Bay County Q3 2018 by Michele Bailey

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Q3 2018

Q3 2017

Percent Change Year-over-Year

1,022

895

14.2%

232

226

2.7%

Median Sale Price

$225,000

$210,000

7.1%

Average Sale Price

$264,017

$239,138

10.4%

$269.8 Million

$214.0 Million

26.1%

96.7%

96.8%

-0.1%

Median Time to Contract

41 Days

40 Days

2.5%

Median Time to Sale

92 Days

89 Days

3.4%

985

902

9.2%

1,177

1,033

13.9%

417

394

5.8%

Inventory (Active Listings)

1,251

1,121

11.6%

Months Supply of Inventory

4.2

4.1

2.4%

Closed Sales

Percent Change Year-over-Year

2,794 1,022 1,007 765 746 895 939 733 731 800 850 625 668 755

8.8% 14.2% 7.2% 4.4% 2.1% 11.9% 10.5% 17.3% 9.4% 6.0% 10.5% 16.4% 14.2% 13.2%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

New Pending Sales New Listings Pending Inventory

Closed Sales

Quarter Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The number of sales transactions which closed during the quarter 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 quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. 2014

2015

2016

2017

2018

Closed Sales

1,200 1,000 800 600

400 200 0

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 Thursday, November 1, 2018. Historical data revised on Friday, September 7, 2018. Next data release is TBD.

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Quarter

Cash Sales The number of Closed Sales during the quarter 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

Cash Sales

Percent Change Year-over-Year

658 232 241 185 170 226 220 182 169 206 187 188 187 208

4.8% 2.7% 9.5% 1.6% 0.6% 9.7% 17.6% -3.2% -9.6% -1.0% 2.2% 25.3% 36.5% 38.7%

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

2017

2018

300

Cash Sales

250 200 150 100 50 0

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 quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.

Pct. of Closed Sales Paid in Cash

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The percentage of Closed Sales during the quarter which were Cash Sales

2015

Quarter

Cash Sales as a Percentage of Closed Sales

2014

2016

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

23.6% 22.7% 23.9% 24.2% 22.8% 25.3% 23.4% 24.8% 23.1% 25.8% 22.0% 30.1% 28.0% 27.5%

-3.7% -10.3% 2.1% -2.4% -1.3% -1.9% 6.4% -17.6% -17.5% -6.2% -7.6% 7.9% 19.7% 22.2%

2017

2018

35% 30% 25% 20% 15% 10% 5% 0%

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 Thursday, November 1, 2018. Historical data revised on Friday, September 7, 2018. Next data release is TBD.

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Quarter

Median Sale Price The median sale price reported for the quarter (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 quarter, and the mix of the types of homes that sell can change over time.

Median Sale Price

2014

2015

2016

Percent Change Year-over-Year

$220,000 $225,000 $219,900 $215,000 $211,500 $210,000 $210,000 $193,000 $189,450 $196,850 $192,250 $174,900 $184,000 $179,500

7.3% 7.1% 4.7% 11.4% 11.6% 6.7% 9.2% 10.3% 3.0% 9.7% 11.8% -2.8% 10.5% 1.7%

2017

2018

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

Quarter

Average Sale Price The average sale price reported for the quarter (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

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Median Sale Price

2015

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

Average Sale Price

Percent Change Year-over-Year

$254,725 $264,017 $254,802 $242,210 $233,313 $239,138 $240,544 $225,060 $231,895 $228,079 $215,071 $206,457 $210,780 $215,346

8.1% 10.4% 5.9% 7.6% 0.6% 4.8% 11.8% 9.0% 10.0% 5.9% -6.7% -1.2% 2.5% 5.1%

2017

2018

$300K $250K $200K $150K

$100K $50K $0K

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Quarter

Dollar Volume The sum of the sale prices for all sales which closed during the quarter 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

2015

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

Dollar Volume

Percent Change Year-over-Year

$711.7 Million $269.8 Million $256.6 Million $185.3 Million $174.1 Million $214.0 Million $225.9 Million $165.0 Million $169.5 Million $182.5 Million $182.8 Million $129.0 Million $140.8 Million $162.6 Million

