monthly market detail - february 2014 single family homes … stats/2014... · 2014. 3. 20. ·...

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, March 20, 2014. Next data release is Tuesday, April 22, 2014.

1.5%

221 -22.6%

Percent Change

Year-over-Year

33.1%

1,872 5.3%

Closed Sales

197

89.5%

9.3 -15.3%

February 2014

Average Sale Price

Median Days on Market

90.8%

171

Average Percent of Original List

Price Received

Pending Inventory

Inventory (Active Listings)

Month

1,971

Months Supply of Inventory 7.9

Summary Statistics

Closed Sales

Paid in Cash

$183,154

February 2014

189New Pending Sales

New Listings

Median Sale Price

February 2013Percent Change

Year-over-Year

62 38 63.2%

197 148 33.1%

156 21.2%

$158,500 $165,500 -4.2%

433 359 20.6%

$181,443 0.9%

84 118 -28.8%

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.

October 2013 237

September 2013 224

August 2013 330

March 2013 249

February 2013 148

July 2013 278

June 2013 276

2.8%

May 2013 306

April 2013 259

37.2%

46.3%

28.4%

3.5%

19.8%

28.7%

6.6%

36.4%

January 2014 185 33.1%

18.8%

10.2%

December 2013 247

November 2013 206

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

Monthly Market Detail - February 2014

Tallahassee MSA Single Family Homes

0

100

200

300

400

Clo

sed

Sal

es

2010 2011 2012 2013

Closed Sales The number of sales transactions which closed during the month



Month Cash SalesPercent Change

Year-over-Year

February 2014 62 63.2%

January 2014 57 111.1%

December 2013 69 15.0%

November 2013 63 3.3%

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.

October 2013 56 -28.2%

September 2013 61 7.0%

August 2013 63 5.0%

July 2013 71 69.0%

June 2013 65 1.6%

May 2013 74 32.1%

April 2013 67 91.4%

March 2013 67 42.6%

February 2013 38 -5.0%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

February 2014 31.5% 22.6%

January 2014 30.8% 58.6%

December 2013 27.9% -3.2%

November 2013 30.6% -6.2%

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.

October 2013 23.6% -30.6%

September 2013 27.2% -10.7%

August 2013 19.1% -23.0%

July 2013 25.5% 31.3%

June 2013 23.6% -4.7%

May 2013 24.2% -3.7%

April 2013 25.9% 30.8%

March 2013 26.9% 11.1%

February 2013 25.7% -7.6%

0%

10%

20%

30%

40%

Pct

. of

Clo

sed

Sa

les

Pai

d in

Cas

h


0

20

40

60

80

100

Cas

h S

ale

s



2010 2011 2012 2013


Cash Sales The number of Closed Sales during the month in which buyers exclusively paid in cash

2010 2011 2012 2013

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



Month

MonthPercent Change

Year-over-YearNew Listings

9.7%394January 2014

20.6%433February 2014

4.5%

-13.3%

21.2%

12.9%

18.3%

30.6%

29.0%347November 2013

29.5%285December 2013

-1.9%359February 2013

11.4%458March 2013

-4.1%419April 2013

18.3%478May 2013

10.1%448

254

228

209

156

9.5%

5.6%

21.2%441

23.4%417

27.6%375

18.6%369

-8.7%

-4.5%

-4.5%

2.6%

-25.7%

162

Percent Change

Year-over-YearNew Pending Sales

189

157

181

189

168

211

237

179

February 2014

January 2014

December 2013

November 2013

October 2013Economists' 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.

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.

April 2013

March 2013

February 2013

September 2013

August 2013

July 2013

June 2013

May 2013

June 2013

July 2013

August 2013

September 2013

October 2013



100

200

300

400

500

600

700

Ne

w L

isti

ngs

0

100

200

300

400

Pe

nd

ing

Sale

s


2010 2011 2012 2013


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

2010 2011 2012 2013

New Listings The number of properties put onto the market during the month



January 2014 $172,000 5.2%

Median Sale PricePercent Change

Year-over-Year

February 2014 $158,500 -4.2%

Month

December 2013 $164,000 -3.5%

November 2013 $163,000 -0.7%

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.

