Page 1
June 2019 Activity Snapshot
One-Year Change in One-Year Change inClosed Sales Median Sales Price
23456789
101112
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime.
Pending SalesClosed SalesDays on Market Until SaleMedian Sales PriceAverage Sales PricePercent of List Price Received
As was widely expected, the Federal Reserve did not change the target range for the federal funds rate – currently set at 2.25 to 2.5 percent – during their June meeting. Although the economy is still performing well due to factors such as low unemployment and solid retail sales, uncertainty remains regarding trade tensions, slowed manufacturing and meek business investments.
New Listings were down 4.5 percent to 340. Pending Sales increased 20.5 percent to 270. Inventory shrank 6.3 percent to 984 units.
Prices moved lower as the Median Sales Price was down 3.9 percent to $124,950. Days on Market increased 8.1 percent to 80 days. Months Supply of Inventory was down 8.3 percent to 5.5 months.
In terms buyer and seller interests, residential real estate markets across the country and here in New York are relatively balanced within an economic expansion that will become the longest in U.S. history in July. However, there are signs of a slowing economy. The country is expected to remain below a healthy inflation rate this year, and the Fed has received pressure from the White House to cut rates in order to spur further economic activity. Paying attention to such details matters greatly for real estate professionals, because factors such as these indicate that we are at the juncture of an economic shift that could affect affordability, sales, inventory and more. The possibility of a Fed rate reduction in 2019 is definitely in play following a string of increases over the last several years, and that alone is worth watching closely.
Homes for Sale
Residential activity in Broome, Chenango and Tioga counties in New York and Bradford and Susquehanna counties in Pennsylvania composed of single-family properties, townhomes and condominiums combined. Percent changes are calculated using rounded figures.
Activity OverviewNew Listings
Housing Affordability IndexInventory of Homes for SaleMonths Supply of Inventory
Monthly Indicators
- 9.4% - 3.9% - 6.3%One-Year Change in
Page 2
Activity Overview
Key Metrics Historical Sparkbars 6-2018 6-2019 Percent Change YTD 2018 YTD 2019 Percent Change
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 2
--
Months Supply 6.0 5.5 - 8.3% -- -- --
Homes for Sale 1,050 984 - 6.3% -- --
- 0.5%
Affordability Index 222 229 + 3.2% 251 252 + 0.4%
Pct. of List Price Received 96.5% 95.6% - 0.9% 95.2% 94.7%
- 1.3%
Avg. Sales Price $139,657 $140,567 + 0.7% $124,623 $127,360 + 2.2%
Median Sales Price $130,000 $124,950 - 3.9% $115,000 $113,500
- 4.2%
Days on Market 74 80 + 8.1% 94 91 - 3.2%
Closed Sales 213 193 - 9.4% 953 913
1,668 + 2.9%
Pending Sales 224 270 + 20.5% 1,095 1,172 + 7.0%
1,621
Key metrics by report month and for year-to-date (YTD) starting from the first of the year.
New Listings 356 340 - 4.5%
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
6-2016 6-2017 6-2018 6-2019
Page 3
New Listings
Prior Year Percent Change
July 2018 348 309 +12.6%
August 2018 291 335 -13.1%
September 2018 262 258 +1.6%
October 2018 276 269 +2.6%
November 2018 186 199 -6.5%
December 2018 137 136 +0.7%
January 2019 185 178 +3.9%
February 2019 195 173 +12.7%
March 2019 250 265 -5.7%
April 2019 324 271 +19.6%
May 2019 374 378 -1.1%
June 2019 340 356 -4.5%
12-Month Avg 264 261 +1.1%
Historical New Listings by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 3
A count of the properties that have been newly listed on the market in a given month.
New Listings
362 356 340
2017 2018 2019
June
100
200
300
400
500
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
1,7861,621 1,668
2017 2018 2019
Year to Date
+ 2.9%- 1.7% - 4.5% - 9.2%- 6.5% - 6.7%
Page 4
Pending Sales
Prior Year Percent Change
July 2018 199 178 +11.8%
August 2018 186 194 -4.1%
September 2018 155 172 -9.9%
October 2018 197 178 +10.7%
November 2018 141 156 -9.6%
December 2018 103 132 -22.0%
January 2019 150 126 +19.0%
February 2019 128 131 -2.3%
March 2019 191 214 -10.7%
April 2019 212 206 +2.9%
May 2019 221 194 +13.9%
June 2019 270 224 +20.5%
12-Month Avg 179 175 +2.3%
Historical Pending Sales by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 4
A count of the properties on which offers have been accepted in a given month.
