ly Market Detail - March 217 Summary Statistics March 217 March 216 Percent Change Year-over-Year Paid in Cash 122 115 6.1% 94 82 14.6% $159, $153, 3.9% Average Sale Price Dollar Volume $221,247 $168,79 31.1% $27. Million $19.4 Million 39.1% Median Percent of Original List Price Received 95.2% 93.9% 1.4% Median Time to Contract 46 Days 52 Days -11.5% Median Time to Sale 77 Days 83 Days -7.2% New Pending Sales New Listings 136 16 121 12.4% 138 15.9% Pending Inventory 151 Inventory (Active Listings) 542 s Supply of Inventory 5.7 171-11.7% 521 4.% 5.7.% The number of sales transactions which closed during March 217 February 217 85 9.% January 217 71 December 216 89 Economists' note : are one of the simplest yet most November 216 73 4.3% important indicators for the residential real estate market. When October 216 76-1.3% comparing across markets of different sizes, we September 216 11 3.1% recommend comparing the percent changes in sales rather than the August 216 8 9.6% number of sales. (and many other market metrics) are July 216 77 5.5% affected by seasonal cycles, so actual trends are more accurately June 216 114 32.6% represented by year-over-year changes (i.e. comparing a month's May 216 114 11.8% sales to the amount of sales in the same month in the previous year), April 216 136-12.3% rather than changes from one month to the next. March 216 115-17.3% 122 Percent Change Year-over-Year 6.1% -7.8%.% 2 15 1 5 Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - March 217 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 Percent Change Year-over-Year March 217 94 14.6% February 217 61-4.7% January 217 47.% December 216 57-14.9% November 216 49-2.% October 216 52-5.5% September 216 53-22.1% August 216 56 36.6% July 216 51 15.9% June 216 69 21.1% May 216 8 14.3% April 216 77-33.% March 216 82-18.% 15 1 5 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 Percent Change Year-over-Year March 217 77.% 8.% February 217 71.8% -12.5% January 217 66.2% 8.5% December 216 64.% -15.% November 216 67.1% -6.% October 216 68.4% -4.2% September 216 52.5% -24.4% August 216 7.% 24.6% July 216 66.2% 9.8% June 216 6.5% -8.7% May 216 7.2% 2.3% April 216 56.6% -23.7% March 216 71.3% -.8% 1% 8% 6% 4% 2% % Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Average Sale Price ly Market Detail - March 217 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. February 217 $199,9 36.% January 217 $158, 9.% December 216 March 217 $159, 3.9% $155, 14.8% November 216 $15, 6.4% October 216 $133,5 6.8% September 216 $155, 7.8% August 216 $116,25-1.9% July 216 $157, 4.7% June 216 $137,45 1.6% May 216 $158,25-6.% April 216 $16, 6.7% March 216 $153, 5.5% $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 March 217 $221,247 31.1% February 217 $227,467 27.% January 217 $199,379 6.% December 216 $27,459 2.5% November 216 $221,584 33.5% October 216 $19,613 26.3% September 216 $182,439-6.2% August 216 $152,29-1.6% July 216 $184,72-2.3% June 216 $185,275.9% May 216 $223,167-5.3% April 216 $196,33 3.6% March 216 $168,79-6.2% $25K $2K $15K $1K $5K $K Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - March 217 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 March 217 $27. Million 39.1% February 217 $19.3 Million 38.4% January 217 $14.2 Million -2.3% December 216 $18.5 Million 2.5% November 216 $16.2 Million 39.3% October 216 $14.5 Million 24.6% September 216 $18.4 Million -3.4% August 216 $12.2 Million 7.8% July 216 $14.2 Million 3.% June 216 $21.1 Million 33.8% May 216 $25.4 Million 5.8% April 216 $26.7 Million -9.1% March 216 $19.4 Million -22.4% $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 March 217 95.2% 1.4% February 217 95.1% -.3% January 217 94.9% -.7% December 216 94.5% -.6% November 216 94.7%.2% 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. October 216 September 216 August 216 July 216 June 216 May 216 April 216 94.7% 94.3% 94.3% 93.4% 93.7% 94.5% 94.1% -.9%.4%.2% -1.2% -.3%.9% -.5% Med. Pct. of Orig. List Price Received March 216 93.9% -.8% 12% 1% 8% 6% 4% 2% % Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Median Time to Sale Median Time to Contract ly Market Detail - March 217 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 March 217 46 Days -11.5% February 217 51 Days 54.5% January 217 42 Days -12.5% December 216 38 Days -2.8% November 216 47 Days.% October 216 73 Days 121.2% September 216 83 Days 25.8% August 216 53 Days.% July 216 74 Days -14.9% June 216 7 Days 4.% May 216 6 Days 1.7% April 216 4 Days -14.9% March 216 52 Days 1.6% 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 March 217 77 Days -7.2% February 217 96 Days 29.7% January 217 78 Days -17.9% December 216 67 Days -26.4% November 216 87 Days 11.5% October 216 92 Days 24.3% September 216 137 Days 3.5% August 216 97 Days 12.8% July 216 119 Days -7.% June 216 112 Days 12.% May 216 12 Days -7.3% April 216 9 Days 8.4% March 216 83 Days -5.7% 2 15 1 5 Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
