ly Market Detail - December 216 Summary Statistics December 216 December 21 Paid in Cash 13 1-13.3% 6 6.% $24, $17, 37.1% Average Sale Price Dollar Volume $2,3 $169,293 47.9% $3.3 Million $2. Million 28.1% Median Percent of Original List Price Received 9.% 9.7% -.2% Median Time to Contract 186 Days 77 Days 141.6% Median Time to Sale 268 Days 9 Days 182.1% New Pending Sales New Listings 1 14 14-28.6% 7 1.% Pending Inventory 12 Inventory (Active Listings) 11 s Supply of Inventory 7.3 1-2.% 84 2.2%. 32.7% The number of sales transactions which closed during December 216 13-13.3% November 216-8.3% October 216 12 September 216 8 August 216 21 July 216 21 June 216 21 May 216 13 April 216 9 March 216 1 33.3% -7.9% -4.% 11.% -4.% -23.% -7.1% -16.7% 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. February 216 January 216 December 21 1 12 1 1.4% 14.% 2.% 2 2 1 1 Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - December 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 December 216 6.% November 216 4-33.3% October 216 6 1.% September 216 3-7.1% August 216 9 12.% July 216 1 1.% June 216 4-6.% May 216 4-2.% April 216 2-71.4% March 216 9 12.% February 216 4-33.3% January 216 6 1.% December 21 6 1.% 1 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 December 216 46.2% 1.% November 216 8.% 6.% October 216.%.2% September 216 37.% 1.9% August 216 42.9% 17.9% July 216 47.6% 19.% June 216 19.% -8.2% May 216 3.8% 4.8% April 216 22.2% -33.3% March 216 6.% 3.1% February 216 26.7% -42.2% January 216.% -16.7% December 21 4.% 6.% 1% 8% 6% 4% 2% % Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
Average Sale Price ly Market Detail - December 216 The median sale price reported for (i.e. % of sales were above and % 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. December 216 $24, 37.1% November 216 $21, -4.% October 216 $232,4.1% September 216 $272, 97.1% August 216 $24, 8.8% July 216 $2, 22.7% June 216 $29,9 36.4% May 216 $212, -.8% April 216 $262,.6% March 216 $19, -14.8% February 216 $12, -1.% January 216 $264, 21.9% December 21 $17, -18.2% $3K $2K $2K $1K $1K $K $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 December 216 $2,3 47.9% November 216 $193,2-12.4% October 216 $246,2 37.% September 216 $28,113 43.7% August 216 $248,24 29.9% July 216 $22,1 1.% June 216 $246,643 31.7% May 216 $26,62 -.7% April 216 $246,322 4.% March 216 $227,9.2% February 216 $19,9-3.3% January 216 $223,7-13.3% December 21 $169,293-13.7% $3K $2K $2K $1K $1K $K $K Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - December 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 December 216 $3.3 Million 28.1% November 216 $966, -63.% October 216 $3. Million 83.3% September 216 $2.1 Million -39.% August 216 $.2 Million 24.% July 216 $4.7 Million 142.% June 216 $.2 Million 2.7% May 216 $2.7 Million -24.% April 216 $2.2 Million -.4% March 216 $3.4 Million -12.4% February 216 $2.4 Million 11.6% January 216 $2.7 Million 18.1% December 21 $2. Million 7.9% $6 M $ 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 would call a December 216 9.% -.2% November 216 9.9% -1.8% October 216 96.% -4.% September 216 93.7% 1.2% August 216 91.2% -1.2% July 216 94.9% 1.8% June 216 9.% 3.3% May 216 92.9% -.4% April 216 93.9% -.9% March 216 94.8% 2.2% February 216 91.% -3.8% lagging indicator. January 216 9.7% -7.3% December 21 9.7% -2.3% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
Median Time to Sale Median Time to Contract ly Market Detail - December 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 December 216 186 Days 141.6% November 216 13 Days 7.7% October 216 13 Days 93.% September 216 8 Days -3.3% August 216 116 Days 13.7% July 216 31 Days 47.6% June 216 43 Days -63.2% May 216 29 Days -47.3% April 216 13 Days -33.1% March 216 44 Days -76.6% February 216 131 Days 14.9% January 216 26 Days -67.% December 21 77 Days -26.7% 4 3 2 1 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, % of homes selling this month took less time to sell, and % 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 December 216 268 Days 182.1% November 216 182 Days 3.% October 216 141 Days 187.8% September 216 114 Days -28.3% August 216 19 Days 19.% July 216 68 Days 33.3% June 216 88 Days -41.3% May 216 64 Days -37.3% April 216 112 Days -38.% March 216 66 Days -68.% February 216 174 Days 22.% January 216 6 Days -42.% December 21 9 Days -4.6% 4 3 2 1 Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
