march 2013 housing report
DESCRIPTION
A comprehensive report on the Northern Colorado real estate market including stats, graphs, & commentary. Residential Market Statistics for single family detached and attached homes provided by IRES. Please note that IRES no longer includes "to be built" and "under construction listings. For more information please call 223-2900TRANSCRIPT
February 2013 Activity Snapshot
One-Year Change in One-Year Change inSold Listings Days on Market
2346789
101112
Click on desired metric to jump to that page.
rketing.
Average Sales PricePercent of List Price Received
Housing Affordability IndexGlossary of Terms
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing.
Monthly Indicators
+ 47.2% - 11.5% + 9.8%One-Year Change in
The sun is shining brighter for longer, the birds are chirping a bit louder and people have a renewed spring in their step. And then there's the climate. Home buyers and sellers are readying themselves for an exciting spring market. Buyers are motivated by an attractive affordability environment, while more and more sellers are receiving near top dollar for their home. We've come a long way over the past 12 to 18 months but we're not there yet. Here's how February stacked up.
New Listings increased 1.5 percent to 342. Pending Sales were down 76.0 percent to 69. Inventory levels were at 1,026 units.
Prices reached for the clouds. The Median Sales Price increased 9.8 percent to $230,500. Days on Market was down 11.5 percent to 115 days. Months Supply of Inventory was at 3.4 months.
A few consumers may feel less confident due to Washington's latest self-inflicted crisis. Others would advise not to read the news in the first place. The fact is, the economy continues to grow, but at a snail's pace. Sequestration is more of a nuisance than a real threat to recovery; and there's significant pent–up demand from renters, first-timers, parents' basementers and investors to counteract it.
Percent changes calculated using year-over-year comparisons.
Median Sales Price
Residential real estate activity in Area 9, comprised of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.
Market OverviewNew Listings
Days on Market Until Sale
Pending SalesSold ListingsMedian Sales Price
Market Overview
Key Metrics Historical Sparkbars 2-2012 2-2013 Percent Change YTD 2012 YTD 2013 Percent Change
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 2
+ 0.6%
Days on Market 130 115 - 11.5% 136 108 - 20.6%
Pct. of List Price Received 97.7% 98.2% + 0.5% 97.5% 98.1%
- 4.2%
-- --
Affordability Index 166 160 - 3.6% 166 159
Months Supply -- 3.4 -- --Not enough historical data for chart
Active Listings -- 1,026 -- -- --
+ 11.0%
Average Sales Price $232,717 $269,584 + 15.8% $236,883 $270,872 + 14.3%
Median Sales Price $210,000 $230,500 + 9.8% $210,000 $233,125
412 + 40.6%
Under Contract -- -- -- -- --Not enough historical data for chart
--Not enough historical data for chart
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
New Listings 337 342 + 1.5% 649 + 7.6%
Pending Sales 287 69 - 76.0% 498 288 - 42.2%
603
--
Sold Listings 144 212 + 47.2% 293
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
2-2010 2-2011 2-2012 2-2013
New Listings
Prior Year
March 2012 460 459 +0.2%
April 2012 476 475 +0.2%
May 2012 511 429 +19.1%
June 2012 473 496 -4.6%
July 2012 471 387 +21.7%
August 2012 418 355 +17.7%
September 2012 303 296 +2.4%
October 2012 330 245 +34.7%
November 2012 241 179 +34.6%
December 2012 159 166 -4.2%
January 2013 307 266 +15.4%
February 2013 342 337 +1.5%
12-Month Avg 374 341 +9.7%
Historical New Listings by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 3
A count of the properties that have been newly listed on the market in a given month.
New Listings
Percent Change from
Prior Year
319 337 342
2011 2012 2013
February
100
200
300
400
500
600
700
1-2009 1-2010 1-2011 1-2012 1-2013
568 603
649
2011 2012 2013
Year to Date
+ 7.6% + 5.6% + 1.5% + 6.2% - 32.1% - 36.5%
Pending Sales
Prior Year
March 2012 332 291 +14.1%
April 2012 378 300 +26.0%
May 2012 395 338 +16.9%
June 2012 385 297 +29.6%
July 2012 361 295 +22.4%
August 2012 286 253 +13.0%
September 2012 273 191 +42.9%
October 2012 259 204 +27.0%
November 2012 219 191 +14.7%
December 2012 178 151 +17.9%
January 2013 219 211 +3.8%
February 2013 69 287 -76.0%
12-Month Avg 280 251 +11.6%
Historical Pending Sales by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 4
A count of the properties on which offers have been accepted in a given month.