Pending Sales
198224
270
2017 2018 2019
June
50
100
150
200
250
300
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
1,085 1,0951,172
2017 2018 2019
Year to Date
+ 7.0%+ 13.1% + 20.5% + 0.9%- 2.5% + 8.5%
Page 5
Closed Sales
Prior Year Percent Change
July 2018 213 205 +3.9%
August 2018 227 211 +7.6%
September 2018 188 165 +13.9%
October 2018 210 194 +8.2%
November 2018 164 181 -9.4%
December 2018 178 179 -0.6%
January 2019 116 148 -21.6%
February 2019 105 101 +4.0%
March 2019 158 153 +3.3%
April 2019 143 169 -15.4%
May 2019 198 169 +17.2%
June 2019 193 213 -9.4%
12-Month Avg 174 174 0.0%
Historical Closed Sales by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 5
A count of the actual sales that closed in a given month.
Closed Sales
235213
193
2017 2018 2019
June
0
100
200
300
400
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
932 953 913
2017 2018 2019
Year to Date
- 4.2%- 9.4% - 9.4% + 2.3%+ 34.3% + 8.2%
Page 6
Days on Market Until Sale
Prior Year Percent Change
July 2018 79 86 -8.1%
August 2018 79 78 +1.3%
September 2018 70 87 -19.5%
October 2018 65 78 -16.7%
November 2018 77 84 -8.3%
December 2018 74 86 -14.0%
January 2019 91 106 -14.2%
February 2019 109 96 +13.5%
March 2019 103 114 -9.6%
April 2019 95 108 -12.0%
May 2019 79 75 +5.3%
June 2019 80 74 +8.1%
12-Month Avg* 82 88 -6.8%
Historical Days on Market Until Sale by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 6
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 of all properties from July 2018 through June 2019. This is not the average of the individual figures above.
97
7480
2017 2018 2019
June
40
60
80
100
120
140
160
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
112
94 91
2017 2018 2019
Year to Date
- 3.2%- 23.7% + 8.1% - 16.1%- 7.6% - 0.9%
Page 7
Median Sales Price
Prior Year Percent Change
July 2018 $127,750 $125,000 +2.2%
August 2018 $125,000 $110,000 +13.6%
September 2018 $120,000 $115,750 +3.7%
October 2018 $121,000 $116,000 +4.3%
November 2018 $124,450 $114,000 +9.2%
December 2018 $115,000 $109,180 +5.3%
January 2019 $104,000 $102,210 +1.8%
February 2019 $107,191 $99,290 +8.0%
March 2019 $100,700 $107,000 -5.9%
April 2019 $117,021 $112,350 +4.2%
May 2019 $111,798 $120,515 -7.2%
June 2019 $124,950 $130,000 -3.9%
12-Month Med* $119,000 $115,000 +3.5%
Historical Median Sales Price by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 7
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
* Median Sales Price of all properties from July 2018 through June 2019. This is not the average of the individual figures above.
$115,000
$130,000$124,950
2017 2018 2019
June
$70,000
$80,000
$90,000
$100,000
$110,000
$120,000
$130,000
$140,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
$103,000$115,000 $113,500
2017 2018 2019
Year to Date
- 1.3%+ 13.0% - 3.9% + 11.7%+ 9.4% - 1.9%
Page 8
Average Sales Price
Prior Year Percent Change
July 2018 $132,023 $137,582 -4.0%
August 2018 $140,437 $119,588 +17.4%
September 2018 $136,097 $122,611 +11.0%
October 2018 $126,219 $127,184 -0.8%
November 2018 $130,212 $121,291 +7.4%
December 2018 $129,558 $120,678 +7.4%
January 2019 $110,282 $109,656 +0.6%
February 2019 $114,988 $111,338 +3.3%
March 2019 $123,022 $119,867 +2.6%
April 2019 $138,574 $119,037 +16.4%
May 2019 $126,421 $136,445 -7.3%
June 2019 $140,567 $139,657 +0.7%
12-Month Avg* $130,328 $124,846 +4.4%
Historical Average Sales Price by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 8
Average sales price for all closed sales, not accounting for seller concessions, in a given month.
Avg. Sales Price
* Avg. Sales Price of all properties from July 2018 through June 2019. This is not the average of the individual figures above.
