Closed Sales

Monthly Market Detail - July 2015 Single Family Homes Palm Beach County July 2015

July 2014

Percent Change Year-over-Year

1,810

1,515

19.5%

Paid in Cash

643

632

1.7%

New Pending Sales

1,847

1,940

-4.8%

New Listings

2,429

2,261

7.4%

Median Sale Price

$289,250

$280,000

3.3%

Average Sale Price

$417,709

$461,022

-9.4%

38

55

-30.9%

Average Percent of Original List Price Received

93.9%

93.3%

0.6%

Pending Inventory

3,538

3,336

6.1%

Inventory (Active Listings)

6,761

7,246

-6.7%

Months Supply of Inventory

4.5

5.7

-21.6%

Closed Sales


1,810 1,901 1,739 1,743 1,687 1,231 1,037 1,441 1,104 1,487 1,355 1,500 1,515

19.5% 16.2% 6.0% 17.9% 37.7% 33.7% 14.6% 20.4% 9.4% 19.3% 23.5% 16.3% 15.0%

Summary Statistics Closed Sales

Median Days on Market

Month

Closed Sales The number of sales transactions which closed during the month Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend using the year-over-year percent changes rather than the absolute counts. Realtors® and their clients should also be wary of month-to-month comparisons of Closed Sales because of potential seasonal effects.

Closed Sales

2,100

2011

2012

2013

July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014 2014

2015

1,600 1,100 600 J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J

Produced by Florida REALTORS® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, August 20, 2015. Next data release is Monday, September 21, 2015.

Monthly Market Detail - July 2015 Single Family Homes Palm Beach County Month

Cash Sales The number of Closed Sales during the month 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

1,000

2011

2012

July 2015 June 2015 May 2015 April 2015 March 2015 February 2015 January 2015 December 2014 November 2014 October 2014 September 2014 August 2014 July 2014

2013

Cash Sales


643 780 707 728 791 564 479 645 519 615 587 662 632

1.7% 3.9% -6.7% -0.3% 32.9% 25.9% -0.2% 9.9% 12.6% 3.7% 19.8% 14.1% 1.8%

2014

2015

800 600 400 200 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month which were Cash Sales

Pct. of Closed Sales Paid in Cash

Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not paid fully in cash) each month involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.

65%

2011

2012

2013

Percent of Closed Sales Paid in Cash


35.5% 41.0% 40.7% 41.8% 46.9% 45.8% 46.2% 44.8% 47.0% 41.4% 43.3% 44.1% 41.7%

-14.8% -10.6% -12.0% -15.4% -3.5% -5.8% -12.9% -8.7% 2.9% -13.1% -3.0% -1.8% -11.5%


2015

55% 45% 35% 25% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J



New Pending Sales The number of property listings that went from "Active" to "Pending" status during the month 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 Closed Sales. 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. 2011

Pending Sales

2,700

2012

New Pending Sales


1,847 1,980 2,023 2,212 2,277 2,048 1,889 1,451 1,749 1,906 1,920 1,967 1,940

-4.8% -3.6% -6.7% -4.1% 9.9% 29.8% 26.3% 15.9% 30.3% 12.9% 30.9% 13.4% 18.4%


2013

2014

2015

2,200 1,700 1,200 700 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

New Listings The number of properties put onto the market during the month Economists' note : In a recovering market, we expect that new listings will eventually rise as sellers raise their estimations of value. But this increase will take place only after the market has turned up, so New Listings are a lagging indicator of the health of the market. Also be aware of properties which have been withdrawn from the market and then relisted. These are not really New Listings.

New Listings

3,200

2011

2012

2013


New Listings


2,429 2,433 2,324 2,504 2,704 2,465 2,777 1,929 2,078 2,492 2,384 2,329 2,261

7.4% 0.6% -5.3% 1.6% 15.4% 17.2% 13.0% 12.7% 9.8% 15.2% 19.1% 7.9% 11.4%

2014

2015

2,700 2,200 1,700 1,200 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J



Median Sale Price The median sale price reported for the month (i.e. 50% of sales were above and 50% of sales were below)

Economists' note : Median Sale Price 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.