New Listings Pending Sales ly Market Detail - December 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 December 216 1-28.6% November 216 1.% October 216 11-38.9% September 216 1 2.% August 216 8 -.6% July 216 23 21.1% June 216 21 16.7% May 216 19-9.% April 216 13-38.1% March 216 17-32.% February 216 1-28.6% January 216 12-29.4% December 21 14 133.3% 3 2 2 1 1 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. New Listings December 216 14 1.% November 216 13 8.3% October 216 1-33.3% September 216 16-38.% August 216 13.% July 216 17-19.% June 216 17 6.3% May 216 29 81.3% April 216 28 7.7% March 216 22-21.4% February 216 16 33.3% January 216 23 4.% December 21 7-6.3% 4 3 2 1 Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
s Supply of Inventory Inventory ly Market Detail - December 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. 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 December 216 11 2.2% November 216 12.2% October 216 1 3.1% September 216 12-6.4% August 216 96 -.% July 216 9-7.8% June 216 11-3.8% May 216 19-2.7% April 216 99-1.4% March 216 92-21.4% February 216 92-22.7% January 216 87-28.1% December 21 84-28.8% 2 2 1 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. 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 December 216 7.3 32.7% November 216 7.3 12.3% October 216 6.9 6.2% September 216 7.2-1.4% August 216 6.3-8.7% July 216 6.2-16.2% June 216 7. -4.1% May 216 7.6-3.8% April 216 6.7-18.3% March 216.8-34.8% February 216.8-38.9% January 216. -4.% December 21. -41.% 2. 1. 1... Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
Median Time to Contract ly Market Detail - December 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 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. December 21 December 216 7 6 4 3 2 1 Less than $, - $1, - $1, - $2, - $2, - $, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $, 1.% $, - $99,999 1.% $1, - $149,999 1-66.7% $1, - $199,999 1-83.3% $2, - $249,999 4 1.% $2, - $299,999 2.% $3, - $399,999 N/A $4, - $99,999 3 N/A $6, - $999,999 N/A $1,, or more N/A $3, - $399,999 $4, - $99,999 $6, - $999,999 $1,, or more 7 6 4 3 2 1 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. 7 6 4 3 2 1 Less than $, December 21 December 216 $, - $99,999 $1, - $149,999 $1, - $199,999 $2, - $249,999 $2, - $299,999 Sale Price $, - $99,999 228 Days 82.4% $1, - $149,999 Median Time to Contract Less than $, 27 Days -74.% 123 Days 272.7% $1, - $199,999 83 Days 3.7% $2, - $249,999 246 Days 64.% $2, - $299,999 163 Days -7.4% $3, - $399,999 (No Sales) N/A $4, - $99,999 623 Days N/A $6, - $999,999 (No Sales) N/A $1,, or more (No Sales) N/A $3, - $399,999 $4, - $99,999 $6, - $999,999 $1,, or more 7 6 4 3 2 1 Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
Inventory New Listings ly Market Detail - December 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. 6 4 3 2 1 Less than $, December 21 December 216 $, - $99,999 $1, - $149,999 $1, - $199,999 $2, - $249,999 $2, - $299,999 Initial Listing Price New Listings Less than $, 1.% $, - $99,999 1 N/A $1, - $149,999 2 N/A $1, - $199,999 N/A $2, - $249,999 1.% $2, - $299,999 66.7% $3, - $399,999 3 2.% $4, - $99,999 1.% $6, - $999,999 N/A $1,, or more N/A $3, - $399,999 $4, - $99,999 $6, - $999,999 $1,, or more 6 4 3 2 1 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 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. 3 3 2 2 1 1 Less than $, December 21 December 216 $, - $99,999 $1, - $149,999 $1, - $199,999 $2, - $249,999 $2, - $299,999 Current Listing Price Inventory Less than $, 2 -.% $, - $99,999 7 2.% $1, - $149,999 1 2.% $1, - $199,999 1-23.1% $2, - $249,999 19 8.3% $2, - $299,999 32 33.3% $3, - $399,999 16 6.7% $4, - $99,999-16.7% $6, - $999,999 N/A $1,, or more N/A $3, - $399,999 $4, - $99,999 $6, - $999,999 $1,, or more 3 3 2 2 1 1 Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.
ly Distressed Market - December 216 December 216 December 21 Traditional 13 13.% $24, $18, 33.3% Foreclosure/REO 2-1.% (No Sales) $88,2 N/A Short Sale N/A (No Sales) (No Sales) N/A 1% 9% 8% 7% 6% % 4% 3% 2% 1% % $4, Traditional Foreclosure/REO Short Sale $4, $3, $3, $2, $2, $1, $1, $, $ Data released on Tuesday, January 24, 217. Historical data revised on Monday, January 16, 217. Next data release is Wednesday, February 22, 217.