Ithaca Board of REALTors...Ithaca Board of REALTORS® Year to Date Statistics March 2019 The data...

Ithaca Board of REALTORS®

Year to Date Statistics March 2019

The data relating to real estate sales comes from the Ithaca Board of REALTORS® Multiple Listing Service. Information deemed reliable but not guaranteed.

Prepared by: Norma Jayne ❖ [email protected] ❖607-257-1001

Ithaca Board of REALTORS® are members of the National Association of REALTORS®

mailto:[email protected]

CONTENT

PERCENT OF ORIGINAL LIST PRICE RECEIVED................................................ 3

MEDIAN SALES PRICE ................................................................................................. 4

AVERAGE SALES PRICE ............................................................................................. 5

MEDIAN RESIDENTIAL SALES PRICE .................................................................... 6

PENDING SALES ............................................................................................................ 7

NEW LISTINGS ............................................................................................................... 8

INVENTORY OF HOMES FOR SALE ......................................................................... 9

CLOSED SALES ............................................................................................................ 10

UNDER CONTRACT BY MONTH ............................................................................. 11

DAYS ON MARKET ...................................................................................................... 12

ABSORPTION ................................................................................................................ 13

FIXED RATE MORTGAGES....................................................................................... 14

30 YEAR INTEREST RATE ......................................................................................... 15

CONSUMER CONFIDENCE ....................................................................................... 16

NUMBER OF SALES PER SCHOOL DISTRICT ..................................................... 17

TOMPKINS COUNTY

CLOSED SALES ........................................................................................................... 18

MEDIAN SALES .......................................................................................................... 19

SALES BY RANGE ...................................................................................................... 20

MONTHLY HOUSING STATS

MONTHLY COMPARISON ........................................................................................ 21

YEAR TO DATE STATISTICS REPORT .................................................................... 22

YEAR TO DATE STATISTICS REPORT TOMPKINS COUNTY ............................. 23

AVERAGE SELLING PRICE BY SCHOOL DIST MONTH AND YTD .................... 24

DAYS ON MARKET AND DAYS UNDER CONTRACT BY SCHOOL DISTRICT 25

NOTES

There are no significant changes in percent of original list prices received, but you may notice that median price has declined 4% over last year YTD in the Ithaca area and Tompkins County saw a slight increase 1%

There is a mix of low inventory and high absorption rate. The March absorption rate is consistent with previous years, but inventory continues to decline. Inventory is down 14%, pending sales are up 9%, absorption rate is

over 6 months supply, and days on market has declined by 9%.

Mortgage rates vary by institution and rates have fluxuated. According to Lawrence Yun, Chief Economist for NAR, the mortgage rates began to decline at the beginning of the year, which brought more buyers into the

market. He is calling for rates to stay between the 4% to 4.5% range in the near future.

Consumer confidences has waivered a bit. The 2019 Homownership Opportunities Survey indicated that 64% percent of people in the northeast believe that now is a good time to buy a home.

https://www.nar.realtor/homeownership-opportunities-and-market-experience-survey/2019-q1-homeownership-opportunities-and-market-experience-home-survey

Percent of Original List Price ReceivedPercent of Original List Price Received

March Average Percent YTD Month Prior Year

Current

Year +/-

April 94.8% 94.8% 0%

2017 179 0.940 May 95.1% 97.2% 2%

2018 156 0.943 0% June 97.2% 95.9% -1%

2019 201 0.953 1% July 97.2% 96.6% -1%

August 96.9% 95.0% -2%

September 95.4% 96.5% 1%

October 93.9% 95.3% 2%

November 94.3% 95.8% 2%

December 95.3% 94.0% -1%

January 93.4% 94.1% 1%

February 93.7% 96.4% 3%

March 95.6% 95.5% 0%

Historic Percent of Original List Price Received 12-Month Average 95.2% 95.6% 0%

94.0% 94.3% 95.3%

2017 2018 2019

95.4% 95.6% 95.5%

2017 2018 2019

0.85

0.87

0.89

0.91

0.93

0.95

0.97

0.99

ITHACA BOARD OF REALTORS®, INC.

