REAL ESTATE MARKET REPORT
INTERIOR MARKET REPORT
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Sunday, November 30
2014
TABLE OF CONTENTS
Charts and Commentary ………………………………………………..
Market Summary Table
………………………………………………..
Glossary
………………………………………………………………...
Traci Schachle
Somers & Associates REALTORS, Inc.
711 Gaffney Road Suite 100
Fairbanks, Alaska 99701
www.TraciSchachle.com
[email protected]
907-322-0228
http://www.facebook.com/alaskarealtor
www.linkedin.com/in/tracischachle
https://twitter.com/realestateinak
http://www.youtube.com/AKRealEstateGirls
Real Market Reports
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Pages 1-2
Page 3
Page 4
REAL ESTATE MARKET REPORT
INTERIOR MARKET REPORT
Sunday, November 30, 2014
Traci Schachle
Somers & Associates REALTORS, Inc.
[email protected]
907-322-0228
Let's take a look
The pending ratio indicates the supply
& demand of the market. Specifically,
a high ratio means that listings are in
demand and quickly going to contract.
Alternatively, a low ratio means there
are not enough qualified buyers for the
existing supply.
at the real estate market. Currently
there are 110 sales pending in the
market overall, leaving 345 listings still
for sale. The resulting pending ratio is
24.2% (110 divided by 455). So you
might be asking yourself, that's great...
but what exactly does it mean? I'm
glad you asked!
"Current inventory is described
as mildly active."
Taking a closer look, we notice that
the $200K - $250K price range has a
relatively large number of contracts
pending sale.
We also notice that the $150K - $200K
price range has a relatively large
inventory of properties for sale at 78
listings. The median list price (or
asking price) for all properties in this
market is $199,000.
Number of Listings For Sale vs. Pending Contract
Properties For Sale
Contracts Pending
Interior Market Report
90
Updated 11/30/2014, RealMarketReports.com
Copyright © Traci Schachle
80
70
60
50
40
30
20
10
Num Sold vs. Off-Market (Last 6 mos.)
Sold
Off-Market
Interior Market Report
160
Updated 11/30/2014, RealMarketReports.com
Copyright © Traci Schachle
140
120
100
80
60
40
20
Real Market Reports
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1
$700K
$650K
$600K
$550K
$500K
$450K
$400K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
0
$700K
$650K
$600K
$550K
$500K
$450K
$400K
$350K
$300K
$250K
$200K
$150K
$0K
$50K
$100K
0
A total of 556 contracts have closed in
the last 6 months with a median sold
price of $221,500. Breaking it down,
we notice that the $200K - $250K price
range contains the highest number of
sold listings.
Alternatively, a total of 418 listings
have failed to sell in that same period
of time. Listings may fail to sell for
many reasons such as being priced
too high, having been inadequately
marketed, the property was in poor
condition, or perhaps the owner had
second thoughts about selling at this
particular time. The $200K - $250K
price range has the highest number of
off-market listings at 93 properties.
Market Dashboard
REAL ESTATE MARKET REPORT
INTERIOR MARKET REPORT
Sunday, November 30, 2014
Traci Schachle
Somers & Associates REALTORS, Inc.
[email protected]
907-322-0228
Looking at the chart to the right, you
might be wondering why average days
on market (DOM) is important. This is
a useful measurement because it can
help us to determine whether we are
in a buyer's market (indicated by high
DOM), or a seller's market (indicated
by low DOM).
Active listings
(properties for sale) have been on the
market for a median time of 93 days.
Median Days on Market (DOM)
Sold
For Sale
Interior Market Report
250
Updated 11/30/2014, RealMarketReports.com
Copyright © Traci Schachle
200
150
100
Analysis of sold properties for the last
six months reveals a median sold
price of $221,500 and 33 days on
market. Notice that properties in the
$550K - $600K price range have sold
quickest over the last six months.
50
The recent history of sales can be
seen in the two charts below. The
median sold price for the last 30 days
was $210,000 with a DOM of 73 days.
"The median list-to-sales ratio
for this area is 98.4%."
