monthly market detail - may 2015 single family homes ... stats/2015/may...february 2015 431 -0.5%...

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 Monday, June 22, 2015. Next data release is Wednesday, July 22, 2015.

April 2015 334 29.0%

35.3%

10.2%

March 2015 349

February 2015 217

2.7%

34.8%

13.5%

26.3%

7.8%

-1.3%

August 2014 300

July 2014 334

-9.1%

20.1%

25.0%

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.

January 2015 190

December 2014 333

November 2014 222

June 2014 345

May 2014 302

October 2014 269

September 2014 283

$191,623 17.9%

59 66 -10.6%

310 1.6%

$186,550 $170,000 9.7%

494 561 -11.9%

May 2014Percent Change

Year-over-Year

73 86 -15.1%

346 302 14.6%

Summary Statistics

Closed Sales

Paid in Cash

$225,981

May 2015

315New Pending Sales

New Listings

Median Sale Price

May 2015

Average Sale Price

Median Days on Market

94.8%

271

Average Percent of Original List

Price Received

Pending Inventory

Inventory (Active Listings)

Month

1,975

Months Supply of Inventory 6.7

1.7%

248 9.3%

Percent Change

Year-over-Year

14.6%

2,224 -11.2%

Closed Sales

346

93.2%

8.9 -24.4%

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

Monthly Market Detail - May 2015

Tallahassee MSA Single Family Homes

0

100

200

300

400

Clo

sed

Sal

es

2011 2012 2013 2014

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



June 2014 28.1% 19.4%

May 2014 28.5% 17.8%

August 2014 31.3% 64.1%

July 2014 24.6% -3.9%

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.

January 2015 34.7% 12.7%

December 2014 26.1% -6.5%

November 2014 23.9% -21.9%

October 2014 29.0% 22.7%

September 2014 26.9% -1.4%

March 2015 29.2% 1.9%

February 2015 23.0% -26.8%

May 2015 21.1% -25.9%

April 2015 29.0% 10.6%

May 2014 86 16.2%

MonthPercent of Closed

Sales Paid in Cash

Percent Change

Year-over-Year

July 2014 82 15.5%

June 2014 97 49.2%

September 2014 76 24.6%

August 2014 94 49.2%

February 2015 50 -19.4%

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.

January 2015 66 15.8%

December 2014 87 26.1%

November 2014 53 -15.9%

October 2014 78 39.3%

April 2015 97 42.6%

March 2015 102 37.8%

Month Cash SalesPercent Change

Year-over-Year

May 2015 73 -15.1%

6%

16%

26%

36%

46%

Pct

. of

Clo

sed

Sa

les

Pai

d in

Cas

h


0

20

40

60

80

100

120

Cas

h S

ale

s



2011 2012 2013 2014


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

2011 2012 2013 2014

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



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.

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

June 2014

May 2014

December 2014

November 2014

October 2014

September 2014

August 2014

September 2014

October 2014

November 2014

December 2014

January 2015

May 2015

April 2015

March 2015

February 2015

January 2015 180

223

190

243

191

234

Percent Change

Year-over-YearNew Pending Sales

315

276

278

14.6%

23.2%

17.3%

28.6%

13.7%

7.2%402

253

243

272

310

19.9%

2.5%

8.4%400

-11.2%308

7.0%305

8.5%423

8.4%478July 2014

5.0%438August 2014

17.4%561May 2014

8.7%487June 2014

-0.5%431February 2015

1.0%526March 2015

Month

MonthPercent Change

Year-over-YearNew Listings

13.7%572April 2015

-11.9%494May 2015

52.0%

22.0%

1.6%

27.2%

30.5%

23.8%



100

200

300

400

500

600

Ne

w L

isti

ngs

0

100

200

300

400

Pe

nd

ing

Sale

s


2011 2012 2013 2014


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

2011 2012 2013 2014

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



June 2014 $198,233 1.6%

May 2014 $191,623 -5.7%

August 2014 $198,877 0.4%

July 2014 $199,460 -2.9%

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.

January 2015 $195,145 10.8%

December 2014 $201,011 6.4%

November 2014 $184,298 -8.1%

October 2014 $189,734 -1.5%

September 2014 $208,142 9.9%

March 2015 $187,770 -0.4%

February 2015 $205,452 12.2%

April 2015 $212,976 21.2%

June 2014 $168,750 -1.3%

May 2014 $170,000 -6.8%

Average Sale PricePercent Change

Year-over-Year

May 2015 $225,981 17.9%

Month

August 2014 $169,975 -3.1%

July 2014 $172,750 -4.0%

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.

January 2015 $160,000 -7.0%

December 2014 $175,500 7.0%

November 2014 $165,000 1.2%

October 2014 $166,000 -5.9%

September 2014 $184,500 5.4%

March 2015 $172,900 8.9%

February 2015 $169,900 7.2%

April 2015 $170,000 7.9%

Median Sale PricePercent Change

Year-over-Year

May 2015 $186,550 9.7%

Month

$160K

$180K

$200K

$220K

$240K

Ave

rage

Sal

e

Pri

ce


$130K

$140K

$150K

$160K

$170K

$180K

$190K

Me

dia

n S

ale

Pri

ce



2011 2012 2013 2014


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

2011 2012 2013 2014

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



June 2014 93.7% 0.2%

May 2014 93.2% 0.8%

August 2014 92.5% -0.9%

July 2014 92.5% -0.6%

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.

