ly Market Detail - Q3 217 Summary Statistics Q3 217 Q3 216 Paid in Cash 11,1 12,72-13.5% 2,91 3,56-17.% $34, $315, 7.9% Average Sale Price Dollar Volume $455,657 $437,262 4.2% $5. Billion $5.6 Billion -9.9% Median Percent of Original List Price Received 95.5% 95.7% -.2% Median Time to Contract 4 Days 42 Days -4.8% Median Time to Sale 87 Days 94 Days -7.4% New Pending Sales 12,16 14,693 14,378-15.8% 16,81-12.6% Pending Inventory 7,684 Inventory (Active Listings) 17,852 9,889-22.3% 18,759-4.8% Months Supply of Inventory 4.6 4.7-2.1% 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 quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. Q3 217 11,1-13.5% Q2 217 13,775.% Q1 217 1,461 Q4 216 1,959 Q3 216 12,72 Q2 216 13,778 Q1 216 1,378 Q4 215 11,281 Q3 215 13,167 Q2 215 13,939 Q1 215 1,511 Q4 214 11,212 Q3 214 12,6.8% -2.9% -3.4% -1.2% -1.3%.6% 9.7% 12.3% 15.5% 1.1% 6.2% 15, 213 214 215 216 217 1, 5, Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 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 inancing. There are, of course, many possible exceptions, so this statistic should be interpreted with care. Cash Sales Q3 217 2,91-17.% Q2 217 3,723-1.6% Q1 217 3,318-8.7% Q4 216 3,247-17.5% Q3 216 3,56-17.5% Q2 216 4,163-16.4% Q1 216 3,636-16.1% Q4 215 3,935-13.7% Q3 215 4,249-1.4% Q2 215 4,979-6.1% Q1 215 4,332 -.3% Q4 214 4,558 -.1% Q3 214 4,741-3.% Cash Sales 6, 5, 4, 3, 2, 1, 213 214 215 216 217 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 quarter involved some sort of inancing, such as mortgages, owner/seller inancing, assumed loans, etc. Percent of Closed Sales Paid in Cash Q3 217 26.5% -4.% Q2 217 27.% -1.6% Q1 217 31.7% -9.4% Q4 216 29.6% -15.2% Q3 216 27.6% -14.6% Q2 216 3.2% -15.4% Q1 216 35.% -15.% Q4 215 34.9% -14.3% Q3 215 32.3% -18.2% Q2 215 35.7% -16.6% Q1 215 41.2% -13.6% Q4 214 4.7% -9.2% Q3 214 39.5% -8.6% of Closed Paid in Cash Pct. Sales 6% 5% 4% 3% 2% 1% % 213 214 215 216 217 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 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 re lects the values of the homes that sold each quarter, and the mix of the types of homes that sell can change over time. Q3 217 $34, 7.9% Q2 217 $335, 8.1% Q1 217 $318, 1.9% Q4 216 $31,5 8.9% Q3 216 $315, 8.7% Q2 216 $31, 7.3% Q1 216 $286,629 8.2% Q4 215 $285, 7.5% Q3 215 $289,7 8.9% Q2 215 $289, 9.1% Q1 215 $265, 3.9% Q4 214 $265, 2.9% Q3 214 $266, 2.7% $4K $3K $2K $1K $K 213 214 215 216 217 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 Q3 217 $455,657 4.2% Q2 217 $483,63 7.8% Q1 217 $475,5 8.4% Q4 216 $418,313.5% Q3 216 $437,262 9.% Q2 216 $448,648 2.1% Q1 216 $438,267 7.2% Q4 215 $416,294 6.6% Q3 215 $41,125 1.5% Q2 215 $439,55 1.% Q1 215 $48,689-1.3% Q4 214 $39,459 3.1% Q3 214 $395,221 5.9% Average Sale Price $6K $5K $4K $3K $2K $1K $K 213 214 215 216 217 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 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 Q3 217 $5. Billion -9.9% Q2 217 $6.7 Billion 7.8% Q1 217 $5. Billion 9.2% Q4 216 $4.6 Billion -2.4% Q3 216 $5.6 Billion 5.3% Q2 216 $6.2 Billion.9% Q1 216 $4.5 Billion 5.9% Q4 215 $4.7 Billion 7.3% Q3 215 $5.3 Billion 11.3% Q2 215 $6.1 Billion 13.5% Q1 215 $4.3 Billion 14.