Bay County July 2018 by Michele Bailey

Monthly Market Detail - July 2018 Townhouses and Condos Bay County July 2018

July 2017

Percent Change Year-over-Year

166

143

16.1%

10.3%

Median Sale Price

$245,000

$215,000

14.0%

Average Sale Price

$268,549

$253,302

6.0%

$44.6 Million

$36.2 Million

23.1%

97.0%

95.3%

1.8%

Median Time to Contract

41 Days

61 Days

-32.8%

Median Time to Sale

81 Days

93 Days

-12.9%

New Pending Sales

173

160

8.1%

New Listings

180

140

28.6%

Pending Inventory

232

178

30.3%

Inventory (Active Listings)

533

691

-22.9%

Months Supply of Inventory

3.4

5.4

-37.0%

Closed Sales

Percent Change Year-over-Year

1,187 166 178 186 194 202 140 121 119 128 128 144 162 143

21.0% 16.1% 6.0% 31.0% 22.0% 23.2% 15.7% 44.0% 14.4% 29.3% 8.5% 46.9% 19.1% 40.2%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Month

The number of sales transactions which closed during the month Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), rather than changes from one month to the next. 2014

2015

2016

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

Closed Sales

250 200 150 100 50 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Produced by Florida Realtors® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, August 22, 2018. Next data release is Thursday, September 20, 2018.

Monthly Market Detail - July 2018 Townhouses and Condos Bay County Month

Cash Sales The number of Closed Sales during the month in which buyers exclusively paid in cash Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care.

2014

2015

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

Cash Sales

Percent Change Year-over-Year

594 75 90 87 94 109 72 67 57 65 71 62 85 68

31.1% 10.3% 23.3% 19.2% 54.1% 38.0% 35.8% 45.7% 18.8% 30.0% 12.7% 37.8% 32.8% 36.0%

2017

2018

120

Cash Sales

100 80 60 40 20 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month which were Cash Sales

Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not paid fully in cash) each month involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.

Pct. of Closed Sales Paid in Cash

2014

2015

2016

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

50.0% 45.2% 50.6% 46.8% 48.5% 54.0% 51.4% 55.4% 47.9% 50.8% 55.5% 43.1% 52.5% 47.6%

8.2% -5.0% 16.3% -8.9% 26.3% 12.0% 17.4% 1.1% 3.7% 0.6% 3.9% -6.1% 11.5% -2.9%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

70% 60% 50% 40% 30% 20% 10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Produced by Florida RealtorsÂŽ with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, August 22, 2018. Next data release is Thursday, September 20, 2018.

Monthly Market Detail - July 2018 Townhouses and Condos Bay County Month

Median Sale Price The median sale price reported for the month (i.e. 50% of sales were above and 50% of sales were below) Economists' note : Median Sale Price is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each month, and the mix of the types of homes that sell can change over time.

Median Sale Price

2014

2015

Percent Change Year-over-Year

$240,000 $245,000 $238,162 $237,081 $245,000 $270,500 $220,000 $245,000 $260,000 $255,000 $198,100 $222,000 $250,000 $215,000

9.1% 14.0% 19.1% 6.8% 6.5% 11.0% 0.5% 20.7% 10.4% 9.4% -3.6% 4.0% 12.4% -6.4%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

2017

2018

$300K $250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Average Sale Price The average sale price reported for the month (i.e. total sales in dollars divided by the number of sales) Economists' note : Usually, we prefer Median Sale Price over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its usesâ&#x20AC;&#x201D;particularly when it is analyzed alongside the Median Sale Price. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area.

2014

Average Sale Price

Median Sale Price

2015

2016

Average Sale Price

Percent Change Year-over-Year

$265,436 $268,549 $265,818 $262,846 $263,463 $281,721 $239,644 $270,408 $253,223 $270,695 $233,145 $242,106 $258,399 $253,302

11.0% 6.0% 15.9% 7.9% 13.8% 11.2% 4.6% 19.2% 1.8% 8.3% 8.8% 0.3% 9.3% 5.9%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

$300K $250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Townhouses and Condos Bay County

