FOR IMMEDIATE RELEASE Contact: David B. Bennett President & CEO Phone: 727-216-32 Email: dbennett@tampabayrealtor.com Real Estate Statistics for September 217 September s numbers are out, and it comes as no surprise that Hurricane Irma made somewhat of an impact on the real estate market. Before you get too concerned, there are some important takeaways from this month s statistics. Year-over-year, for the Single Family segment in September were down 25.3%, but this is directly related to the length of time businesses, schools, and other institutions were closed before and after Irma s impact. for Single Family Homes was up 11.7% from last year, at $248, for September 217 versus $222, for September 216 which is a strong indicator that the housing market was just delayed, rather than derailed. It should also be noted that there were only 2 business days this September, and even if title agencies, banks, and other major players in the market were only closed for four days, that is 2% fewer business days to get things done. Dollar Volume for Single Family Homes decreased 16.9% year-over-year, with $284.6 million in 217 versus $342.4 million in September 216. Median Time to Contract for Single Family Homes was 23 days in September 217, down 8.% from last September. Average Sale Price for Single Family Homes grew 11.2%, at $316,533 in September 217 versus $284,614 in September 216. Median Time to Sale for Single Family Homes was 67 days this September, down 6.9% from 72 days last September. New Listings for Single Family for August were 858, down 33.6% from last September, at 1,293. The Townhomes/Condo market segment s sales prices are still holding strong. for the Townhomes/Condo segment were down 3.7%. Median Time to Sale for Townhomes and Condos decreased 2.5% year-over-year at 78 days in September 217 and 8 days in 216. Average Sale Price saw an amazing 18.4% increase with $224,894 in September 217 and $189,91 in September 216. Median Sale Price for Townhomes/Condos was $149, for September 217, up 18.3% from $126, in September 216. Dollar Volume for Townhomes/Condos saw a 14.% increase year-over-year, with $146. million in September 217 compared to $128. million in September 216. Median Time to Contract for Townhomes and Condos was up 5.6% year-over-year, going from 36 days in September 216 to 38 days in September 217. New Listings for Townhomes/Condo for August 217 were at 614, down 25.4% from 823 in September 216. The seller s market continues in September, with s Supply of Inventory down 7.1% year-over-year for Single Family Homes, with a 2.6 Supply this September, as compared to a 2.8 Supply in September 216. s Supply of Inventory for Townhomes/Condo fell a dramatic 17.6%, with 2.8 months in September 217 and 3.4 months in September 216. A special thanks to Brad O Connor of Florida Realtors for contextualizing this month s statistics release. Representing more than 8, members, the Pinellas Realtor Organization is one of the Tampa Bay area s largest professional trade associations. The organization advances and promotes the real estate profession through professional development programs, government affairs, and political advocacy and maintains a high standard of conduct by real estate professionals through professional standards training and administration. Combined Single Family Homes & Townhomes/Condos Summary Statistics Sept 217 Feb. Sept 214 216 % change year over year Paid in Cash New Pending Sales New Listings Pending Inventory Inventory (Active Listings) 1548 1877-17.5% 63 744-19.% 1274 1854-31.3% 1472 2116-3.4% 2199 2777-2.8% 5124 5685-9.9% source: Florida Realtors
