FOR IMMEDIATE RELEASE Contact: David B. Bennett President & CEO Phone: 727-216-32 Email: dbennett@tampabayrealtor.com Real Estate Statistics for September 216 At this time of year everyone starts to get in the spirit for the holidays. We are happy to share some stats from the Housing Department that will give you even more of a reason to be excited. Pending Inventory for Townhouses and Condos has climbed up to 18.9% over the past year, with 83 listings this year compared to 698 in September of 215., Average Sale Price, and Dollar Volume for Single Family Homes have increased over the past year at 16.6%, 1.6% and 12.2%, respectively. for the Townhome/Condo segment was up 5.% from last year, at $126, for September 216 versus $12, for September 215. Median Time to Contract for Townhome/Condo was 36 days in September 216, down 2.% from 45 days last September. Median Time to Sale for Townhome/Condo was 8 days this September, versus 86 days in September 215, a -7.% change year-over-year. Median Time to Contract for Single Family was down 23.5% year-over-year, going from 34 days in September 215 to 26 days in September 216. Median Time to Sale for Single Family was 72 days in September 216, just a hair less than September 215, which was 75, a decrease of 4.%. The number of for Single Family and Townhome/Condo combined for September 216 was 1,885, up 1.3% from 1,86 in September 215. Year-over-year, closed sales for the Single Family segment were up 1.4%, and for the Townhome/Condo segment were up 1.2%. New Listings for Single Family for September were 1293, a growth of 1.9% from last September, when they were 1,269. New Listings for Townhome/Condo for September 216 were at 823, up 6.1% from 776 in September 215. Dollar Volume for Single Family was $342.4 million in September 216, a 12.2% increase from $35.1 million in September 215. Dollar Volume for Townhome/Condo was $128. million in September 216, up.9% from $126.9 million in September 215. s Supply of Inventory for Single Family continues to reflect a seller s market, with inventory down 2.9% year-over-year, with a 3.3 month supply this September, as compared to a 3.4 month supply in September 215. s Supply of Inventory for Townhome/Condo was unchanged year-over-year, with 3.8 months in both September 216 and September 215. Active listings for September 216 Single Family and Townhome/Condo combined were 6,557, down.6% from 6,599 in September 215. Representing more than 7, members, the Pinellas Realtor Organization is one of the Tampa Bay area s largest professional trade associations. The organization advances and promotes the real estate profession through professional development programs, government affairs, and political advocacy and maintains a high standard of conduct by real estate professionals through professional standards training and administration. Combined Single Family Homes & Townhomes/Condos Summary Statistics Sept 216 Sept Feb. 214 215 % change year over year Paid in Cash New Pending Sales New Listings Pending Inventory Inventory (Active Listings) 1885 186 1.3% 744 846-12.1% 1193 1324-9.9% 2116 245 3.5% 197 193.2% 6557 6599 -.6% source: Florida Realtors
Absorption rate is the rate at which homes are selling in a given timeframe. Absorption Rate Single Family January February March 212 213 214 215 14.5% 22.7% 17.3% 17.2% 27.% 18.7% 23.7% 38.% 25.% 21.6% 27.8% 36.3% 216 26.4% 32.5% 43.% 6.% 5.% April May June July August September October November December 25.4% 27.2% 29.1% 29.8% 32.% 26.9% 28.5% 29.6% 31.4% 37.4% 39.1% 38.1% 36.% 34.6% 29.% 24.2% 2.7% 21.9% 27.9% 31.8% 29.8% 3.2% 29.6% 28.2% 29.2% 23.1% 32.% 36.8% 36.5% 42.9% 4.7% 37.2% 37.8% 36.7% 26.6% 39.1% 43.4% 45.4% 48.% 4.2% 42.1% 4.% 4.% 3.% 2.% 1.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 213 214 215 216 Condo January February March April May June July August September October November December 212 213 214 215 1.7% 12.5% 2.2% 2.4% 18.8% 18.9% 16.8% 17.3% 15.3% 16.3% 17.7% 18.2% 13.5% 16.8% 22.3% 28.3% 28.1% 23.9% 25.3% 24.% 2.3% 18.1% 16.3% 18.7% 13.5% 17.3% 2.1% 23.1% 22.2% 21.8% 22.2% 21.1% 21.1% 22.8% 18.2% 23.1% 16.7% 2.5% 27.3% 3.6% 31.6% 3.8% 3.6% 29.1% 28.1% 26.4% 25.5% 28.9% 216 17.6% 22.1% 27.8% 35.9% 3.9% 32.8% 29.2% 33.2% 28.6% 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 213 214 215 216
