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MIBOR REPORT
July 2017
The residential real estate market continues on the course we have seen in recent months. The past two years have brought on a national trend of low housing supply and rising median prices. There are some regional variations to the story, but the shift to a predominantly seller’s market is mostly complete. Multiple-offer situations over asking
price are commonplace in many communities, and good homes are routinely off the market quickly, after just one day. It is evident that a favorable economy keeps hungry
buyers in the chase.
Closed Sales were down 0.9 percent to 3,461. Pending Sales increased 5.7 percent to 3,014, and Inventory shrank 15.4 percent to 9,625.
Median Sales Price was up 6.7 percent to $169,500. Percent of Original List Price Received increased 0.6 percent to 96.3%. Absorption Rate was down 20.0 percent to 3.2.
Although the unemployment rate remains unchanged at its favorable national 4.3 percent rate, wage growth has not been rising at the steady clip that would be expected in an improving economy. Sales activity manages to keep churning along despite looming shortages in new construction. Lower price ranges are starting to feel the effects of the supply and demand gap, as rst-time buyers scramble to get offers in at an increasing pace.
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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.
May 2017 Pending Sales Jun 2017 Jul 2017
Rolling 12 Months
Current Prior Year + / –
33,046 31,769 33,368 32,009 33,531 32,068
+ 4.0% + 4.2% + 4.6%
Rolling 6 Months
Current Prior Year + / –
16,740 16,048 18,338 17,294 19,203 18,108
+ 4.3% + 6.0% + 6.0%
Rolling 3 Months
Current Prior Year + / –
12,943 13,350 13,348 13,603 13,293 13,309
- 3.0% - 1.9% - 0.1%
Monthly
Current Prior Year + / –
May 2017 New Listings Jun 2017 Jul 2017
43,013 43,111 43,127 43,066 43,017 43,213
- 0.2% + 0.1% - 0.5%
20,528 21,023 23,361 23,651 24,923 25,352
- 2.4% - 1.2% - 1.7%
4,433 4,453 4,717 4,603 4,143 4,253
- 0.4% + 2.5% - 2.6%
10,128 9,623 10,356 9,690 9,987 9,306
+ 5.2% + 6.9% + 7.3%
3,462 3,266 3,511 3,189 3,014 2,851
+ 6.0% + 10.1% + 5.7%
May 2017 Closed Sales Jun 2017 Jul 2017
36,023 33,646 36,293 33,847 36,261 33,861
+ 7.1% + 7.2% + 7.1%
16,551 15,850 17,954 17,094 19,609 18,857
+ 4.4% + 5.0% + 4.0%
9,996 10,958 11,302
9,482 + 5.4% 10,720 + 2.2% 11,141 + 1.4%
3,673 3,750 4,168 3,898 3,461 3,493
- 2.1% + 6.9% - 0.9%
May 2017 Median Sales Price Jun 2017 Jul 2017
May 2017 Average Sales Price Jun 2017 Jul 2017
Pct. of Original List Price Received at Sale
May 2017 Jun 2017 Jul 2017
$157,500 $159,000 $160,000
$149,350 $150,000 $150,000
+ 5.5% + 6.0% + 6.7%
$194,224 $195,332 $196,808
$185,147 $186,320 $186,155
+ 4.9% + 4.8% + 5.7%
$157,900 $162,000 $165,000
$148,000 $152,000 $154,900
+ 6.7% + 6.6% + 6.5%
$193,368 $197,740 $201,161
$182,305 $187,066 $189,685
+ 6.1% + 5.7% + 6.1%
$162,000 $168,000 $170,000
$153,000 $158,000 $160,000
+ 5.9% + 6.3% + 6.3%
$196,091 $204,487 $208,553
$186,369 $193,824 $196,329
+ 5.2% + 5.5% + 6.2%
95.7% 94.9% 96.3% 95.6% 96.5% 95.8%
+ 0.8% + 0.7% + 0.7%
$168,000 $173,355 $169,500
$159,000 $163,000 $158,900
+ 5.7% + 6.4% + 6.7%
$202,984 $212,914 $209,227
$190,769 $203,913 $193,845
+ 6.4% + 4.4% + 7.9%
95.1% 94.1%
95.2% 94.2%
95.2% 94.4%
+ 1.1% + 1.1% + 0.8%
94.9% 94.1% 95.5% 94.7% 95.8% 95.1%
+ 0.9% + 0.8% + 0.7%
96.3% 95.7% 96.7% 96.0% 96.3% 95.7%
+ 0.6% + 0.7% + 0.6%
May 2017 Available at Month End Jun 2017 Jul 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.
9,015 10,944 9,314 11,150 9,625 11,377
- 17.6% - 16.5% - 15.4%
Months Supply of
Inventory / Absorption Jun 2017
Rate
Jul 2017
May 2017
3.0 3.9
3.1 4.0
3.2 4.0
- 23.1% - 22.5% - 20.0%
Data obtained from the Broker Listing Cooperative® (BLC®). Report format © 2017 ShowingTime. | 2