Ithaca Board of REALTORS March YTD Statistics Page 3 of 25


Median Sales PriceMedian price point for all closed sales

March YTD Median Month Prior Year Current Year +/-

April 164,550 185,000 12%

2017 May 212,750 225,000 6%

2018 June 219,500 235,000 7%

2019 July 221,000 212,000 -4%

August 197,000 215,000 9%

September 182,250 168,500 -8%

October 173,950 208,000 20%

November 163,974 177,200 8%

December 218,000 194,500 -11%

January 174,000 162,500 -7%

February 182,500 178,500 -2%

March 183,500 162,500 -11%

Historical Median Sales Price 12-Month Average 191,081 193,642 1%

181,625 178,750 169,900

2017 2018 2019

164,550 183,500

162,500

2017 2018 2019

-

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

250,000




Average Sales Price

March Average YTD Month Prior Year Current Year +/-

April 189,171 204,428 8%

2017 179 205,770 May 242,149 248,413 3%

2018 156 205,333 0% June 254,519 238,786 -6%

2019 201 213,632 4% July 244,052 242,800 -1%

August 229,206 238,088 4%

September 224,506 204,811 -9%

October 211,668 224,431 6%

November 184,547 199,392 8%

December 221,248 227,232 3%

January 210,189 208,264 -1%

February 202,747 213,813 5%

March 208,286 220,642 6%

12-Month Average 218,524 222,592 2%

Historical Average Sales Price

205,770 205,333 213,632

2017 2018 2019

212,010 208,286220,642

2017 2018 2019

100,000

120,000

140,000

160,000

180,000

200,000

220,000

240,000

260,000

280,000




2011 2012 2013 2014 2015 2016 2017 2018 2019

IBR - Median 163,250 148,650 167,450 152,425 160,000 175,000 185,000 178,750 169,900

Tompkins County Median 183,800 160,000 169,900 162,250 199,900 204,000 208,378 222,750 226,000

-

50,000

100,000

150,000

200,000

250,000

300,000

Ithaca Board of REALTORS®March 2019 YTD

Median Residential SalesAll Residential Properties



Pending SalesA count of properties with contracts accepted in a given month

March Average YTD Month

Prior

Year

Current

Year +/-

April 390 347 -11%

2017 293 243 May 419 347 -17%

2018 294 218 -10% June 396 357 -10%

2019 267 237 9% July 285 285 0%

August 302 267 -12%

September 280 262 -6%

October 258 222 -14%

November 220 223 1%

December 171 179 5%

January 178 180 1%

February 212 238 12%

March 264 294 11%

12-Month Average 281 267 -5%

Historical Pending Sales Activity

294264

294

2017 2018 2019

243218

237

2017 2018 2019

050

100150200250300350400450500

Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Mar-19




New ListingA count of the properties that have been newly listed on the market in a given month.