$127,454$139,657 $140,567
2017 2018 2019
June
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
$119,138$124,623 $127,360
2017 2018 2019
Year to Date
+ 2.2%+ 9.6% + 0.7% + 4.6%+ 3.5% + 3.8%
Page 9
Percent of List Price Received
Prior Year Percent Change
July 2018 96.1% 96.9% -0.8%
August 2018 96.6% 95.2% +1.5%
September 2018 95.6% 94.6% +1.1%
October 2018 95.3% 93.6% +1.8%
November 2018 96.0% 94.9% +1.2%
December 2018 94.7% 93.8% +1.0%
January 2019 94.1% 94.2% -0.1%
February 2019 92.9% 94.1% -1.3%
March 2019 94.5% 93.3% +1.3%
April 2019 95.1% 95.0% +0.1%
May 2019 95.0% 97.1% -2.2%
June 2019 95.6% 96.5% -0.9%
12-Month Avg* 95.3% 95.0% +0.3%
Historical Percent of List Price Received by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 9
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
* Average Pct. of List Price Received for all properties from July 2018 through June 2019. This is not the average of the individual figures above.
94.9% 96.5% 95.6%
2017 2018 2019
June
90%
92%
94%
96%
98%
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
93.9% 95.2% 94.7%
2017 2018 2019
Year to Date
- 0.5%+ 1.7% - 0.9% + 1.4%- 0.7% - 0.5%
Page 10
Housing Affordability Index
Prior Year Percent Change
July 2018 226 242 -6.6%
August 2018 231 277 -16.6%
September 2018 240 263 -8.7%
October 2018 216 258 -16.3%
November 2018 215 266 -19.2%
December 2018 252 274 -8.0%
January 2019 279 283 -1.4%
February 2019 267 291 -8.2%
March 2019 284 269 +5.6%
April 2019 245 252 -2.8%
May 2019 256 238 +7.6%
June 2019 229 222 +3.2%
12-Month Avg 245 261 -6.2%
Historical Housing Affordability Index by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 10
This index measures housing affordability for the region. For example, 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
262
222 229
2017 2018 2019
June
150
200
250
300
350
400
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
293
251 252
2017 2018 2019
Year to Date
+ 0.4%- 15.3% + 3.2% - 14.3%- 9.0% + 1.7%
Page 11
Inventory of Homes for Sale
Prior Year Percent Change
July 2018 1,121 1,236 -9.3%
August 2018 1,118 1,229 -9.0%
September 2018 1,085 1,208 -10.2%
October 2018 1,079 1,172 -7.9%
November 2018 1,011 1,105 -8.5%
December 2018 951 962 -1.1%
January 2019 914 937 -2.5%
February 2019 938 899 +4.3%
March 2019 931 863 +7.9%
April 2019 971 864 +12.4%
May 2019 1,029 979 +5.1%
June 2019 984 1,050 -6.3%
12-Month Avg 1,011 1,042 -3.0%
Historical Inventory of Homes for Sale by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 11
The number of properties available for sale in active status at the end of a given month.
Homes for Sale
1,233
1,050 984
2017 2018 2019
June
600
800
1,000
1,200
1,400
1,600
1,800
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
- 14.8% - 6.3%- 15.3%
Page 12
Months Supply of Inventory
Prior Year Percent Change
July 2018 6.3 7.3 -13.7%
August 2018 6.3 7.2 -12.5%
September 2018 6.2 7.1 -12.7%
October 2018 6.1 6.9 -11.6%
November 2018 5.8 6.4 -9.4%
December 2018 5.5 5.5 0.0%
January 2019 5.2 5.4 -3.7%
February 2019 5.4 5.2 +3.8%
March 2019 5.4 4.9 +10.2%
April 2019 5.6 4.9 +14.3%
May 2019 5.9 5.7 +3.5%
June 2019 5.5 6.0 -8.3%
12-Month Avg 5.8 6.0 -3.3%
Historical Months Supply of Inventory by Month
Current as of July 10, 2019. All data from the Greater Binghamton Multiple Listing Service. Provided by the New York State Association of REALTORS®. Report © 2019 ShowingTime. | 12
The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
Months Supply
7.2
6.05.5
2017 2018 2019
June
2.0
4.0
6.0
8.0
10.0
12.0
14.0
1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014 1-2015 1-2016 1-2017 1-2018 1-2019
- 16.7% - 8.3%- 19.1%
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