The sum of the sale prices for all sales which closed during the month Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying Closed Sales by Average Sale Price. It is a strong indicator of the health of the real estate industry in a market, and is of particular interest to real estate professionals, investors, analysts, and government agencies. Potential home sellers and home buyers, on the other hand, will likely be better served by paying attention to trends in the two components of Dollar Volume (i.e. sales and prices) individually. 2014

Dollar Volume

Percent Change Year-over-Year

$315.1 Million $44.6 Million $47.3 Million $48.9 Million $51.1 Million $56.9 Million $33.6 Million $32.7 Million $30.1 Million $34.6 Million $29.8 Million $34.9 Million $41.9 Million $36.2 Million

34.4% 23.1% 22.8% 41.4% 38.9% 36.9% 21.0% 71.7% 16.5% 40.0% 18.0% 47.3% 30.2% 48.5%

Month

Dollar Volume

2015

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

2017

2018

$60 M

Dollar Volume

$50 M $40 M $30 M $20 M $10 M $0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Median Percent of Original List Price Received The median of the sale price (as a percentage of the original list price) across all properties selling during the month Economists' note : The Median Percent of Original List Price Received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling price (or better it) in order to get a contract on the house. This is usually the last measure to indicate a market has shifted from down to up, so it is what we would call a lagging indicator.

Med. Pct. of Orig. List Price Received

2014

2015

2016

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.8% 97.0% 97.7% 97.3% 96.5% 96.8% 96.4% 96.0% 95.9% 95.4% 96.3% 95.6% 96.2% 95.3%

1.5% 1.8% 2.2% 1.2% 1.0% 2.3% 0.9% 1.1% 0.9% 0.5% 1.6% -0.6% 0.8% 0.3%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

120% 100% 80% 60% 40% 20% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Townhouses and Condos Bay County Month

Median Time to Contract The median number of days between the listing date and contract date for all Closed Sales during the month Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during the month. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales. 2014

2015

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

Median Time to Contract

Percent Change Year-over-Year

38 Days 41 Days 36 Days 31 Days 26 Days 43 Days 62 Days 60 Days 60 Days 80 Days 69 Days 59 Days 48 Days 61 Days

-46.5% -32.8% -25.0% -53.7% -64.4% -61.3% -31.9% -22.1% -41.7% -28.6% -31.7% -35.2% -23.8% -11.6%

2017

2018

Median Time to Contract

120 100 80 60 40 20 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Median Time to Sale The median number of days between the listing date and closing date for all Closed Sales during the month Economists' note : Time to Sale is a measure of the length of the home selling process, calculated as the number of days between the initial listing of a property and the closing of the sale. Median Time to Sale is the amount of time the "middle" property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. Median Time to Sale gives a more accurate picture than Average Time to Sale, which can be skewed upward by small numbers of properties taking an abnormally long time to sell.

Median Time to Sale

2014

2015

2016

Median Time to Sale

Percent Change Year-over-Year

71 Days 81 Days 64 Days 65 Days 57 Days 71 Days 88 Days 91 Days 97 Days 109 Days 112 Days 93 Days 84 Days 93 Days

-31.7% -12.9% -21.0% -32.3% -39.4% -53.3% -28.5% -12.5% -30.2% -21.6% -18.8% -28.5% -15.2% -15.5%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

200 150 100 50 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Townhouses and Condos Bay County Month

New Pending Sales

Economists' note : Because of the typical length of time it takes for a sale to close, economists consider Pending Sales to be a decent indicator of potential future Closed Sales. It is important to bear in mind, however, that not all Pending Sales will be closed successfully. So, the effectiveness of Pending Sales as a future indicator of Closed Sales is susceptible to changes in market conditions such as the availability of financing for homebuyers and the inventory of distressed properties for sale. 2015

Percent Change Year-over-Year

1,425 173 192 278 221 203 184 174 100 129 141 116 162 160

27.8% 8.1% 15.0% 93.1% 38.1% 9.1% 15.7% 25.2% 17.6% 20.6% 17.5% 17.2% 9.5% 53.8%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

The number of listed properties that went under contract during the month

2014

New Pending Sales

2016

2017

2018

Pending Sales

300 250 200 150 100 50 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

New Listings The number of properties put onto the market during the month Economists' note : New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of valueâ&#x20AC;&#x201D;and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include properties that were recently taken off the market and quickly relisted, since these are not really new listings. 2014