October 2013 $176,500 13.9%

September 2013 $175,000 7.6%

August 2013 $175,500 13.2%

July 2013 $180,000 5.9%

June 2013 $171,000 4.9%

May 2013 $182,500 14.1%

April 2013 $165,000 6.5%

January 2014 $176,055 -11.4%

March 2013 $169,000 1.2%

February 2013 $165,500 0.9%

Average Sale PricePercent Change

Year-over-Year

February 2014 $183,154 0.9%

Month

December 2013 $188,953 -10.2%

November 2013 $200,629 5.8%

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.

October 2013 $192,587 8.2%

September 2013 $189,345 8.5%

August 2013 $198,106 13.2%

July 2013 $205,452 2.1%

June 2013 $195,183 0.3%

May 2013 $203,298 19.0%

April 2013 $202,127 4.7%

March 2013 $180,990 -3.9%

February 2013 $181,443 -4.9%

$160K

$180K

$200K

$220K

$240K

Ave

rage

Sal

e

Pri

ce


$130K

$150K

$170K

$190K

$210K

Me

dia

n S

ale

Pri

ce



2010 2011 2012 2013


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

2010 2011 2012 2013

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



January 2014 69 -25.8%

Median Days on

Market

Percent Change

Year-over-Year

February 2014 84 -28.8%

Month

December 2013 70 -38.1%

November 2013 73 -18.0%

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.

October 2013 73 -25.5%

September 2013 69 -33.7%

August 2013 63 -33.7%

July 2013 49 -43.7%

June 2013 65 -18.8%

May 2013 71 -15.5%

April 2013 63 -25.0%

January 2014 93.3% 3.3%

March 2013 86 -22.5%

February 2013 118 4.4%

Avg. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

February 2014 90.8% 1.5%

Month

December 2013 91.1% 0.1%

November 2013 90.8% 1.1%

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.

October 2013 91.0% 2.4%

September 2013 92.1% 1.8%

August 2013 93.3% 3.2%

July 2013 93.1% 2.4%

June 2013 93.5% 3.8%

May 2013 92.5% 2.8%

April 2013 92.3% 1.8%

March 2013 91.7% 1.8%

February 2013 89.5% 1.5%

75%

80%

85%

90%

95%

Avg

. Pct

. o

f O

rig.

Li

st P

rice

R

ece

ive

d


0

50

100

150

200

Me

dia

n D

ays

on

M

arke

t



2010 2011 2012 2013


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

2010 2011 2012 2013

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



January 2014 1,911 3.3%

InventoryPercent Change

Year-over-Year

February 2014 1,971 5.3%

Month

December 2013 1,879 2.8%

November 2013 1,975 2.5%

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.

October 2013 2,009 2.8%

September 2013 2,031 0.3%

August 2013 2,023 -2.3%

July 2013 2,022 -5.9%

June 2013 2,065 -7.2%

May 2013 1,984 -11.7%

April 2013 1,966 -12.3%

January 2014 7.8 -15.6%

March 2013 1,950 -10.3%

February 2013 1,872 -11.6%

Months SupplyPercent Change

Year-over-Year

February 2014 7.9 -15.3%

Month

December 2013 7.8 -15.0%

November 2013 8.3 -16.1%

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.

October 2013 8.5 -16.5%

September 2013 8.6 -21.2%

August 2013 8.7 -22.4%

July 2013 9.0 -24.5%

June 2013 9.4 -22.7%

May 2013 9.1 -27.7%

April 2013 9.3 -26.1%

March 2013 9.5 -21.5%

February 2013 9.3 -21.1%

1,700

2,200

2,700

3,200

Inve

nto

ry



2010 2011 2012 2013


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

6.0

8.0

10.0

12.0

14.0

16.0

Mo

nth

s Su

pp

ly o

f In

ven

tory

2010 2011 2012 2013

Months Supply of Inventory An estimate of the number of months it will take to deplete the current Inventory given recent sales rates




$600,000 - $999,999 32 N/A

$1,000,000 or more (No Sales) N/A

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.

