WASHINGTON, March 12, 2014 (GLOBE NEWSWIRE) -- This month's CoStar Commercial Repeat Sale Indices (CCRSI) provide the market's first look at January 2014 commercial real estate pricing. Based on 1,081 repeat sales in January 2014 and more than 125,000 repeat sales since 1996, the CCRSI offers the broadest measure of commercial real estate repeat sales activity.
January 2014 CCRSI National Results Highlights
1 Month Earlier | 1 Quarter Earlier | 1 Year Earlier | Trough to Current | |
Value-Weighted U.S. Composite Index | -0.6% | 0.8% | 10.6% | 52.2%1 |
Equal-Weighted U.S. Composite Index | 1.0% | 2.7% | 12.2% | 20.3%2 |
U.S. Investment Grade Index | 1.3% | 2.8% | 17.5% | 33.3%3 |
U.S. General Commercial Index | 1.0% | 2.5% | 10.9% | 18.2%4 |
1 Trough Date: January, 2010 2 Trough Date: March, 2011 3 Trough Date: October, 2009 4 Trough Date: March, 2011 |
Monthly Liquidity Indicators, Data through January of 2014 1 | ||||
Current | 1 Month Earlier | 1 Quarter Earlier | 1 Year Earlier | |
Days on Market | 417 | 419 | 420 | 432 |
Sale Price-to-Asking Price Ratio | 88.2% | 88.0% | 88.1% | 86.8% |
Withdrawal Rate | 40.3% | 40.0% | 40.7% | 41.6% |
1 Average days on market and sale price-to-asking price ratio are both calculated based on listings that are closed and confirmed by CoStar Group's research team. Withdrawal rate is the ratio of listings that are withdrawn from the market by the seller relative to all listings for a given month. |
Several charts accompanying this release are available at http://media.globenewswire.com/cache/9473/file/25147.pdf
About the CoStar Commercial Repeat-Sale Indices
The CoStar Commercial Repeat-Sale Indices (CCRSI) are the most comprehensive and accurate measures of commercial real estate prices in the United States. In addition to the national Composite Index (presented in both equal-weighted and value-weighted versions), national Investment Grade Index and national General Commercial Index, which we report monthly, we report quarterly on 30 sub-indices in the CoStar index family. The sub-indices include breakdowns by property sector (office, industrial, retail, multifamily, hospitality and land), by region of the country (Northeast, South, Midwest, West), by transaction size and quality (general commercial, investment grade), and by market size (composite index of the prime market areas in the country).
The CoStar indices are constructed using a repeat sales methodology, widely considered the most accurate measure of price changes for real estate. This methodology measures the movement in the prices of commercial properties by collecting data on actual transaction prices. When a property is sold more than one time, a sales pair is created. The prices from the first and second sales are then used to calculate price movement for the property. The aggregated price changes from all of the sales pairs are used to create a price index.
More charts accompanying this release are available at http://media.globenewswire.com/cache/9473/file/25148.pdf
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For more information about CCRSI Indices, including our legal notices and disclaimer, please visit http://www.costar.com/ccrsi.
ABOUT COSTAR GROUP, INC.
CoStar Group (Nasdaq:CSGP) is the leading provider of commercial real estate information, analytics and marketplaces. Founded in 1987, CoStar Group conducts expansive, ongoing research to produce and maintain the largest and most comprehensive database of commercial real estate information. Our suite of online services enables clients to analyze, interpret and gain unmatched insight on commercial property values, market conditions and current availabilities. Through LoopNet, the Company operates the most heavily trafficked commercial real estate marketplace online with more than 8 million registered members. CoStar Group operates websites that have over 8 million unique monthly visitors in aggregate. Headquartered in Washington, DC, CoStar Group maintains offices throughout the U.S. and in Europe with a staff of approximately 2,000 worldwide, including the industry's largest professional research organization. For more information, visit www.costar.com.
This news release includes "forward-looking statements" within the meaning of the federal securities laws including, without limitation, statements regarding CoStar's plans, objectives, expectations, beliefs, intentions or strategies regarding the future. These statements are based upon the current beliefs and expectations of management of CoStar and are subject to many risks and uncertainties that could cause actual results to differ materially from these statements. The following factors, among others, could cause or contribute to such differences: the risk that the trends represented or implied by the indices and other information set forth in this release will not continue or produce the results suggested by such trends; the risk that investor demand and commercial real estate pricing levels will not continue at the levels or with the trends indicated in this release; and the possibility that the expanded lending environment does not positively impact the broader market or support further pricing growth in 2014. More information about potential factors that could cause actual results to differ materially from those discussed in the forward-looking statements include, but are not limited to, those stated in CoStar's filings from time to time with the Securities and Exchange Commission, including CoStar's Form 10-K for the year ended December 31, 2013, under the heading "Risk Factors." All forward-looking statements are based on information available to CoStar on the date hereof, and CoStar does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.