% Q4 214 $4.4 Billion 13.6% Q3 214 $4.7 Billion 12.5% $8 B 213 214 215 216 217 Volume Dollar $6 B $4 B $2 B $ 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 lagging indicator. Med. Pct. of Orig. List Price Received Q3 217 95.5% -.2% Q2 217 95.4% -.1% Q1 217 95.% -.1% Q4 216 95.4%.4% Q3 216 95.7%.3% Q2 216 95.5%.5% Q1 216 95.1%.8% Q4 215 95.%.6% Q3 215 95.4%.5% Q2 215 95.%.3% Q1 215 94.3% -.4% Q4 214 94.4% -1.% Q3 214 94.9% -.8% Orig. of Pct. Med. List Price Received 12% 1% 8% 6% 4% 2% % 213 214 215 216 217 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 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 Q3 217 4 Days -4.8% Q2 217 44 Days.% Q1 217 54 Days.% Q4 216 47 Days -2.1% Q3 216 42 Days -1.6% Q2 216 44 Days -15.4% Q1 216 54 Days -14.3% Q4 215 48 Days -17.2% Q3 215 47 Days -13.% Q2 215 52 Days -1.9% Q1 215 63 Days 8.6% Q4 214 58 Days 2.8% Q3 214 54 Days 17.4% Median Time to Contract 8 6 4 2 213 214 215 216 217 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 quarter was on the market. That is, 5% of homes selling this quarter 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 Q3 217 87 Days -7.4% Q2 217 91 Days -3.2% Q1 217 12 Days -4.7% Q4 216 97 Days -2.% Q3 216 94 Days -3.1% Q2 216 94 Days -7.8% Q1 216 17 Days -5.3% Q4 215 99 Days -3.9% Q3 215 97 Days -3.% Q2 215 12 Days 2.% Q1 215 113 Days 6.6% Q4 214 13 Days 6.2% Q3 214 1 Days 2.% Median Time to Sale 15 1 5 213 214 215 216 217 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 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 inancing for homebuyers and the inventory of distressed properties for sale. New Pending Sales Q3 217 12,16-15.8% Q2 217 15,529-5.4% Q1 217 15,128-3.% Q4 216 11,76-1.1% Q3 216 14,378-6.3% Q2 216 16,412-7.% Q1 216 15,592-8.4% Q4 215 13,74-6.8% Q3 215 15,35-3.9% Q2 215 17,64 1.5% Q1 215 17,27 7.6% Q4 214 14,28 5.5% Q3 214 15,969 5.3% Pending Sales 2, 15, 1, 5, 213 214 215 216 217 The number of properties put onto the market during Economists' note : 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. Q3 217 14,693-12.6% Q2 217 17,662-3.8% Q1 217 18,375-4.6% Q4 216 14,76-5.6% Q3 216 16,81-1.6% Q2 216 18,364 2.1% Q1 216 19,259 4.6% Q4 215 14,94-2.8% Q3 215 17,77 -.5% Q2 215 17,991 1.8% Q1 215 18,45 6.6% Q4 214 15,339 6.1% Q3 214 17,156 7.5% 25, 2, 15, 1, 5, 213 214 215 216 217 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 217 Inventory (Active Listings) The number of property listings active at the end of Economists' note : There are a number of ways to de ine and calculate Inventory. Here, we simply count the number of active listings on the last day of, and hold this number to compare with the same quarter the following year. Inventory rises when are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when aren't keeping up with the rate at which homes are going off-market. Inventory Q3 217 17,852-4.8% Q2 217 18,439-2.5% Q1 217 19,421-2.9% Q4 216 18,463 1.3% Q3 216 18,759 2.4% Q2 216 18,919 3.3% Q1 216 19,995 1.5% Q4 215 18,234-7.% Q3 215 18,323-6.4% Q2 215 18,312-3.% Q1 215 19,694 7.7% Q4 214 19,6 16.4% Q3 214 19,573 26.1% Inventory 25, 2, 15, 1, 5, 213 214 215 216 217 Months 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 Months Supply Q3 217 4.6-2.1% Q2 217 4.6-2.1% Q1 217 4.9.