ly Market Detail - June 217 Summary Statistics June 217 June 216 Paid in Cash 1,62 1,635-2.% 93 963-6.2% $16, $149,25 7.2% Average Sale Price Dollar Volume $214,677 $188,27 14.% $343.9 Million $37.8 Million 11.7% Median Percent of Original List Price Received 94.1% 93.8%.3% Median Time to Contract 58 Days 6 Days -3.3% Median Time to Sale 1 Days 16 Days -5.7% New Pending Sales 1,74 2,91 1,816-4.2% 1,984 5.4% Pending Inventory 3,52 Inventory (Active Listings) 8,178 s Supply of Inventory 5.9 3,39-1.% 8,642-5.4% 6.1-3.3% The number of sales transactions which closed during June 217 1,62-2.% May 217 1,647.1% April 217 1,489 March 217 1,673 February 217 1,171 January 217 1,88 December 216 1,354 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 November 216 October 216 September 216 1,21 1,257 1,36 3.3% -12.5% -5.3% 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. August 216 July 216 June 216 1,522 1,384 1,635 6.9% -11.5% 4.4% -2.% 2.8% 1.8% 2.2% -3.8% 2, 213 214 215 216 1,5 1, 5 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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 June 217 93-6.2% May 217 943-6.4% April 217 919-5.5% March 217 1,37-1.4% February 217 752.3% January 217 678-5.7% December 216 795-16.3% November 216 739-8.7% October 216 741-21.8% September 216 798-14.7% August 216 882-3.2% July 216 841-14.1% June 216 963-2.4% 1,5 213 214 215 216 Cash Sales 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 June 217 56.4% -4.2% May 217 57.3% -6.4% April 217 61.7% -3.6% March 217 62.% -4.% February 217 64.2% -1.5% January 217 62.3% -7.7% December 216 58.7% -13.% November 216 61.5% -11.6% October 216 58.9% -1.8% September 216 58.7% -1.% August 216 58.% -9.4% July 216 6.8% -2.9% June 216 58.9% -6.5% Pct. of Closed Sales Paid in Cash 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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. June 217 $16, 7.2% May 217 $159, 11.6% April 217 $148,5 1.% March 217 $148, 7.6% February 217 $147,75 8.2% January 217 $143, 1.% December 216 $149,7 13.4% November 216 $145, 14.2% October 216 $145, 11.6% September 216 $15, 12.8% August 216 $144,755 8.8% July 216 $144,5 5.5% June 216 $149,25 1.4% $2K $15K $1K $5K $K 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 June 217 $214,677 14.% May 217 $21,944 8.4% April 217 $196,59 3.6% March 217 $191,992 3.8% February 217 $187,83 3.2% January 217 $197,877 4.5% December 216 $192,651 1.9% November 216 $2,168 12.7% October 216 $178,735 1.1% September 216 $186,837-3.% August 216 $184,683 -.8% July 216 $185,79 5.2% June 216 $188,27 2.6% Average Sale Price $25K $2K $15K $1K $5K $K 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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 June 217 $343.9 Million 11.7% May 217 $347.4 Million 8.5% April 217 $292.6 Million 1.5% March 217 $321.2 Million 6.6% February 217 $219.9 Million 5.1% January 217 $215.3 Million 6.7% December 216 $26.8 Million -1.9% November 216 $24.4 Million 16.4% October 216 $224.7 Million -11.6% September 216 $254.1 Million -8.1% August 216 $281.1 Million 6.% July 216 $256.1 Million -6.9% June 216 $37.8 Million 7.1% Dollar Volume $4 M $3 M $2 M $1 M $ 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 June 217 94.1%.3% May 217 93.9%.% April 217 93.8%.5% March 217 93.9%.3% February 217 94.2%.6% January 217 93.6%.1% December 216 93.8% -.1% November 216 94.1%.3% October 216 94.2%.7% September 216 94.%.2% August 216 93.9%.% lagging indicator. July 216 93.8%.5% June 216 93.8%.6% Med. Pct. of Orig. List Price Received Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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 June 217 58 Days -3.3% May 217 54 Days -1.8% April 217 55 Days -5.2% March 217 61 Days 5.2% February 217 65 Days.% January 217 53 Days -14.5% December 216 58 Days 3.6% November 216 64 Days -4.5% October 216 58 Days -9.4% September 216 65 Days -1.5% August 216 59 Days -3.3% July 216 63 Days 3.3% June 216 6 Days -3.2% Median Time to Contract 8 6 4 2 213 214 215 216 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 June 217 1 Days -5.7% May 217 97 Days -1.% April 217 97 Days -3.% March 217 15 Days 1.9% February 217 15 Days -2.8% January 217 98 Days -11.7% December 216 11 Days 1.% November 216 16 Days -3.6% October 216 13 Days -2.8% September 216 112 Days 2.8% August 216 13 Days -4.6% July 216 19 Days.9% June 216 16 Days 1.