ly Market Detail - 215 Summary Statistics 215 214 Paid in Cash 15,95 16,49-2.8% 1,428 11,262-7.4% New Pending Sales 2,231 21,66-6.4% 34,441 34,242.6% $2, $19, 5.3% Average Sale Price $365,33 $363,539.5% Median Days on Market 6 57 5.3% Average Percent of Original List Price Received 93.5% 94.2% -.7% Pending (Active Listings) 2,635 12,6. 3,57-26.2% 11,43. 1.2% Months Supply of 9.5 8.4 13.2% The number of sales transactions which closed during 215 15,95-2.8% 214 16,49-4.3% 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 using -over-year percent changes rather than the absolute counts. Realtors and their clients should also be wary of month-to-month comparisons of because of potential seasonal effects. 213 17,142 4.6% 212 16,383 1.2% 211 16,187 21.5% 21 13,321 33.4% 18,2 17,2 16,2 15,2 14,2 13,2
ly Market Detail - 215 Cash Sales The number of during in which buyers exclusively paid in cash 214 Cash Sales 215 1,428-7.4% 11,262-1.8% 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 inancing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. 213 212 211 21 12,626 -.5% 12,69 1.9% 12,448 3.8% 9,516 54.8% 13,4 Cash Sales 12,4 11,4 1,4 9,4 Cash Sales as a Percentage of The percentage of during which were Cash Sales Percent of Closed Sales Paid in Cash 215 65.4% -4.7% 214 68.6% -6.8% 213 73.7% -4.9% 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 inancing, such as mortgages, owner/seller inancing, assumed loans, etc. 212 77.5%.7% 211 76.9% 7.7% 21 71.4% 16.% Pct. of Closed Sales Paid in Cash 8% 75% 7% 65% 6% 55%
ly Market Detail - 215 New Pending Sales The number of property listings that went from "Active" to "Pending" status during 215 214 New Pending Sales 2,231-6.4% 21,66-12.3% 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 inancing for homebuyers and the inventory of distressed properties for sale. 213 24,63-2.3% 212 25,25-2.7% 211 25,97 1.9% 21 23,352 26.8% 28,1 Pending Sales 26,1 24,1 22,1 2,1 The number of properties put onto the market during 215 214 34,441.6% 34,242 6.% Economists' note : In a recovering market, we expect that new listings will eventually rise as sellers raise their estimations of value. But this increase will take place only after the market has turned up, so New Listings are a lagging indicator of the health of the market. Also be aware of properties which have been withdrawn from the market and then relisted. These are not really. 213 32,296 14.5% 212 28,212-5.2% 211 29,753-22.3% 21 38,311 1.4% 4,1 38,1 36,1 34,1 32,1 3,1 28,1
ly Market Detail - 215 The median sale price reported for (i.e. 5% of sales were above and 5% of sales were below) 215 $2, 5.3% 214 $19, 8.6% 213 $175, 19.9% 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. 212 $146, 31.6% 211 $11,95 -.9% 21 $112, -17.% $22K $2K $18K $16K $14K $12K $1K Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) 215 Average Sale Price 214 $363,539 $365,33.5% 1.9% Economists' note : As noted above, 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. 213 $327,885 14.4% 212 $286,557 24.6% 211 $229,92 3.4% 21 $222,264-7.6% Average Sale Price $41K $36K $31K $26K $21K
ly Market Detail - 215 Median Days on Market The median number of days that properties sold during were on the market Median Days on Market 215 6 5.3% 214 57 23.9% Economists' note : Median Days on Market is the amount of time the "middle" property selling this year was on the market. That is, 5% of homes selling this year took less time to sell, and 5% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market. 213 46.% 212 46-22.% 211 59 7.3% 21 55-22.5% Median Days on Market 8 6 4 2 Average Percent of Original List Price Received The average of the sale price (as a percentage of the original list price) across all properties selling during 215 Avg. Pct. of Orig. List Price Received 214 94.2% 93.5% -.7% -2.7% Economists' note : The Average Percent of Original List Price Received is an indicator of market conditions, in that in a recovering market, the measure 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 that has shifted from down to up, and is another lagging indicator. 213 96.8% 1.1% 212 95.7% 3.6% 211 92.4% 1.7% 21 9.9% 4.7% Avg. Pct. of Orig. List Price Received 1% 95% 9% 85%
ly Market Detail - 215 (Active Listings) The number of property listings active at the end of 215 12,6 1.2% 214 11,43 14.6% Economists' note : There are a number of ways to calculate, so these numbers may not match up to others you see in your market. We calculate by counting the number of active listings on the last day of, and hold this number to compare with the same calculation for the following year. 213 9,977 27.2% 212 7,844-15.7% 211 9,32-41.5% 21 15,912-7.2% 17,7 15,7 13,7 11,7 9,7 7,7 Months Supply of An estimate of the number of months it will take to deplete the current given recent sales rates 215 Months Supply 9.5 13.2% 214 8.4 19.7% Economists' note : This is an indicator of the state of the market, whether it is a buyers' market or a sellers' market. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 Months of. Higher numbers indicate a buyers' market, lower numbers a sellers' market. 213 7. 21.6% 212 5.7-16.7% 211 6.9 N/A 21 (No Sales) N/A Months Supply of 1. 9. 8. 7. 6. 5. 4.
