2016 Real Estate Trends from The Open House, Inc.
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REAL ESTATE TREND REPORT Everything you need to know about the real estate market in July: • What state boasted 9/10 of the strongest buyer’s markets? • Where did 91% of homes sell for UNDER asking price? • Which states had the fastest-selling homes? JULY 2016 EDITION
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Transcript of 2016 Real Estate Trends from The Open House, Inc.
REAL ESTATE TREND REPORTEverything you need to know about the real estate market in July:
• What state boasted 9/10 of the strongest
buyer’s markets?
• Where did 91% of homes sell for UNDER
asking price?
• Which states had the fastest-selling
homes?
JULY 2016EDITION
Home Sales VolumeA rank-ordered list of home sale activity in U.S. cities covered by OpenHouse.
Chicago led the pack in home sales, staying at our #1 again with
JULY 2016 REAL ESTATE TREND REPORT 2
57%of homes soldunder asking
2684 homes soldin July alone!
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JulyRank
Sales Volume
2684
2583
2261
2248
1213
1168
1023
752
703
692
671
665
622
569
560
511
485
410
398
386
374
356
336
333
326
% SoldOver Asking
20%
11%
13%
34%
33%
17%
23%
9%
47%
31%
20%
55%
43%
3%
9%
12%
10%
64%
10%
10%
8%
13%
28%
19%
10%
% SoldAt Asking
23%
27%
33%
26%
34%
32%
32%
41%
32%
33%
31%
24%
25%
19%
39%
24%
36%
17%
20%
23%
22%
29%
35%
35%
36%
% SoldUnder Asking
57%
62%
54%
40%
32%
52%
45%
50%
20%
36%
49%
21%
31%
78%
52%
64%
54%
20%
71%
67%
70%
58%
37%
46%
53%
City
Chicago, IL
Houston, TX
Phoenix, AZ
Los Angeles, CA
Denver, CO
San Diego, CA
Austin, TX
Mesa, AZ
Aurora, CO
Washington D.C.
Baltimore, MD
San Jose, CA
Boston, MA
Scottsdale, AZ
Gilbert, AZ
Tampa, FL
Chandler, AZ
San Francisco, CA
St. Petersburg, FL
Cape Coral, FL
Orlando, FL
Port St. Lucie, FL
Long Beach, CA
Glendale, AZ
Peoria, AZ
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26
27
24
June Rank
Cities With The Most Homes Sold in July 2016
Buyer’s vs. Seller’s MarketsOur classification is based on real estate activity in U.S. cities covered by OpenHouse with a population of at least 50K and at least 20 home sales in July, 2016.
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25
JulyRank
1
7
3
21
8
13
12
2
6
4
9
20
23
40
5
16
22
10
11
14
24
25
17
19
41
June Rank City
Thornton, CO
Lakewood, CO
Aurora, CO
Centreville, VA
Westminster, CO
Santee, CA
Bowie, MD
Centennial, CO
Highlands Ranch, CO
Mountain View, CA
Arvada, CO
Denver, CO
Silver Spring, MD
Deltona, FL
Cupertino, CA
Santa Clara, CA
Dale City, VA
Sunnyvale, CA
Broomfield, CO
Milpitas, CA
Palo Alto, CA
San Marcos, CA
San Mateo, CA
Round Rock, TX
Sanford, FL
JulyPerformance
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2
3
5
10
9
4
18
8
11
7
19
14
6
45
12
62
16
56
33
17
21
13
34
20
JuneRank
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6
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JulyRank
JulyPerformanceCity
Miami Beach, FL
Miami, FL
Detroit, MI
Fort Lauderdale, FL
West Palm Beach, FL
Pompano Beach, FL
Hollywood, FL
Lauderhill, FL
North Miami, FL
Boca Raton, FL
Arcadia, CA
New Bedford, MA
Sarasota, FL
Fall River, MA
Plantation, FL
Cathedral City, CA
Kendall, FL
Deerfield Beach, FL
Weston, FL
Springfield, MA
Delray Beach, FL
Wellington, FL
Newport Beach, CA
Pontiac, MI
Boynton Beach, FL
Strongest Seller’s Markets Strongest Buyer’s Markets
JULY 2016 REAL ESTATE TREND REPORT 3
1 23
65 87
4 910
9 10of thetop
The State of Florida had
strongest buyer’s markets in July
https://www.theopenhouse.com/home-search/cupertino-california/us-ca-san_francisco-cupertino_p0617610
https://www.theopenhouse.com/home-search/sunnyvale-california/us-ca-san_francisco-sunnyvale_p0677000
https://www.theopenhouse.com/home-search/palo-alto-california/us-ca-san_francisco-palo_alto_p0655282
https://www.theopenhouse.com/home-search/san-mateo-california/us-ca-san_francisco-san_mateo_p0668252
https://www.theopenhouse.com/home-search/new-bedford-massachusetts/us-ma-boston-new_bedford_p2545000
High Probability of a Bidding WarBased on U.S. cities covered by OpenHouse with the most home sales paid above asking price.