March YTD Month

Prior

Year

Current

Year +/-

April 211 216 2%

2017 213 475 May 245 230 -6%

2018 187 -12% 413 -13% June 195 207 6%

2019 210 12% 435 5% July 174 164 -6%

August 157 157 0%

September 129 129 0%

October 109 135 24%

November 98 65 -34%

December 62 51 -18%

January 118 81 -31%


March 187 210 12%

12-Month Average 149 149 0%

Historical New Listing Activity

213187

210

2017 2018 2019

475413 435

2017 2018 2019

0

50

100

150

200

250

300

350

400

450

500





Inventory of Homes for SaleProperties available for sale based on active status

March Average YTD Month Prior Year

Current

Year +/-

April 522 469 -10%

2017 179 446.66 May 552 513 -7%

2018 156 388.66 -13% June 563 584 4%

2019 201 380.33 -2% July 598 531 -11%

August 529 525 -1%

September 517 561 9%

October 477 416 -13%

November 423 410 -3%

December 381 333 -13%

January 370 327 -12%

February 389 385 -1%

March 407 429 5%

Historical Inventory of Homes for Sale 12-Month Average 477 457 -4%

447389 380

2017 2018 2019

462407 429

2017 2018 2019

300

350

400

450

500

550

600

650

700

750

800




Closed SalesA count of actual sales closed

March YTD Month

Prior

Year

Current

Year +/-

April 64 79 23%

2017 = 145 May 105 77 -27%

2018 156 171 18% June 143 121 -15%

2019 201 146 -15% July 144 123 -15%

August 159 141 -11%

September 74 91 23%

October 99 106 7%

November 83 95 14%

December 83 80 -4%

January 55 46 -16%

February 57 44 -23%

March 59 56 -5%


Historical Closed Sales

5059 56

0

20

40

60

80

100

2017 2018 2019

145

171

146

0

50

100

150

200

2017 2018 2019

0

20

40

60

80

100

120

140

160

180

200




Under Contract by MonthA count of listings that went under contract


Prior

Year

Current

Year +/-

April 390 347 -11%

2017 = 243 May 419 347 -17%

2018 156 218 -10% June 396 357 -10%

2019 201 237 9% July 285 288 1%

August 302 267 -12%

September 280 262 -6%

October 258 222 -14%

November 220 223 1%

December 171 179 5%

January 178 180 1%


March 264 294 11%


Historical Under Contract

294264

294

2017 2018 2019

243218

237

2017 2018 2019

0

50

100

150

200

250

300

350

400

450

500




Days on Market Average number of days between when a property is first listed and when an offer is accepted in a given month