Median Sale Price

$360K

2011

2012

Median Sale Price


$289,250 $305,000 $295,400 $300,000 $279,000 $270,000 $273,750 $275,000 $265,012 $275,000 $269,200 $270,000 $280,000

3.3% 3.4% 4.8% 10.1% -2.8% -8.8% -0.5% -1.8% -0.2% 2.2% -2.1% -1.8% 3.7%


2013

2014

2015

$310K $260K $210K $160K J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Average Sale Price The average sale price reported for the month (i.e. total sales in dollars divided by the number of sales)

Average Sale Price

Economists' note : As noted above, we prefer Median Sale Price 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 Median Sale Price. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area.

$690K

2011

2012

2013

Average Sale Price


$417,709 $527,754 $462,860 $534,705 $422,229 $474,764 $558,603 $518,299 $425,709 $407,605 $406,026 $412,515 $461,022

-9.4% -8.8% -15.0% 19.4% -17.2% -14.9% 24.2% 17.8% 3.2% 2.7% 3.8% -3.2% 5.5%


2015

$590K $490K $390K $290K J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J



Median Days on Market The median number of days that properties sold during the month were on the market Economists' note : Median Days on Market is the amount of time the "middle" property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market.


120

2011

2012


2013



38 40 42 46 45 53 52 56 62 55 54 55 55

-30.9% -24.5% -25.0% -9.8% -18.2% -10.2% -5.5% 21.7% 34.8% 10.0% 14.9% 10.0% 3.8%

2014

2015

100 80 60 40 20 0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Average Percent of Original List Price Received The average of the sale price (as a percentage of the original list price) across all properties selling during the month

Avg. Pct. of Orig. List Price Received

Economists' note : The Average Percent of Original List Price Received is an indicator of market conditions, in that in a recovering market, the measure 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 that has shifted from down to up, and is another lagging indicator.

100%

2011

2012

2013

Avg. Pct. of Orig. List Price Received


93.9% 93.5% 93.5% 93.1% 92.8% 93.1% 92.9% 92.8% 93.0% 94.0% 93.0% 93.2% 93.3%

0.6% 0.2% 0.9% -0.4% 0.0% -0.6% -0.7% -1.6% -1.3% -0.4% -1.6% -1.1% -0.6%


2015

95% 90% 85% 80% 75% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J



Inventory (Active Listings) The number of property listings active at the end of the month

Economists' note : There are a number of ways to calculate Inventory, so these numbers may not match up to others you see in your market. We calculate Inventory by counting the number of active listings on the last day of the month, and hold this number to compare with the same month the following year.

15,200

2011

2012


2013

Inventory


6,761 6,726 6,857 7,303 7,636 7,796 7,828 7,491 7,591 7,543 7,316 7,187 7,246

-6.7% -7.4% -6.0% -0.3% 7.7% 11.4% 18.7% 19.0% 19.7% 23.4% 23.1% 28.5% 32.8%

2014

2015

Inventory

13,200 11,200 9,200 7,200 5,200 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

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 : This is an indicator of the state of the market, whether it is a buyers' market or a sellers' market. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 Months of Inventory. Higher numbers indicate a buyers' market, lower numbers a sellers' market.

Months Supply of Inventory

18.0

2011

2012

2013


Months Supply


4.5 4.5 4.7 5.0 5.4 5.6 5.7 5.5 5.7 5.7 5.6 5.6 5.7

-21.6% -21.9% -21.1% -16.8% -9.2% -3.2% 5.8% 7.4% 9.5% 14.3% 15.0% 21.5% 26.9%

2014

2015

13.0 8.0 3.0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J


Monthly Market Detail - July 2015 Single Family Homes Palm Beach County

Closed Sales by Sale Price

The number of sales transactions which closed during the month Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend using the year-over-year percent changes rather than the absolute counts. Realtors® and their clients should also be wary of month-to-month comparisons of Closed Sales because of potential seasonal effects. July 2014

Closed Sales

400 350 300 250 200 150 100 50 0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999