% Q4 216 4.6 2.2% Q3 216 4.7 4.4% Q2 216 4.7 2.2% Q1 216 4.9-3.9% Q4 215 4.5-15.1% Q3 215 4.5-16.7% Q2 215 4.6-13.2% Q1 215 5.1-1.9% Q4 214 5.3 1.4% average of monthly instead. Q3 214 5.4 22.7% Months Supply of Inventory 6. 5. 4. 3. 2. 1.. 213 214 215 216 217 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 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 quarter's sales to the amount of sales in the same month in the previous year), rather than changes from one quarter to the next. Q3 216 Q3 217 3,5 3, 2,5 2, 1,5 1, 5 Less than $5, - $1, - $15, - $2, - $25, - $5, $99,999 $149,999 $199,999 $249,999 $299,999 Sale Price Less than $5, 55-27.6% $5, - $99,999 128-62.7% $1, - $149,999 437-39.1% $15, - $199,999 775-4.2% $2, - $249,999 1,296-17.9% $25, - $299,999 1,521-17.7% $3, - $399,999 2,99-5.9% $4, - $599,999 2,322 5.9% $6, - $999,999 962-1.% $1,, or more 596-1.5% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3,5 3, 2,5 2, 1,5 1, 5 Median Time to Contract 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. 18 16 14 12 1 8 6 4 2 Less than $5, Q3 216 Q3 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 35 Days -27.1% $1, - $149,999 Median Time to Contract Less than $5, 45 Days 5.% 31 Days -8.8% $15, - $199,999 26 Days -1.3% $2, - $249,999 27 Days -12.9% $25, - $299,999 27 Days -6.9% $3, - $399,999 37 Days -5.1% $4, - $599,999 47 Days -14.5% $6, - $999,999 79 Days -9.2% $1,, or more 148 Days -5.7% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Market Detail - Q3 217 by Initial Listing Price The number of properties put onto the market during Economists' note: 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, 3,5 3, 2,5 2, 1,5 1, 5 Less than $5, Q3 216 Q3 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 27-59.7% $5, - $99,999 14-61.% $1, - $149,999 488-39.7% $15, - $199,999 944-35.9% $2, - $249,999 1,434-18.8% $25, - $299,999 1,946-11.8% $3, - $399,999 3,695-2.1% $4, - $599,999 3,274 1.5% $6, - $999,999 1,546-11.% $1,, or more 1,199-13.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4, 3,5 3, 2,5 2, 1,5 1, 5 Inventory Inventory by Current Listing Price The number of property listings active at the end of Economists' note : There are a number of ways to de ine 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 quarter 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 offmarket. 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Less than $5, Q3 216 Q3 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 15-28.6% $5, - $99,999 95-61.1% $1, - $149,999 344-37.8% $15, - $199,999 636-28.9% $2, - $249,999 1,4-11.4% $25, - $299,999 1,422-3.7% $3, - $399,999 3,133-2.7% $4, - $599,999 4,51 3.6% $6, - $999,999 3,44-2.4% $1,, or more 4,18-1.9% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4,5 4, 3,5 3, 2,5 2, 1,5 1, 5 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.
ly Distressed Market - Q3 217 Q3 217 Q3 216 Traditional 1,163 11,88-8.3% $347, $326, 6.4% Foreclosure/REO 598 1,27-5.5% $25, $233,69 7.% Short Sale 24 425-43.5% $24, $219, 9.6% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $4, 211 212 213 214 215 Traditional Foreclosure/REO Short Sale $35, $3, $25, $2, $15, $1, $5, $ 211 212 213 214 215 Data released on Thursday, November 2, 217. Historical data revised on Monday, January 16, 217. Next quarterly data release is TBD.