ly Market Detail - September 216 Single Family Homes Summary Statistics September 216 September 215 Paid in Cash 1,28 1,191 1.4% 339 433-21.7% $221,475 $19, 16.6% Average Sale Price Dollar Volume $283,448 $256,27 1.6% $342.4 Million $35.1 Million 12.2% Median Percent of Original List Price Received 96.5% 95.6%.9% Median Time to Contract 26 Days 34 Days -23.5% Median Time to Sale 72 Days 75 Days -4.% New Pending Sales New Listings 693 1,293 835-17.% 1,269 1.9% Pending Inventory 1,77 Inventory (Active Listings) 3,857 s Supply of Inventory 3.3 1,25-1.6% 3,952-2.4% 3.4-2.9% The number of sales transactions which closed during September 216 1,28 1.4% August 216 1,265 5.9% July 216 1,236 June 216 1,416 May 216 1,327 April 216 1,28 March 216 1,37-1.%.3% 9.4%.9% 4.5% 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 February 216 January 216 December 215 1,2 84 1,227 3.2% 7.4% 3.3% 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. November 215 October 215 September 215 869 1,188 1,191.% 5.8% 13.3% 1,5 212 213 214 215 216 1, 5 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 Single Family Homes 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 216 339-21.7% August 216 372-1.8% July 216 349-27.6% June 216 431-11.5% May 216 433-3.8% April 216 414-7.% March 216 444-11.7% February 216 399-16.% January 216 318-4.8% December 215 396-13.2% November 215 338-4.% October 215 44 2.1% September 215 433-3.3% 6 5 4 3 2 1 212 213 214 215 216 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 28.1% -22.8% August 216 29.4% -15.8% July 216 28.2% -19.7% June 216 3.4% -11.9% May 216 32.6% -12.1% April 216 32.3% -8.% March 216 34.% -15.4% February 216 39.1% -18.7% January 216 37.9% -11.2% December 215 32.3% -15.9% November 215 38.9% -4.% October 215 37.% -3.6% September 215 36.4% -14.6% 6% 5% 4% 3% 2% 1% % 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Average Sale Price ly Market Detail - September 216 Single Family Homes 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 $221,475 16.6% August 216 $222, 22.4% July 216 $214,95 16.2% June 216 $22, 18.9% May 216 $2, 8.1% April 216 $2, 11.1% March 216 $2, 14.3% February 216 $189,7 21.6% January 216 $193, 23.3% December 215 $187, 1.7% November 215 $183,75 5.% October 215 $18, 2.9% September 215 $19, 14.8% $25K $2K $15K $1K $5K $K 212 213 214 215 216 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 $283,448 1.6% August 216 $281,796 2.1% July 216 $285,99 17.4% June 216 $296,47 18.% May 216 $251,958 5.9% April 216 $27,647 8.% March 216 $257,563 7.8% February 216 $254,21 22.7% January 216 $263,733 18.6% December 215 $247,977 5.% November 215 $243,76 1.8% October 215 $246,521.2% September 215 $256,27 13.7% $4K $3K $2K $1K $K 212 213 214 215 216 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 Single Family Homes 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 $342.4 Million 12.2% August 216 $356.5 Million 27.1% July 216 $353.5 Million 5.6% June 216 $419.8 Million 18.3% May 216 $334.3 Million 15.9% April 216 $346.4 Million 9.% March 216 $336.6 Million 12.6% February 216 $259.3 Million 26.7% January 216 $221.5 Million 27.4% December 215 $34.3 Million 8.5% November 215 $211.8 Million 1.8% October 215 $292.9 Million 6.% September 215 $35.1 Million 28.9% $5 M $4 M $3 M $2 M $1 M $ 212 213 214 215 216 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 September 216 96.5%.9% August 216 96.7%.8% July 216 96.5%.5% June 216 96.2%.1% May 216 96.4%.9% April 216 95.9%.9% March 216 95.9% 1.8% February 216 95.3% 1.5% January 216 95.2% 1.4% December 215 95.7% 1.3% November 215 95.8% 1.3% lagging indicator. October 215 95.7% 1.5% September 215 95.6% 1.5% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 212 213 214 215 216 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 Single Family Homes 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 26 Days -23.5% August 216 27 Days -12.9% July 216 29 Days -9.4% June 216 28 Days -9.7% May 216 28 Days -2.% April 216 28 Days -3.% March 216 31 Days -29.5% February 216 39 Days -27.8% January 216 4 Days -24.5% December 215 3 Days -26.8% November 215 32 Days -2.% October 215 33 Days -1.8% September 215 34 Days -19.% 8 212 213 214 215 216 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 72 Days -4.