Prior

Year

Current

Year +/-

April 81 80 -1%

2017 179 76 81 May 87 61 -30%

2018 156 66 67 June 63 63 0%

2019 201 92 61 July 54 50 -7%

August 58 58 0%

September 64 66 3%

October 78 67 -14%

November 89 71 -20%

December 97 71 -27%

January 93 87 -6%

February 103 74 -28%

March 76 92 21%

Historical Days on Market 12-Month Average 79 70 -11%

8167 61

2017 2018 2019

DOM

108

7692

2017 2018 2019

DOM

0

50

100

150

200

250




Absorption Rate

March YTD Month

Prior

Year

Current

Year +/-

April 9.9 5.9 -40%

2017 20 8.9 May 6.5 6.7 2%

2018 156 6.8 -23% June 4.3 4.8 11%

2019 201 7.8 14% July 3.4 4.3 28%

August 3.1 3.7 20%

September 5.8 4.3 -26%

October 3.7 3.3 -11%

November 3.9 3.0 -22%

December 2.9 2.6 -9%

January 6.7 5.7 -16%

February 6.8 8.7 27%

March 6.9 9.0 30%

Historical Absorption Rate 12-Month Average 5.3 5.2 -3%

Number of months it takes to sell the current inventory at the present rate of

sales. Less than 3 months: Seller's Market ~ 3-6 months: Balance Market ~

Greater than 6 Months Buyers Market

8.96.8

7.8

2017 2018 2019

10.6

6.9

9.0

2017 2018 2019

0

2

4

6

8

10

12

14

16

Mar

-11

Jun

-11

Sep

-11

De

c-1

1

Mar

-12

Jun

-12

Sep

-12

De

c-1

2

Mar

-13

Jun

-13

Sep

-13

De

c-1

3

Mar

-14

Jun

-14

Sep

-14

De

c-1

4

Mar

-15

Jun

-15

Sep

-15

De

c-1

5

Mar

-16

Jun

-16

Sep

-16

De

c-1

6

Mar

-17

Jun

-17

Sep

-17

De

c-1

7

Mar

-18

Jun

-18

Sep

-18

De

c-1

8

Mar

-19




Source: HSH.com

0

0.5

1

1.5

2

2.5

3

3.5

4

4.5

5

2011 2012 2013 2014 2015 2016 2017 2018 2019

YTD - Average Interest Rates for Fixed Rate Mortgages

March 2019

Average of 30 Year Average of 15 Year



30-Year Interest Rate

March Average YTD Month Prior Year

Current

Year +/-

April 4.2 4.5 8%

2017 179 4.2 May 4.2 4.5 6%

2018 156 4.5 8% June 4.3 4.6 6%

2019 201 4.4 -2% July 4.0 4.5 14%

August 3.9 4.6 17%

September 3.9 4.6 17%

October 3.9 4.8 24%

November 3.9 4.9 24%

December 3.9 4.6 18%

January 4.3 4.6 7%

February 4.6 4.5 -1%

March 4.7 4.2 -11%

Historical Interest Rate 12-Month Average 4.1 4.6 10%

4.2 4.5 4.4

2017 2018 2019

4.204.67

4.17

2017 2018 2019

0.0

1.0

2.0

3.0

4.0

5.0

6.0

30 Year 15 Year




0

20

40

60

80

100

120

140

160


Consumer Confidence



CandorCentral

CortlandDrydenCentral

GrotonCentral

Ithaca CityLansingCentral

MoraviaNewfieldCentral

OdessaMontour/Watkins

Glen

SouthSeneca

SouthernCayuga

Spencer/Van Etten

Trumansburg Central

2015 1 6 9 1 23 6 6 3 3 7 2 7 7

2016 4 3 9 3 45 6 2 4 2 1 2 6 8

2017 1 4 11 3 27 10 3 3 1 2 7 5 8

2018 4 8 5 7 36 5 3 2 6 8 4 4 4

2019 1 7 8 6 28 6 4 3 5 4 2 2 4

0

5

10

15

20

25

30

35

40

45

50#

of

Sale

sYTD School District Sales

March 2019



A count of actual sales closed

March YTD Month

Prior

Year

Current

Year +/-

April 35 53 51%

2017 = 87 May 72 55 -24%

2018 156 102 17% June 108 80 -26%

2019 201 87 -15% July 99 93 -6%

August 98 89 -9%

September 48 55 15%

October 56 59 5%

November 42 47 12%

December 54 55 2%

January 29 22 -24%

February 30 32 7%

March 43 33 -23%


Historical Closed Sales

Tompkins County Closed Sales

3043

33

2017 2018 2019

87

102

87

2017 2018 2019

0

20

40

60

80

100

120




Median price point for all closed sales

March YTD Median Month Prior Year Current Year +/-

April 231,000 211,000 -9%

2017 May 258,400 287,500 11%

2018 June 262,000 261,000 0%

2019 July 249,900 235,000 -6%

August 214,000 255,000 19%

September 232,000 217,750 -6%

October 200,700 232,612 16%

November 213,500 195,000 -9%

December 262,500 217,000 -17%

January 220,000 217,500 -1%

February 241,500 206,250 -15%

March 221,000 240,000 9%

Historical Median Sales Price 12-Month Average 233,875 231,301 -1%

Tompkins County

Median Sales Price

208,378222,750 226,000

2017 2018 2019

206,500 221,000

240,000

2017 2018 2019

-

25,000

50,000

75,000

100,000

125,000

150,000

175,000

200,000

225,000

250,000

275,000

300,000

325,000




57%

44%

33%31% 33%

58%

67%63%

57%

47%

71% 71%

76% 74%

85%

69%

88%

70%

81%

90%

100% 100% 100% 100%

86%

0%

20%

40%

60%

80%

100%

120%

0

10

20

30

40

50

60

2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

0-139,999 140,000-199,999 200,000-299,999 300,000-499,999 Greater than 500,000

March YTD Tompkins County

Closed Residential Sales by Price Range

Sum of #IBR Sales

Sum of # TC Closed Sales

Tompkins County Sales as a % of TotalResidential Sales by Range




March 2019

Mar-16 Mar-17 Mar-18 Mar-19

All Residential Properties:

Closed Sales: 53 50 59 56

Dollar Volume: $11,267,688 $10,831,457 $12,288,899 $12,355,961

Average Selling Price: $212,598 $216,629 $208,286 $220,642

Median Selling Price: $198,500 $192,000 $183,500 $178,000

Average Days on Market: 87 105 76 92

Average Days Under Contract: 81 72 82 96

Average Selling Price to List Price: 93.68% 95.37% 95.56% 95.46%

New Listings 232 213 187 210

Active Listings (New and Current) 554 462 407 429

Listings Under Contract 324 294 264 294

Mar-16 Mar-17 Mar-18 Mar-19

All Property Types:

Closed Sales: 67 59 70 74

Residential 53 50 59 56

Land 13 6 7 8

Commercial-Industrial 0 0 2 1

Multi-Family 1 3 2 9

Dollar Volume: 12,590,456 12,705,337 14,208,481 16,699,361

Residential 11,267,688 10,831,457 12,288,899 12,355,961

Land 1,242,768 601,280 283,500 576,500

Commercial-Industrial 0 0 486,082 214,900

Multi-Family 80,000 1,272,600 1,150,000 3,552,000

Active Listings (New and Current) 962 822 738 795

Listings Under Contract 397 379 318 338

NOTES:

SOURCE: Ithaca Board of REALTORS®.

