market activity for the 10 - listitwithlinda.net fileactivity overview key metrics historical...
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July 2018 Activity Snapshot
One-Year Change in One-Year Change inClosed Sales Median Sales Price
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Monthly Indicators
+ 7.2% + 8.3% - 10.0%One-Year Change in
Changes in methodology were implemented in October 2012 to provide a more accurate count of inventory and related metrics. Due to MLS purging rules, activity before 2008 cannot be updated and therefore shifts in the trendlines may occur. Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime.
Pending Sales
Closed Sales
Days on Market Until Sale
Median Sales Price
Average Sales Price
Percent of Original List Price Received
Housing price bubble chatter has increased this summer, as market observers attempt to predict the next residential real estate shift. It is too early to predict a change from higher prices and lower inventory, but the common markers that caused the last housing cooldown are present. Wages are up but not at the same pace as home prices, leading to the kind of affordability concerns that can cause fewer sales at lower prices. At the same time, demand is still outpacing what is available for sale in many markets.
New Listings increased 4.4 percent to 15,708. Pending Sales were up 6.8 percent to 11,949. Inventory levels shrank 10.0 percent to 36,312 units.
Prices continued to gain traction. The Median Sales Price increased 8.3 percent to $225,900. Days on Market was down 8.0 percent to 46 days. Sellers were encouraged as Months Supply of Inventory was down 15.0 percent to 3.4 months.
Consumer spending on home goods and renovations are up, and more people are entering the workforce. Employed people spending money is good for the housing market. Meanwhile, GDP growth was 4.1% in the second quarter, the strongest showing since 2014. Housing starts are down, but that is more reflective of low supply than anything else. With a growing economy, solid lending practices and the potential for improved inventory from new listing and building activity, market balance is more likely than a bubble.
Homes for Sale
A research tool provided by the Georgia Association of REALTORS®. Residential real estate activity comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.
Activity Overview
New Listings
Housing Affordability Index
Inventory of Homes for Sale
Months Supply of Inventory
Activity Overview
Key Metrics Historical Sparkbars 7-2017 7-2018 Percent Change YTD 2017 YTD 2018 Percent Change
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
New Listings 15,051 15,708 + 4.4% 110,327 + 1.9%
Pending Sales 11,190 11,949 + 6.8% 78,208 82,383 + 5.3%
108,257
+ 4.7%
Days on Market Until Sale 50 46 - 8.0% 59 52 - 11.9%
Closed Sales 11,397 12,218 + 7.2% 72,784 76,190
+ 9.5%
Average Sales Price $256,249 $272,839 + 6.5% $245,204 $264,521 + 7.9%
Median Sales Price $208,500 $225,900 + 8.3% $200,000 $219,000
Inventory of Homes for Sale 40,348 36,312 - 10.0% -- --
Months Supply of Inventory 4.0 3.4 - 15.0% --
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 2
+ 0.7%
Housing Affordability Index 188 163 - 13.3% 195 168 - 13.8%
Pct. of Orig. Price Received 96.4% 97.3% + 0.9% 96.2% 96.9%
--
-- --
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
7-2015 7-2016 7-2017 7-2018
New Listings
Prior Year Percent Change
August 2017 15,225 14,526 +4.8%
September 2017 12,119 13,472 -10.0%
October 2017 13,132 12,356 +6.3%
November 2017 11,103 10,137 +9.5%
December 2017 8,255 8,130 +1.5%
January 2018 12,227 12,713 -3.8%
February 2018 13,637 13,421 +1.6%
March 2018 17,084 17,567 -2.7%
April 2018 16,792 15,566 +7.9%
May 2018 17,570 17,086 +2.8%
June 2018 17,309 16,853 +2.7%
July 2018 15,708 15,051 +4.4%
12-Month Avg 14,180 13,907 +2.0%
Historical New Listings by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 3
A count of the properties that have been newly listed on the market in a given month.
New Listings
14,419 15,051 15,708
2016 2017 2018
July
6,000
8,000
10,000
12,000
14,000
16,000
18,000
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
106,195 108,257 110,327
2016 2017 2018
Year to Date
+ 1.9%+ 4.4% + 4.4% + 1.9%- 7.1% + 4.3%
Pending Sales
Prior Year Percent Change
August 2017 11,110 10,274 +8.1%
September 2017 8,923 9,224 -3.3%
October 2017 10,098 8,759 +15.3%
November 2017 8,840 7,784 +13.6%
December 2017 7,335 6,815 +7.6%
January 2018 9,507 8,751 +8.6%
February 2018 10,235 9,991 +2.4%
March 2018 12,869 12,614 +2.0%
April 2018 12,917 11,694 +10.5%
May 2018 12,715 12,234 +3.9%
June 2018 12,191 11,734 +3.9%
July 2018 11,949 11,190 +6.8%
12-Month Avg 10,724 10,089 +6.3%
Historical Pending Sales by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 4
A count of the properties on which offers have been accepted in a given month.