Absorption rate estimates the rate at which active listings are selling in a given market. It s calculated by dividing the number of closed sales by the number of active listings. A low absorption rate means that homes are selling slowly (suggesting a buyer s market) while a high absorption rate means that homes are selling quickly (suggesting a seller s market). Absorption Rate Single Family 213 214 215 216 217 January 22.7% 17.3% 21.6% 26.4% 29.5% February 27.% 18.7% 27.8% 32.5% 31.7% March 38.% 25.% 36.3% 43.% 47.1% April 37.4% 27.9% 36.8% 43.4% 42.8% May 39.1% 31.8% 36.5% 45.4% 53.% June 38.1% 29.8% 42.9% 48.% 53.2% 36.% 34.6% 3.2% 29.6% 4.7% 4.2% 42.1% 37.2% 42.1% 43.8% September October 29.% 28.2% 37.8% 32.5% 24.2% 29.2% 36.7% 4.% 34.1% November 2.7% 21.9% 23.1% 32.% 26.6% 33.4% 39.1% 38.2% Condo 213 214 215 216 217 January 13.5% 13.5% 17.6% 25.7% 45.% February 16.8% 16.7% 17.3% 22.3% 22.1% 26.5% 4.% March 2.1% 2.5% 27.3% 27.8% 35.% April 28.3% 23.1% 35.9% May 28.1% 3.6% 41.2% 39.4% 22.2% 25.% 23.9% 41.6% July 21.8% 3.9% 32.8% 38.9% June 31.6% 22.2% 21.1% 29.2% August 25.3% 24.% 36.2% 2.% September 2.3% 21.1% 28.1% 33.2% 28.6% 38.1% 32.7% October 18.1% 22.8% 27.6% November 26.4% 16.3% 18.7% 18.2% 23.1% 25.5% 28.1% 28.9% 28.5% July August December December 3.8% 3.6% 29.1% 6.% 5.% 4.% 214 215 3.% 216 2.% 217 1.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 3.% 214 215 216 15.% 217 1.% 5.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
ly Market Detail - September 217 Single Family Homes Summary Statistics September 217 September 216 Paid in Cash 899 1,23-25.3% 245 339-27.7% $248, $222, 11.7% Average Sale Price Dollar Volume $316,533 $284,614 11.2% $284.6 Million $342.4 Million -16.9% Median Percent of Original List Price Received 96.6% 96.5%.1% Median Time to Contract 23 Days 25 Days -8.% Median Time to Sale 67 Days 72 Days -6.9% New Pending Sales New Listings 76 858 1,129-32.7% 1,293-33.6% Pending Inventory 1,34 Inventory (Active Listings) 3,27 s Supply of Inventory 2.6 1,659-21.4% 3,275-7.6% 2.8-7.1% The number of sales transactions which closed during September 217 899-25.3% August 217 1,233-2.4% July 217 1,28-1.6% June 217 1,45 2.7% Economists' note: are one of the simplest yet most May 217 1,448 9.6% important indicators for the residential real estate market. When April 217 1,22-4.4% comparing across markets of different sizes, we March 217 1,366 4.8% recommend comparing the percent changes in sales rather than the February 217 949-6.2% number of sales. (and many other market metrics) are January 217 99 8.6% affected by seasonal cycles, so actual trends are more accurately December 216 1,188-2.9% represented by year-over-year changes (i.e. comparing a month's November 216 1,93 26.7% sales to the amount of sales in the same month in the previous year), October 216 1,7-9.7% rather than changes from one month to the next. September 216 1,23 1.2% 2, 1,5 1, 5 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - September 217 Single Family Homes 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 September 217 245-27.7% August 217 343-7.8% July 217 294-15.8% June 217 4-7.2% May 217 443 2.1% April 217 341-17.6% March 217 422-5.% February 217 332-16.8% January 217 317 -.3% December 216 332-16.2% November 216 351 3.8% October 216 346-21.4% September 216 339-21.7% 6 5 4 3 2 1 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 September 217 27.3% -3.2% August 217 27.8% -5.8% July 217 24.3% -14.4% June 217 27.6% -9.5% May 217 3.6% -7.% April 217 28.% -13.6% March 217 3.9% -9.1% February 217 35.% -11.2% January 217 34.9% -8.2% December 216 27.9% -13.9% November 216 32.1% -18.1% October 216 32.3% -12.9% September 216 28.2% -22.5% 6% 5% 4% 3% 2% 1% % Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Average Sale Price ly Market Detail - September 217 Single Family Homes 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. September 217 $248, 11.7% August 217 $237, 6.7% July 217 $24, 11.6% June 217 $248,45 12.9% May 217 $23, 14.4% April 217 $235, 17.5% March 217 $23, 15.