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21
22
23
24
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JulyRank
4
1
7
3
15
13
6
12
2
35
41
11
10
8
5
57
16
18
9
22
181
38
21
20
54
June Rank
Price War Index
Avg. $ Paid Over
$91,500
$76,500
$133,500
$61,500
$61,000
$82,500
$106,500
$189,000
$123,500
$24,000
$19,000
$40,000
$62,000
$18,000
$141,000
$20,000
$47,500
$159,000
$57,000
$66,000
$15,000
$18,500
$31,500
$13,000
$14,500
Avg. % Paid Over
11%
10%
11%
7%
7%
10%
9%
15%
10%
6%
4%
8%
6%
5%
11%
5%
6%
8%
9%
7%
5%
5%
6%
4%
3%
% of Homes Sold Over
88%
79%
78%
77%
72%
70%
69%
64%
63%
62%
62%
62%
57%
57%
57%
56%
55%
54%
54%
54%
53%
52%
51%
51%
50%
SalesVolume
48
38
83
43
60
99
54
410
83
21
21
52
75
35
44
32
665
24
61
93
233
21
76
274
30
City
Daly City, CA
South San Francisco, CA
San Mateo, CA
Milpitas, CA
Fremont, CA
Cambridge, MA
Redwood City, CA
San Francisco, CA
Sunnyvale, CA
Gardena, CA
Inglewood, CA
Medford, MA
Santa Clara, CA
Malden, MA
Mountain View, CA
Baldwin Park, CA
San Jose, CA
Cupertino, CA
Somerville, MA
Brookline, MA
Westminster, CO
South Gate, CA
Waltham, MA
Thornton, CO
Pico Rivera, CA
Highest % of Homes Sold Above Asking Price
Buyers in Sunnyvale, CApaid an average of
over asking price
$123,500
JULY 2016 REAL ESTATE TREND REPORT 4
of homes closingOVER asking
63%
High Probability of Getting a DealBased on U.S. cities covered by OpenHouse with the most home sales paid below asking price.
Newport Beach
saw the average buyer paying
$98K under asking
Highest % of Homes Sold Under Asking Price
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July
Rank
1
3
4
35
12
2
29
9
21
11
5
7
13
6
22
30
19
15
8
20
36
31
25
38
47
June
Rank Negotiability
Avg. $
Paid Under
$32,000
$25,500
$20,500
$15,000
$15,000
$11,500
$10,000
$19,500
$98,000
$11,000
$25,000
$20,500
$15,500
$16,500
$14,000
$14,500
$17,500
$13,000
$7,000
$18,500
$31,000
$15,500
$8,000
$10,000
$14,000
Avg. %
Paid Under
8%
6%
7%
4%
4%
5%
5%
5%
5%
6%
7%
5%
7%
5%
4%
6%
4%
4%
5%
7%
4%
4%
4%
4%
5%
% of Homes
Sold Under
91%
87%
86%
86%
85%
84%
83%
81%
80%
79%
79%
78%
78%
78%
78%
78%
78%
77%
76%
76%
76%
74%
74%
73%
72%
Sales
Volume
121
169
121
125
66
70
119
148
144
136
222
116
153
102
268
136
569
109
25
66
98
224
106
127
83
City
Miami Beach, FL
Boca Raton, FL
Delray Beach, FL
Arlington Heights, IL
Weston, FL
The Villages, FL
Fort Myers, FL
Jupiter, FL
Newport Beach, CA
Boynton Beach, FL
Miami, FL
Wellington, FL
West Palm Beach, FL
Sarasota, FL
Naperville, IL
Hollywood, FL
Scottsdale, AZ
Wheaton, IL
Margate, FL
Fort Lauderdale, FL
San Clemente, CA
The Woodlands, TX
Tinley Park, IL
Palatine, IL
Mount Prospect, IL
JULY 2016 REAL ESTATE TREND REPORT 5
of homes closing
UNDER asking
80%
Days on MarketBased on U.S. cities covered by OpenHouse with the most home sales, a look at which populous U.S. cities are turning home sales at the fastest rate.