Pending Sales
Percent Change from
Prior Year
230
287
69
2011 2012 2013
February
0
100
200
300
400
500
1-2009 1-2010 1-2011 1-2012 1-2013
414
498
288
2011 2012 2013
Year to Date
- 42.2% + 24.8% - 76.0% + 20.3% - 3.8% - 9.0%
Sold Listings
Prior Year
March 2012 280 217 +29.0%
April 2012 287 239 +20.1%
May 2012 374 337 +11.0%
June 2012 419 338 +24.0%
July 2012 400 319 +25.4%
August 2012 383 307 +24.8%
September 2012 308 238 +29.4%
October 2012 276 211 +30.8%
November 2012 267 200 +33.5%
December 2012 222 212 +4.7%
January 2013 200 149 +34.2%
February 2013 212 144 +47.2%
12-Month Avg 302 243 +24.3%
Historical Sold Listings by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 5
A count of the actual sales that closed in a given month.
Sold Listings
Percent Change from
Prior Year
145 144
212
2011 2012 2013
February
100
200
300
400
500
1-2009 1-2010 1-2011 1-2012 1-2013
278 293
412
2011 2012 2013
Year to Date
+ 40.6% - 0.7% + 47.2% + 5.4% - 19.0% - 7.9%
Median Sales Price
Prior Year
March 2012 $223,551 $199,900 +11.8%
April 2012 $231,620 $210,000 +10.3%
May 2012 $221,750 $218,000 +1.7%
June 2012 $224,500 $223,625 +0.4%
July 2012 $228,000 $227,413 +0.3%
August 2012 $226,350 $209,650 +8.0%
September 2012 $233,750 $215,000 +8.7%
October 2012 $229,950 $215,000 +7.0%
November 2012 $232,000 $217,250 +6.8%
December 2012 $228,750 $211,000 +8.4%
January 2013 $240,500 $206,200 +16.6%
February 2013 $230,500 $210,000 +9.8%
12-Month Avg* $229,188 $215,000 +6.6%
Historical Median Sales Price by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 6
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
* Average Median Sales Price of all properties from March 2012 through February 2013. This is not the average of the individual figures above.
Percent Change from
Prior Year
$210,000 $210,000 $230,500
2011 2012 2013
February
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
$250,000
1-2009 1-2010 1-2011 1-2012 1-2013
$218,450 $210,000
$233,125
2011 2012 2013
Year to Date
+ 11.0% 0.0% + 9.8% - 3.9% - 6.7% + 0.6%
Average Sales Price
Prior Year
March 2012 $266,687 $230,713 +15.6%
April 2012 $257,289 $239,823 +7.3%
May 2012 $248,024 $246,406 +0.7%
June 2012 $263,626 $255,628 +3.1%
July 2012 $255,812 $254,456 +0.5%
August 2012 $259,649 $244,439 +6.2%
September 2012 $263,617 $263,869 -0.1%
October 2012 $267,362 $249,906 +7.0%
November 2012 $259,893 $259,647 +0.1%
December 2012 $261,594 $251,023 +4.2%
January 2013 $272,238 $240,909 +13.0%
February 2013 $269,584 $232,717 +15.8%
12-Month Med* $261,179 $248,411 +5.1%
Historical Average Sales Price by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 7
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Average Sales Price
* Average Sales Price of all properties from March 2012 through February 2013. This is not the average of the individual figures above.
Percent Change from
Prior Year
$250,153 $232,717
$269,584
2011 2012 2013
February
$220,000
$230,000
$240,000
$250,000
$260,000
$270,000
$280,000
1-2009 1-2010 1-2011 1-2012 1-2013
$247,531 $236,883
$270,872
2011 2012 2013
Year to Date
+ 14.3% - 7.0% + 15.8% - 4.3% + 1.7% + 4.3%
Percent of List Price Received
Prior Year
March 2012 98.2% 97.9% +0.3%
April 2012 97.8% 97.5% +0.3%
May 2012 98.4% 97.9% +0.5%
June 2012 98.6% 97.6% +1.0%
July 2012 98.7% 97.5% +1.2%
August 2012 98.2% 97.6% +0.6%
September 2012 98.3% 97.1% +1.2%
October 2012 98.3% 97.6% +0.7%
November 2012 98.2% 97.0% +1.2%
December 2012 97.5% 98.1% -0.6%
January 2013 98.0% 97.2% +0.8%
February 2013 98.2% 97.7% +0.5%
12-Month Avg* 98.3% 97.6% +0.7%
Historical Percent of List Price Received by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 8
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.