New Listings Pending Sales ly Market Detail - March 217 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. February 217 14-25.7% January 217 112 1.9% December 216 New Pending Sales Percent Change Year-over-Year March 217 136 12.4% 84 2.% November 216 82-9.9% October 216 74-2.6% September 216 85 4.9% August 216 86-23.2% July 216 88 8.6% June 216 85 25.% May 216 12 18.6% April 216 139 23.% March 216 121-18.2% 2 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 March 217 16 15.9% February 217 139-11.5% January 217 169-1.7% December 216 12 5.3% November 216 144 27.4% October 216 131 23.6% September 216 91 4.6% August 216 74-22.1% July 216 8-8.% June 216 74-3.9% May 216 86 28.4% April 216 133 37.1% March 216 138 9.5% 2 15 1 5 Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
s Supply of Inventory Inventory ly Market Detail - March 217 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 offmarket (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 March 217 542 4.% February 217 544 5.8% January 217 518 3.4% December 216 469 7.6% November 216 452 11.3% October 216 399 2.% September 216 357 -.6% August 216 354-1.9% July 216 379-2.3% June 216 49 -.5% May 216 447 6.2% April 216 485 6.8% March 216 521 5.9% 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 March 217 5.7.% February 217 5.8 5.5% January 217 5.5 3.8% December 216 5. 6.4% November 216 4.8 11.6% October 216 4.2.% September 216 3.8-2.6% August 216 3.8-5.% July 216 4.1-4.7% June 216 4.4-2.2% May 216 4.9 6.5% April 216 5.4 1.2% March 216 5.7 3.6% 1. 8. 6. 4. 2.. Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Median Time to Contract ly Market Detail - March 217 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. 35 3 25 2 15 1 5 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 3-4.% $5, - $99,999 27-6.9% $1, - $149,999 29 38.1% $15, - $199,999 18-25.% $2, - $249,999 18 12.5% $25, - $299,999 12 5.% $3, - $399,999 5-37.5% $4, - $599,999 7 75.% $6, - $999,999 N/A $1,, or more 3 N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 35 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. 2 15 1 5 March 216 March 217 Sale Price $5, - $99,999 45 Days -13.5% $1, - $149,999 Median Time to Contract Less than $5, 33 Days 22.2% 29 Days 2.8% $15, - $199,999 79 Days 12.6% $2, - $249,999 93 Days -13.1% $25, - $299,999 78 Days 1.3% $3, - $399,999 38 Days -79.6% $4, - $599,999 47 Days -68.9% $6, - $999,999 (No Sales) N/A $1,, or more 16 Days N/A 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 Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
Inventory New Listings ly Market Detail - March 217 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. 4 35 3 25 2 15 1 5 Less than $5, March 216 March 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, -1.% $5, - $99,999 38 8.6% $1, - $149,999 3 76.5% $15, - $199,999 31 47.6% $2, - $249,999 19 11.8% $25, - $299,999 18 12.5% $3, - $399,999 14-6.7% $4, - $599,999 8-33.3% $6, - $999,999 2 1.% $1,, or more N/A $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 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. 1 8 6 4 2 March 216 March 217 Current Listing Price Inventory Less than $5, 6-62.5% $5, - $99,999 86.% $1, - $149,999 65-12.2% $15, - $199,999 94 54.1% $2, - $249,999 65 3.2% $25, - $299,999 58-7.9% $3, - $399,999 84 18.3% $4, - $599,999 47-21.7% $6, - $999,999 29 31.8% $1,, or more 8 6.% 1 8 6 4 2 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 Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.
ly Distressed Market - March 217 March 217 March 216 Traditional 119 17 11.2% $16, $15, 6.7% Foreclosure/REO 3 8-62.5% $125, $18,5-3.6% Short Sale N/A (No Sales) (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $4, Traditional Foreclosure/REO Short Sale $35, $3, $25, $2, $15, $1, $5, $ Data released on Friday, April 21, 217. Data revised on Monday, January 16, 217. Next data release is Wednesday, May 24, 217.