The data relating to real estate sales comes from the Ithaca Board of REALTORS® Multiple Listing Service. Information

deemed reliable but not guaranteed.




Year-to-Date Statistics Report

March 2019

Mar-18 Mar-19

Percent

Change 2018 Year-to-Date

2019 Year-to-

date

Percent

Change 2017-2018 2018 - 2019

Percent

Change


Closed Sales: 59 56 -5% 174 146 -16% 1136 1087 -4%

Dollar Volume: $12,288,899 $12,355,961 1% $35,727,895 $31,343,910 -12% $257,902,700 $245,148,343 -5%

Average Selling Price: $208,286 $220,642 6% $205,333 $214,684 5% $227,027 $225,527 -1%

Median Selling Price: $183,500 $178,000 -3% $178,750 $170,768 -4% $196,500 $200,000 2%

Average Days on Market (Listing Date to Closing Date): 76 92 21% 90 85 -6% 74 67 -9%

Average Days Under Contract: 82 96 17% 84 88 5% 77 77 -1%

Average Selling Price to List Price: 96% 95% 0% 94% 95% 1% 96% 96% 0%

New Listings 187 210 12% 413 435 5% 1790 1792 0%

Average Active Listings (New and Current) 407 429 5% 389 380 -2% 477 457 -4%

Average Listings Under Contract 264 294 11% 218 237 9% 281 267 -5%

Under Contract Take Backup 156 202 29% 128 145 13% 154 157 2%

Under Contract 108 92 -15% 90 92 3% 127 110 -13%

Mar-18 Mar-19

Percent

Change 2018 Year-to-Date

2019 Year-to-

date

Percent

Change 2017-2018 2018 - 2019

Percent

Change

All Property Types:

Closed Sales: 70 74 6% 207 197 -5% 1353 1286 -5%

Residential 59 56 -5% 174 146 -16% 1136 1087 -4%

Land 7 8 14% 26 34 31% 162 145 -10%

Commercial-Industrial 2 1 -50% 3 2 -33% 12 11 -8%

Multi-Family 2 9 350% 4 15 275% 43 43 0%

Dollar Volume: $14,208,481 $16,699,361 18% $39,808,288 $42,248,410 6% $290,356,102 $275,754,508 -5%

Residential $12,288,899 $12,355,961 1% $35,727,895 $31,343,910 -12% $257,902,700 $245,148,343 -5%

Land $283,500 $576,500 103% $1,504,811 $2,441,100 62% $13,910,797 $10,728,450 -23%

Commercial-Industrial $486,082 $214,900 -56% $936,082 $2,714,900 190% $5,936,882 $4,750,400 -20%

Multi-Family $1,150,000 $3,552,000 209% $1,639,500 $5,748,500 251% $12,605,723 $15,127,315 20%

Average Active Listings (New and Current) 738 795 8% 720 727 1% 836 796 -5%

Average Listings Under Contract 318 338 6% 261 289 10% 359 320 -11%

Under Contract 131 123 -6% 109 128 17% 173 145 -17%

Under Contract Take Back up 187 215 15% 152 161 5% 185 176 -5%




Year-to-Date Statistics Report

March 2019

Tompkins County

Tompkins County Mar-18 Mar-19

Percent

Change

2018 Year -to-

Date

2019 Year-to-

date

Percent

Change 2017-2018 2018-2019

Percent

Change


Closed Sales: 43 33 -23% 102 87 -15% 722 673 -7%

Dollar Volume: $10,090,450 $9,465,392 -6% $25,043,375 $23,007,743 -8% 189,162,581 176,434,325 -7%

Average Selling Price: $234,662 $286,830 22% $245,523 $264,457 8% 261,998 262,161 0%