% February 217 $222, 16.8% January 217 $215, 1.8% December 216 $222,25 17.6% November 216 $219,9 18.9% October 216 $27, 15.% September 216 $222, 16.8% $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 September 217 $316,533 11.2% August 217 $298,71 5.8% July 217 $312,21 8.5% June 217 $327,52 1.% May 217 $312,364 23.4% April 217 $318,451 17.3% March 217 $299,356 16.% February 217 $286,417 11.8% January 217 $267,74 1.1% December 216 $276,945 11.3% November 216 $277,227 13.% October 216 $273,294 1.6% September 216 $284,614 1.9% $4K $3K $2K $1K $K Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - September 217 Single Family Homes 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 September 217 $284.6 Million -16.9% August 217 $368.3 Million 3.3% July 217 $377.1 Million 6.7% June 217 $474.2 Million 13.% May 217 $452.3 Million 35.3% April 217 $388.5 Million 12.1% March 217 $48.9 Million 21.5% February 217 $271.8 Million 4.8% January 217 $243.3 Million 9.8% December 216 $329. Million 8.1% November 216 $33. Million 43.1% October 216 $292.4 Million -.1% September 216 $342.4 Million 12.2% $5 M $4 M $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 September 217 96.6%.1% August 217 96.4% -.3% July 217 96.8%.3% June 217 96.6%.4% May 217 96.3% -.1% April 217 96.1%.2% March 217 95.9%.% February 217 95.5%.2% January 217 95.3%.1% December 216 95.6% -.1% November 216 96.2%.4% would call a lagging indicator. October 216 96.7% 1.% September 216 96.5%.9% 12% 1% 8% 6% 4% 2% % Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Median Time to Sale Median Time to Contract ly Market Detail - September 217 Single Family Homes 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 September 217 23 Days -8.% August 217 24 Days -11.1% July 217 19 Days -32.1% June 217 23 Days -17.9% May 217 27 Days -3.6% April 217 29 Days 3.6% March 217 3 Days -3.2% February 217 38 Days.% January 217 36 Days -1.% December 216 31 Days 3.3% November 216 26 Days -18.8% October 216 29 Days -12.1% September 216 25 Days -26.5% 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 September 217 67 Days -6.9% August 217 63 Days -13.7% July 217 66 Days -12.% June 217 69 Days -4.2% May 217 7 Days -5.4% April 217 71 Days -2.7% March 217 71 Days -4.1% February 217 81 Days -1.2% January 217 81 Days -4.7% December 216 73 Days.% November 216 73 Days -6.4% October 216 73 Days 1.4% September 216 72 Days -4.% 12 1 8 6 4 2 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
New Listings Pending Sales ly Market Detail - September 217 Single Family Homes 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 September 217 76-32.7% August 217 1,274-4.4% July 217 1,267-1.2% June 217 1,314-2.5% May 217 1,426 7.5% April 217 1,455-5.3% March 217 1,533 5.9% February 217 1,319-6.3% January 217 1,28 -.3% December 216 994-1.2% November 216 1,25-3.9% October 216 1,29.4% September 216 1,129-9.% 2, 1,5 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 September 217 858-33.6% August 217 1,41-7.3% July 217 1,448 7.7% June 217 1,487 -.4% May 217 1,494 2.% April 217 1,429-5.5% March 217 1,67 4.8% February 217 1,37-9.8% January 217 1,45-1.1% December 216 995-5.3% November 216 1,317 11.8% October 216 1,373-1.4% September 216 1,293 1.9% 2, 1,5 1, 5 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
s Supply of Inventory Inventory ly Market Detail - September 217 Single Family Homes 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 September 217 3,27-7.6% August 217 3,22-6.9% July 217 3,49-5.4% June 217 3,3-6.7% May 217 2,996-9.% April 217 3,63-5.% March 217 3,26-4.1% February 217 3,272-3.3% January 217 3,35-1.9% December 216 3,288 -.9% November 216 3,447.4% October 216 3,334-2.% September 216 3,275-1.3% 5, 4, 3, 2, 1, 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 September 217 2.6-7.1% August 217 2.5-1.7% July 217 2.5-1.7% June 217 2.5-7.4% May 217 2.5-1.7% April 217 2.6-7.1% March 217 2.7-6.9% February 217 2.8-3.4% January 217 2.8-3.4% December 216 2.8-3.4% November 216 2.9-3.3% October 216 2.9.