% $1,, or more 581 22.1% $3, - $399,999 Sale Price $5, - $99,999 33 Days -8.3% $1, - $149,999 Median Time to Contract Less than $5, 35 Days -25.5% 33 Days -13.2% $15, - $199,999 33 Days -19.5% $2, - $249,999 42 Days -2.8% $25, - $299,999 48 Days -17.2% $3, - $399,999 54 Days -16.9% $4, - $599,999 69 Days -13.8% $6, - $999,999 12 Days 1.% $1,, or more 12 Days -24.5% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 4, 3,5 3, 2,5 2, 1,5 1, 5 18 16 14 12 1 8 6 4 2 Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.
Inventory New Listings ly Market Detail - February 218 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. 6, 5, 4, 3, 2, 1, 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. 18, 16, 14, 12, 1, 8, 6, 4, 2, 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 New Listings Less than $5, 233-42.6% $5, - $99,999 1,55-26.9% $1, - $149,999 2,441-19.9% $15, - $199,999 4,511-5.7% $2, - $249,999 4,885 1.2% $25, - $299,999 4,386 18.9% $3, - $399,999 5,567 22.6% $4, - $599,999 4,389 16.1% $6, - $999,999 2,41 19.% $1,, or more 1,598 3.1% $3, - $399,999 Current Listing Price Inventory Less than $5, 497-39.% $5, - $99,999 2,278-32.8% $1, - $149,999 4,666-22.1% $15, - $199,999 8,374-18.9% $2, - $249,999 1,999 1.% $25, - $299,999 1,742 5.7% $3, - $399,999 15,414 3.4% $4, - $599,999 15,81 -.9% $6, - $999,999 1,587 -.9% $1,, or more 1,866-5.% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 6, 5, 4, 3, 2, 1, 18, 16, 14, 12, 1, 8, 6, 4, 2, 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 17,785 16,379 8.6% $25, $23, 8.7% Foreclosure/REO 628 1,289-51.3% $17, $15, 13.3% Short Sale 27 365-43.3% $185,125 $166,625 11.1% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ Data released on Wednesday, March 21, 218. Next data release is Monday, April 23, 218.