ly Market Detail - 215 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 using -over-year percent changes rather than the absolute counts. Realtors and their clients should also be wary of month-to-month comparisons of because of potential seasonal effects. 3,5 3, 2,5 2, 1,5 1, 5 Less than $5, 214 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 254-34.2% $5, - $99,999 2,7-22.6% $1, - $149,999 3,263-1.3% $15, - $199,999 2,389 5.7% $2, - $249,999 1,829 15.5% $25, - $299,999 1,294 9.% $3, - $399,999 1,57 2.8% $4, - $599,999 1,424-1.2% $6, - $999,999 1,12-7.3% $1,, or more 98-12.2% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3,5 3, 2,5 2, 1,5 1, 5 Median Days on Market Median Days on Market by Sale Price The median number of days that properties sold during were on the market Economists' note: Median Days on Market is the amount of time the "middle" property selling this year was on the market. That is, 5% of homes selling this year took less time to sell, and 5% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market. 12 1 8 6 4 2 Less than $5, 214 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $15, - $199,999 49 4.3% $2, - $249,999 54-5.3% $25, - $299,999 Median Days on Market Less than $5, 5-15.3% $5, - $99,999 48 4.3% $1, - $149,999 46.% 69 7.8% $3, - $399,999 78 11.4% $4, - $599,999 81 6.6% $6, - $999,999 87 13.% $1,, or more 12 9.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 12 1 8 6 4 2
ly Market Detail - 215 by Initial Listing Price The number of properties put onto the market during Economists' note: In a recovering market, we expect that new listings will eventually rise as sellers raise their estimations of value. But this increase will take place only after the market has turned up, so New Listings are a lagging indicator of the health of the market. Also be aware of properties which have been withdrawn from the market and then relisted. These are not really. 6, 5, 4, 3, 2, 1, Less than $5, 214 215 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 332-42.% $5, - $99,999 2,534-33.7% $1, - $149,999 4,637-16.% $15, - $199,999 4,151-4.2% $2, - $249,999 3,351 12.9% $25, - $299,999 3,136 5.6% $3, - $399,999 4,325 5.% $4, - $599,999 4,82 12.1% $6, - $999,999 3,487 28.% $1,, or more 3,668 25.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6, 5, 4, 3, 2, 1, by Current Listing Price The number of property listings active at the end of Economists' note: There are a number of ways to calculate, so these numbers may not match up to others you see in your market. We calculate by counting the number of active listings on the last day of, and hold this number to compare with the same calculation for the following year. 2,5 2, 1,5 1, 5 214 215 Current Listing Price Less than $5, 34-57.5% $5, - $99,999 427-5.1% $1, - $149,999 964-27.6% $15, - $199,999 96-13.1% $2, - $249,999 1,3 6.8% $25, - $299,999 1,168 11.6% $3, - $399,999 1,845 14.7% $4, - $599,999 2,317 26.4% $6, - $999,999 1,774 48.1% $1,, or more 2,18 47.2% 2,5 2, 1,5 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
ly Distressed Market - 215 215 214 Traditional 12,49 11,357 6.1% $237, $25, -5.2% Foreclosure/REO 3,355 3,953-15.1% $125, $117, 6.8% Short Sale 546 1,99-5.3% $135, $115,5 16.9% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $