ly Market Detail - Q1 216 Summary Statistics Q1 216 Q1 215 Paid in Cash 57,913 57,742.3% 2,133 23,724-15.1% $23,5 $182, 11.8% Average Sale Price Dollar Volume $285,447 $266,453 7.1% $16.5 Billion $15.4 Billion 7.4% Median Percent of Original List Price Received 95.5% 94.4% 1.2% Median Time to Contract 53 Days 64 Days -17.2% Median Time to Sale 12 Days 18 Days -5.6% New Pending Sales New Listings 73,191 94,266 78,881-7.2% 9,18 4.5% Pending Inventory 43,897 Inventory (Active Listings) 1,794 46,156-4.9% 13,76-2.8% Months Supply of Inventory 4.5 5. -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 quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. Q1 216 57,913.3% Q4 215 61,44.4% Q3 215 72,144 Q2 215 75,691 Q1 215 57,742 Q4 214 6,791 Q3 214 63,785 Q2 214 66,79 Q1 214 49,845 Q4 213 53,343 Q3 213 59,697 Q2 213 63,153 Q1 213 49,267 13.1% 14.5% 15.8% 14.% 6.8% 4.6% 1.2% 1.6% 15.5% 15.1% 11.9% 8, 212 213 214 215 6, 4, 2, Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - Q1 216 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 Q1 216 2,133-15.1% Q4 215 21,36-1.1% Q3 215 24,8-1.8% Q2 215 26,486-3.2% Q1 215 23,724.9% Q4 214 23,75 2.8% Q3 214 24,59-1.5% Q2 214 27,359-5.3% Q1 214 23,51-3.9% Q4 213 23,97-5.7% Q3 213 24,89 11.3% Q2 213 28,886 16.7% Q1 213 24,461 15.1% 4, 212 213 214 215 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 quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash Q1 216 34.8% -15.3% Q4 215 35.% -1.5% Q3 215 33.4% -13.% Q2 215 35.% -15.5% Q1 215 41.1% -12.9% Q4 214 39.1% -9.7% Q3 214 38.4% -7.9% Q2 214 41.4% -9.4% Q1 214 47.2% -4.8% Q4 213 43.3% -7.1% Q3 213 41.7% -3.7% Q2 213 45.7% 1.3% Q1 213 49.6% 2.7% 6% 5% 4% 3% 2% 1% % 212 213 214 215 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Average Sale Price ly Market Detail - Q1 216 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 quarter, and the mix of the types of homes that sell can change over time. Q1 216 $23,5 11.8% Q4 215 $2, 11.1% Q3 215 $199,9 1.2% Q2 215 $2, 11.1% Q1 215 $182, 8.3% Q4 214 $18, 5.9% Q3 214 $181,445 3.7% Q2 214 $18, 5.9% Q1 214 $168, 9.1% Q4 213 $17, 13.3% Q3 213 $175, 19.% Q2 213 $17, 14.9% Q1 213 $154, 14.1% $25K $2K $15K $1K $5K $K 212 213 214 215 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 Q1 216 $285,447 7.1% Q4 215 $277,627 8.% Q3 215 $271,573 5.8% Q2 215 $286,47 5.4% Q1 215 $266,453 3.9% Q4 214 $256,96 5.2% Q3 214 $256,639 3.4% Q2 214 $271,719 4.4% Q1 214 $256,477 11.% Q4 213 $244,362 7.7% Q3 213 $248,92 14.8% Q2 213 $26,22 12.% Q1 213 $23,968 12.7% $4K $3K $2K $1K $K 212 213 214 215 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - Q1 216 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 Q1 216 $16.5 Billion 7.4% Q4 215 $16.9 Billion 8.5% Q3 215 $19.6 Billion 19.7% Q2 215 $21.7 Billion 2.7% Q1 215 $15.4 Billion 2.3% Q4 214 $15.6 Billion 19.8% Q3 214 $16.4 Billion 1.5% Q2 214 $18. Billion 9.3% Q1 214 $12.8 Billion 12.3% Q4 213 $13. Billion 9.3% Q3 213 $14.8 Billion 32.7% Q2 213 $16.4 Billion 28.9% Q1 213 $11.4 Billion 26.1% $25 B $2 B $15 B $1 B $5 B $ 212 213 214 215 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 Q1 216 95.5% 1.2% Q4 215 95.5% 1.1% Q3 215 95.6% 1.% Q2 215 95.3% 1.% Q1 215 94.4%.4% Q4 214 94.5% -.4% Q3 214 94.7% -.7% Q2 214 94.4% -.6% Q1 214 94.%.1% Q4 213 94.9% 1.4% Q3 213 95.4% 2.3% Q2 213 95.% 2.4% Q1 213 93.9% 2.5% 12% 1% 8% 6% 4% 2% % 212 213 214 215 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Median Time to Sale Median Time to Contract ly Market Detail - Q1 216 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 Q1 216 53 Days -17.2% Q4 215 48 Days -17.2% Q3 215 48 Days -14.3% Q2 215 51 Days -1.5% Q1 215 64 Days -1.5% Q4 214 58 Days 11.5% Q3 214 56 Days 12.% Q2 214 57 Days 3.6% Q1 214 65 Days.% Q4 213 52 Days -18.8% Q3 213 5 Days -24.2% Q2 213 55 Days -22.5% Q1 213 65 Days -22.6% 1 8 6 4 2 212 213 214 215 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 quarter was on the market. That is, 5% of homes selling this quarter 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 Q1 216 12 Days -5.6% Q4 215 95 Days -6.9% Q3 215 93 Days -7.9% Q2 215 96 Days -5.9% Q1 215 18 Days -2.7% Q4 214 12 Days 3.% Q3 214 11 Days 1.% Q2 214 12 Days -1.9% Q1 214 111 Days -5.1% Q4 213 99 Days -16.8% Q3 213 1 Days -17.4% Q2 213 14 Days -14.8% Q1 213 117 Days -13.3% 15 212 213 214 215 1 5 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