Since the recent DOM is greater than
the median DOM for the last 6 months,
it is a negative indicator for demand. It
is always important to realize that real
estate markets can fluctuate due to
many factors, including shifting interest
rates, the economy, or seasonal
changes.
Ratios are simple ways to express the
difference between two values such as
list price and sold price. In our case,
we typically use the list-to-sale ratio to
determine the percentage of the final
list price that the buyer ultimately paid.
It is a very common method to help
buyers decide how much to offer on a
property.
Median Sold Prices
Interior Market Report
$220K
$210K
Jun
Copyright © Traci Schachle
Updated 11/30/2014, RealMarketReports.com
Jul
Aug
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Sep
Oct
$700K
$650K
$600K
$550K
$500K
$450K
$400K
Interior Market Report
80
70
60
50
40
30
20
10
0
$230K
$190K
Analysis of the absorption rate
indicates an inventory of 3.7 months
based on the last 6 months of sales.
This estimate is often used to
determine how long it would take to
sell off the current inventory of
properties if all conditions remained
the same. It is significant to mention
that this estimate does not take into
consideration any additional properties
that will come onto the market in the
future.
Median Days on Market (Sold)
$240K
$200K
$350K
$300K
$250K
$200K
$150K
$100K
$50K
$0K
0
Nov
2
Copyright © Traci Schachle
Updated 11/30/2014, RealMarketReports.com
Jun
Jul
Aug
Sep
Oct
Nov
Market Dashboard
REAL ESTATE MARKET REPORT
INTERIOR MARKET REPORT
Sunday, November 30, 2014
Traci Schachle
Somers & Associates REALTORS, Inc.
[email protected]
907-322-0228
110
MARKET SUMMARY TABLE
A = Average Value
M = Median Value
N/A = Not Available
Price Range
345
Days
on
Market
Current
List
Price
Low
High
$0
$49,999
6
$50,000
$99,999
38
$100,000
$149,999
57
$150,000
$199,999
78
$200,000
$249,999
65
$250,000
$299,999
48
$300,000
$349,999
23
$350,000
$399,999
13
$400,000
$449,999
3
$450,000
$499,999
7
$500,000
$549,999
3
$550,000
$599,999
2
$600,000
$649,999
1
$650,000
$699,999
1
$700,000
+
0
0
345
110
A
164
$
44,567
M
111
$
44,250
A
211
$
80,456
M
120
$
79,250
A
119
$ 130,462
M
78
$ 134,900
A
115
$ 179,448
M
116
$ 179,000
A
116
$ 225,077
M
93
$ 224,900
A
160
$ 276,175
M
76
$ 274,950
A
99
$ 325,793
M
89
$ 324,900
A
151
$ 380,902
M
137
$ 379,000
A
63
$ 426,300
M
71
$ 425,000
A
147
$ 479,400
M
159
$ 475,000
A
26
$ 534,900
M
17
$ 529,900
A
110
$ 589,000
M
110
$ 589,000
A
42
$ 629,000
M
42
$ 629,000
A
221
$ 698,000
M
221
$ 698,000
OFF-MARKET (last 6 mos) [3]
556
ACTIVE [1]
Num
#
Market Totals
418
PENDING [2]
Num
#
Pend
Ratio
Num
#
Num
#
5
11
40
49
62
59
88
98
93
141
63
104
26
48
20
25
7
8
0
6
9
0
4
0
0
1
2
0
0
0
0
1
2
2
0
418
556
0
8
17%
18
24%
22
22%
27
29%
20
29%
7
23%
5
28%
3
50%
24%
ABSORPTION RATE
(months of inventory)
SOLD/CLOSED (last 6 months) [4]
Days
on
Market
Original
List
Price
Final
List
Price
Sold/
Closed
Price
ListSale
Ratio
A
76
$
47,474
$
40,183
$
37,838
94%
M
25
$
47,500
$
44,900
$
40,000
89%
A
110
$
82,200
$
74,761
$
71,714
96%
M
54
$
84,900
$
74,000
$
69,900
94%
99%
A
73
$ 136,017
$ 129,734
$ 128,988
M
36
$ 133,500
$ 130,000
$ 130,000 100%
A
76
$ 186,364
$ 179,369
$ 176,402
98%
M
42
$ 184,950
$ 178,750
$ 175,000
98%
A
48
$ 231,742
$ 228,262
$ 225,175
99%
M
28
$ 230,000
$ 229,500
$ 227,000
99%
A
66
$ 283,947
$ 278,861
