ly Market Detail - March 218 Summary Statistics March 218 March 217 Paid in Cash 316 254 24.4% 17 151 12.6% $16, $15, 6.7% Average Sale Price Dollar Volume $26,11 $19,84 7.9% $65.1 Million $48.5 Million 34.3% Median Percent of Original List Price Received 95.% 95.2% -.2% Median Time to Contract 38 Days 29 Days 31.% Median Time to Sale 75 Days 7 Days 7.1% New Pending Sales New Listings 33 343 312 5.8% 297 15.5% Pending Inventory 463 Inventory (Active Listings) 785 s Supply of Inventory 3.5 399 16.% 84-2.4% 3.6-2.8% 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 March 218 79 316 13.4% 24.4% February 218 225 21.6% January 218 168-9.7% December 217 215-3.6% November 217 195-3.9% October 217 193 5.5% September 217 163-25.9% August 217 24-7.% July 217 223 18.% June 217 256-3.% May 217 27 1.9% April 217 236-8.2% March 217 254 -.4% 35 3 25 2 15 1 5 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Pct. of Paid in Cash Cash Sales ly Market Detail - March 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 397 6.1% March 218 17 12.6% February 218 138 26.6% January 218 89-21.9% December 217 16-2.3% November 217 19-8.4% October 217 1 7.5% September 217 76-43.7% August 217 115-23.3% July 217 112 12.% June 217 132-6.4% May 217 14-8.5% April 217 13-5.8% March 217 151 4.1% 25 214 215 216 217 2 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 Year-to-Date 56.% -6.4% March 218 53.8% -9.4% February 218 61.3% 4.1% January 218 53.% -13.5% December 217 49.3% -17.3% November 217 55.9% -4.6% October 217 51.8% 2.% September 217 46.6% -24.1% August 217 47.9% -17.6% July 217 5.2% -5.1% June 217 51.6% -3.4% May 217 51.9% -1.1% April 217 55.1% 2.6% March 217 59.4% 4.4% 8% 6% 214 215 216 217 4% 2% % Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Average Sale Price ly Market Detail - March 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 $158, 9.% March 218 $16, 6.7% February 218 $156,5 11.9% January 218 $149,95 4.9% December 217 $175, 2.7% November 217 $16, 12.7% October 217 $16, 8.8% September 217 $163, 17.5% August 217 $153,125 -.6% July 217 $161, 15.% June 217 $154,25 -.2% May 217 $162,5 16.1% April 217 $16, 14.3% March 217 $15, 8.7% $2K $15K 214 215 216 217 $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 $198,987 8.2% March 218 $26,11 7.9% February 218 $187,867 1.4% January 218 $2,668 15.8% December 217 $29,241 16.6% November 217 $195,423 2.3% October 217 $192,117 6.% September 217 $193,875 1.9% August 217 $18,92-5.2% July 217 $188,234-2.3% June 217 $183,28-4.% May 217 $188,995 2.9% April 217 $28,256 1.9% March 217 $19,84 2.5% $25K $2K $15K $1K $5K $K 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - March 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 $141.1 Million 22.7% March 218 $65.1 Million 34.3% February 218 $42.3 Million 23.3% January 218 $33.7 Million 4.6% December 217 $45. Million 12.4% November 217 $38.1 Million -1.8% October 217 $37.1 Million 11.8% September 217 $31.6 Million -24.5% August 217 $43.2 Million -11.8% July 217 $42. Million 15.2% June 217 $46.9 Million -6.9% May 217 $51. Million 4.8% April 217 $49.1 Million 1.9% March 217 $48.5 Million 2.1% $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 95.5%.3% March 218 95.% -.2% February 218 95.9%.9% January 218 95.5%.7% December 217 95.9%.8% November 217 95.2% 1.3% October 217 95.3%.4% September 217 95.2%.2% August 217 96.1% 1.4% July 217 95.3%.5% June 217 94.7% -.2% May 217 95.3% -.1% April 217 95.5% 1.% March 217 95.2%.4% 12% 1% 8% 6% 4% 2% % 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Median Time to Sale Median Time to Contract ly Market Detail - March 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 32 Days.% March 218 38 Days 31.% February 218 19 Days -52.5% January 218 38 Days 22.6% December 217 34 Days 54.5% November 217 44 Days 7.3% October 217 38 Days 35.7% September 217 31 Days -27.9% August 217 31 Days -22.5% July 217 27 Days -15.6% June 217 29 Days -17.1% May 217 31 Days -11.4% April 217 28 Days -26.3% March 217 29 Days -25.6% 7 6 5 4 3 2 1 214 215 216 217 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 69 Days -1.4% March 218 75 Days 7.1% February 218 59 Days -21.3% January 218 74 Days 12.1% December 217 74 Days 19.4% November 217 77 Days -8.3% October 217 74 Days -3.9% September 217 74 Days -7.5% August 217 67 Days -9.5% July 217 7 Days -5.4% June 217 62 Days -25.3% May 217 71 Days -7.8% April 217 69 Days -1.4% March 217 7 Days -7.9% 12 1 8 6 4 2 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