2015

2016

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

New Listings

Percent Change Year-over-Year

1,521 180 143 302 270 251 177 198 82 160 146 122 185 140

32.3% 28.6% -16.9% 52.5% 55.2% 50.3% 10.6% 42.4% -19.6% 34.5% -2.7% 3.4% 2.2% 7.7%

2017

2018

350

New Listings

300 250 200 150 100 50 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Townhouses and Condos Bay County Month

Inventory (Active Listings) The number of property listings active at the end of the month Economists' note : There are a number of ways to define and calculate Inventory. Our method is to simply count the number of active listings on the last day of the month, and hold this number to compare with the same month the following year. Inventory rises when New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market.

2014

2015

YTD (Monthly Avg) July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

Inventory

Percent Change Year-over-Year

602 533 522 679 672 579 593 636 589 671 661 675 703 691

-19.7% -22.9% -29.8% -12.9% -5.2% -22.0% -23.5% -21.6% -30.3% -21.8% -27.9% -26.1% -27.2% -27.8%

2017

2018

1,200

Inventory

1,000 800 600 400 200 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Months Supply of Inventory An estimate of the number of months it will take to deplete the current Inventory given recent sales rates Economists' note : MSI is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers' market, and anything lower is a sellers' market. There is no single accepted way of calculating MSI. A common method is to divide current Inventory by the most recent month's Closed Sales count, but this count is a usually poor predictor of future Closed Sales due to seasonal cycles. To eliminate seasonal effects, we use the 12-month average of monthly Closed Sales instead.

Months Supply of Inventory

2014

2015

2016

YTD (Monthly Avg) July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

Months Supply

Percent Change Year-over-Year

4.0 3.4 3.4 4.4 4.5 4.0 4.1 4.5 4.3 4.9 4.9 5.0 5.4 5.4

-36.5% -37.0% -43.3% -31.3% -23.7% -36.5% -40.6% -38.4% -43.4% -36.4% -40.2% -39.0% -36.5% -37.2%

2017

2018

10.0 8.0 6.0 4.0 2.0 0.0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Townhouses and Condos Bay County

The number of sales transactions which closed during the month

Closed Sales

Economists' note: Closed Sales are one of the simplestâ&#x20AC;&#x201D;yet most importantâ&#x20AC;&#x201D;indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), rather than changes from one month to the next. July 2017

45 40 35 30 25 20 15 10 5 0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

Median Time to Contract

N/A

$50,000 - $99,999

-50.0%

$100,000 - $149,999

-50.0%

$150,000 - $199,999

35.5%

$200,000 - $249,999

86.7%

$250,000 - $299,999

-9.5%

$300,000 - $399,999

131.3%

$400,000 - $599,999

25.0%

$600,000 - $999,999

-75.0%

$1,000,000 or more

N/A

July 2017

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more Median Time to Contract

Percent Change Year-over-Year

Less than $50,000

(No Sales)

N/A

$50,000 - $99,999

181 Days

182.8%

$100,000 - $149,999

17 Days

-68.5%

$150,000 - $199,999

33 Days

-40.0%

$200,000 - $249,999

21 Days

-69.1%

$250,000 - $299,999

87 Days

128.9%

$300,000 - $399,999

35 Days

-78.8%

$400,000 - $599,999

54 Days

45.9%

$600,000 - $999,999

426 Days

16.1%

$1,000,000 or more

(No Sales)

N/A

Sale Price

Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during the month. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales.

$50,000 $99,999

Less than $50,000

45 40 35 30 25 20 15 10 5 0

The median number of days between the listing date and contract date for all Closed Sales during the month

Less than $50,000

Percent Change Year-over-Year

July 2018

Median Time to Contract by Sale Price

450 400 350 300 250 200 150 100 50 0

Closed Sales

Sale Price

Closed Sales by Sale Price

July 2018

$100,000 $149,999

$150,000 $199,999

450 400 350 300 250 200 150 100 50 0 $200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Monthly Market Detail - July 2018 Townhouses and Condos Bay County

New Listings by Initial Listing Price The number of properties put onto the market during the month Economists' note: New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of valueâ&#x20AC;&#x201D;and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include properties that were recently taken off the market and quickly relisted, since these are not really new listings.