$ 274,858
99%
M
37
$ 284,900
$ 279,900
$ 276,500
99%
A
57
$ 334,157
$ 327,956
$ 321,210
98%
M
34
$ 336,750
$ 329,900
$ 322,000
98%
A
52
$ 379,084
$ 374,888
$ 370,352
99%
M
21
$ 375,000
$ 375,000
$ 365,000
97%
A
45
$ 424,825
$ 419,825
$ 417,731 100%
M
48
$ 419,950
$ 417,450
$ 415,000
A
101
$ 495,489
$ 483,544
$ 469,667
97%
M
21
$ 489,900
$ 489,900
$ 471,000
96%
99%
A
10
$ 587,000
$ 587,000
$ 580,000
99%
M
10
$ 587,000
$ 587,000
$ 580,000
99%
A
29
$ 712,000
$ 712,000
$ 692,200
97%
M
29
$ 712,000
$ 712,000
$ 692,200
97%
3.3
4.7
5.8
4.8
2.8
2.8
2.9
3.1
2.3
4.7
6
3
3.7
Market Averages
133
$ 214,011
67
$ 232,046
$ 226,523
$ 222,937 98%
Market Medians
93
$ 199,000
33
$ 229,900
$ 225,000
$ 221,500 98%
Date Range (Off-Market & Sold) = 06/01/2014 to 11/30/2014
Data believed to be accurate but not guaranteed.
Est.
Mos.
Favors Sellers
Favors Buyers
Status = [1] ACTIVE; [2] PENDING; [3] WITHDRAWN, EXPIRED; [4] SOLD
Area = 10, 15, 20, 22, 25, 30, 35, 40, 45, 47, 50, 60, 65
Type = SINGLE FAMILY
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3
Market Summary Table
REAL ESTATE MARKET REPORT
INTERIOR MARKET REPORT
Sunday, November 30, 2014
Traci Schachle
Somers & Associates REALTORS, Inc.
[email protected]
907-322-0228
1. PROPERTIES FOR SALE (ACTIVE)
a. Number Active: The number of listings for sale which are currently being marketed but do not yet have a purchase
agreement.
b. Days on Market (DOM): The marketing period of currently active listings. This does not account for some listings
which have had a previous listing period, but were re-entered as a new listing.
c. Current List Price: The price that a property seller is currently asking.
2. CONTRACTS PENDING
a. Number Pending: The number of current listings for which a contract has been signed but has not yet closed.
b. Pending Ratio: Sometimes called a “list-to-pending ratio”. This is a measure of how fast properties are going under
contract vs. how fast they are being listed.
Pending Ratio =
P (Number of Pending Listings)
A+P (Number of Active + Pending)
(P) represents properties that buyers have chosen
(A+P) represents the entire pool from which they have chosen
3. OFF-MARKET
a. Number Off-Market: The number of listing agreements that have failed to close in the last 6 months. Some
owners may choose to re-offer their property for sale.
4. PROPERTIES SOLD (CLOSED CONTRACT)
a. Number Sold: The number of properties that have gone to a closing in the last 6 months.
b. Days on Market (DOM): The marketing time it has taken properties to sell in the last 6 months.
c. Original List Price: The price at which a sold property was originally marketed.
d. Final List Price: The price at which a sold property was marketed just prior to selling.
e. Sold/Closed Price: The price for which a property sold.
f.
List to Sales Ratio: The percentage of the list price that the buyer ultimately paid for the property.
List to Sales Ratio =
Sold Price
Final List Price
5. ABSORPTION RATE / MONTHS OF INVENTORY
a. Absorption Rate / Months of Inventory: An estimate of how fast listings are currently selling measured in months.
For example, if 100 properties sell per month and there are 800 properties for sale - there is an 8 month supply of
inventory before counting the additional properties that will come on the market.
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Glossary