Pending Sales
10,24911,190
11,949
2016 2017 2018
July
4,000
6,000
8,000
10,000
12,000
14,000
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
74,441 78,20882,383
2016 2017 2018
Year to Date
+ 5.3%+ 9.2% + 6.8% + 5.1%+ 2.3% + 11.0%
Closed Sales
Prior Year Percent Change
August 2017 11,871 11,299 +5.1%
September 2017 10,142 10,091 +0.5%
October 2017 9,916 9,128 +8.6%
November 2017 9,329 8,567 +8.9%
December 2017 9,777 9,229 +5.9%
January 2018 7,110 6,615 +7.5%
February 2018 8,147 7,524 +8.3%
March 2018 11,168 11,356 -1.7%
April 2018 11,355 10,265 +10.6%
May 2018 13,068 12,464 +4.8%
June 2018 13,124 13,163 -0.3%
July 2018 12,218 11,397 +7.2%
12-Month Avg 10,602 10,092 +5.1%
Historical Closed Sales by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 5
A count of the actual sales that closed in a given month.
Closed Sales
11,149 11,39712,218
2016 2017 2018
July
4,000
6,000
8,000
10,000
12,000
14,000
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
68,09572,784 76,190
2016 2017 2018
Year to Date
+ 4.7%+ 2.2% + 7.2% + 6.9%+ 1.1% + 9.4%
Days on Market Until Sale
Prior Year Percent Change
August 2017 51 55 -7.3%
September 2017 53 58 -8.6%
October 2017 55 59 -6.8%
November 2017 57 60 -5.0%
December 2017 61 65 -6.2%
January 2018 63 68 -7.4%
February 2018 62 72 -13.9%
March 2018 58 66 -12.1%
April 2018 52 59 -11.9%
May 2018 48 53 -9.4%
June 2018 46 53 -13.2%
July 2018 46 50 -8.0%
12-Month Avg* 53 59 -10.2%
Historical Days on Market Until Sale by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 6
Average number of days between when a property is listed and when an offer is accepted in a given month.
Days on Market
* Average Days on Market of all properties from August 2017 through July 2018. This is not the average of the individual figures above.
5550
46
2016 2017 2018
July
40
50
60
70
80
90
100
110
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
6759
52
2016 2017 2018
Year to Date
- 11.9%- 9.1% - 8.0% - 11.9%- 17.9% - 11.8%
Median Sales Price
Prior Year Percent Change
August 2017 $203,000 $190,000 +6.8%
September 2017 $199,000 $187,000 +6.4%
October 2017 $200,000 $186,252 +7.4%
November 2017 $198,900 $188,000 +5.8%
December 2017 $205,638 $188,990 +8.8%
January 2018 $196,750 $182,900 +7.6%
February 2018 $204,000 $186,500 +9.4%
March 2018 $215,000 $195,000 +10.3%
April 2018 $219,000 $200,000 +9.5%
May 2018 $224,000 $204,000 +9.8%
June 2018 $229,900 $210,000 +9.5%
July 2018 $225,900 $208,500 +8.3%
12-Month Med* $212,000 $195,000 +8.7%
Historical Median Sales Price by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 7
Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.
Median Sales Price
* Median Sales Price of all properties from August 2017 through July 2018. This is not the average of the individual figures above.
$200,000 $208,500$225,900
2016 2017 2018
July
$75,000
$100,000
$125,000
$150,000
$175,000
$200,000
$225,000
$250,000
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
$187,500$200,000
$219,000
2016 2017 2018
Year to Date
+ 9.5%+ 4.3% + 8.3% + 6.7%+ 8.1% + 5.3%
Average Sales Price
Prior Year Percent Change
August 2017 $246,623 $236,454 +4.3%
September 2017 $242,225 $229,889 +5.4%
October 2017 $245,218 $232,438 +5.5%
November 2017 $245,025 $234,672 +4.4%
December 2017 $248,977 $234,221 +6.3%
January 2018 $240,613 $225,237 +6.8%
February 2018 $244,277 $225,312 +8.4%
March 2018 $259,061 $238,889 +8.4%
April 2018 $264,578 $246,846 +7.2%
May 2018 $272,077 $251,347 +8.2%
June 2018 $279,364 $255,382 +9.4%
July 2018 $272,839 $256,249 +6.5%
12-Month Avg* $256,946 $240,569 +6.8%
Historical Average Sales Price by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 8
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Avg. Sales Price
* Avg. Sales Price of all properties from August 2017 through July 2018. This is not the average of the individual figures above.