New Listings

July 2017

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-50.0%

$100,000 - $149,999

-25.0%

$150,000 - $199,999

103.8%

$200,000 - $249,999

35.0%

$250,000 - $299,999

-16.0%

$300,000 - $399,999

65.2%

$400,000 - $599,999

50.0%

$600,000 - $999,999

-25.0%

$1,000,000 or more

N/A

July 2018

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

The number of property listings active at the end of the month

Inventory

Economists' note : There are a number of ways to define and calculate Inventory. Our method is to simply count the number of active listings on the last day of the month, and hold this number to compare with the same month the following year. Inventory rises when New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market.

July 2017

Less than $50,000

$50,000 $99,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Inventory

Percent Change Year-over-Year

Less than $50,000

-100.0%

$50,000 - $99,999

-87.1%

$100,000 - $149,999

-28.2%

$150,000 - $199,999

-16.0%

$200,000 - $249,999

-42.0%

$250,000 - $299,999

-26.5%

$300,000 - $399,999

136

-13.4%

$400,000 - $599,999

0.0%

$600,000 - $999,999

-14.3%

$1,000,000 or more

0.0%

Current Listing Price

Inventory by Current Listing Price

180 160 140 120 100 80 60 40 20 0

$300,000 $399,999

July 2018

$100,000 $149,999

$150,000 $199,999

180 160 140 120 100 80 60 40 20 0 $200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Monthly Distressed Market - July 2018 Townhouses and Condos Bay County

Closed Sales

July 2018

July 2017

Percent Change Year-over-Year

166

139

19.4%

$245,000

$215,000

14.0%

-100.0%

(No Sales)

$215,000

N/A

(No Sales)

N/A

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2014

2015

Traditional

2016

Foreclosure/REO

2017

2018

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J $700,000 $600,000

Median Sale Price

$500,000 $400,000 $300,000 $200,000 $100,000 $0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

2014

2015

2016

2017

2018

Monthly Market Detail - July 2018 Single Family Homes Bay County July 2018

July 2017

Percent Change Year-over-Year

352

292

20.5%

6.0%

Median Sale Price

$224,950

$208,950

7.7%

Average Sale Price

$273,513

$232,733

17.5%

$96.3 Million

$68.0 Million

41.7%

96.3%

97.1%

-0.8%

Median Time to Contract

46 Days

40 Days

15.0%

Median Time to Sale

97 Days

87 Days

11.5%

New Pending Sales

359

331

8.5%

New Listings

417

341

22.3%

Pending Inventory

533

452

17.9%

Inventory (Active Listings)

1,217

1,125

8.2%

Months Supply of Inventory

4.2

0.0%

Closed Sales

Percent Change Year-over-Year

2,124 352 367 353 287 307 244 214 261 233 252 272 331 292

8.2% 20.5% 4.0% 9.6% 9.1% 1.0% 3.8% 10.3% 2.4% 5.4% -1.2% 2.3% 25.9% 7.7%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Month

2015

2016

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

Closed Sales

400 300 200 100 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County Month

2014

2015

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

Cash Sales

Percent Change Year-over-Year

497 71 87 82 72 75 50 60 54 52 64 70 89 67

6.0% 6.0% 0.0% 22.4% 9.1% 5.6% -26.5% 39.5% -8.5% -5.5% 16.4% 1.4% 23.6% 3.1%

2017

2018

100

Cash Sales

80 60 40 20 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month which were Cash Sales

Pct. of Closed Sales Paid in Cash

2014

2015

2016

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

23.4% 20.2% 23.7% 23.2% 25.1% 24.4% 20.5% 28.0% 20.7% 22.3% 25.4% 25.7% 26.9% 22.9%

-2.1% -11.8% -3.7% 11.5% 0.0% 4.3% -29.1% 26.1% -10.4% -10.4% 17.6% -0.8% -1.8% -4.6%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

40% 30% 20% 10% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County Month

Median Sale Price

2014

2015

Percent Change Year-over-Year

$219,900 $224,950 $223,500 $220,000 $213,000 $220,000 $205,000 $213,450 $212,000 $211,500 $210,000 $205,000 $215,000 $208,950

