Monthly Indicators - 5.2% % % Activity Overview New Listings Pending Sales. Closed Sales. Days on Market Until Sale. Median Sales Price

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1 Monthly Indicators 2018 Sales and new listings continue to perform well throughout the state of New York largely due to a booming U.S. economy that has increased listing and purchasing confidence. Housing affordability remains a concern for some buyers. Rising mortgage rates and year-over-year declines in home showings were recorded during Historically, housing is still relatively affordable, but if home prices outpace wages, it could ultimately affect recent gains in inventory. New Listings increased 1.1 percent to 94. Pending Sales were down 2.9 percent to 101. Inventory levels shrank 23.8 percent to 1,074 units. Prices continued to gain traction. The Median Sales Price increased 20.7 percent to $190,000. Days on Market was down 8.1 percent to 192 days. Sellers were encouraged as Months Supply of Inventory was down 25.2 percent to 8.3 months. The Bureau of Labor Statistics recently reported that the New York unemployment rate was at 3.6 percent. Home buying and selling activity relies on gainful employment, and low unemployment has helped the housing industry during this extensive period of U.S. economic prosperity. Despite the historically comparative low rates, a slowdown in home price growth is occurring in some local markets, while price reductions are becoming more common. Low affordability, once again, has been cited as the culprit for these new developments. Activity Snapshot - 5.2% % % One-Year Change in Closed Sales One-Year Change in Median Sales Price Activity Overview New Listings Pending Sales Closed Sales Days on Market Until Sale Median Sales Price Average Sales Price Percent of List Price Received Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory Area Overview One-Year Change in Homes for Sale Residential activity in Clinton, Essex, Franklin, Hamilton and Warren counties, comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime.

2 Activity Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars Percent Change YTD 2017 YTD 2018 Percent Change New Listings % 2,183 2, % Pending Sales % 1,441 1, % Closed Sales % 1,399 1, % Days on Market % % Median Sales Price $157,400 $190, % $145,000 $150, % Avg. Sales Price $217,640 $234, % $197,887 $213, % Pct. of List Price Received 92.9% 93.6% + 0.8% 93.3% 94.0% + 0.8% Affordability Index % % Homes for Sale 1,409 1, % Months Supply % Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 2

3 New Listings A count of the properties that have been newly listed on the market in a given month ,106 2, % % + 1.1% -9.1% + 3.7% 2, % New Listings December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg % Historical New Listings by Month Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 3

4 Pending Sales A count of the properties on which offers have been accepted in a given month , % % - 2.9% + 7.4% + 8.2% 1,441 1, % Pending Sales December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg % Historical Pending Sales by Month Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 4

5 Closed Sales A count of the actual sales that closed in a given month , % + 6.2% - 5.2% % + 7.0% 1,399 1, % Closed Sales December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg % Historical Closed Sales by Month Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 5

6 Days on Market Until Sale Average number of days between when a property is listed and when it is closed in a given month % % - 8.1% + 4.5% - 7.3% % Days on Market December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg* % Historical Days on Market Until Sale by Month * Average Days on Market of all properties from December 2017 through This is not the average of the individual figures above Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 6

7 Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $159,000 $157,400 $190,000 $138,850 $145, % - 1.0% % + 0.7% + 4.4% $150, % Median Sales Price December 2017 $142,500 $164, % January 2018 $128,000 $149, % February 2018 $130,500 $117, % March 2018 $116,000 $136, % April 2018 $150,000 $148, % May 2018 $152,000 $144, % June 2018 $141,500 $159, % July 2018 $155,000 $140, % August 2018 $159,500 $132, % September 2018 $160,000 $145, % October 2018 $161,000 $144, % 2018 $190,000 $157, % 12-Month Med* $149,450 $145, % Historical Median Sales Price by Month * Median Sales Price of all properties from December 2017 through This is not the average of the individual figures above. $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 7

8 Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $229,009 $217,640 $234,890 $195,960 $197, % - 5.0% + 7.9% -2.9% + 1.0% $213, % Avg. Sales Price December 2017 $202,649 $196, % January 2018 $179,267 $221, % February 2018 $176,777 $164, % March 2018 $167,892 $215, % April 2018 $197,524 $177, % May 2018 $247,458 $180, % June 2018 $176,692 $213, % July 2018 $219,385 $188, % August 2018 $257,662 $180, % September 2018 $222,432 $219, % October 2018 $211,734 $190, % 2018 $234,890 $217, % 12-Month Avg* $212,214 $197, % Historical Average Sales Price by Month * Avg. Sales Price of all properties from December 2017 through This is not the average of the individual figures above. $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 8

9 Percent of List Price Received Percentage found when dividing a property s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions. 93.7% 92.9% 93.6% 93.1% 93.3% 94.0% + 1.6% - 0.9% + 0.8% + 0.1% + 0.2% + 0.8% Pct. of List Price Received December % 93.5% 0.0% January % 93.5% +1.4% February % 92.5% 0.0% March % 93.2% -0.1% April % 92.8% +2.3% May % 93.3% -0.1% June % 93.2% +1.8% July % 94.4% +0.7% August % 92.5% +1.9% September % 93.9% -0.3% October % 93.3% +0.3% % 92.9% +0.8% 12-Month Avg* 94.0% 93.3% +0.8% Historical Percent of List Price Received by Month * Average Pct. of List Price Received for all properties from December 2017 through This is not the average of the individual figures above. 96% 94% 92% 90% 88% 86% Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 9

10 Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability % + 9.7% % -6.9% + 4.0% % Affordability Index December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg % Historical Housing Affordability Index by Month Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 10

11 Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 1,547 1,409 1, % - 8.9% % Homes for Sale December ,297 1, % January ,252 1, % February ,242 1, % March ,216 1, % April ,239 1, % May ,313 1, % June ,418 1, % July ,425 1, % August ,404 1, % September ,332 1, % October ,186 1, % ,074 1, % 12-Month Avg 1,283 1, % Historical Inventory of Homes for Sale by Month 2,250 2,000 1,750 1,500 1,250 1, Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 11

12 Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months % % % Months Supply December % January % February % March % April % May % June % July % August % September % October % % 12-Month Avg % Historical Months Supply of Inventory by Month Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 12

13 Activity by County Key metrics by report month for counties in the ACVMLS service area. New Listings Closed Sales Median Sales Price Homes for Sale Months Supply / / / / / Clinton % % $150,000 $159, % % % Essex % % $272,000 $273, % % % Franklin % % $126,900 $110, % % % Fulton $0 $ Hamilton % % $126,000 $269, % % % Herkimer % % $265,000 $377, % % % Lewis % $455,000 $ % % % Oneida % % $181,280 $120, % % % Saratoga $0 $ St Lawrence % % $130,000 $852, % % % Warren % $0 $137, % % Washington $0 $ % Other $0 $ % % Current as of December 10, All data from the Adirondack Champlain Valley Regional Multiple Listing Service. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 13