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MIBOR REPORT
October 2017
Forresidentialrealestatein2017,thenewshascontinuedtoprovide arelativesenseofcalmforbothbuyersandsellers.Thenational unemploymentrateregisteredinat4.1percentforOctober2017, which means that joblessness has not been this low in the U.S. since December 2000. Another positive, mortgage rates have held steady at or near 3.9 percent. Historically, the average rate has
been around 6.0 percent. These factors help to keep the pool of potential buyers full, even during the so-called off-season of home sales. ClosedSaleswereup10.5percentinOctobercomparedto October 2016. Pending Sales increased 15.6 percent to 2,759, and
NewListingsincreased1.0percent. MedianSalesPricewasup7.2 percentto$164,000. AverageSalesPricerose7.6percentinOctober. AbsorptionRatewasdown18.9percentto3.0. Althoughinventorylevels are low in many markets, there has largely been enough listing and building activity, or at least conversation about future activity, to maintain a positive attitude about the prospects of buying or selling a home. Low affordability has started to become a recent topic of conversation and
is worth watching. But with a healthy economy, level of demand and nationalunemploymentrate,sellersaregoingtocontinuetoseestrong prices for their homes.
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Market Overview
Key market metrics for the current month as well as for rolling segments in which the given value represents 3, 6 or 12 months of activity.
Aug 2017 Pending Sales Sep 2017 Oct 2017
Rolling 12 Months
Current Prior Year + / –
33,606 32,464 33,716 32,467 34,089 32,383
+ 3.5% + 3.8% + 5.3%
Rolling 6 Months
Current Prior Year + / –
19,789 18,724 19,311 18,297 18,687 17,448
+ 5.7% + 5.5% + 7.1%
Rolling 3 Months
Current Prior Year + / –
13,031 12,888 11,900 11,902 11,025 10,886
+ 1.1% - 0.0% + 1.3%
Monthly
Current Prior Year + / –
Aug 2017 New Listings Sep 2017 Oct 2017
43,156 43,307 43,125 43,512 43,156 43,359
- 0.3% - 0.9% - 0.5%
25,974 26,238 25,248 25,505 24,318 24,195
- 1.0% - 1.0% + 0.5%
4,171 4,032 3,586 3,617 3,268 3,237
+ 3.4% - 0.9% + 1.0%
9,661 9,101 8,955 8,607 8,700 8,142
+ 6.2% + 4.0% + 6.9%
3,136 3,061 2,805 2,695 2,759 2,386
+ 2.5% + 4.1% + 15.6%
Aug 2017 Closed Sales Sep 2017 Oct 2017
36,388 34,249 36,418 34,658 36,718 34,830
+ 6.2% + 5.1% + 5.4%
21,144 20,265 21,164 20,801 21,191 20,573
+ 4.3% + 1.7% + 3.0%
11,148 10,206 9,889
10,783 + 3.4% 10,081 + 1.2% 9,432 + 4.8%
3,519 3,392 3,226 3,196 3,144 2,844
+ 3.7% + 0.9% + 10.5%
Aug 2017 Median Sales Price Sep 2017 Oct 2017
Aug 2017 Average Sales Price Sep 2017 Oct 2017
Pct. of Original List Price Received at Sale
Aug 2017 Sep 2017 Oct 2017
$160,000 $161,000 $162,000
$150,000 $151,500 $152,500
+ 6.7% + 6.3% + 6.2%
$198,049 $198,163 $199,286
$186,536 $187,987 $188,747
+ 6.2% + 5.4% + 5.6%
$165,000 $167,000 $167,500
$156,000 $157,900 $158,000
+ 5.8% + 5.8% + 6.0%
$203,059 $204,529 $205,435
$192,000 $194,148 $194,556
+ 5.8% + 5.3% + 5.6%
$169,500 $165,500 $164,900
$159,500 $157,500 $155,000
+ 6.3% + 5.1% + 6.4%
$209,306 $204,573 $201,861
$196,947 $194,492 $192,459
+ 6.3% + 5.2% + 4.9%
96.3% 95.7% 95.9% 95.4% 95.5% 95.0%
+ 0.6% + 0.5% + 0.5%
$164,275 $164,992 $164,000
$154,900 $159,900 $153,000
+ 6.1% + 3.2% + 7.2%
$205,108 $198,986 $201,180
$192,140 $197,696 $186,902
+ 6.7% + 0.7% + 7.6%
95.3% 94.5%
95.3% 94.6%
95.4% 94.6%
+ 0.8% + 0.7% + 0.8%
96.0% 95.3%
96.1% 95.5%
96.0% 95.4%
+ 0.7% + 0.6% + 0.6%
95.9% 95.4% 95.4% 95.0% 95.1% 94.4%
+ 0.5% + 0.4% + 0.7%
Aug 2017 Available at Month End Sep 2017 Oct 2017
Total Active Listings
There are no rolling figures for Total Active Listings Available at Month End or Absorption Rate because these metrics are simply snapshots frozen in time at the end of each month. It does not add up over a period of months.
9,826 11,334 9,589 11,013 9,066 10,690
- 13.3% - 12.9% - 15.2%
Months Supply of
Inventory / Absorption Sep 2017
Rate
Oct 2017
Aug 2017
3.2 4.0 3.2 3.8 3.0 3.7
- 20.0% - 15.8% - 18.9%
Data obtained from the Broker Listing Cooperative® (BLC®). Report format © 2017 ShowingTime. | 2