APRIL2016 Erie Metro

AUGUST2016
Erie Metro
National Home Values
Current:
$188,100
Monthly Change:
0.4%
Quarterly Change: 1.3%
Annual Change:
5.1%
Negative Equity*: 12.1%
Erie Home Values
Current:
Monthly Change:
Quarterly Change:
Annual Change:
Negative Equity*:
$118,100
0.1%
0.1%
1.3%
7.9%
Home Values Forecast
(next 12 months)
National:
Erie Metro:
2.7%
1.8%
Esri, HERE, DeLorme, MapmyIndia, © OpenStreetMap contributors, and the GIS user community
City ZHVI Year-over-Year
Major Cities - Home Values
Erie
Current:
Monthly Change:
Annual Change:
$78,100
0.3%
2.9%
Millcreek Township
Current:
$157,200
Monthly Change: 0.2%
Annual Change:
3.1%
North East Township
Current:
$141,000
Monthly Change: −0.1%
Annual Change:
3.4%
Fairview Township
Current:
$197,700
Monthly Change: 0.8%
Annual Change:
4.4%
Girard Township
Current:
$124,000
Monthly Change: 0%
Annual Change:
1%
-5.5%
-5.4% - -1.6% -1.5% - -0.3% -0.2% - -0.3%
Home Values (ZHVI)
Increasing Values:
Decreasing Values:
Fall From Peak:
Peak ZHVI Date:
Peak ZHVI:
Sales
Median Sale Price:
Monthly Change:
Annual Change:
Sale Price/Sq. Ft.:
Sale-to-list Price Ratio:
Sold for a Loss/Gain:
Foreclosures
Homes Foreclosed:
Monthly Change:
Annual Change:
Foreclosure Resales:
Monthly Change:
Annual Change:
0.7% - 1.0%
1.1% - 2.9%
3.0% - 3.7%
3.8% - 5.3%
–%
–%
−0.2%
2016-04
$118,300
Rent
Zillow Rent Index:
Monthly Change:
Annual Change:
Rent List Price:
Rent List/Sq. Ft.:
$–
–%
–%
$–
–
–%/–%
Listings
Median List Price:
Monthly Change:
Annual Change:
List Price/Sq. Ft.:
Listings with Price Cut:
Amount of Price Cut:
–/10, 000
–
–
–%
–pp
–pp
* Negative equity data is from 2016Q2.
www.zillow.com/research/
5.4% - 6.2%
$994
-0.7%
-1.4%
$1,000
$–
$130,000
–%
–%
$87
20.5%
3.7%
How do we track home values? To
track home values, we use the Zillow
Home Value Index (ZHVI). The ZHVI is
the mid-point of estimated home values
for the area. Half the estimated home
values are above this number and half
are below.
AUGUST2016
ZHVI YoY (%)
ZHVI Peak ($)
Peak Month
Change from Peak (%)
Rents- ZRI ($)
ZRI MoM (%)
ZRI QoQ (%)
ZRI YoY (%)
Forecast ZHVI ($)
Forecast YoY (%)
1.6
0.4
0.3
0.8
0
-0.1
0.1
-0.1
-0.1
0.3
0.2
-0.1
0.2
0.1
0.5
0
0.5
0.5
-0.2
0.2
3.4
1.2
0.6
1.2
-0.4
-0.7
0
-0.9
1
0.5
0.4
-0.2
0.2
1
1.3
-1
0.6
1.1
-0.7
0.2
5.3
3.2
2.9
4.4
1
-0.3
2.9
3.7
6.2
5.8
3.1
3.4
2.6
0.7
6.1
-5.5
4.9
5.2
2.2
-1.6
76,800
138,200
78,100
197,700
124,500
151,700
140,700
119,300
98,300
170,100
157,200
141,300
147,500
119,800
182,200
76,000
147,300
169,600
138,100
83,700
2007-11
2016-08
2016-08
2016-08
2016-05
2014-04
2016-08
2016-05
2016-07
2016-08
2016-08
2016-05
2016-08
2014-10
2016-08
2015-09
2016-08
2016-08
2016-05
2015-08
-1.8
0.0
0.0
0.0
-0.4
-1.8
0.0
-0.9
-0.1
0.0
0.0
-0.2
0.0
-4.7
0.0
-5.8
0.0
0.0
-0.7
-1.6
943
1,007
876
1,503
982
1,069
1,174
962
998
1,217
1,103
1,221
1,191
971
1,257
944
1,067
1,234
1,042
896
-1.2
-2
0.2
-0.7
-0.7
-3.3
-0.1
-0.2
0.2
-2.2
-2.1
0.9
-0.4
0
-1.9
-1.4