Median Selling Price: $221,000 $240,000 9% $222,750 $226,000 1% 233,250 235,000 1%

Average Days on Market (Listing Date to Closing Date): 72 89 24% 83 82 -1% 62 55 -11%

Average Selling Price to List Price: 97% 97% 0% 95% 97% 2% 97% 97% 0%

New Listings 113 142 26% 257 303 18% 1015 1061 5%



March 2019 - Ithaca Board of REALTORS®

Average Selling Price by School District and YTD Average Selling Price for school districts with more than 5 sales

All Residential Properties

Sale Price Sales Year To Date

YTD Sale

Price YTD Sales

Bradford $89,000 1 Cortland $133,950 11

Cortland $110,700 5 Dryden Central $163,695 13

Dryden Central $185,300 5 Groton Central $116,793 6

Elmira City Schools $41,500 1 Ithaca City $303,543 51

Homer; Preble; Tully and Towar $141,500 1 Cayuga Heights (Boy MS)

Horseheads $140,000 1 Lakefront $794,500 1

Ithaca City $319,696 24 Single Family $205,250 4

Cayuga Heights (Boy MS) $135,000 1 Belle Sherman (DeW MS) $389,130 10

Caroline (DeW MS) $342,983 6 Caroline (DeW MS) $269,817 12

Enfield (Boy MS) $136,750 4 Northeast (DeW MS) $361,333 3

Beverly J Martin (DeW MS) $206,167 3 South Hill (Boy MS) $317,883 6

South Hill (Boy MS) $391,574 4 Enfield (Boy MS)

Belle Sherman (DeW MS) $753,500 2 Lakefront $790,000 1

Fall Creek (Boy MS) $233,500 2 Single Family $163,583 6

Northeast (DeW MS) $387,000 2 Beverly J Martin (DeW MS) $251,750 4

Lansing Central $162,375 2 Fall Creek (Boy MS) $241,575 4

Newark Valley $143,000 2 Lansing Central $370,726 8

Newfield Central $218,473 2 Newfield Central $166,389 5

Odessa Montour/Watkins Glen $144,801 5 Odessa Montour/Watkins Glen $111,018 10

Owego Apalachin $255,000 1 Trumansburg Central $213,700 5

Southern Cayuga $110,200 2

Spencer/Van Etten $90,555 3

Trumansburg Central $272,500 1



March 2019 - Ithaca Board of REALTORS®

Days on Market (DOM) and Days under Contract (DC) By School District

and YTD DOM and LTC with total sales greater than 5

All Residential Properties

DC DOM Sales Year To Date DC DOM Sales

Bradford 217 180 1 Cortland 128 70 11

Cortland 176 75 5 Dryden Central 82 85 13

Dryden Central 82 87 5 Groton Central 75 30 6

Elmira City Schools 59 88 1 Ithaca City 81 72 51

Homer; Preble; Tully and Towar100 45 1 Cayuga Heights (Boy MS) 59 145 5

Horseheads 34 191 1 Belle Sherman (DeW MS) 85 49 10

Ithaca City 84 73 24 Caroline (DeW MS) 68 65 12

Cayuga Heights (Boy MS) 90 90 1 Northeast (DeW MS) 81 85 3

Caroline (DeW MS) 66 75 6 South Hill (Boy MS) 93 84 6

Enfield (Boy MS) 77 67 4 Enfield (Boy MS) 84 66 7

Beverly J Martin (DeW MS) 59 31 3 Beverly J Martin (DeW MS) 63 33 4

South Hill (Boy MS) 54 92 4 Fall Creek (Boy MS) 127 85 4

Belle Sherman (DeW MS) 154 134 2 Lansing Central 107 108 8

Fall Creek (Boy MS) 156 51 2 Newfield Central 106 145 5

Northeast (DeW MS) 103 58 2 Odessa Montour/Watkins Glen 73 110 10

Lansing Central 116 93 2 Trumansburg Central 72 114 5

Newark Valley 90 54 2

Newfield Central 107 154 2

Odessa Montour/Watkins Glen 58 142 5

Owego Apalachin 167 61 1

Southern Cayuga 50 104 2

Spencer/Van Etten 125 72 3

Trumansburg Central 106 274 1



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