17.7% 26.1% 13.6% 12.3% 2.7% 17.3% 23.6% 27.8% 20.4% 12.2% 3.1% 15.0% 17.1% 18.9%

2017

2018

$300 M

Dollar Volume

$250 M $200 M $150 M $100 M $50 M $0

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

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The median of the sale price (as a percentage of the original list price) across all properties selling during the quarter

2015

Quarter

Median Percent of Original List Price Received

2014

2016

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.8% 96.7% 97.3% 96.3% 96.3% 96.8% 96.7% 95.9% 95.3% 96.2% 96.0% 95.1% 94.8% 94.5%

0.3% -0.1% 0.6% 0.4% 1.0% 0.6% 0.7% 0.8% 0.5% 1.8% 1.3% 1.3% 1.3% 0.3%

2017

2018

120% 100% 80% 60%

40% 20% 0%

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Quarter

Median Time to Contract The median number of days between the listing date and contract date for all Closed Sales during the quarter 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 quarter. 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 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

Median Time to Contract

Percent Change Year-over-Year

44 Days 41 Days 38 Days 60 Days 46 Days 40 Days 55 Days 75 Days 64 Days 61 Days 56 Days 80 Days 76 Days 66 Days

-18.5% 2.5% -30.9% -20.0% -28.1% -34.4% -1.8% -6.3% -15.8% -7.6% -12.5% 2.6% 0.0% -10.8%

2017

2018

Median Time to Contract

100 80 60 40 20 0

Quarter

Median Time to Sale

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The median number of days between the listing date and closing date for all Closed Sales during the quarter 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. 2014

Median Time to Sale

2015

2016

Median Time to Sale

Percent Change Year-over-Year

92 Days 92 Days 82 Days 109 Days 96 Days 89 Days 109 Days 138 Days 119 Days 110 Days 107 Days 129 Days 131 Days 107 Days

-14.8% 3.4% -24.8% -21.0% -19.3% -19.1% 1.9% 7.0% -9.2% 2.8% -0.9% 8.4% 6.5% -9.3%

2017

2018

150

100

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Quarter

New Pending Sales

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The number of listed properties that went under contract during the quarter 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. 2014

2015

2016

New Pending Sales

Percent Change Year-over-Year

3,073 985 1,136 952 729 902 971 923 694 841 923 830 700 823

9.9% 9.2% 17.0% 3.1% 5.0% 7.3% 5.2% 11.2% -0.9% 2.2% 4.8% 10.7% 24.6% 17.1%

2017

2018

Pending Sales

1,200 1,000 800 600 400 200 0

Quarter

New Listings The number of properties put onto the market during the quarter 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

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

New Listings

Percent Change Year-over-Year

3,632 1,177 1,241 1,214 778 1,033 1,058 988 752 962 1,074 1,001 758 962

18.0% 13.9% 17.3% 22.9% 3.5% 7.4% -1.5% -1.3% -0.8% 0.0% 6.0% 11.8% 10.7% 17.9%

2017

2018

1,400

New Listings

1,200 1,000 800 600 400 200 0

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County Quarter

Inventory (Active Listings)

YTD (Monthly Avg) Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The number of property listings active at the end of the quarter 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 quarter, and hold this number to compare with the same quarter 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 offmarket. 2014

2015

2016

Inventory

Percent Change Year-over-Year

1,216 1,251 1,196 1,190 1,013 1,121 1,179 1,190 1,207 1,349 1,388 1,353 1,291 1,484

4.2% 11.6% 1.4% 0.0% -16.1% -16.9% -15.1% -12.0% -6.5% -9.1% -8.5% -3.4% -3.7% 7.8%

2017

2018

2,000

Inventory

1,500 1,000 500 0

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. 2015

2016

Months Supply

Percent Change Year-over-Year

4.3 4.2 4.2 4.3 3.7 4.1 4.4 4.6 4.8 5.5 5.7 5.8 5.7 6.7

-2.3% 2.4% -4.5% -6.5% -22.9% -25.5% -22.8% -20.7% -15.8% -17.9% -19.7% -15.9% -16.2% -6.9%

YTD (Monthly Avg) Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

An estimate of the number of months it will take to deplete the current Inventory given recent sales rates