% September 216 2.8-3.4% 5. 4. 3. 2. 1.. Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Median Time to Contract ly Market Detail - September 217 Single Family Homes 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. September 216 September 217 3 25 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 1-94.1% $5, - $99,999 25-66.2% $1, - $149,999 83-57.2% $15, - $199,999 184-24.3% $2, - $249,999 161-14.8% $25, - $299,999 136-6.2% $3, - $399,999 12-16.7% $4, - $599,999 19-16.8% $6, - $999,999 61 48.8% $1,, or more 19-24.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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 isa 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 September 216 September 217 Sale Price $15, - $199,999 2 Days.% $2, - $249,999 19 Days -13.6% $25, - $299,999 Median Time to Contract Less than $5, 5 Days -88.4% $5, - $99,999 27 Days 8.% $1, - $149,999 12 Days -53.8% 21 Days 31.3% $3, - $399,999 18 Days -3.8% $4, - $599,999 41 Days -16.3% $6, - $999,999 53 Days -42.4% $1,, or more 125 Days -4.2% 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 Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Inventory New Listings ly Market Detail - September 217 Single Family Homes 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, September 216 September 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 3-8.% $5, - $99,999 34-53.4% $1, - $149,999 7-58.8% $15, - $199,999 145-47.1% $2, - $249,999 159-15.9% $25, - $299,999 116-26.6% $3, - $399,999 144-16.3% $4, - $599,999 98-19.7% $6, - $999,999 63-12.5% $1,, or more 26-45.8% $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 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. 6 5 4 3 2 1 Less than $5, September 216 September 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 12-57.1% $5, - $99,999 74-41.3% $1, - $149,999 137-49.4% $15, - $199,999 349-16.1% $2, - $249,999 44 4.4% $25, - $299,999 354 2.% $3, - $399,999 435 3.1% $4, - $599,999 518 5.9% $6, - $999,999 411-6.8% $1,, or more 333-4.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6 5 4 3 2 1 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
ly Distressed Market - September 217 Single Family Homes September 217 September 216 Traditional Foreclosure/REO Short Sale 863 1,86-2.5% $25, $228, 9.6% 29 92-68.5% $18,888 $137,45 31.6% 7 25-72.% $217, $125,7 72.6% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
ly Market Detail - September 217 Townhouses and Condos Summary Statistics September 217 September 216 Paid in Cash 649 674-3.7% 358 45-11.6% $149, $126, 18.3% Average Sale Price Dollar Volume $224,894 $189,91 18.4% $146. Million $128. Million 14.% Median Percent of Original List Price Received 95.3% 95.2%.1% Median Time to Contract 38 Days 36 Days 5.6% Median Time to Sale 78 Days 8 Days -2.5% New Pending Sales New Listings 514 614 725-29.1% 823-25.4% Pending Inventory 895 Inventory (Active Listings) 2,97 s Supply of Inventory 2.8 1,118-19.9% 2,41-13.% 3.4-17.6% The number of sales transactions which closed during September 217 649-3.7% August 217 738-4.8% July 217 751 1.1% June 217 9 12.5% Economists' note: are one of the simplest yet most May 217 874 12.2% important indicators for the residential real estate market. When April 217 891-2.8% comparing across markets of different sizes, we March 217 955 26.3% recommend comparing the percent changes in sales rather than the February 217 646 4.