ly Market Detail - Q3 217 Summary Statistics Q3 217 Q3 216 Paid in Cash 9,91 1,98-9.2% 5,554 6,29-1.5% $18, $17, 5.9% Average Sale Price Dollar Volume $264,562 $245,417 7.8% $2.6 Billion $2.7 Billion -2.2% Median Percent of Original List Price Received 94.% 93.8%.2% Median Time to Contract 59 Days 62 Days -4.8% Median Time to Sale 13 Days 19 Days -5.5% New Pending Sales 11,51 15,444 12,594-12.3% 16,898-8.6% Pending Inventory 6,772 Inventory (Active Listings) 28,18 8,8-15.4% 27,873 1.1% Months Supply of Inventory 8. 7.5 6.7% 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 9,91-9.2% Q2 217 12,489-1.% Q1 217 1,236 Q4 216 9,754 Q3 216 1,98 Q2 216 12,616 Q1 216 1,153 Q4 215 1,82 Q3 215 12,55 Q2 215 13,33 Q1 215 1,814 Q4 214 11,113 Q3 214 11,318.8% -9.9% -9.5% -3.2% -6.1% -2.6% 6.5% 2.2% -.2% -.3% -7.4% 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 5,554-1.5% Q2 217 7,231-5.4% Q1 217 6,49-2.6% Q4 216 5,782-18.2% Q3 216 6,29-17.7% Q2 216 7,642-1.9% Q1 216 6,577-13.9% Q4 215 7,68-7.7% Q3 215 7,547-2.7% Q2 215 8,573-5.1% Q1 215 7,635-5.2% Q4 214 7,654-6.% Q3 214 7,758-12.5% Cash Sales 12, 1, 8, 6, 4, 2, 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 56.1% -1.4% Q2 217 57.9% -4.5% Q1 217 62.6% -3.4% Q4 216 59.3% -9.2% Q3 216 56.9% -9.1% Q2 216 6.6% -7.9% Q1 216 64.8% -8.2% Q4 215 65.3% -5.2% Q3 215 62.6% -8.6% Q2 215 65.8% -7.1% Q1 215 7.6% -5.% Q4 214 68.9% -5.6% Q3 214 68.5% -5.5% of Closed Paid in Cash Pct. Sales 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 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 $18, 5.9% Q2 217 $182, 8.% Q1 217 $17, 6.9% Q4 216 $167, 7.7% Q3 216 $17, 9.7% Q2 216 $168,5 8.% Q1 216 $159, 6.7% Q4 215 $155, 6.5% Q3 215 $155, 6.9% Q2 215 $156, 7.6% Q1 215 $149, 6.4% Q4 214 $145,527 7.8% Q3 214 $145, 7.4% $2K $15K $1K $5K $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 $264,562 7.8% Q2 217 $279,719 2.9% Q1 217 $274,825 7.2% Q4 216 $251,943 -.1% Q3 216 $245,417-2.6% Q2 216 $271,82.% Q1 216 $256,282-3.5% Q4 215 $252,241 -.6% Q3 215 $251,911 2.9% Q2 215 $271,74 2.2% Q1 215 $265,581 6.5% Q4 214 $253,74 11.1% Q3 214 $244,695 7.1% Average Sale Price $3K $25K $2K $15K $1K $5K $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 $2.6 Billion -2.2% Q2 217 $3.5 Billion 1.9% Q1 217 $2.8 Billion 8.1% Q4 216 $2.5 Billion -1.% Q3 216 $2.7 Billion -11.8% Q2 216 $3.4 Billion -3.2% Q1 216 $2.6 Billion -9.4% Q4 215 $2.7 Billion -3.2% Q3 215 $3. Billion 9.7% Q2 215 $3.5 Billion 4.4% Q1 215 $2.9 Billion 6.2% Q4 214 $2.8 Billion 1.7% Q3 214 $2.8 Billion -.8% $4 B 213 214 215 216 217 Volume Dollar $3 B $2 B $1 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 94.%.2% Q2 217 93.7%.% Q1 217 93.6%.% Q4 216 94.%.% Q3 216 93.8% -.1% Q2 216 93.7%.4% Q1 216 93.6%.3% Q4 215 94.%.4% Q3 215 93.9%.2% Q2 215 93.3% -.4% Q1 215 93.3% -.4% Q4 214 93.6% -1.3% Q3 214 93.7% -1.4% Orig. of Pct. Med. List Price Received 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 59 Days -4.8% Q2 217 6 Days 3.4% Q1 217 64 Days 3.2% Q4 216 61 Days -1.6% Q3 216 62 Days -4.6% Q2 216 58 Days -9.4% Q1 216 62 Days -7.5% Q4 215 62 Days -4.6% Q3 215 65 Days.% Q2 215 64 Days 4.9% Q1 215 67 Days 6.3% Q4 214 65 Days 22.6% Q3 214 65 Days 25.% 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 13 Days -5.5% Q2 217 13 Days 1.% Q1 217 17 Days.% Q4 216 16 Days 1.