Springfield, IL
About this MSAClick on the buttons to see more charts. Click on any chart to enlarge and see chart description.
Displays home closing share by sale type with each type representing their percentage of the entire market. Sale types are New Homes, Regular Resale Homes (typical resale transactions between private parties), REO Sales (Real-Estate Owned by Banks), and Foreclosures (properties being transferred from homeowners to mortgage holders).Source:Metrostudy, Market Activity Dashboard Report.
Communicates the segments in the local housing market which are most active in the current month as well as in the same month one and two years prior. Seeing the change in percentage from one year to a next is an indicator of performance of that sale type. This can also be a gauge of market health; for instance, a large percentage of activity in REO Sales and Foreclosure Sales may imply a distressed market.
Settlements of newly constructed homes based on recorded transactions at the County Recorder, and segmented out by product type (attached condominiums and townhomes, detached single-family homes, and other/unknown). The date associated with these transactions reflects the point in time in which the property was legally transferred to the home buyer.Source:Metrostudy report.
Home closings are the fundamental unit for measuring home buying market activity and volume. Further, the breakdown by housing product provides insight into which types are most in-demand in this selected geography and time frame. This can be helpful in recognizing a shift in home-buyer trends, either in terms of overall housing demand or demand for a specific type of housing unit.
Displays the average closing sales amount and the average price per square foot for the current month along with the same month a year ago and the year prior to that. These price metrics include all resales, REO sales, and new home sales in the market so therefore take into account all arm's length transactions.Source:Metrostudy, Market Activity Dashboard Report.
Provides a trending view for pricing year-over-year in the market. Year-over-year comparisons are more reliable to follow than month-over-month as seasonal differences can impact monthly trends. Taken together, the two pricing trends enable reliable insights into the pricing strength of the market. A positive trend in both indicates a healthy and strong market. A negative trend in both reveals weakness. A mixed trend, such as one where the average closing price is increasing but price per square foot is decreasing reflects likely changes in product mix and so conflicting pricing trends do not provide reliable insights in such a mixed scenario.
Shows home prices in relation to home sizes for attached and detached housing types. Prices are the average closing amount for deed transactions occurring during the specified time frame. The price per square foot is a calculation of pricing divided by square footage for each deed, which is then averaged.Source: Metrostudy, Market Activity Dashboard Report.
Home prices and home sizes often move in the same direction but these metrics can also show which home sizes hold additional price premiums, which price levels offer the most value, etc. Price per square foot is a valuable indicator of overall pricing power.
Displays number of new home transactions in price categories of $50,000 increments for the current month, along with the same month a year ago and the year prior to that.Source:Metrostudy, Market Activity Dashboard Report.
Examining price distribution is a key ingredient in understanding the product and home buyer make-up of a specific market area. The curves on this chart not only give a good indication of the most populous price categories, but also provide an additional expression of overall market volume compared to prior years.
Slices of the pie chart represent the size of different income brackets in this MSA. The numeric values show the average price paid for a home in those income brackets.Source: Metrostudy.
This can be used to target buyers in certain income brackets for home purchases, and can be cross-referenced with income distribution to suggest which category of home prices will be in the most demand.
Displays the percentage of residents in specified income brackets within a particular area. Household income is defined as the total income of all individuals living in a single household. This figure is updated on an annual basis.Source:Metrostudy, Market Dashboard Report, Nielsen Claritas
Household income is used to determine the buying power of consumers in a market, as well as the affordability of housing in a region.
Demographic segmentation of all individuals within a specified region by age group. Chart represents the percentage of the total population that each particular age group accounts for. The figures being compared are based on 5-year intervals.
The age distribution of a population paints an important picture of future home buying trends. For instance, a larger aging population will shift demand toward active adult housing units, whereas a larger young population will focus demand on smaller homes and family-oriented communities, along with accompanying employment trends.
Building permits are broken down, by month, into annualized totals for single-family and multi-family (which includes 2 units, 3-4 units, and 5+ units) housing. These monthly, annualized figures are displayed on a rolling twelve-month cycle and incorporate anticipated annual revisions (released each May) of the corresponding year-to-date figures.Source:Metrostudy, Market Dashboard Report, US Census, and Moody's Analytics.
Permits are an expression of supply, and the trend of permit issuances give key insight into the pace of construction activity. The annualized figures provide an easy way to compare current activity with prior months and years.
Total employment refers to non-farm wage and salaried employees in the area. The unemployment rate is the percentage of unemployed persons in the region's labor force. Employment data are based upon a survey of businesses, while unemployment rate information is based upon a survey of households.Source:Metrostudy, Market Dashboard Report, Bureau of Labor Statistics, Moody's Analytics.
Total employment and the unemployment rate typically have an inverse relationship. These metrics can be used to determine the health of the local labor market. Jobs are a major factor for the housing demand. High levels of employment and low unemployment rates tend to lead to healthier housing markets.
Non-farm employment categorized by industry sector. Chart displays which major sectors of employment are experiencing growth/losses from the same year-ago period. Gains and losses in employment are represented in percentage change compared to the same time last year. Industry employment is based on a survey of businesses.Source:Metrostudy, Market Dashboard Report, Bureau of Labor Statistics, Moody's Analytics.
Payroll growth by sector indicates which industries are likely driving local economic growth. The direction in which each sector is moving may signal longer-term shifts in the region's economy.
The difference between the number of people who immigrate in and emigrate out of a particular region. This figure shows annualized data updated monthly.Source: Metrostudy, Market Dashboard Report, Census Bureau, Moody's Analytics
Can be used to forecast population trends. Migration trends can be indicative of demographic and employment trends in a particular area. Market areas with substantial inflows of new residents will have greater demand for new and existing homes. Market areas with negative net migration will have less demand for additional homes.
Source: https://www.builderonline.com/local-housing-data/springfield-il
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