8.3% 7.7% 7.6% 2.3% 2.7% 7.8% 7.9% 20.3% 11.6% 7.4% 15.4% 8.2% 7.5% 5.3%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

2017

2018

$250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

2014

Average Sale Price

Median Sale Price

2015

2016

Average Sale Price

Percent Change Year-over-Year

$253,368 $273,513 $262,709 $255,637 $243,664 $246,404 $239,816 $238,922 $235,534 $228,542 $235,425 $229,095 $253,042 $232,733

8.4% 17.5% 6.0% 6.0% 5.8% 1.3% 9.8% 16.7% 5.3% 4.4% -6.3% 6.5% 8.3% -1.1%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

$300K $250K $200K $150K $100K $50K $0K

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County

Dollar Volume

Percent Change Year-over-Year

$538.2 Million $96.3 Million $96.4 Million $90.2 Million $69.9 Million $75.6 Million $58.5 Million $51.1 Million $61.5 Million $53.3 Million $59.3 Million $62.3 Million $83.8 Million $68.0 Million

17.3% 41.7% 10.2% 16.2% 15.5% 2.3% 14.0% 28.7% 7.7% 10.1% -7.4% 8.9% 36.3% 6.5%

Month

Dollar Volume

2015

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

2017

2018

$120 M

Dollar Volume

$100 M $80 M $60 M $40 M $20 M $0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Med. Pct. of Orig. List Price Received

2014

2015

2016

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.8% 96.3% 97.4% 97.1% 97.3% 96.8% 96.0% 96.1% 96.9% 96.1% 95.5% 96.1% 97.5% 97.1%

0.3% -0.8% 0.6% 0.9% 0.6% 0.0% 0.8% 0.4% 1.4% 1.2% 0.2% 0.4% 0.8% 1.3%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

120% 100% 80% 60% 40% 20% 0%

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County Month

2015

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

Median Time to Contract

Percent Change Year-over-Year

46 Days 46 Days 40 Days 38 Days 38 Days 49 Days 70 Days 63 Days 42 Days 50 Days 54 Days 44 Days 35 Days 40 Days

-22.0% 15.0% -18.4% -34.5% -36.7% -19.7% -12.5% -25.9% -43.2% -13.8% -10.0% -36.2% -38.6% -24.5%

2017

2018

Median Time to Contract

120 100 80 60 40 20 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Median Time to Sale

2014

2015

2016

Median Time to Sale

Percent Change Year-over-Year

92 Days 97 Days 85 Days 81 Days 80 Days 97 Days 109 Days 115 Days 90 Days 93 Days 102 Days 95 Days 86 Days 87 Days

-20.0% 11.5% -19.8% -27.0% -30.4% -23.6% -15.5% -22.8% -30.8% -11.4% -17.1% -24.0% -23.9% -13.9%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 2017

2018

200 150 100 50 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County Month

New Pending Sales

Percent Change Year-over-Year

2,448 359 380 400 356 354 301 298 225 229 275 215 356 331

9.8% 8.5% 25.0% 17.6% 7.2% 1.7% 0.3% 8.4% 6.1% -3.4% 12.2% -24.6% 25.8% 21.2%

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

The number of listed properties that went under contract during the month

2014

New Pending Sales

2016

2017

2018

Pending Sales

500 400 300 200 100 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

2015

2016

Year-to-Date July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

New Listings

Percent Change Year-over-Year

2,868 417 387 444 410 448 363 399 211 249 318 303 389 341

20.7% 22.3% 11.5% 18.1% 26.2% 28.0% 21.8% 17.4% 7.7% 3.3% 1.0% 5.6% 12.8% 3.3%

2017

2018

New Listings

500 400 300 200 100 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County Month

2014

2015

YTD (Monthly Avg) July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

2016

Inventory

Percent Change Year-over-Year

1,200 1,217 1,195 1,278 1,265 1,185 1,149 1,109 1,013 1,106 1,131 1,121 1,105 1,125

1.8% 8.2% 3.7% 9.2% 9.6% -0.4% -4.6% -11.8% -16.1% -12.2% -15.3% -16.9% -20.8% -19.2%

