Monthly Market Detail - 216 Summary Statistics 216 215 Paid in Cash 1,863 1,796 3.7% 1,113 1,134-1.9% New Pending Sales 2,6 2,55.2% 3,11 3,92.3% $16, $147,995 8.1% Average Sale Price $192,637 $178,796 7.7% Median Time to Contract 65 71-8.5% Average Percent of Original List Price Received 94.% 93.3%.8% Pending Inventory Inventory (Active Listings) 187 94 193-3.1% 949 -.9% Months Supply of Inventory 6.1 6.3-4.5% The number of sales transactions which closed during 216 1,863 3.7% 215 1,796 2.3% 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 the year-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. 214 1,755.3% 213 1,75 4.9% 212 1,668 16.2% 211 1,436 4.8% 1,9 1,8 1,7 1,6 1,5 1,4 1,3
Pct. of Closed Sales Paid in Cash Cash Sales Monthly Market Detail - 216 Cash Sales The number of during in which buyers exclusively paid in cash Cash Sales 216 1,113-1.9% 215 1,134 -.4% 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. 214 1,138 1.% 213 1,127 4.2% 212 1,82 1.4% 211 98-1.3% 1,2 1,1 1, 9 8 Cash Sales as a Percentage of The percentage of during which were Cash Sales Percent of Closed Sales Paid in Cash 216 59.7% -5.4% 215 63.1% -2.6% 214 64.8%.7% 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. 213 64.4% -.7% 212 64.9% -4.9% 211 68.2% -5.8% 7% 65% 6% 55% 5% 45%
Pending Sales Monthly Market Detail - 216 New Pending Sales The number of property listings that went from "Active" to "Pending" status during 216 215 New Pending Sales 2,6.2% 2,55 2.1% 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. 214 2,12-18.8% 213 2,479 31.1% 212 1,891 3.8% 211 1,446 5.3% 2,8 2,3 1,8 1,3 The number of properties put onto the market during 216 215 3,11.3% 3,92.4% 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 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. 214 3,8.% 213 3,81 1.2% 212 2,797-7.6% 211 3,26-19.9% 3,2 3,1 3, 2,9 2,8 2,7 2,6
Average Sale Price Monthly Market Detail - 216 The median sale price reported for (i.e. 5% of sales were above and 5% of sales were below) 216 $16, 8.1% 215 $147,995 7.2% 214 $138, 1.1% 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. 213 $125,3 1.9% 212 $112,94-1.8% 211 $115,.% $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) 216 Average Sale Price 215 $178,796 $192,637 7.7% 4.7% 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. 214 $17,798 3.% 212 $165,91 14.8% 211 $144,51-3.% 21 $149,.% $21K $19K $17K $15K $13K
Avg. Pct. of Orig. List Price Received Median Days on Market Monthly Market Detail - 216 Median Days on Market The median number of days that properties sold during were on the market Median Days on Market 216 65-8.5% 215 71-7.8% Economists' note : Median Days on Market 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. 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. 214 77-23.% 213 1-2.% 212 125-15.% 211 147 12.2% 2 15 1 5 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 216 Avg. Pct. of Orig. List Price Received 215 93.3% 94.%.8%.8% 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. 214 92.6%.2% 213 92.4% 2.7% 212 9.% 2.7% 211 87.6%.% 95% 9% 85% 8% 75%
Months Supply of Inventory Inventory Monthly Market Detail - 216 Inventory (Active Listings) The number of property listings active at the end of Inventory 216 94 -.9% 215 949-5.7% 214 1,6 3.1% Economists' note : There are a number of ways to calculate Inventory, so these numbers may not match up to others you see in your market. We calculate Inventory by counting the number of active listings on the last day of, and hold this number to compare with the same month the following year. 213 976-6.9% 212 1,48-38.4% 211 1,71-13.3% 1,8 1,6 1,4 1,2 1, 8 Months Supply of Inventory An estimate of the number of months it will take to deplete the current Inventory given recent sales rates 216 Months Supply 215 6.3 6.1-4.5% -7.8% 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 Inventory. Higher numbers indicate a buyers' market, lower numbers a sellers' market. 214 6.9 2.8% 213 6.7-11.2% 212 7.5 N/A 211 (No Sales) N/A 8. 7.5 7. 6.5 6. 5.5 5.
Median Days on Market Monthly Market Detail - 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 using the year-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. 45 4 35 3 25 2 15 1 5 Less than $5, 215 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 17-35.5% $5, - $99,999 385.8% $1, - $149,999 343-5.2% $15, - $199,999 357 19.% $2, - $249,999 218 4.3% $25, - $299,999 143 7.5% $3, - $399,999 167 32.5% $4, - $599,999 112 24.4% $6, - $999,999 29 11.5% $1,, or more 2.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 1 5 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 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. 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. 6 5 4 3 2 1 Less than $5, 215 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 42-26.3% $1, - $149,999 Median Days on Market Less than $5, 59-27.2% 45-31.8% $15, - $199,999 62 3.3% $2, - $249,999 91-2.2% $25, - $299,999 16 2.5% $3, - $399,999 12 39.7% $4, - $599,999 131-4.4% $6, - $999,999 97-45.8% $1,, or more 533 72.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6 5 4 3 2 1
Inventory Monthly Market Detail - 216 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 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. 7 6 5 4 3 2 1 Less than $5, 215 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 18-36.8% $5, - $99,999 559-9.7% $1, - $149,999 456-4.8% $15, - $199,999 521 13.8% $2, - $249,999 374 9.% $25, - $299,999 37.% $3, - $399,999 328 1.4% $4, - $599,999 36 5.2% $6, - $999,999 116 1.5% $1,, or more 26 18.2% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 7 6 5 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 calculate Inventory, so these numbers may not match up to others you see in your market. We calculate Inventory by counting the number of active listings on the last day of, and hold this number to compare with the same month the following year. 18 16 14 12 1 8 6 4 2 Less than $5, 215 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 26-36.6% $5, - $99,999 156-1.9% $1, - $149,999 11-5.2% $15, - $199,999 142 6.8% $2, - $249,999 113 1.8% $25, - $299,999 82-18.8% $3, - $399,999 19 6.9% $4, - $599,999 131 3.1% $6, - $999,999 56 27.3% $1,, or more 15.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2
Monthly Distressed Market Detail - 216 216 215 Traditional Foreclosure/REO Short Sale 1,727 1,54 12.1% $163,7 $156,5 4.6% 117 241-51.5% $113,25 $94, 2.5% 19 15 26.7% $92, $76,25 2.7% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % Traditional Foreclosure/REO Short Sale $18, $16, $14, $12, $1, $8, $6, $4, $2, $