ly Market Detail - April 218 Summary Statistics April 218 April 217 Paid in Cash 616 582 5.8% 41 389 3.1% $275, $39, -11.% Average Sale Price Dollar Volume $437,624 $473,37-7.5% $269.6 Million $275.5 Million -2.1% Median Percent of Original List Price Received 93.3% 93.6% -.3% Median Time to Contract 72 Days 74 Days -2.7% Median Time to Sale 114 Days 117 Days -2.6% New Pending Sales New Listings 648 671 59 9.8% 614 9.3% Pending Inventory 91 Inventory (Active Listings) 3,75 s Supply of Inventory 8.4 91 1.% 3,745-1.1% 8.8-4.5% 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 2,68 6.3% April 218 616 5.8% March 218 58 -.7% February 218 419 4.8% January 218 453 19.5% December 217 399 1.% November 217 38-1.2% October 217 312 2.3% September 217 262-19.1% August 217 353-4.1% July 217 383 4.6% June 217 551 6.% May 217 631 17.1% April 217 582-2.% 1, 8 6 4 2 Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
Pct. of Paid in Cash Cash Sales ly Market Detail - April 218 Cash Sales The number of during in which buyers exclusively paid in cash Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. Cash Sales Year-to-Date 1,326 2.4% April 218 41 3.1% March 218 357-5.8% February 218 284 1.8% January 218 284 14.5% December 217 237-4.8% November 217 183-2.1% October 217 169-9.1% September 217 143-28.5% August 217 19-13.2% July 217 194-3.5% June 217 313 25.2% May 217 376 31.5% April 217 389-3.5% 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 Year-to-Date 64.1% -3.8% April 218 65.1% -2.5% March 218 61.6% -5.1% February 218 67.8% -2.9% January 218 62.7% -4.1% December 217 59.4% -5.7% November 217 59.4% -11.1% October 217 54.2% -11.1% September 217 54.6% -11.5% August 217 53.8% -9.6% July 217 5.7% -7.7% June 217 56.8% 18.1% May 217 59.6% 12.2% April 217 66.8% -1.5% 1% 8% 6% 4% 2% % Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
Average Sale Price ly Market Detail - April 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 $295, 1.4% April 218 $275, -11.% March 218 $31, 2.% February 218 $295, 6.8% January 218 $315, 12.6% December 217 $251,25-11.8% November 217 $255,.% October 217 $269, 13.3% September 217 $243,7-2.9% August 217 $255, 7.6% July 217 $257,.3% June 217 $27, 5.3% May 217 $295, 5.4% April 217 $39, 12.9% $35K $3K $25K $2K $15K $1K $5K $K Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) Economists' note : Usually, we prefer over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses particularly when it is analyzed alongside the. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area. Average Sale Price Year-to-Date $527,549 16.6% April 218 $437,624-7.5% March 218 $487,962 3.1% February 218 $533,439 36.4% January 218 $695,7 53.5% December 217 $451,537 1.7% November 217 $353,841-16.8% October 217 $42,756 14.4% September 217 $361,112-3.8% August 217 $383,184-3.1% July 217 $394,198-2.1% June 217 $42,748-6.4% May 217 $535,884 24.9% April 217 $473,37 4.8% $8K $6K $4K $2K $K Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - April 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 $1.1 Billion 24.% April 218 $269.6 Million -2.1% March 218 $283. Million 2.4% February 218 $223.5 Million 42.8% January 218 $314.9 Million 83.5% December 217 $18.2 Million 2.8% November 217 $19. Million -25.3% October 217 $125.7 Million 17.% September 217 $94.6 Million -22.2% August 217 $135.3 Million -7.1% July 217 $151. Million 2.5% June 217 $231.8 Million -.8% May 217 $338.1 Million 46.2% April 217 $275.5 Million 2.7% $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 would call a lagging indicator. Med. Pct. of Orig. List Price Received Year-to-Date 94.%.1% April 218 93.3% -.3% March 218 93.9% -.2% February 218 94.4%.4% January 218 95.4% 1.5% December 217 94.3%.6% November 217 93.4% -1.% October 217 93.8% -.3% September 217 94.1%.1% August 217 93.3%.6% July 217 93.4% -.1% June 217 92.3% -.8% May 217 92.8% -.4% April 217 93.6% -1.% 12% 1% 8% 6% 4% 2% % Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
Median Time to Sale Median Time to Contract ly Market Detail - April 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 73 Days -6.4% April 218 72 Days -2.7% March 218 76 Days -5.% February 218 84 Days 6.3% January 218 62 Days -25.3% December 217 11 Days 13.5% November 217 111 Days 37.% October 217 117 Days 27.2% September 217 9 Days -15.9% August 217 11 Days 22.2% July 217 1 Days 31.6% June 217 95 Days 28.4% May 217 82 Days 32.3% April 217 74 Days 45.1% 14 12 1 8 6 4 2 Median Time to Sale The median number of days between the listing date and closing date for all during Economists' note : Time to Sale is a measure of the length of the home selling process, calculated as the number of days between the initial listing of a property and the closing of the sale. Median Time to Sale is the amount of time the "middle" property selling this month was on the market. That is, 5% of homes selling this month took less time to sell, and 5% of homes took more time to sell. Median Time to Sale gives a more accurate picture than Average Time to Sale, which can be skewed upward by small numbers of properties taking an abnormally long time to sell. Median Time to Sale Year-to-Date 114 Days -3.4% April 218 114 Days -2.6% March 218 116 Days -3.3% February 218 115 Days 1.8% January 218 11 Days -18.5% December 217 142 Days 12.7% November 217 155 Days 28.1% October 217 175 Days 3.6% September 217 148 Days -3.3% August 217 152 Days 14.3% July 217 141 Days 14.6% June 217 14 Days 15.7% May 217 132 Days 24.5% April 217 117 Days 25.8% 2 15 1 5 Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