% number of sales. (and many other market metrics) are January 217 634 32.9% affected by seasonal cycles, so actual trends are more accurately December 216 687-4.7% represented by year-over-year changes (i.e. comparing a month's November 216 687 11.5% sales to the amount of sales in the same month in the previous year), October 216 66 5.1% rather than changes from one month to the next. September 216 674 1.4% 1,2 1, 8 6 4 2 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - September 217 Townhouses and Condos 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 September 217 358-11.6% August 217 39-14.5% July 217 41 8.2% June 217 462.9% May 217 457.7% April 217 53-5.4% March 217 58 25.3% February 217 393-3.7% January 217 379 29.4% December 216 372-15.3% November 216 414 1.2% October 216 362-7.2% September 216 45-1.9% 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 September 217 55.2% -8.2% August 217 52.8% -1.2% July 217 54.6% -1.8% June 217 51.3% -1.5% May 217 52.3% -1.3% April 217 59.5% -2.6% March 217 6.7% -.8% February 217 6.8% -7.5% January 217 59.8% -2.6% December 216 54.1% -11.2% November 216 6.3% -9.2% October 216 54.8% -11.8% September 216 6.1% -3.2% 1% 8% 6% 4% 2% % Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Average Sale Price ly Market Detail - September 217 Townhouses and Condos 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. September 217 $149, 18.3% August 217 $152, 16.9% July 217 $16, 14.6% June 217 $16, 13.8% May 217 $165, 18.7% April 217 $156, 12.2% March 217 $139, 4.5% February 217 $149,5 2.6% January 217 $135, 8.1% December 216 $142, 7.6% November 216 $147,5 9.1% October 216 $145, 16.1% September 216 $126, 5.% $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 September 217 $224,894 18.4% August 217 $232,299 22.8% July 217 $226,638 13.9% June 217 $243,746 18.2% May 217 $234,382 13.9% April 217 $223,482 14.9% March 217 $28,76 7.3% February 217 $236,827 25.% January 217 $234,8 3.% December 216 $215,214 11.9% November 216 $214,146 8.9% October 216 $27,645 11.3% September 216 $189,91 -.5% $3K $25K $2K $15K $1K $5K $K Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - September 217 Townhouses and Condos 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 September 217 $146. Million 14.% August 217 $171.4 Million 16.9% July 217 $17.2 Million 25.4% June 217 $219.4 Million 33.% May 217 $24.8 Million 27.8% April 217 $199.1 Million 11.7% March 217 $199.3 Million 35.6% February 217 $153. Million 3.% January 217 $148.9 Million 72.7% December 216 $147.9 Million 6.6% November 216 $147.1 Million 21.5% October 216 $137. Million 16.9% September 216 $128. Million.9% $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 Med. Pct. of Orig. List Price Received September 217 95.3%.1% August 217 95.4%.4% July 217 95.4%.7% June 217 95.4% 1.1% May 217 95.8% 1.3% April 217 95.4%.4% March 217 95.1%.6% February 217 95.1% 1.% January 217 95.%.6% December 216 94.7%.% November 216 95.1%.6% would call a lagging indicator. October 216 94.9%.6% September 216 95.2%.8% 12% 1% 8% 6% 4% 2% % Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Median Time to Sale Median Time to Contract ly Market Detail - September 217 Townhouses and Condos 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 September 217 38 Days 5.6% August 217 35 Days -22.2% July 217 32 Days -2.% June 217 34 Days -22.7% May 217 32 Days -2.% April 217 34 Days -5.6% March 217 28 Days -3.% February 217 47 Days -4.1% January 217 4 Days -9.1% December 216 44 Days 22.2% November 216 38 Days -5.% October 216 39 Days -15.2% September 216 36 Days -2.% 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 September 217 78 Days -2.5% August 217 79 Days -7.1% July 217 74 Days -6.3% June 217 77 Days -1.5% May 217 75 Days -9.6% April 217 77 Days.% March 217 7 Days -9.1% February 217 91 Days 3.4% January 217 82 Days -3.5% December 216 84 Days 12.% November 216 78 Days.% October 216 81 Days -2.4% September 216 8 Days -7.% 15 1 5 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