New Listings Pending Sales ly Market Detail - Q1 216 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 Q1 216 73,191-7.2% Q4 215 59,898-3.5% Q3 215 71,776 1.2% Q2 215 81,91 6.3% Q1 215 78,881 1.2% Q4 214 62,74 5.8% Q3 214 7,949 5.3% Q2 214 77,36 -.9% Q1 214 71,592-3.1% Q4 213 58,649-5.1% Q3 213 67,44 15.4% Q2 213 77,729 28.2% Q1 213 73,915 27.1% 1, 8, 6, 4, 2, 212 213 214 215 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 Q1 216 94,266 4.5% Q4 215 72,966.6% Q3 215 82,654 1.4% Q2 215 89,644 5.5% Q1 215 9,18 7.1% Q4 214 72,57 2.% Q3 214 81,479 3.% Q2 214 84,989 8.9% Q1 214 84,235 1.6% Q4 213 71,65 15.3% Q3 213 79,112 17.8% Q2 213 78,56 13.% Q1 213 76,196 6.% 1, 8, 6, 4, 2, 212 213 214 215 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Months Supply of Inventory Inventory ly Market Detail - Q1 216 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. Here, we simply count the number of active listings on the last day of, and hold this number to compare with the same quarter 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 Q1 216 1,794-2.8% Q4 215 93,68-8.3% Q3 215 95,52-8.3% Q2 215 98,57-5.4% Q1 215 13,76-1.2% Q4 214 12,28 1.5% Q3 214 13,682 8.3% Q2 214 14,155 18.4% Q1 214 14,925 15.1% Q4 213 1,661 9.1% Q3 213 95,736-9.2% Q2 213 87,97-23.7% Q1 213 91,181-27.5% 15, 212 213 214 215 1, 5, Months 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 Months Supply Q1 216 4.5-1.% Q4 215 4.2-17.6% Q3 215 4.3-18.9% Q2 215 4.6-16.4% Q1 215 5. -1.7% Q4 214 5.1-5.6% Q3 214 5.3 3.9% Q2 214 5.5 12.2% Q1 214 5.6 5.7% Q4 213 5.4-1.8% Q3 213 5.1-21.5% Q2 213 4.9-32.9% average of monthly instead. Q1 213 5.3-34.6% 1. 8. 6. 4. 2.. 212 213 214 215 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Median Time to Contract ly Market Detail - Q1 216 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 quarter's sales to the amount of sales in the same month in the previous year), rather than changes from one quarter to the next. Q1 215 Q1 216 12, 1, 8, 6, 4, 2, Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 2,173-39.4% $5, - $99,999 6,32-23.5% $1, - $149,999 9,45-1.5% $15, - $199,999 1,678 9.7% $2, - $249,999 8,191 17.9% $25, - $299,999 6,15 12.4% $3, - $399,999 6,915 15.8% $4, - $599,999 4,733 12.8% $6, - $999,999 2,19 8.% $1,, or more 1,446 3.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 12, 1, 8, 6, 4, 2, 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. 16 14 12 1 8 6 4 2 Less than $5, Q1 215 Q1 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 42 Days -26.3% $1, - $149,999 Median Time to Contract Less than $5, 56 Days 3.7% 42 Days -23.6% $15, - $199,999 46 Days -2.7% $2, - $249,999 53 Days -19.7% $25, - $299,999 56 Days -15.2% $3, - $399,999 64 Days -14.7% $4, - $599,999 73 Days -14.1% $6, - $999,999 94 Days -9.6% $1,, or more 146 Days.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16 14 12 1 8 6 4 2 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
Inventory New Listings ly Market Detail - Q1 216 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, Q1 215 Q1 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 1,89-44.3% $5, - $99,999 6,716-27.2% $1, - $149,999 11,522-12.9% $15, - $199,999 15,44 4.9% $2, - $249,999 12,719 17.5% $25, - $299,999 1,616 12.4% $3, - $399,999 13,315 16.1% $4, - $599,999 11,97 22.8% $6, - $999,999 6,22 21.3% $1,, or more 4,767 27.4% $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 quarter 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 offmarket. 16, 14, 12, 1, 8, 6, 4, 2, Less than $5, Q1 215 Q1 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 1,492-5.1% $5, - $99,999 5,539-38.5% $1, - $149,999 8,68-27.6% $15, - $199,999 12,274-12.3% $2, - $249,999 11,48.8% $25, - $299,999 1,668 4.1% $3, - $399,999 14,726 9.6% $4, - $599,999 14,627 16.4% $6, - $999,999 1,5 17.1% $1,, or more 1,88 18.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16, 14, 12, 1, 8, 6, 4, 2, Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.
ly Distressed Market - Q1 216 Q1 216 Q1 215 Traditional 48,29 41,68 15.9% $219,5 $213,474 2.8% Foreclosure/REO 7,92 13,437-41.2% $133,9 $119, 12.5% Short Sale 1,82 2,697-33.2% $16, $149,9 6.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, 211 212 213 214 Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ 211 212 213 214 Produced by REALTORS with data provided by 's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Monday, May 9, 216. Historical data revised on Friday, February 26, 216. Dollar Volume revised April 15, 216. Next quarterly data release is Wednesday, August 1, 216.