New Listings Pending Sales ly Market Detail - April 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 2,641 3.7% April 218 648 9.8% March 218 752 -.7% February 218 65-6.9% January 218 636 15.8% December 217 42 1.2% November 217 414-1.2% October 217 356-9.6% September 217 159-53.6% August 217 471 18.% July 217 386 4.6% June 217 45 21.% May 217 56 15.9% April 217 59-5.6% 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 Year-to-Date 3,376 5.5% April 218 671 9.3% March 218 863 9.4% February 218 828 4.5% January 218 1,14.8% December 217 552-3.% November 217 681-2.6% October 217 595-5.9% September 217 196-59.9% August 217 459-1.1% July 217 394 -.3% June 217 42 14.1% May 217 517-4.4% April 217 614-18.2% 1,2 1, 8 6 4 2 Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
s Supply of Inventory Inventory ly Market Detail - April 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) 3,73-2.8% April 218 3,75-1.1% March 218 3,86-1.7% February 218 3,797-2.6% January 218 3,61-5.7% December 217 3,26-4.7% November 217 3,2-3.4% October 217 2,99-2.3% September 217 2,791-1.8% August 217 2,881 3.3% July 217 2,984 6.4% June 217 3,215 1.3% May 217 3,479 9.9% April 217 3,745 15.7% 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 YTD (ly Avg) 8.5-6.6% April 218 8.4-4.5% March 218 8.7-4.4% February 218 8.7-6.5% January 218 8.3-1.8% December 217 7.6-9.5% November 217 7.5-6.3% October 217 6.9-6.8% September 217 6.5-4.4% August 217 6.6.% July 217 6.8 3.% June 217 7.4 1.4% May 217 8. 11.1% April 217 8.8 22.2% 1. 8. 6. 4. 2.. Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
Median Time to Contract ly Market Detail - April 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. 12 1 8 6 4 2 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. 12 1 8 6 4 2 Less than $5, Less than $5, April 217 April 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 April 217 April 218 $15, - $199,999 $2, - $249,999 $2, - $249,999 $25, - $299,999 Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during $25, - $299,999 Sale Price Less than $5, N/A $5, - $99,999 6-33.3% $1, - $149,999 5 25.% $15, - $199,999 14 28.4% $2, - $249,999 89 9.9% $25, - $299,999 85 3.8% $3, - $399,999 89-5.3% $4, - $599,999 85-5.6% $6, - $999,999 56-12.5% $1,, or more 52-1.3% $3, - $399,999 Sale Price $5, - $99,999 67 Days -16.3% $1, - $149,999 Median Time to Contract Less than $5, (No Sales) N/A 5 Days 8.7% $15, - $199,999 66 Days 8.2% $2, - $249,999 78 Days 13.% $25, - $299,999 9 Days -21.1% $3, - $399,999 99 Days 59.7% $4, - $599,999 86 Days 14.7% $6, - $999,999 86 Days -21.1% $1,, or more 86 Days -7.5% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 12 1 8 6 4 2 12 1 8 6 4 2 Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
Inventory New Listings ly Market Detail - April 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. 14 12 1 8 6 4 2 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. 7 6 5 4 3 2 1 Less than $5, Less than $5, April 217 April 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 April 217 April 218 $15, - $199,999 $2, - $249,999 Inventory by Current Listing Price The number of property listings active at the end of $2, - $249,999 $25, - $299,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 1 N/A $5, - $99,999 5 25.% $1, - $149,999 49 22.5% $15, - $199,999 94-3.1% $2, - $249,999 93-6.1% $25, - $299,999 98 16.7% $3, - $399,999 12 13.2% $4, - $599,999 18 36.7% $6, - $999,999 65 8.3% $1,, or more 38-15.6% $3, - $399,999 Current Listing Price Inventory Less than $5, 6-14.3% $5, - $99,999 17-5.6% $1, - $149,999 193 19.1% $15, - $199,999 492-2.% $2, - $249,999 51-2.1% $25, - $299,999 483-1.% $3, - $399,999 597-4.3% $4, - $599,999 597 9.7% $6, - $999,999 45-1.5% $1,, or more 414-13.2% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 14 12 1 8 6 4 2 7 6 5 4 3 2 1 Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.
ly Distressed Market - April 218 April 218 April 217 Traditional 66 576 5.2% $277,75 $31, -1.4% Foreclosure/REO 7 5 4.% $15, $141,374 6.1% Short Sale 3 1 2.% $21, $175, 2.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $5, $45, $4, $35, $3, $25, $2, $15, $1, $5, $ Traditional Foreclosure/REO Short Sale Data released on Thursday, May 24, 218. Next data release is Wednesday, June 2, 218.