19

-36.7%

$50,000 - $99,999

99

-11.6%

$100,000 - $149,999

148

-5.1%

$150,000 - $199,999

202

21.7%

$200,000 - $249,999

230

38.6%

$250,000 - $299,999

257

22.4%

$300,000 - $399,999

354

32.6%

$400,000 - $599,999

288

29.1%

$600,000 - $999,999

119

21.4%

$1,000,000 or more

94

8.0%

July 2014

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more Median Days on Market


Less than $50,000

37

-42.2%

$50,000 - $99,999

49

11.4%

$100,000 - $149,999

25

-43.2%

$150,000 - $199,999

25

-44.4%

$200,000 - $249,999

25

-34.2%

$250,000 - $299,999

32

-34.7%

$300,000 - $399,999

33

-41.1%

$400,000 - $599,999

52

-18.8%

$600,000 - $999,999

91

-18.0%

$1,000,000 or more

95

-32.6%

Sale Price

Economists' note: Median Days on Market is the amount of time the "middle" property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. We use the median rather than the average because the median is not particularly sensitive to sales of homes that took an unusually large amount of time to sell relative to the vast majority of homes in the market.

$50,000 $99,999

Less than $50,000

400 350 300 250 200 150 100 50 0

The median number of days that properties sold during the month were on the market

Less than $50,000


July 2015

Median Days on Market by Sale Price

160 140 120 100 80 60 40 20 0

Closed Sales

Sale Price

July 2015

$100,000 $149,999

$150,000 $199,999

160 140 120 100 80 60 40 20 0 $200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more


Monthly Market Detail - July 2015 Single Family Homes Palm Beach County

New Listings by Initial Listing Price

The number of properties put onto the market during the month Economists' note: In a recovering market, we expect that new listings will eventually rise as sellers raise their estimations of value. But this increase will take place only after the market has turned up, so New Listings are a lagging indicator of the health of the market. Also be aware of properties which have been withdrawn from the market and then relisted. These are not really New Listings. July 2014

New Listings

600

Initial Listing Price

New Listings


Less than $50,000

22

-21.4%

$50,000 - $99,999

119

-20.1%

$100,000 - $149,999

183

-6.6%

$150,000 - $199,999

207

-14.8%

$200,000 - $249,999

249

3.8%

$250,000 - $299,999

320

6.0%

$300,000 - $399,999

515

25.6%

$400,000 - $599,999

429

18.8%

$600,000 - $999,999

243

33.5%

$1,000,000 or more

142

-5.3%

July 2015

600

500

500

400

400

300

300

200

200

100

100

0

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

The number of property listings active at the end of the month

Inventory

Economists' note: There are a number of ways to calculate Inventory, so these numbers may not match up to others you see in your market. We calculate Inventory by counting the number of active listings on the last day of the month, and hold this number to compare with the same month the following year.

1,600 1,400 1,200 1,000 800 600 400 200 0 Less than $50,000

$50,000 $99,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Inventory


Less than $50,000

36

-41.0%

$50,000 - $99,999

292

-9.9%

$100,000 - $149,999

339

-21.7%

$150,000 - $199,999

387

-15.1%

$200,000 - $249,999

465

-8.5%

$250,000 - $299,999

622

-10.5%

$300,000 - $399,999

1,161

2.3%

$400,000 - $599,999

1,177

-8.8%

$600,000 - $999,999

943

-3.5%

$1,000,000 or more

1,339

-2.0%

Current Listing Price

Inventory by Current Listing Price

July 2014

$300,000 $399,999

July 2015

$100,000 $149,999

$150,000 $199,999

1,600 1,400 1,200 1,000 800 600 400 200 0 $200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more


Monthly Distressed Market - July 2015 Single Family Homes Palm Beach County

Closed Sales

July 2015

July 2014


1,496

1,169

28.0%

$310,000

$310,000

0.0%

264

263

0.4%

$221,983

$162,850

36.3%

50

83

-39.8%

$209,900

$200,000

5.0%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2011

2012

Traditional

2013

Foreclosure/REO

2014

2015

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J $400,000 $350,000

Median Sale Price

$300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

2011

2012

2013

2014


2015