2017

2018

2,000

Inventory

1,500 1,000 500 0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Month

Months Supply of Inventory

2014

2015

2016

YTD (Monthly Avg) July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017

Months Supply

Percent Change Year-over-Year

4.3 4.2 4.2 4.5 4.5 4.3 4.1 4.0 3.7 4.0 4.1 4.1 4.0 4.2

-4.4% 0.0% -2.3% 2.3% 2.3% -6.5% -12.8% -20.0% -22.9% -21.6% -24.1% -25.5% -29.8% -27.6%

2017

2018

8.0 6.0 4.0 2.0 0.0

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Monthly Market Detail - July 2018 Single Family Homes Bay County

The number of sales transactions which closed during the month

Closed Sales

80 70 60 50 40 30 20 10 0 Less than $50,000

$50,000 $99,999

Less than $50,000

-33.3%

$50,000 - $99,999

26.3%

$100,000 - $149,999

-11.1%

$150,000 - $199,999

-4.2%

$200,000 - $249,999

80.0%

$250,000 - $299,999

10.9%

$300,000 - $399,999

11.8%

$400,000 - $599,999

175.0%

$600,000 - $999,999

100.0%

$1,000,000 or more

250.0%

$100,000 $149,999

$150,000 $199,999

80 70 60 50 40 30 20 10 0 $200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more Median Time to Contract

Percent Change Year-over-Year

Less than $50,000

7 Days

-92.2%

$50,000 - $99,999

38 Days

18.8%

$100,000 - $149,999

26 Days

-25.7%

$150,000 - $199,999

29 Days

-12.1%

$200,000 - $249,999

69 Days

86.5%

$250,000 - $299,999

69 Days

102.9%

$300,000 - $399,999

55 Days

-32.9%

$400,000 - $599,999

160 Days

68.4%

$600,000 - $999,999

30 Days

-94.6%

$1,000,000 or more

46 Days

-87.3%

Sale Price

The median number of days between the listing date and contract date for all Closed Sales during the month

Median Time to Contract

Percent Change Year-over-Year

July 2018

Median Time to Contract by Sale Price

600

Closed Sales

Sale Price

Closed Sales by Sale Price

July 2018

600

500

400

300

200

100

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Monthly Market Detail - July 2018 Single Family Homes Bay County

New Listings

July 2017

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

-66.7%

$50,000 - $99,999

-16.7%

$100,000 - $149,999

-50.0%

$150,000 - $199,999

-16.7%

$200,000 - $249,999

59.7%

$250,000 - $299,999

128.2%

$300,000 - $399,999

55.3%

$400,000 - $599,999

29.4%

$600,000 - $999,999

41.7%

$1,000,000 or more

-28.6%

July 2018

120

100

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

The number of property listings active at the end of the month Economists' note : There are a number of ways to define and calculate Inventory. Our method is to simply count the number of active listings on the last day of the month, and hold this number to compare with the same month the following year. Inventory rises when New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going off-market.

July 2017

Inventory

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Inventory

Percent Change Year-over-Year

Less than $50,000

-63.6%

$50,000 - $99,999

-30.5%

$100,000 - $149,999

-34.0%

$150,000 - $199,999

167

8.4%

$200,000 - $249,999

214

15.1%

$250,000 - $299,999

204

64.5%

$300,000 - $399,999

237

6.8%

$400,000 - $599,999

127

1.6%

$600,000 - $999,999

14.6%

$1,000,000 or more

3.4%

Current Listing Price

Inventory by Current Listing Price

250

$300,000 $399,999

July 2018

250

200

150

100

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more

Monthly Distressed Market - July 2018 Single Family Homes Bay County

Closed Sales

July 2018

July 2017

Percent Change Year-over-Year

341

281

21.4%

$225,000

$214,900

4.7%

-10.0%

$94,000

$121,250

-22.5%

100.0%

$127,250

$105,000

21.2%

Traditional Median Sale Price Closed Sales Foreclosure/REO Median Sale Price Closed Sales Short Sale Median Sale Price

2014

2015

Traditional

2016

Foreclosure/REO

2017

2018

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J $250,000

Median Sale Price

$200,000

$150,000

$100,000

$50,000

$0 J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

2014

2015

2016

2017

2018