January 2015 90.3% -3.2%

December 2014 90.5% -0.7%

November 2014 91.3% 0.6%

October 2014 92.3% 1.4%

September 2014 92.6% 0.5%

March 2015 92.0% 0.4%

February 2015 92.0% 1.3%

April 2015 92.7% 0.9%

June 2014 57 -12.3%

May 2014 66 -7.0%

Avg. Pct. of Orig. List

Price Received

Percent Change

Year-over-Year

May 2015 94.8% 1.7%

Month

August 2014 67 6.3%

July 2014 77 57.1%

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.

January 2015 85 23.2%

December 2014 84 20.0%

November 2014 83 13.7%

October 2014 67 -8.2%

September 2014 78 13.0%

March 2015 90 20.0%

February 2015 90 7.1%

April 2015 64 -7.2%

Median Days on

Market

Percent Change

Year-over-Year

May 2015 59 -10.6%

Month

75%

80%

85%

90%

95%

100%

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



2011 2012 2013 2014


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

2011 2012 2013 2014

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



June 2014 8.6 -7.7%

May 2014 8.9 -1.7%

August 2014 8.2 -5.0%

July 2014 8.3 -7.1%

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.

January 2015 6.8 -11.3%

December 2014 6.7 -14.4%

November 2014 7.3 -11.7%

October 2014 7.6 -9.9%

September 2014 7.9 -8.5%

March 2015 6.9 -16.3%

February 2015 6.9 -12.9%

April 2015 7.1 -17.9%

June 2014 2,209 7.0%

May 2014 2,224 12.1%

Months SupplyPercent Change

Year-over-Year

May 2015 6.7 -24.4%

Month

August 2014 2,126 5.1%

July 2014 2,168 7.2%

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.

January 2015 1,862 -0.9%

December 2014 1,823 -3.0%

November 2014 1,952 -1.2%

October 2014 2,029 1.0%

September 2014 2,069 1.9%

March 2015 1,966 -5.1%

February 2015 1,900 -3.6%

April 2015 2,054 -5.0%

InventoryPercent Change

Year-over-Year

May 2015 1,975 -11.2%

Month

1,700

1,900

2,100

2,300

2,500

2,700

Inve

nto

ry



2011 2012 2013 2014


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

5.0

7.0

9.0

11.0

13.0

15.0

17.0

Mo

nth

s Su

pp

ly o

f In

ven

tory

2011 2012 2013 2014

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




$100,000 - $149,999 55 3.8%

Sale Price Closed SalesPercent Change

Year-over-Year

Less than $50,000 16 -46.7%

$50,000 - $99,999 36 -18.2%

$150,000 - $199,999 91 49.2%

$200,000 - $249,999 44 0.0%

$50,000 - $99,999 85 7.6%

$100,000 - $149,999

$400,000 - $599,999 21 23.5%

$600,000 - $999,999 5 25.0%

58 -12.1%

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 $50,000 105 45.8%

$1,000,000 or more 2 N/A

$250,000 - $299,999 33 17.9%

$300,000 - $399,999 43 104.8%

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 62 -10.1%

$200,000 - $249,999 64 -9.9%

$250,000 - $299,999

$400,000 - $599,999 33 -41.1%

43 -29.5%

$300,000 - $399,999 50 -3.8%

$600,000 - $999,999 141 354.8%

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

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

May 2014 May 2015

0 20 40 60 80 100 120 140 160

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

Clo

sed

Sal

es

May 2014 May 2015

0

20

40

60

80

100



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



Initial Listing Price New ListingsPercent Change

Year-over-Year

Less than $50,000 23 -4.2%

$50,000 - $99,999 64 16.4%

$100,000 - $149,999 78 -3.7%

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 92 -17.9%

$200,000 - $249,999 56 -22.2%

$250,000 - $299,999 55 -24.7%

$300,000 - $399,999 70 7.7%

$400,000 - $599,999 43 -15.7%

$600,000 - $999,999 9 -62.5%

$1,000,000 or more 4 0.0%

Current Listing Price InventoryPercent Change

Year-over-Year

Less than $50,000 119 -11.9%

$50,000 - $99,999 265 -16.1%

$100,000 - $149,999 334 -6.4%

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 - $199,999 361 -13.0%

$200,000 - $249,999 212 -17.2%

$250,000 - $299,999 208 -13.7%

$300,000 - $399,999 218 -2.7%

$400,000 - $599,999 164 -8.4%

$600,000 - $999,999 70 -9.1%

$1,000,000 or more 24 0.0%

0 50

100 150 200 250 300 350 400 450

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

May 2014 May 2015

0 50 100 150 200 250 300 350 400 450

0

20

40

60

80

100

120

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

May 2014 May 2015

0

20

40

60

80

100

120



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



May 2015 May 2014Percent Change

Year-over-Year

Traditional

275 209 31.6%

$198,950 $200,000 -0.5%

Foreclosure/REO

67 79 -15.2%

$96,400 $82,200 17.3%

Short Sale

4 14 -71.4%

$209,250 $97,000 115.7%

$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

2011 2012 2013 2014



Monthly Distressed Market - May 2015


2011 2012 2013 2014

monthly market detail - may 2015 single family homes ... stats/2015/may...february 2015 431 -0.5%...

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