% August 216 73 Days -1.4% July 216 75 Days.% June 216 72 Days -5.3% May 216 74 Days -6.3% April 216 73 Days -12.% March 216 73 Days -16.1% February 216 83 Days -12.6% January 216 85 Days -11.5% December 215 73 Days -12.% November 215 79 Days -4.8% October 215 73 Days -2.7% September 215 75 Days -12.8% 15 212 213 214 215 216 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 Single Family Homes 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 216 693-17.% August 216 89-9.3% July 216 78-13.2% June 216 86-14.7% May 216 793-13.% April 216 917-7.8% March 216 924-9.1% February 216 885-3.3% January 216 793-12.4% December 215 658-9.4% November 215 664-16.8% October 215 796-9.6% September 215 835 2.% 1,2 1, 8 6 4 2 212 213 214 215 216 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 1,293 1.9% August 216 1,512 15.9% July 216 1,344-8.1% June 216 1,493 5.2% May 216 1,46 2.7% April 216 1,512 3.9% March 216 1,533 -.5% February 216 1,519 15.2% January 216 1,42 3.4% December 215 1,51 2.3% November 215 1,178 6.8% October 215 1,393 -.1% September 215 1,269.% 2, 212 213 214 215 216 1,5 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 Single Family Homes 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 3,857-2.4% August 216 3,914-4.4% July 216 3,855-9.% June 216 3,916-8.1% May 216 4,14-8.2% April 216 3,995-9.6% March 216 4,15-1.2% February 216 4,72-8.3% January 216 4,15-1.% December 215 3,878-8.9% November 215 4,53-7.2% October 215 4,27-1.3% September 215 3,952-9.9% 6, 5, 4, 3, 2, 1, 212 213 214 215 216 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 3.3-2.9% August 216 3.3-8.3% July 216 3.3-1.8% June 216 3.3-13.2% May 216 3.4-15.% April 216 3.4-17.1% March 216 3.4-19.% February 216 3.5-18.6% January 216 3.4-22.7% December 215 3.3-21.4% November 215 3.5-2.5% October 215 3.5-23.9% September 215 3.4-26.1% 8. 6. 4. 2.. 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Median Time to Contract ly Market Detail - September 216 Single Family Homes 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 3 25 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 22-38.9% $5, - $99,999 74-48.3% $1, - $149,999 194-17.4% $15, - $199,999 243 13.% $2, - $249,999 189 17.4% $25, - $299,999 145 18.9% $3, - $399,999 144 26.3% $4, - $599,999 131 42.4% $6, - $999,999 41-28.1% $1,, or more 25 56.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 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. 35 3 25 2 15 1 5 Less than $5, September 215 September 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 15 Days -5.% $1, - $149,999 Median Time to Contract Less than $5, 46 Days -41.% 26 Days -13.3% $15, - $199,999 2 Days -33.3% $2, - $249,999 22 Days -15.4% $25, - $299,999 16 Days -36.% $3, - $399,999 26 Days -38.1% $4, - $599,999 49 Days -3.9% $6, - $999,999 92 Days -8.% $1,, or more 29 Days -27.2% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 35 3 25 2 15 1 5 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Inventory New Listings ly Market Detail - September 216 Single Family Homes 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. 3 25 2 15 1 5 Less than $5, September 215 September 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 15-34.8% $5, - $99,999 73-38.1% $1, - $149,999 17-19.8% $15, - $199,999 274 3.% $2, - $249,999 189 21.9% $25, - $299,999 158 2.6% $3, - $399,999 172 31.3% $4, - $599,999 122 14.% $6, - $999,999 72-5.3% $1,, or more 48 77.8% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 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. 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, 34-58.% $5, - $99,999 153-54.9% $1, - $149,999 351-32.2% $15, - $199,999 538-11.4% $2, - $249,999 47 1.6% $25, - $299,999 417 11.8% $3, - $399,999 51 12.3% $4, - $599,999 549 24.5% $6, - $999,999 479 11.1% $1,, or more 365 25.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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 Single Family Homes September 216 September 215 Traditional 1,91 963 13.3% $227,1 $29,9 8.2% Foreclosure/REO 92 187-5.8% $137,45 $115, 19.5% Short Sale 25 41-39.% $125,7 $12, 4.8% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $25, 212 213 214 215 216 Traditional Foreclosure/REO Short Sale $2, $15, $1, $5, $ 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