New Listings Pending Sales ly Market Detail - September 217 Townhouses and Condos 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 September 217 514-29.1% August 217 862 1.8% July 217 749-2.6% June 217 853 12.2% May 217 834 3.% April 217 98 3.8% March 217 1,6 5.1% February 217 885 6.8% January 217 842 9.8% December 216 616 5.3% November 216 699 4.% October 216 73-1.% September 216 725 7.6% 1,2 1, 8 6 4 2 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 September 217 614-25.4% August 217 837-1.8% July 217 757-6.8% June 217 888 16.7% May 217 898 3.1% April 217 961.9% March 217 1,63 5.6% February 217 974-6.1% January 217 1,12-1.6% December 216 68-4.% November 216 827 6.2% October 216 85-12.7% September 216 823 6.1% 1,2 1, 8 6 4 2 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
s Supply of Inventory Inventory ly Market Detail - September 217 Townhouses and Condos 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 September 217 2,97-13.% August 217 2,74-14.3% July 217 2,178-1.8% June 217 2,317-7.3% May 217 2,383-1.8% April 217 2,43-9.8% March 217 2,486-1.6% February 217 2,537-1.2% January 217 2,527-5.7% December 216 2,44-1.6% November 216 2,483-1.7% October 216 2,434.3% September 216 2,41.9% 4, 3, 2, 1, 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 September 217 2.8-17.6% August 217 2.7-2.6% July 217 2.9-17.1% June 217 3.1-13.9% May 217 3.2-15.8% April 217 3.3-13.2% March 217 3.4-15.% February 217 3.5-14.6% January 217 3.5-1.3% December 216 3.4-5.6% November 216 3.5-2.8% October 216 3.4-2.9% September 216 3.4-2.9% 6. 5. 4. 3. 2. 1.. Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Median Time to Contract ly Market Detail - September 217 Townhouses and Condos 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. September 216 September 217 25 2 15 1 5 Sale Price Less than $5, 24-61.3% $5, - $99,999 164-2.4% $1, - $149,999 142 24.6% $15, - $199,999 68-27.7% $2, - $249,999 56 12.% $25, - $299,999 51 45.7% $3, - $399,999 67 45.7% $4, - $599,999 43-2.3% $6, - $999,999 23 27.8% $1,, or more 11 12.% 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 isa 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, September 216 September 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 32 Days 45.5% $2, - $249,999 48 Days -11.1% $25, - $299,999 Median Time to Contract Less than $5, 27 Days -42.6% $5, - $99,999 32 Days 18.5% $1, - $149,999 19 Days -26.9% 66 Days -33.3% $3, - $399,999 59 Days 51.3% $4, - $599,999 7 Days -9.1% $6, - $999,999 84 Days -13.4% $1,, or more 35 Days 391.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 35 3 25 2 15 1 5 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
Inventory New Listings ly Market Detail - September 217 Townhouses and Condos 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. 18 16 14 12 1 8 6 4 2 Less than $5, September 216 September 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 18-6.% $5, - $99,999 147-13.% $1, - $149,999 17-3.1% $15, - $199,999 88-31.3% $2, - $249,999 51-21.5% $25, - $299,999 49-18.3% $3, - $399,999 73-9.9% $4, - $599,999 39-4.9% $6, - $999,999 33.% $1,, or more 9-6.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 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. 45 4 35 3 25 2 15 1 5 Less than $5, September 216 September 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 47-62.4% $5, - $99,999 339-11.9% $1, - $149,999 27-24.8% $15, - $199,999 236-19.2% $2, - $249,999 182-12.9% $25, - $299,999 28 3.5% $3, - $399,999 264-2.2% $4, - $599,999 224-9.7% $6, - $999,999 214 3.9% $1,, or more 113-1.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 1 5 Data released on Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.
ly Distressed Market - September 217 Townhouses and Condos September 217 September 216 Traditional Foreclosure/REO Short Sale 639 62 3.1% $149,5 $135, 1.7% 6 46-87.% $15, $75, 4.% 4 8-5.% $7,25 $66,45 5.7% 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 Friday, October 2, 217. Data revised on Monday, January 16, 217. Next data release is Tuesday, November 21, 217.