$245,149 $256,249$272,839
2016 2017 2018
July
$100,000
$150,000
$200,000
$250,000
$300,000
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
$232,322$245,204
$264,521
2016 2017 2018
Year to Date
+ 7.9%+ 4.5% + 6.5% + 5.5%+ 4.1% + 3.9%
Percent of Original List Price Received
Prior Year Percent Change
August 2017 96.0% 95.6% +0.4%
September 2017 96.1% 95.4% +0.7%
October 2017 95.7% 95.3% +0.4%
November 2017 95.8% 95.1% +0.7%
December 2017 95.8% 94.8% +1.1%
January 2018 95.6% 95.0% +0.6%
February 2018 96.1% 95.3% +0.8%
March 2018 96.7% 95.9% +0.8%
April 2018 97.2% 96.3% +0.9%
May 2018 97.4% 96.7% +0.7%
June 2018 97.4% 96.6% +0.8%
July 2018 97.3% 96.4% +0.9%
12-Month Avg* 96.5% 95.8% +0.7%
Historical Percent of Original List Price Received by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 9
Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties soldin a given month, not accounting for seller concessions.
Pct. of Orig. Price Received
* Average Pct. of Orig. Price Received for all properties from August 2017 through July 2018. This is not the average of the individual figures above.
96.1% 96.4% 97.3%
2016 2017 2018
July
88%
90%
92%
94%
96%
98%
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
95.6% 96.2% 96.9%
2016 2017 2018
Year to Date
+ 0.7%+ 0.3% + 0.9% + 0.6%+ 0.8% + 1.0%
Housing Affordability Index
Prior Year Percent Change
August 2017 194 213 -8.9%
September 2017 198 215 -7.9%
October 2017 194 219 -11.4%
November 2017 197 206 -4.4%
December 2017 188 198 -5.1%
January 2018 190 202 -5.9%
February 2018 183 204 -10.3%
March 2018 173 194 -10.8%
April 2018 167 193 -13.5%
May 2018 163 191 -14.7%
June 2018 160 186 -14.0%
July 2018 163 188 -13.3%
12-Month Avg 181 181 0.0%
Historical Housing Affordability Index by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 10
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.
Affordability Index
202188
163
2016 2017 2018
July
100
200
300
400
500
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
215195
168
2016 2017 2018
Year to Date
- 13.8%- 6.9% - 13.3% - 9.3%- 4.3% - 2.3%
Inventory of Homes for Sale
Prior Year Percent Change
August 2017 39,832 43,736 -8.9%
September 2017 38,781 43,244 -10.3%
October 2017 37,435 42,163 -11.2%
November 2017 35,751 40,298 -11.3%
December 2017 33,061 37,286 -11.3%
January 2018 31,564 36,461 -13.4%
February 2018 31,873 36,463 -12.6%
March 2018 32,789 37,668 -13.0%
April 2018 33,592 38,052 -11.7%
May 2018 35,078 39,180 -10.5%
June 2018 36,530 40,497 -9.8%
July 2018 36,312 40,348 -10.0%
12-Month Avg 35,217 39,616 -11.1%
Historical Inventory of Homes for Sale by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 11
The number of properties available for sale in active status at the end of a given month.
Homes for Sale
44,20140,348
36,312
2016 2017 2018
July
30,000
35,000
40,000
45,000
50,000
1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
- 8.7% - 10.0%- 9.1%
Months Supply of Inventory
Prior Year Percent Change
August 2017 3.9 4.5 -13.3%
September 2017 3.8 4.5 -15.6%
October 2017 3.7 4.3 -14.0%
November 2017 3.5 4.1 -14.6%
December 2017 3.2 3.8 -15.8%
January 2018 3.0 3.7 -18.9%
February 2018 3.0 3.7 -18.9%
March 2018 3.1 3.8 -18.4%
April 2018 3.2 3.8 -15.8%
May 2018 3.3 3.9 -15.4%
June 2018 3.4 4.0 -15.0%
July 2018 3.4 4.0 -15.0%
12-Month Avg 3.4 4.0 -15.0%
Historical Months Supply of Inventory by Month
Current as of August 16, 2018. Data comes from the Georgia MLS, Columbus Board of REALTORS®, Savannah MLS and Greater Augusta Association of REALTORS®. Report © 2018 ShowingTime. | 12
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
* Months Supply for all properties from August 2017 through July 2018. This is not the average of the individual figures above.
4.64.0
3.4
2016 2017 2018
July
3.0
4.0
5.0
6.0
7.0
1-2013 1-2014 1-2015 1-2016 1-2017 1-2018
- 13.0% - 15.0%- 19.3%