ly Market Detail - September 216 Summary Statistics September 216 September 215 Paid in Cash 8,818 9,179-3.9% 4,917 5,477-1.2% $16, $15, 6.7% Average Sale Price Dollar Volume $221,69 $228,336-2.9% $2. Billion $2.1 Billion -6.7% Median Percent of Original List Price Received 94.8% 94.4%.4% Median Time to Contract 55 Days 58 Days -5.2% Median Time to Sale 99 Days 1 Days -1.% New Pending Sales New Listings 8,83 11,89 9,291-5.% 11,876.1% Pending Inventory 14,923 Inventory (Active Listings) 52,698 s Supply of Inventory 5.8 16,2-6.8% 48,231 9.3% 5.1 13.7% The number of sales transactions which closed during September 216 8,818-3.9% August 216 9,484 3.3% July 216 8,934 June 216 1,56 May 216 1,455 April 216 1,738 March 216 1,76 February 216 7,658 January 216 6,8 December 215 9,169 November 215 7,487 Economists' note : are one of the simplest yet most.1% important indicators for the residential real estate market. When -5.3% comparing across markets of different sizes, we -7.1% recommend comparing the percent changes in sales rather than the -5.4% number of sales. (and many other market metrics) are -5.2% affected by seasonal cycles, so actual trends are more accurately -2.4% represented by year-over-year changes (i.e. comparing a month's sales 4.8% to the amount of sales in the same month in the previous year), rather October 215 9,67-2.3% than changes from one month to the next. September 215 9,179 7.3% -11.5% -2.6% 12, 1, 8, 6, 4, 2, Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - September 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 September 216 4,917-1.2% August 216 5,213-4.8% July 216 4,798-19.6% June 216 5,727-12.9% May 216 5,957-8.8% April 216 6,462-12.9% March 216 6,251-12.9% February 216 4,852-13.7% January 216 4,28-15.7% December 215 5,541-9.7% November 215 4,899 6.4% October 215 5,583-7.7% September 215 5,477-2.1% 1, 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 216 55.8% -6.5% August 216 55.% -7.9% July 216 53.7% -9.1% June 216 54.5% -1.5% May 216 57.% -8.9% April 216 6.2% -8.% March 216 62.% -6.3% February 216 63.4% -8.6% January 216 61.9% -1.9% December 215 6.4% -7.6% November 215 65.4% 1.4% October 215 61.6% -5.5% September 215 59.7% -8.7% 1% 8% 6% 4% 2% % Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Average Sale Price ly Market Detail - September 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 month, and the mix of the types of homes that sell can change over time. September 216 $16, 6.7% August 216 $16, 6.7% July 216 $16, 6.8% June 216 $164, 8.6% May 216 $165, 4.4% April 216 $16, 4.4% March 216 $155, 3.3% February 216 $15, 5.6% January 216 $15,962 11.2% December 215 $155, 5.1% November 215 $15, 7.2% October 215 $149, 7.4% September 215 $15, 7.1% $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 216 $221,69-2.9% August 216 $222,386 3.4% July 216 $222,671.4% June 216 $24,893 3.1% May 216 $243,195-1.3% April 216 $254,575 2.9% March 216 $23,162-3.9% February 216 $221,478-1.4% January 216 $234,911 5.1% December 215 $225,55-2.6% November 215 $23,19 7.7% October 215 $219,84 2.2% September 215 $228,336 3.5% $3K $25K $2K $15K $1K $5K $K Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - September 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 September 216 $2. Billion -6.7% August 216 $2.1 Billion 6.8% July 216 $2. Billion -11.2% June 216 $2.5 Billion.4% May 216 $2.5 Billion -1.2% April 216 $2.7 Billion -2.6% March 216 $2.3 Billion -1.7% February 216 $1.7 Billion -6.8% January 216 $1.6 Billion -.3% December 215 $2.1 Billion -4.9% November 215 $1.7 Billion 12.8% October 215 $2. Billion -.1% September 215 $2.1 Billion 11.% $3 B $3 B $2 B $2 B $1 B $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 would call a Med. Pct. of Orig. List Price Received September 216 94.8%.4% August 216 94.6%.3% July 216 94.6%.3% June 216 94.6%.4% May 216 94.6%.5% April 216 94.5%.6% March 216 94.5%.5% February 216 94.4%.7% January 216 94.4%.7% December 215 94.6%.7% November 215 94.6% 1.% lagging indicator. October 215 94.4%.5% September 215 94.4%.6% 1% 8% 6% 4% 2% % Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Median Time to Sale Median Time to Contract ly Market Detail - September 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 September 216 55 Days -5.2% August 216 54 Days -11.5% July 216 52 Days -8.8% June 216 52 Days -8.8% May 216 5 Days -13.8% April 216 48 Days -17.2% March 216 49 Days -19.7% February 216 58 Days -12.1% January 216 54 Days -12.9% December 215 53 Days -14.5% November 215 54 Days -12.9% October 215 56 Days -12.5% September 215 58 Days -7.9% 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 September 216 99 Days -1.% August 216 98 Days -4.9% July 216 97 Days -4.9% June 216 97 Days -3.% May 216 94 Days -5.1% April 216 9 Days -8.2% March 216 91 Days -11.7% February 216 99 Days -4.8% January 216 98 Days -6.7% December 215 95 Days -5.9% November 215 96 Days -6.8% October 215 98 Days -8.4% September 215 1 Days -6.5% 15 1 5 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