2
33
14
1
4
11
20
27
7
23
13
5
19
16
17
28
30
38
48
12
25
26
31
32
15
June
Rank
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July
Rank July
39
40
40
41
41
41
41
41
41
41
42
42
42
43
43
43
44
44
45
45
46
46
46
46
47
June
36
37
38
39
39
39
40
40
40
40
41
41
41
41
41
41
41
41
42
42
42
43
43
43
44
Days on Market
City
Redwood City, CA
Daly City, CA
Arvada, CO
Mountain View, CA
Lakewood, CO
Milpitas, CA
Longmont, CO
Fort Collins, CO
San Mateo, CA
Boulder, CO
Thornton, CO
Sunnyvale, CA
Westminster, CO
Santa Clara, CA
South San Francisco, CA
Centennial, CO
Highlands Ranch, CO
Round Rock, TX
Santa Cruz, CA
Aurora, CO
Denver, CO
San Francisco, CA
Cedar Park, TX
Fremont, CA
Broomfield, CO
1
9
8
50
3
53
5
13
65
18
4
15
29
7
14
31
22
16
41
11
12
10
24
20
2
June
Rank
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2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
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24
25
July
Rank July
133
118
116
114
112
112
106
104
102
101
101
101
98
97
95
95
93
92
92
92
91
89
88
88
88
June
133
113
112
105
105
104
103
102
101
100
100
99
98
97
97
94
90
90
88
88
88
87
86
86
85
Days on Market
City
Miami Beach, FL
Kissimmee, FL
North Miami, FL
Indio, CA
Miami, FL
Lauderhill, FL
Fall River, MA
Fort Myers, FL
Hialeah, FL
Hollywood, FL
Sarasota, FL
Pine Hills, FL
Coral Springs, FL
The Villages, FL
Weston, FL
Delray Beach, FL
Wellington, FL
Cicero, IL
Tamarac, FL
Pompano Beach, FL
Boca Raton, FL
Cathedral City, CA
Scottsdale, AZ
Cape Coral, FL
Poinciana, FL
Cities Where Homes Sell Fastest Cities Where Homes Sell Slowest
jumped 31 spots to be the second
fastest-selling market
Daly City, California
JULY 2016 REAL ESTATE TREND REPORT 6
Floridaset a laid-back pace with up
to 133 days on market
https://www.theopenhouse.com/home-search/daly-city-california/us-ca-san_francisco-daly_city_p0617918
https://www.theopenhouse.com/home-search/san-mateo-california/us-ca-san_francisco-san_mateo_p0668252
JULY 2016 REAL ESTATE TREND REPORT 7
Most Popular CollectionsAt OpenHouse, a home is more than a sales price, lot size or zip code. It’s who you are. To that end, we publish tons of curated collections of for-sale and sold homes, along with tips and tricks for buying and selling. Below is a sampling of the collections users liked most last month:
Love The Look:
Streamlined Modern
Homes
1
Find Peace In A Zen
Garden6
Love The Look: Drought
Tolerant Mid-Century
Style Gardens
2
Telecommuting Made
Easy In These Live/Work
Spaces
7
21 Homes You'll Want To
See Now3
Modern Lighting That
Will Brighten All Your
Boring Spaces
8
Maximizing Space With
California Closets4
Craftsman Homes
Across The Country!9
How To Make A Grand
Entrance...If You're A
House
5
Bring A Little Buddha
Into Your Home And Feel
Enlightened!
10
JULY 2016 REAL ESTATE TREND REPORT 8
Glossary
Cities: GIS boundaries defined by mapping data provider and OpenHouse partner Maponics.
Home Sales Volume: Aggregate units of single-family and condominium home sales within GIS boundaries from the relevant Multiple Listing Service historical sales database with a closing date occurring within a given month.
Price Performance: Original list price subtracted from the final closed price of a property) compared to the original listed price. For example, if a home lists for $100,000 and sells for $120,000 the price performance is +$20,000, and the home sold for “Over asking”.
Buyer’s Market: A buyer’s market occurs when the supply (available properties for sale) exceeds demand (the number of buyers seeking to purchase properties). An absorption rate of 20% or below is deemed a buyer’s market since homes are selling relatively slowly and the number of months of supply is high.
Seller’s Market: A seller’s market occurs when demand exceeds supply, or there are more buyer’s seeking to purchase properties than there are available homes on the market. An absorption rate of 20% or above is usually deemed a seller’s market since homes are selling relatively quickly and the number of months of supply is low.
Hottest Streets: The street that has the highest volume of homes active for sale, sold and newly listed in the last 30 days. Similar to Buyer’s/Seller’s market analysis, but at the street level.
Days on Market: Days between Original Listing Date and Closing Date, as defined by local Multiple Listing Service.
Our Most Popular Collections: Collections that have been Liked or Shared most often by OpenHouse users in a given period of time.
Data Source: Data from 18 Multiple Listing Services spanning 35 metropolitan areas.