ly Market Detail - September 216 Townhouses and Condos Summary Statistics September 216 September 215 Paid in Cash 677 669 1.2% 45 413-1.9% $126, $12, 5.% Average Sale Price Dollar Volume $189,68 $189,712 -.3% $128. Million $126.9 Million.9% Median Percent of Original List Price Received 95.2% 94.4%.8% Median Time to Contract 36 Days 45 Days -2.% Median Time to Sale 8 Days 86 Days -7.% New Pending Sales New Listings 5 823 489 2.2% 776 6.1% Pending Inventory 83 Inventory (Active Listings) 2,7 s Supply of Inventory 3.8 698 18.9% 2,647 2.% 3.8.% The number of sales transactions which closed during September 216 677 1.2% August 216 78 12.6% July 216 687 June 216 86 May 216 78 April 216 922 March 216 762-8.2% 3.6% -4.3% 1.6% -2.2% 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 February 216 January 216 December 215 625 477 725 1.3% -5.9% 6.6% 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. November 215 October 215 September 215 619 63 669 16.4% -3.4% 11.1% 1, 8 6 4 2 212 213 214 215 216 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 Townhouses and Condos 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 45-1.9% August 216 456 9.6% July 216 379-15.% June 216 458-4.2% May 216 454-9.7% April 216 56 2.9% March 216 463-9.% February 216 48-6.8% January 216 293-18.4% December 215 439-1.3% November 215 49 19.9% October 215 39-6.% September 215 413 5.4% 6 5 4 3 2 1 212 213 214 215 216 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 59.8% -3.1% August 216 58.5% -2.5% July 216 55.2% -7.4% June 216 56.8% -7.5% May 216 58.2% -5.7% April 216 6.7% -6.9% March 216 6.8% -6.9% February 216 65.3% -8.% January 216 61.4% -13.3% December 215 6.6% -7.3% November 215 66.1% 3.1% October 215 61.9% -2.8% September 215 61.7% -5.2% 1% 8% 6% 4% 2% % 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Average Sale Price ly Market Detail - September 216 Townhouses and Condos 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 $126, 5.% August 216 $128,95-4.8% July 216 $139, 6.9% June 216 $14, 16.7% May 216 $138,25 6.3% April 216 $138, 9.1% March 216 $132,25 1.2% February 216 $122, 6.6% January 216 $124,9 15.6% December 215 $131, 9.2% November 215 $135, 21.3% October 215 $124,59-7.3% September 215 $12, 9.1% $15K 212 213 214 215 216 $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 $189,68 -.3% August 216 $187,975.2% July 216 $197,528 6.3% June 216 $24,72 11.% May 216 $25,441-1.5% April 216 $193,379-1.4% March 216 $192,975 2.7% February 216 $188,317 4.5% January 216 $18,662-2.1% December 215 $191,346 7.8% November 215 $195,613 15.9% October 215 $186,36-3.% September 215 $189,712 1.3% $25K $2K $15K $1K $5K $K 212 213 214 215 216 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 Townhouses and Condos 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 $128. Million.9% August 216 $146.6 Million 12.7% July 216 $135.7 Million -2.4% June 216 $165. Million 14.9% May 216 $16.2 Million -5.8% April 216 $178.3 Million 9.1% March 216 $147. Million.5% February 216 $117.7 Million 5.9% January 216 $86.2 Million -7.9% December 215 $138.7 Million 14.9% November 215 $121.1 Million 34.8% October 215 $117.2 Million -6.2% September 215 $126.9 Million 12.5% $2 M 212 213 214 215 216 $15 M $1 M $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 September 216 95.2%.8% August 216 95.%.8% July 216 94.7%.6% June 216 94.4%.6% May 216 94.6%.9% April 216 95.% 1.2% March 216 94.5%.7% February 216 94.2% 1.4% January 216 94.4% 1.2% December 215 94.7% 1.5% November 215 94.5% 1.9% lagging indicator. October 215 94.3% 1.% September 215 94.4% 1.2% Med. Pct. of Orig. List Price Received 1% 8% 6% 4% 2% % 212 213 214 215 216 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 Townhouses and Condos 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 36 Days -2.% August 216 46 Days -2.7% July 216 4 Days -32.2% June 216 44 Days -1.2% May 216 4 Days -18.4% April 216 36 Days -18.2% March 216 41 Days -18.% February 216 5 Days -13.8% January 216 44 Days -15.4% December 215 36 Days -41.9% November 215 4 Days -33.3% October 215 46 Days -16.4% September 215 45 Days -16.7% 12 1 8 6 4 2 212 213 214 215 216 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 8 Days -7.