New Listings Pending Sales ly Market Detail - March 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 98 12.8% March 218 33 5.8% February 218 315 32.9% January 218 263 2.7% December 217 192-9.9% November 217 222 2.3% October 217 214 51.8% September 217 153-35.7% August 217 269 -.4% July 217 245-5.% June 217 247 7.9% May 217 34 15.2% April 217 264 4.8% March 217 312 12.2% 35 3 25 2 15 1 5 214 215 216 217 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 1,7 11.2% March 218 343 15.5% February 218 343 3.9% January 218 384 14.6% December 217 221 -.5% November 217 257-4.5% October 217 254 18.7% September 217 166-36.4% August 217 33 24.2% July 217 297 16.5% June 217 253-9.6% May 217 318 18.7% April 217 322 -.3% March 217 297-4.2% 5 214 215 216 217 4 3 2 1 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
s Supply of Inventory Inventory ly Market Detail - March 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) 87-4.2% March 218 785-2.4% February 218 816-6.5% January 218 82-3.4% December 217 73-6.9% November 217 751-6.% October 217 744.5% September 217 739 -.5% August 217 766 1.3% July 217 772-7.3% June 217 75-11.7% May 217 792-6.5% April 217 826-11.3% March 217 84-8.5% 1,2 1, 8 6 4 2 214 215 216 217 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) 3.7-2.6% March 218 3.5-2.8% February 218 3.7-5.1% January 218 3.8.% December 217 3.3-8.3% November 217 3.4-5.6% October 217 3.4.% September 217 3.4.% August 217 3.4.% July 217 3.4-1.5% June 217 3.4-1.5% May 217 3.6-5.3% April 217 3.7-11.9% March 217 3.6-1.% 7. 6. 5. 4. 3. 2. 1.. 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Median Time to Contract ly Market Detail - March 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. 8 7 6 5 4 3 2 1 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. 16 14 12 1 8 6 4 2 Less than $5, Less than $5, March 217 March 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 March 217 March 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 75 23.% $15, - $199,999 62 47.6% $2, - $249,999 31 24.% $25, - $299,999 16.% $3, - $399,999 28 3.7% $4, - $599,999 17 6.3% $6, - $999,999 12 3.% $1,, or more 2 N/A Sale Price $15, - $199,999 38 Days 35.7% $2, - $249,999 22 Days -8.3% $25, - $299,999 Median Time to Contract Less than $5, 32 Days 128.6% $5, - $99,999 23 Days 91.7% $1, - $149,999 Less than $5, 15 25.% $5, - $99,999 58 11.5% $3, - $399,999 37 Days 12.1% 37 Days -7.9% $3, - $399,999 9 Days 21.3% $4, - $599,999 58 Days -17.1% $6, - $999,999 139 Days -1.4% $1,, or more 43 Days N/A $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 8 7 6 5 4 3 2 1 16 14 12 1 8 6 4 2 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
Inventory New Listings ly Market Detail - March 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. 7 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. 16 14 12 1 8 6 4 2 Less than $5, Less than $5, March 217 March 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 March 217 March 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 5 2.% $1, - $149,999 64 14.3% $15, - $199,999 62 17.% $2, - $249,999 36 2.9% $25, - $299,999 31 19.2% $3, - $399,999 42 2.% $4, - $599,999 34 7.% $6, - $999,999 14 55.6% $1,, or more 2 1.% Current Listing Price New Listings Inventory Less than $5, 8-38.5% $3, - $399,999 Less than $5, 15-4.% $5, - $99,999 98-21.6% $1, - $149,999 83-5.7% $15, - $199,999 84 1.2% $2, - $249,999 66-4.3% $25, - $299,999 92 48.4% $3, - $399,999 148-1.3% $4, - $599,999 114.9% $6, - $999,999 72-5.3% $1,, or more 13.% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 7 6 5 4 3 2 1 16 14 12 1 8 6 4 2 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.
ly Distressed Market - March 218 March 218 March 217 Traditional 31 245 26.5% $16, $15, 6.7% Foreclosure/REO 5 9-44.4% $15,18 $137, -23.3% Short Sale 1 N/A $133, (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45, 214 215 216 217 Traditional Foreclosure/REO Short Sale $4, $35, $3, $25, $2, $15, $1, $5, $ 214 215 216 217 Data released on Monday, April 23, 218. Next data release is Thursday, May 24, 218.