-3.2
-2.8
-2.8
0.1
-2.8
-8.5
1.2
4.4
-3.7
-8.6
0.3
-3.3
3
-2
-7.6
3.6
-0.3
-1.3
-2.8
-2.8
-7.4
-1.7
-5.4
2.2
7.5
-4.5
1.5
10.1
-5.8
-13.4
6
-5.2
10.4
-3.6
-13.7
13.8
-1.3
-2.6
-3
7
-9.3
-1.6
-1.5
3.3
77,391.95
140,665.3
79,396.92
200,649.9
126,323.3
151,984.3
143,684
120,768.6
99,728.46
172,902.9
159,835.3
143,743.5
150,060.1
115,551.8
187,314.7
72,093.43
149,777.8
172,196.8
140,362.3
83,824.54
2.6
1.8
1.7
1.5
1.9
2
2.1
2.2
1.6
1.6
1.7
1.9
1.7
1.2
2.8
0.7
1.7
1.5
2.3
1.7
2009
2009
2009
2009
2009
2008
2008
2009
2009
2009
2009
2009
2009
2012
2009
2012
2009
2009
2010
2008
Negative Equity (%)
ZHVI QoQ (%)
75,400
138,200
78,100
197,700
124,000
149,000
140,700
118,200
98,200
170,100
157,200
141,000
147,500
114,200
182,200
71,600
147,300
169,600
137,200
82,400
Home Value Bottom
ZHVI MoM (%)
Corry
Edinboro
Erie
Fairview Township
Girard Township
Greene Township
Harborcreek
Lake City
Lawrence Park
Mckean Township
Millcreek Township
North East Township
Northwest Harborcreek
Springfield Township
Summit Township
Union City
Venango Township
Washington Township
Waterford Township
Wesleyville
Home Values- ZHVI ($)
Largest Cities Covered by Zillow
Q4
Q4
Q2
Q4
Q2
Q4
Q1
Q2
Q3
Q3
Q4
Q4
Q4
Q2
Q4
Q4
Q4
Q3
Q2
Q2
11
10.9
3.8
6.3
6.8
6.1
9.2
5.7
7
8.4
10.3
7.5
7.6
7.2
ZHVI MoM (%)
ZHVI QoQ (%)
ZHVI YoY (%)
ZHVI Peak ($)
Peak Month
Change from Peak (%)
Rents- ZRI ($)
ZRI MoM (%)
ZRI QoQ (%)
ZRI YoY (%)
Forecast ZHVI ($)
Forecast YoY (%)
Home Value Bottom
Negative Equity (%)
Erie
Home Values- ZHVI ($)
Largest Counties Covered by Zillow
118,100
0.1
0.1
1.3
118,300
2016-04
-0.2
994
-0.7
-2.9
-1.4
120,203.8
1.8
2009 Q2
7.9
*The top 20 largest cities and top 10 (or all) counties within the metro are listed. Additional counties, cities, neighborhoods and ZIP codes may be
available online at www.zillow.com/research/data by emailing [email protected]
Zillow
Research:
Zillow R is the leading real estate and rental marketplace dedicated to empowering consumers with data, inspiration and knowledge around the place
they call home, and connecting them with the best local professionals who can help. In addition, Zillow operates an industry-leading economics and
analytics bureau led by Zillow’s Chief Economist Dr. Svenja Gudell. Dr. Gudell and her team of economists and data analysts produce extensive housing
data and research covering more than 450 markets at Zillow Real Estate Research. Zillow also sponsors the quarterly Zillow Home Price Expectations
Survey, which asks more than 100 leading economists, real estate experts and investment and market strategists to predict the path of the Zillow Home
Value Index over the next five years. Zillow also sponsors the bi-annual Zillow Housing Confidence Index (ZHCI) which measures consumer confidence in
local housing markets, both currently and over time. Launched in 2006, Zillow is owned and operated by Zillow Group (NASDAQ: Z), and
headquartered in Seattle.
www.zillow.com/research/