ly Market Detail - June 218 Summary Statistics June 218 June 217 Paid in Cash 193 181 6.6% 17 95 12.6% $175, $175,.% Average Sale Price Dollar Volume $212,234 $2,753 5.7% $41. Million $36.3 Million 12.7% Median Percent of Original List Price Received 95.2% 94.4%.8% Median Time to Contract 44 Days 73 Days -39.7% Median Time to Sale 77 Days 112 Days -31.3% New Pending Sales New Listings 212 248 173 22.5% 256-3.1% Pending Inventory 244 Inventory (Active Listings) 937 s Supply of Inventory 5.6 236 3.4% 882 6.2% 5.4 3.7% 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 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. Year-to-Date 1,16-3.6% June 218 193 6.6% May 218 19-16.3% April 218 199 8.7% March 218 174-2.8% February 218 134-18.3% January 218 126 5.% December 217 175 21.5% November 217 139 16.8% October 217 139 12.1% September 217 151-14.7% August 217 29 11.8% July 217 163-3.% June 217 181-8.6% 25 214 215 216 217 2 15 1 5 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
Pct. of Paid in Cash Cash Sales ly Market Detail - June 218 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 Year-to-Date 568-7.6% June 218 17 12.6% May 218 97-3.2% April 218 12-2.9% March 218 1-3.8% February 218 83-22.4% January 218 79 21.5% December 217 98 15.3% November 217 84 23.5% October 217 84 16.7% September 217 83-11.7% August 217 122 13.% July 217 86-18.9% June 217 95-18.8% 15 214 215 216 217 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 Year-to-Date 55.9% -4.1% June 218 55.4% 5.5% May 218 51.1% -16.5% April 218 51.3% -1.6% March 218 57.5% -1.% February 218 61.9% -5.1% January 218 62.7% 15.7% December 217 56.% -5.1% November 217 6.4% 5.8% October 217 6.4% 4.% September 217 55.% 3.6% August 217 58.4% 1.% July 217 52.8% -16.3% June 217 52.5% -11.2% 8% 214 215 216 217 6% 4% 2% % Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
Average Sale Price ly Market Detail - June 218 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. Year-to-Date $183, 1.9% June 218 $175,.% May 218 $192,9 1.2% April 218 $19, 15.2% March 218 $185, 7.6% February 218 $17, 8.6% January 218 $163,125 12.2% December 217 $18, 9.1% November 217 $177, 1.1% October 217 $183, 4.6% September 217 $175, 1.7% August 217 $19, 11.8% July 217 $175, 8.5% June 217 $175, 13.6% $25K $2K $15K $1K $5K $K 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 Year-to-Date $215,178 11.6% June 218 $212,234 5.7% May 218 $219,52 9.7% April 218 $22,64 15.8% March 218 $228,381 12.5% February 218 $29,414 21.8% January 218 $192,468 5.1% December 217 $218,934 16.6% November 217 $217,48-2.2% October 217 $214,321 3.6% September 217 $22,952 7.% August 217 $246,673 24.8% July 217 $27,186 2.2% June 217 $2,753 6.3% $3K $25K $2K $15K $1K $5K $K 214 215 216 217 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - June 218 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 Year-to-Date $218.6 Million 7.6% June 218 $41. Million 12.7% May 218 $41.7 Million -8.2% April 218 $43.9 Million 25.9% March 218 $39.7 Million 9.4% February 218 $28.1 Million -.5% January 218 $24.3 Million 1.3% December 217 $38.3 Million 41.7% November 217 $3.2 Million 14.2% October 217 $29.8 Million 16.2% September 217 $33.4 Million -8.7% August 217 $51.6 Million 39.5% July 217 $33.8 Million -.8% June 217 $36.3 Million -2.9% $6 M $5 M $4 M $3 M $2 M $1 M $ 214 215 216 217 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 Year-to-Date 95.%.6% June 218 95.2%.8% May 218 94.5%.1% April 218 94.9%.4% March 218 95.2% 1.2% February 218 95.5% 1.1% January 218 94.7%.5% December 217 94.% -.5% November 217 95.1%.5% October 217 94.7% 1.5% September 217 94.7%.5% August 217 93.7%.1% July 217 94.7% -.6% June 217 94.4% -.4% 12% 1% 8% 6% 4% 2% % 214 215 216 217 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
Median Time to Sale Median Time to Contract ly Market Detail - June 218 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 Year-to-Date 52 Days -18.8% June 218 44 Days -39.7% May 218 66 Days -4.3% April 218 48 Days -18.6% March 218 57 Days -13.6% February 218 49 Days -25.8% January 218 49 Days -2.% December 217 58 Days 13.7% November 217 55 Days -11.3% October 217 49 Days -33.8% September 217 67 Days -1.5% August 217 6 Days.% July 217 53 Days 6.% June 217 73 Days 25.9% 12 1 8 6 4 2 214 215 216 217 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 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 Year-to-Date 9 Days -1.9% June 218 77 Days -31.3% May 218 12 Days -2.9% April 218 86 Days -13.1% March 218 9 Days -17.4% February 218 88 Days -1.2% January 218 96 Days 3.2% December 217 93 Days -1.1% November 217 95 Days -13.6% October 217 85 Days -24.1% September 217 1 Days -1.7% August 217 15 Days.% July 217 97 Days 6.6% June 217 112 Days 9.8% 15 214 215 216 217 1 5 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