Months Supply of Inventory

Quarter

Months Supply of Inventory

2014

2017

2018

8.0 6.0 4.0 2.0 0.0

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County

Closed Sales by Sale Price The number of sales transactions which closed during the quarter 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 quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. Q3 2017

Closed Sales

250

Closed Sales

Percent Change Year-over-Year

Less than $50,000

-42.9%

$50,000 - $99,999

1.8%

$100,000 - $149,999

131

0.0%

$150,000 - $199,999

202

-4.7%

$200,000 - $249,999

197

31.3%

$250,000 - $299,999

152

8.6%

$300,000 - $399,999

174

23.4%

$400,000 - $599,999

119.4%

$600,000 - $999,999

30.8%

$1,000,000 or more

150.0%

Sale Price

Q3 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

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

Median Time to Contract

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 quarter. 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. Q3 2017

Less than $50,000

$50,000 $99,999

$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

48 Days

-4.0%

$50,000 - $99,999

24 Days

-29.4%

$100,000 - $149,999

28 Days

7.7%

$150,000 - $199,999

34 Days

30.8%

$200,000 - $249,999

55 Days

14.6%

$250,000 - $299,999

46 Days

21.1%

$300,000 - $399,999

50 Days

-39.8%

$400,000 - $599,999

62 Days

12.7%

$600,000 - $999,999

56 Days

-78.1%

$1,000,000 or more

180 Days

-52.9%

Sale Price

Median Time to Contract by Sale Price

450 400 350 300 250 200 150 100 50 0

$300,000 $399,999

Q3 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

Quarterly Market Detail - Q3 2018 Single Family Homes Bay County

New Listings by Initial Listing Price The number of properties put onto the market during the quarter 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

Q3 2017

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

37.5%

$50,000 - $99,999

-22.9%

$100,000 - $149,999

-25.8%

$150,000 - $199,999

203

-3.8%

$200,000 - $249,999

255

23.2%

$250,000 - $299,999

219

43.1%

$300,000 - $399,999

196

40.0%

$400,000 - $599,999

12.2%

$600,000 - $999,999

50.0%

$1,000,000 or more

57.1%

Q3 2018

300

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

Inventory

$400,000 $599,999

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

Inventory

Percent Change Year-over-Year

Less than $50,000

12.5%

$50,000 - $99,999

-21.9%

$100,000 - $149,999

-34.0%

$150,000 - $199,999

153

-6.7%

$200,000 - $249,999

254

38.0%

$250,000 - $299,999

219

39.5%

$300,000 - $399,999

229

28.7%

$400,000 - $599,999

129

2.4%

$600,000 - $999,999

5.3%

$1,000,000 or more

-1.6%

Current Listing Price

Inventory by Current Listing Price

Q3 2017

$300,000 $399,999

Q3 2018

300

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

Quarterly Distressed Market - Q3 2018 Single Family Homes Bay County

Closed Sales

Q3 2018

Q3 2017

Percent Change Year-over-Year

999

857

16.6%

$229,900

$213,000

7.9%

-43.8%

$123,450

$125,000

-1.2%

-16.7%

$143,010

$167,500

-14.6%

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% Q1

$250,000

Median Sale Price

$200,000

$150,000

$100,000

$50,000

2014

2015

2016

2017

2018

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Q3 2018

Q3 2017

Percent Change Year-over-Year

470

449

4.7%

217

215

0.9%

Median Sale Price

$247,200

$226,000

9.4%

Average Sale Price

$272,953

$251,550

8.5%

$128.3 Million

$112.9 Million

13.6%

97.0%

95.9%

1.1%

Median Time to Contract

33 Days

56 Days

-41.1%

Median Time to Sale

73 Days

91 Days

-19.8%

New Pending Sales

532

438

21.5%

New Listings

578

447

29.3%

Pending Inventory

234

123

90.2%

Inventory (Active Listings)

546

675

-19.1%

Months Supply of Inventory

3.5

5.0

-30.0%

Closed Sales

Percent Change Year-over-Year

1,491 470 558 463 375 449 470 369 321 336 378 295 332 332

15.8% 4.7% 18.7% 25.5% 16.8% 33.6% 24.3% 25.1% -3.3% 1.2% -10.0% -22.6% -2.4% -18.6%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Quarter Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2015