% August 216 85 Days -14.1% July 216 79 Days -2.2% June 216 86 Days -7.5% May 216 83 Days -4.6% April 216 77 Days -6.1% March 216 77 Days -14.4% February 216 88 Days.% January 216 85 Days -6.6% December 215 76 Days -22.4% November 215 78 Days -17.9% October 215 82 Days -16.3% September 215 86 Days -17.3% 15 212 213 214 215 216 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 Townhouses and Condos 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 5 2.2% August 216 526-6.9% July 216 537-3.8% June 216 534-1.8% May 216 56-5.2% April 216 6-8.% March 216 699 -.1% February 216 592-1.7% January 216 519-12.9% December 215 423-1.2% November 215 492 7.7% October 215 68 15.6% September 215 489-6.3% 8 212 213 214 215 216 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 September 216 823 6.1% August 216 852 1.8% July 216 812 21.% June 216 761 1.3% May 216 859 2.9% April 216 952 3.9% March 216 1,7 5.4% February 216 1,37 8.6% January 216 1,28 2.2% December 215 78 4.1% November 215 779 1.4% October 215 922 11.8% September 215 776 12.5% 1,2 1, 8 6 4 2 212 213 214 215 216 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 Townhouses and Condos 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 2,7 2.% August 216 2,734 3.% July 216 2,746 1.1% June 216 2,791-5.3% May 216 2,977-2.2% April 216 3,4-3.3% March 216 3,11-4.7% February 216 3,137-6.1% January 216 2,981-9.8% December 215 2,712-1.9% November 215 2,79-9.8% October 215 2,78-1.3% September 215 2,647-1.4% 5, 4, 3, 2, 1, 212 213 214 215 216 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 3.8.% August 216 3.9.% July 216 3.9-2.5% June 216 4. -9.1% May 216 4.2-8.7% April 216 4.3-12.2% March 216 4.5-11.8% February 216 4.5-15.1% January 216 4.3-18.9% December 215 3.9-22.% November 215 4. -23.1% October 215 3.9-23.5% September 215 3.8-24.% 1. 8. 6. 4. 2.. 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Median Time to Contract ly Market Detail - September 216 Townhouses and Condos 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 25 2 15 1 5 Sale Price Less than $5, 65-3.9% $5, - $99,999 26 4.% $1, - $149,999 114 1.8% $15, - $199,999 94 27.% $2, - $249,999 5 6.4% $25, - $299,999 35.% $3, - $399,999 46-22.% $4, - $599,999 44 76.% $6, - $999,999 18 28.6% $1,, or more 5-54.5% 25 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 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, September 215 September 216 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 27 Days -41.3% $1, - $149,999 Median Time to Contract Less than $5, 47 Days -11.3% 26 Days -38.1% $15, - $199,999 22 Days -15.4% $2, - $249,999 54 Days 74.2% $25, - $299,999 99 Days 59.7% $3, - $399,999 39 Days 25.8% $4, - $599,999 77 Days 156.7% $6, - $999,999 97 Days -4.% $1,, or more 62 Days -56.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 16 14 12 1 8 6 4 2 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.
Inventory New Listings ly Market Detail - September 216 Townhouses and Condos 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. 25 2 15 1 5 September 215 September 216 Initial Listing Price New Listings Less than $5, 45-27.4% $5, - $99,999 169-2.7% $1, - $149,999 153 3.8% $15, - $199,999 128 18.5% $2, - $249,999 65-5.8% $25, - $299,999 6 2.% $3, - $399,999 81 28.6% $4, - $599,999 66 17.9% $6, - $999,999 33 32.% $1,, or more 23 76.9% 25 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 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. 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, 134-25.6% $5, - $99,999 455-19.9% $1, - $149,999 412 -.2% $15, - $199,999 336 -.6% $2, - $249,999 233 7.9% $25, - $299,999 222 2.7% $3, - $399,999 298 16.% $4, - $599,999 267 24.8% $6, - $999,999 216 21.3% $1,, or more 127 28.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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 Townhouses and Condos September 216 September 215 Traditional 623 581 7.2% $134,5 $133, 1.1% Foreclosure/REO 46 74-37.8% $75, $76,25-1.6% Short Sale 8 14-42.9% $66,45 $75, -11.4% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $16, 212 213 214 215 216 Traditional Foreclosure/REO Short Sale $14, $12, $1, $8, $6, $4, $2, $ 212 213 214 215 216 Data released on Thursday, October 2, 216. Next data release is Tuesday, November 22, 216.