% Median Time to Sale 12 1 8 6 4 2 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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. New Pending Sales June 217 1,74-4.2% May 217 1,838 2.6% April 217 1,78-8.2% March 217 2,66 1.6% February 217 1,816-2.7% January 217 1,6.7% December 216 1,364-1.2% November 216 1,396-1.6% October 216 1,488-16.1% September 216 1,591-4.4% August 216 1,72-6.6% July 216 1,695-7.7% June 216 1,816-2.4% Pending Sales 2,5 2, 1,5 1, 5 213 214 215 216 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. June 217 2,91 5.4% May 217 2,166 4.8% April 217 2,82-8.9% March 217 2,351-8.% February 217 2,222-2.3% January 217 2,617-3.4% December 216 1,743-7.6% November 216 2,62-2.6% October 216 1,861-17.4% September 216 1,929-4.5% August 216 2,114 6.5% July 216 1,894-1.2% June 216 1,984-7.6% 3, 2,5 2, 1,5 1, 5 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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 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 June 217 8,178-5.4% May 217 8,389-8.8% April 217 8,494-9.3% March 217 8,749-8.9% February 217 8,952-7.8% January 217 8,951-2.9% December 216 8,291-1.% November 216 8,514.2% October 216 8,251 1.2% September 216 8,169 1.9% August 216 8,226 2.4% July 216 8,294 -.6% June 216 8,642 1.8% Inventory 12, 1, 8, 6, 4, 2, 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 June 217 5.9-3.3% May 217 6. -7.7% April 217 6.1-9.% March 217 6.2-8.8% February 217 6.4-7.2% January 217 6.4-3.% December 216 6..% November 216 6.1 1.7% October 216 5.9 1.7% September 216 5.8 1.8% August 216 5.8 1.8% July 216 5.9-1.7% June 216 6.1.% s Supply of Inventory 8. 6. 4. 2.. 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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. June 216 June 217 4 35 3 25 2 15 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, 89-29.9% $5, - $99,999 36-14.3% $1, - $149,999 359 5.% $15, - $199,999 251-15.5% $2, - $249,999 193-2.% $25, - $299,999 141 34.3% $3, - $399,999 136 29.5% $4, - $599,999 57-5.% $6, - $999,999 41 28.1% $1,, or more 29 123.1% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 4 35 3 25 2 15 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. 25 2 15 1 5 June 216 June 217 Sale Price $5, - $99,999 61 Days -4.7% $1, - $149,999 Median Time to Contract Less than $5, 46 Days -39.5% 48 Days -14.3% $15, - $199,999 42 Days -16.% $2, - $249,999 55 Days 22.2% $25, - $299,999 62 Days 8.8% $3, - $399,999 97 Days 9.% $4, - $599,999 128 Days 37.6% $6, - $999,999 128 Days -23.4% $1,, or more 234 Days 13.5% 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 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Market Detail - June 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. 45 4 35 3 25 2 15 1 5 Less than $5, June 216 June 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price Less than $5, 84-5.6% $5, - $99,999 356 -.6% $1, - $149,999 397 9.7% $15, - $199,999 326-3.6% $2, - $249,999 218-9.2% $25, - $299,999 2 14.3% $3, - $399,999 219 18.4% $4, - $599,999 145 9.8% $6, - $999,999 76 16.9% $1,, or more 7 75.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 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 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 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. 1,8 1,6 1,4 1,2 1, 8 6 4 2 Less than $5, June 216 June 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 25-34.% $5, - $99,999 1,324-18.9% $1, - $149,999 1,288-11.5% $15, - $199,999 1,68-4.% $2, - $249,999 782-2.4% $25, - $299,999 72 2.6% $3, - $399,999 959 11.8% $4, - $599,999 772-1.3% $6, - $999,999 557 9.2% $1,, or more 458 12.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 1,8 1,6 1,4 1,2 1, 8 6 4 2 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.
ly Distressed Market - June 217 June 217 June 216 Traditional 1,57 1,432 5.2% $161, $153,75 4.7% Foreclosure/REO 76 175-56.6% $131,15 $17,5 22.% Short Sale 19 28-32.1% $13, $129,.8% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $18, 213 214 215 216 Traditional Foreclosure/REO Short Sale $16, $14, $12, $1, $8, $6, $4, $2, $ 213 214 215 216 Data released on Monday, July 24, 217. Data revised on Monday, January 16, 217. Next data release is Thursday, August 24, 217.