% Q3 216 19 Days -.9% Q2 216 12 Days -5.6% Q1 216 17 Days -4.5% Q4 215 15 Days -2.8% Q3 215 11 Days -.9% Q2 215 18 Days 2.9% Q1 215 112 Days 3.7% Q4 214 18 Days 9.1% Q3 214 111 Days 7.8% Median Time to Sale 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 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 11,51-12.3% Q2 217 13,83-1.9% Q1 217 14,122 -.9% Q4 216 1,61-12.2% Q3 216 12,594-1.4% Q2 216 14,96-8.5% Q1 216 14,253-1.5% Q4 215 12,68-1.% Q3 215 14,62-4.2% Q2 215 15,48-3.% Q1 215 15,924-4.5% Q4 214 13,48-2.9% Q3 214 14,685-8.2% 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 15,444-8.6% Q2 217 17,972-2.4% Q1 217 2,773-6.6% Q4 216 16,324-7.6% Q3 216 16,898-1.6% Q2 216 18,412 1.8% Q1 216 22,244 6.1% Q4 215 17,676 2.% Q3 215 17,18-3.3% Q2 215 18,93-1.% Q1 215 2,958.4% Q4 214 17,332-1.4% Q3 214 17,765-3.1% 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 28,18 1.1% Q2 217 29,134 1.6% Q1 217 3,89 2.4% Q4 216 28,932 8.6% Q3 216 27,873 11.6% Q2 216 28,667 1.9% Q1 216 3,98 1.9% Q4 215 26,636 4.2% Q3 215 24,983.9% Q2 215 25,855 5.8% Q1 215 27,133 7.3% Q4 214 25,563 1.6% Q3 214 24,772 19.% 4, 213 214 215 216 217 Inventory 3, 2, 1, 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 8. 6.7% Q2 217 8.1 8.% Q1 217 8.5 9.% Q4 216 8. 17.6% Q3 216 7.5 17.2% Q2 216 7.5 11.9% Q1 216 7.8 9.9% Q4 215 6.8 1.5% Q3 215 6.4-1.5% Q2 215 6.7 8.1% Q1 215 7.1 12.7% Q4 214 6.7 17.5% average of monthly instead. Q3 214 6.5 27.5% Months Supply of Inventory 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 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 2,5 2, 1,5 1, 5 Sale Price Less than $5, 425-31.1% $5, - $99,999 1,481-19.1% $1, - $149,999 1,84-14.3% $15, - $199,999 1,725-6.7% $2, - $249,999 1,386-2.7% $25, - $299,999 973 8.6% $3, - $399,999 88 4.4% $4, - $599,999 589-12.1% $6, - $999,999 322-12.7% $1,, or more 28 7.3% 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 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 59 Days -6.3% $1, - $149,999 Median Time to Contract Less than $5, 73 Days -8.8% 46 Days -4.2% $15, - $199,999 42 Days -8.7% $2, - $249,999 47 Days 6.8% $25, - $299,999 54 Days -11.5% $3, - $399,999 83 Days 6.4% $4, - $599,999 122 Days 2.5% $6, - $999,999 139 Days 15.8% $1,, or more 171 Days 16.3% $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. 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, 416-26.9% $5, - $99,999 1,738-22.7% $1, - $149,999 2,396-14.7% $15, - $199,999 2,49-5.8% $2, - $249,999 1,917-2.9% $25, - $299,999 1,623 6.4% $3, - $399,999 1,663-4.6% $4, - $599,999 1,384-4.7% $6, - $999,999 976-1.9% $1,, or more 841-1.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 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, 487-25.% $5, - $99,999 2,315-13.% $1, - $149,999 2,814-5.4% $15, - $199,999 2,879 3.% $2, - $249,999 2,616 8.% $25, - $299,999 2,628 5.8% $3, - $399,999 3,739 2.7% $4, - $599,999 3,957.1% $6, - $999,999 3,159 5.5% $1,, or more 3,586 8.7% $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 9,297 9,661-3.8% $185, $178, 3.9% Foreclosure/REO 495 1,54-53.% $132,75 $122, 8.8% Short Sale 19 193-43.5% $154,85 $14, 1.6% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $2, $18, $16, $14, $12, $1, $8, $6, $4, $2, $ 211 212 213 214 215 Traditional Foreclosure/REO Short Sale 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.