$150,000 - $199,999 90 -38.4%

$200,000 - $249,999 66 -50.7%

$250,000 - $299,999

$400,000 - $599,999 89 102.3%

75 -7.4%

$300,000 - $399,999 62 -31.1%

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.

Sale PriceMedian Days on

Market

Percent Change

Year-over-Year

Less than $50,000 88 35.4%

$1,000,000 or more 0 N/A

$250,000 - $299,999 19 35.7%

$300,000 - $399,999 15 87.5%

$50,000 - $99,999 101 -14.4%

$100,000 - $149,999

$400,000 - $599,999 9 0.0%

$600,000 - $999,999 3 N/A

94 -28.8%

$150,000 - $199,999 35 9.4%

$200,000 - $249,999 24 33.3%

$100,000 - $149,999 38 15.2%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 22 69.2%

$50,000 - $99,999 32 52.4%

0 20 40 60 80

100 120 140 160

Less than $50,000

$50,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000 - $249,999

$250,000 - $299,999

$300,000 - $399,999

$400,000 - $599,999

$600,000 - $999,999

$1,000,000 or more

Me

dia

n D

ays

on

Mar

ket

February 2013 February 2014

0 20 40 60 80 100 120 140 160

0 5

10 15 20 25 30 35 40

Less than $50,000

$50,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000 - $249,999

$250,000 - $299,999

$300,000 - $399,999

$400,000 - $599,999

$600,000 - $999,999

$1,000,000 or more

Clo

sed

Sal

es


0 5 10 15 20 25 30 35 40



Closed Sales by Sale Price The number of sales transactions which closed during the month

Median Days on Market by Sale Price The median number of days that properties sold during the month were on the market



$600,000 - $999,999 60 -1.6%

$1,000,000 or more 19 -5.0%

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.

$150,000 - $199,999 363 27.8%

$200,000 - $249,999 219 -1.4%

$250,000 - $299,999 178 4.7%

$300,000 - $399,999 196 4.3%

$400,000 - $599,999 118 -0.8%

$50,000 - $99,999 342 3.0%

$100,000 - $149,999 345 -7.8%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 131 28.4%

$600,000 - $999,999 12 50.0%

$1,000,000 or more 0 -100.0%

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.

$150,000 - $199,999 88 23.9%

$200,000 - $249,999 49 22.5%

$250,000 - $299,999 48 23.1%

$300,000 - $399,999 46 -4.2%

$400,000 - $599,999 20 -33.3%

$50,000 - $99,999 70 52.2%

$100,000 - $149,999 68 3.0%

Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 32 255.6%

0 50

100 150 200 250 300 350 400

Less than $50,000

$50,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000 - $249,999

$250,000 - $299,999

$300,000 - $399,999

$400,000 - $599,999

$600,000 - $999,999

$1,000,000 or more

Inve

nto

ry


0 50 100 150 200 250 300 350 400

0

20

40

60

80

100

Less than $50,000

$50,000 - $99,999

$100,000 - $149,999

$150,000 - $199,999

$200,000 - $249,999

$250,000 - $299,999

$300,000 - $399,999

$400,000 - $599,999

$600,000 - $999,999

$1,000,000 or more

Ne

w L

isti

ngs


0

20

40

60

80

100



New Listings by Initial Listing Price The number of properties put onto the market during the month

Inventory by Current Listing Price The number of property listings active at the end of the month

Closed Sales

Median Sale Price

Closed Sales

Median Sale Price

Closed Sales

Median Sale Price

A

M

J

J

A

S

O

N

D

J

F

M

A

M

J

J



Short Sale

6 25 -76.0%

$152,500 $166,700 -8.5%

Foreclosure/REO

66 30 120.0%

$87,750 $87,335 0.5%

February 2014 February 2013Percent Change

Year-over-Year

Traditional

125 93 34.4%

$189,000 $195,000 -3.1%

$0

$50,000

$100,000

$150,000

$200,000

$250,000

Me

dia

n S

ale

Pri

ce

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Clo

sed

Sal

es

Traditional Foreclosure/REO Short Sale

2010 2011 2012 2013



Monthly Distressed Market - February 2014


2010 2011 2012 2013

monthly market detail - february 2014 single family homes … stats/2014... · 2014. 3. 20. ·...

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