New Listings Pending Sales ly Market Detail - June 218 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 Year-to-Date 1,164-5.2% June 218 212 22.5% May 218 21-3.8% April 218 189-14.1% March 218 218-1.7% February 218 172-8.5% January 218 172-11.3% December 217 152 22.6% November 217 183 37.6% October 217 171 35.7% September 217 12-36.3% August 217 211-5.8% July 217 218 6.9% June 217 173 -.6% 3 25 2 15 1 5 214 215 216 217 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 Year-to-Date 1,75 6.4% June 218 248-3.1% May 218 31 21.9% April 218 299 23.6% March 218 271 1.5% February 218 266-3.6% January 218 32 1.6% December 217 226 13.% November 217 236 -.4% October 217 31 64.% September 217 157-35.7% August 217 265-8.% July 217 245-5.4% June 217 256 13.3% 4 214 215 216 217 3 2 1 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
s Supply of Inventory Inventory ly Market Detail - June 218 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 YTD (ly Avg) 946 1.8% June 218 937 6.2% May 218 995 13.6% April 218 975 8.8% March 218 934 -.5% February 218 925-7.6% January 218 97-7.3% December 217 826-12.1% November 217 846-12.1% October 217 857-3.2% September 217 795-18.8% August 217 812-16.5% July 217 841-15.9% June 217 882-12.1% 1,2 1, 8 6 4 2 214 215 216 217 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 YTD (ly Avg) 5.6-3.4% June 218 5.6 3.7% May 218 6. 13.2% April 218 5.8 3.6% March 218 5.6-5.1% February 218 5.5-12.7% January 218 5.3-15.9% December 217 4.9-19.7% November 217 5.1-17.7% October 217 5.2-8.8% September 217 4.9-22.2% August 217 4.9-22.2% July 217 5.1-21.5% June 217 5.4-18.2% 8. 214 215 216 217 6. 4. 2.. Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
Median Time to Contract ly Market Detail - June 218 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. 5 45 4 35 3 25 2 15 1 5 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. 4 35 3 25 2 15 1 5 Less than $5, Less than $5, June 217 June 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 June 217 June 218 $15, - $199,999 $2, - $249,999 $2, - $249,999 $25, - $299,999 Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during $25, - $299,999 Sale Price Less than $5, 3-7.% $5, - $99,999 39 21.9% $1, - $149,999 31 14.8% $15, - $199,999 44 15.8% $2, - $249,999 24 4.3% $25, - $299,999 17.% $3, - $399,999 14-26.3% $4, - $599,999 16 23.1% $6, - $999,999 5 15.% $1,, or more N/A $3, - $399,999 Sale Price $5, - $99,999 7 Days 112.1% $1, - $149,999 Median Time to Contract Less than $5, 231 Days 54.% 2 Days -41.2% $15, - $199,999 15 Days -77.9% $2, - $249,999 62 Days -4.6% $25, - $299,999 61 Days -39.% $3, - $399,999 61 Days -57.3% $4, - $599,999 67 Days -45.1% $6, - $999,999 257 Days -26.4% $1,, or more (No Sales) N/A $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 5 45 4 35 3 25 2 15 1 5 4 35 3 25 2 15 1 5 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
Inventory New Listings ly Market Detail - June 218 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. 6 5 4 3 2 1 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. 18 16 14 12 1 8 6 4 2 Less than $5, Less than $5, June 217 June 218 $5, - $99,999 $5, - $99,999 $1, - $149,999 $1, - $149,999 $15, - $199,999 June 217 June 218 $15, - $199,999 $2, - $249,999 Inventory by Current Listing Price The number of property listings active at the end of $2, - $249,999 $25, - $299,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 7 4.% $5, - $99,999 2-42.9% $1, - $149,999 51 37.8% $15, - $199,999 4-4.8% $2, - $249,999 36 16.1% $25, - $299,999 18-33.3% $3, - $399,999 36-12.2% $4, - $599,999 31 34.8% $6, - $999,999 9-3.8% $1,, or more -1.% $3, - $399,999 Current Listing Price Inventory Less than $5, 27-12.9% $5, - $99,999 112-16.4% $1, - $149,999 116 3.3% $15, - $199,999 17-4.5% $2, - $249,999 1-1.7% $25, - $299,999 95 18.8% $3, - $399,999 153 33.% $4, - $599,999 147 11.4% $6, - $999,999 65 6.6% $1,, or more 15-6.3% $3, - $399,999 $4, - $599,999 $4, - $599,999 $6, - $999,999 $6, - $999,999 $1,, or more $1,, or more 6 5 4 3 2 1 18 16 14 12 1 8 6 4 2 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.
ly Distressed Market - June 218 June 218 June 217 Traditional 187 175 6.9% $177, $18, -1.7% Foreclosure/REO 5 6-16.7% $151,613 $66,869 126.7% Short Sale 1 N/A $18, (No Sales) N/A 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $45, 214 215 216 217 Traditional Foreclosure/REO Short Sale $4, $35, $3, $25, $2, $15, $1, $5, $ 214 215 216 217 Data released on Monday, July 23, 218. Next data release is Wednesday, August 22, 218.