Pct. of List Price Received
* Pct. of List Price Received of all properties from March 2012 through February 2013. This is not the average of the individual figures above.
Percent Change from
Prior Year
97.7% 97.7% 98.2%
2011 2012 2013
February
96.0%
96.5%
97.0%
97.5%
98.0%
98.5%
99.0%
1-2009 1-2010 1-2011 1-2012 1-2013
97.2% 97.5% 98.1%
2011 2012 2013
Year to Date
+ 0.6% 0.0% + 0.5% + 0.3% 0.0% - 0.3%
Days on Market Until Sale
Prior Year
March 2012 124 133 -6.8%
April 2012 107 117 -8.5%
May 2012 89 125 -28.8%
June 2012 91 109 -16.5%
July 2012 85 102 -16.7%
August 2012 91 101 -9.9%
September 2012 92 109 -15.6%
October 2012 107 113 -5.3%
November 2012 97 117 -17.1%
December 2012 101 125 -19.2%
January 2013 100 142 -29.6%
February 2013 115 130 -11.5%
12-Month Avg* 98 116 -15.5%
Historical Days on Market Until Sale by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 9
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 for all properties from March 2012 through February 2013. This is not the average of the individual figures above.
Percent Change from
Prior Year
120 130
115
2011 2012 2013
February
80
90
100
110
120
130
140
150
1-2009 1-2010 1-2011 1-2012 1-2013
131 136
108
2011 2012 2013
Year to Date
- 20.6% + 8.3% - 11.5% + 3.8% + 0.8% + 9.2%
Housing Affordability Index
Prior Year
March 2012 156 159 -1.9%
April 2012 154 154 0.0%
May 2012 162 152 +6.6%
June 2012 161 150 +7.3%
July 2012 161 147 +9.5%
August 2012 161 162 -0.6%
September 2012 160 161 -0.6%
October 2012 161 160 +0.6%
November 2012 161 160 +0.6%
December 2012 164 164 0.0%
January 2013 158 168 -6.0%
February 2013 160 166 -3.6%
12-Month Avg 160 160 0.0%
Historical Housing Affordability Index by Month
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 10
This index measures housing affordability for the region. 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
Percent Change from
Prior Year
152 166 160
2011 2012 2013
February
130
140
150
160
170
1-2009 1-2010 1-2011 1-2012 1-2013
147 166 159
2011 2012 2013
Year to Date
- 4.2% + 9.2% - 3.6% + 12.9% + 11.8% + 4.3%
Glossary of Terms
New Listings
Pending Sales
Under Contract Activity
Sold Listings
Median Sales Price
Average Sales Price
Percent of List Price Received
Days on Market Until Sale
Housing Affordability Index
Active Listings
Months Supply of Inventory
A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices.
A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer's market has a higher number, reflecting fewer buyers relative to homes for sale. A seller's market has a lower number, reflecting more buyers relative to homes for sale.
A research tool provided by the Colorado Association of REALTORS®
A measure of how much new supply is coming onto the market from sellers. In other words, a month's New Listings are those listings with a system list date from the first day of the month through the last day of the month.
A count of all the listings that went into Pending during the reported period. Pending listings are counted at the end of the reported period. Each listing can only be counted one time. If a listing goes into Pending, out of Pending, then back into Pending all in one reported period, this listing would only be counted once. This is the most real-time measure possible for home buyer activity, as it measures signed contracts on sales rather than the actual closed sale. As such, it is called a "leading indicator" of buyer demand.
A count of all listings Under Contract during the reported period. Listings that go Under Contract are counted each day. There is no maximum number of times a listing can be counted as Under Contract. For example, if a listing goes into Under Contract, out of Under Contract, then back into Under Contract all in one reported period, this listing would be counted twice.
A measure of home sales that were closed to completion during the report period.
A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point.
A sum of all home sales prices divided by total number of sales.
A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.
A sum of all home sales prices divided by total number of sales.
A measure of how affordable a region’s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price and average income by county.
Current as of March 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 11