New Listings Pending Sales ly Market Detail - September 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 September 216 8,83-5.% August 216 9,619-6.1% July 216 9,273-11.3% June 216 9,663-7.6% May 216 1,563-4.6% April 216 11,481-5.7% March 216 11,883-1.1% February 216 1,594-1.5% January 216 9,19-16.% December 215 7,76-6.8% November 215 8,56-6.2% October 215 9,723-5.3% September 215 9,291-6.9% 15, 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 216 11,89.1% August 216 12,378 6.3% July 216 11,267-5.% June 216 12,273 1.8% May 216 12,987 4.3% April 216 14,526 3.7% March 216 15,59 2.6% February 216 16,94 15.% January 216 15,918 3.% December 215 1,858.3% November 215 11,929 5.% October 215 13,21-1.% September 215 11,876-1.8% 2, 15, 1, 5, Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
s Supply of Inventory Inventory ly Market Detail - September 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 September 216 52,698 9.3% August 216 52,985 9.3% July 216 53,452 7.6% June 216 54,941 7.9% May 216 56,413 7.4% April 216 57,654 7.5% March 216 58,185 6.7% February 216 58,36 6.% January 216 55,21.9% December 215 5,636-2.7% November 215 51,37-2.6% October 215 49,516-4.3% September 215 48,231-5.2% 8, 6, 4, 2, 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 216 5.8 13.7% August 216 5.8 11.5% July 216 5.9 11.3% June 216 6. 9.1% May 216 6.1 5.2% April 216 6.3 6.8% March 216 6.3 5.% February 216 6.3 3.3% January 216 5.9-3.3% December 215 5.4-6.9% November 215 5.4-8.5% October 215 5.3-8.6% September 215 5.1-1.5% 1. 8. 6. 4. 2.. Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Median Time to Contract ly Market Detail - September 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. September 215 September 216 2,5 2, 1,5 1, 5 Sale Price Less than $5, 526-25.8% $5, - $99,999 1,652-16.3% $1, - $149,999 1,85-2.9% $15, - $199,999 1,511 5.4% $2, - $249,999 1,14 6.8% $25, - $299,999 679 2.2% $3, - $399,999 672.6% $4, - $599,999 521 4.8% $6, - $999,999 247-17.7% $1,, or more 146-18.% 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 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. 2 15 1 5 September 215 September 216 Sale Price $15, - $199,999 41 Days -1.9% $2, - $249,999 58 Days 9.4% $25, - $299,999 Median Time to Contract Less than $5, 65 Days 8.3% $5, - $99,999 42 Days -2.8% $1, - $149,999 42 Days -14.3% 77 Days 13.2% $3, - $399,999 76 Days -2.6% $4, - $599,999 117 Days 39.3% $6, - $999,999 111 Days 5.7% $1,, or more 172 Days 19.4% 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 Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Inventory New Listings ly Market Detail - September 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. 2,5 2, 1,5 1, 5 September 215 September 216 Initial Listing Price New Listings Less than $5, 412-33.5% $5, - $99,999 1,76-18.2% $1, - $149,999 2,177 2.5% $15, - $199,999 1,991 11.2% $2, - $249,999 1,351 6.% $25, - $299,999 1,38 16.% $3, - $399,999 1,142 5.6% $4, - $599,999 987 8.7% $6, - $999,999 568 5.% $1,, or more 464-5.7% 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 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. 8, 7, 6, 5, 4, 3, 2, 1, Less than $5, September 215 September 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 1,317-35.2% $5, - $99,999 5,446-2.9% $1, - $149,999 6,347-7.8% $15, - $199,999 6,428 12.7% $2, - $249,999 5,384 19.2% $25, - $299,999 5,7 21.1% $3, - $399,999 6,768 21.8% $4, - $599,999 6,699 24.8% $6, - $999,999 4,836 27.7% $1,, or more 4,466 32.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 8, 7, 6, 5, 4, 3, 2, 1, Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
ly Distressed Market - September 216 September 216 September 215 Traditional 8,6 7,67 5.1% $166, $16, 3.8% Foreclosure/REO 616 1,314-53.1% $17,5 $98, 9.7% Short Sale 142 195-27.2% $11, $1,5 9.5% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $2, $18, $16, $14, $12, $1, $8, $6, $4, $2, $ Traditional Foreclosure/REO Short Sale Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.