2016

2017

2018

Closed Sales

600 500 400 300

200 100 0

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Quarter

2014

2015

Cash Sales

Percent Change Year-over-Year

736 217 271 248 193 215 208 178 161 159 168 156 181 166

22.5% 0.9% 30.3% 39.3% 19.9% 35.2% 23.8% 14.1% -11.0% -4.2% -4.5% -1.9% 63.1% 12.9%

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

2017

2018

300

Cash Sales

250 200 150 100 50 0

Pct. of Closed Sales Paid in Cash

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The percentage of Closed Sales during the quarter which were Cash Sales

2015

Quarter

Cash Sales as a Percentage of Closed Sales

2014

2016

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

49.4% 46.2% 48.6% 53.6% 51.5% 47.9% 44.3% 48.2% 50.2% 47.3% 44.4% 52.9% 54.5% 50.0%

5.8% -3.5% 9.7% 11.2% 2.6% 1.3% -0.2% -8.9% -7.9% -5.4% 6.0% 26.9% 67.2% 38.9%

2017

2018

60% 50% 40% 30%

20% 10% 0%

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Quarter

Median Sale Price

2014

2015

2016

Percent Change Year-over-Year

$242,007 $247,200 $238,162 $245,000 $235,000 $226,000 $218,000 $224,000 $225,000 $221,000 $219,000 $214,000 $218,750 $190,000

8.7% 9.4% 9.2% 9.4% 4.4% 2.3% -0.5% 4.7% 2.9% 16.3% 3.3% 15.7% 13.0% 5.6%

2017

2018

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

Quarter

2014

Average Sale Price

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Median Sale Price

2015

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

Average Sale Price

Percent Change Year-over-Year

$267,459 $272,953 $264,009 $266,041 $252,333 $251,550 $234,052 $239,419 $236,527 $238,709 $227,648 $223,903 $233,380 $209,383

10.7% 8.5% 12.8% 11.1% 6.7% 5.4% 2.8% 6.9% 1.3% 14.0% 5.5% 12.6% 11.0% 7.5%

2017

2018

$300K $250K $200K $150K

$100K $50K $0K

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Quarter

2015

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

Dollar Volume

Percent Change Year-over-Year

$398.8 Million $128.3 Million $147.3 Million $123.2 Million $94.6 Million $112.9 Million $110.0 Million $88.3 Million $75.9 Million $80.2 Million $86.1 Million $66.1 Million $77.5 Million $69.5 Million

28.1% 13.6% 33.9% 39.4% 24.6% 40.8% 27.8% 33.8% -2.0% 15.4% -5.1% -12.8% 8.4% -12.5%

2017

2018

Dollar Volume

$200 M $150 M $100 M $50 M $0

Med. Pct. of Orig. List Price Received

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

The median of the sale price (as a percentage of the original list price) across all properties selling during the quarter

2015

Quarter

Median Percent of Original List Price Received

2014

2016

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.9% 97.0% 97.1% 96.5% 95.9% 95.9% 95.7% 94.9% 94.9% 95.5% 95.4% 94.7% 93.6% 93.5%

1.5% 1.1% 1.5% 1.7% 1.1% 0.4% 0.3% 0.2% 1.4% 2.1% 1.0% -0.3% -0.7% 0.2%

2017

2018

120% 100% 80% 60%

40% 20% 0%

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Quarter

2015

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

Median Time to Contract

Percent Change Year-over-Year

37 Days 33 Days 30 Days 56 Days 68 Days 56 Days 61 Days 97 Days 108 Days 69 Days 69 Days 97 Days 93 Days 82 Days

-45.6% -41.1% -50.8% -42.3% -37.0% -18.8% -11.6% 0.0% 16.1% -15.9% -16.9% 18.3% 43.1% -12.8%

2017

2018

Median Time to Contract

120 100 80 60 40 20 0

Quarter

Median Time to Sale

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

Median Time to Sale

2015

2016

Median Time to Sale

Percent Change Year-over-Year

70 Days 73 Days 62 Days 84 Days 104 Days 91 Days 90 Days 124 Days 140 Days 111 Days 106 Days 129 Days 127 Days 116 Days

-31.4% -19.8% -31.1% -32.3% -25.7% -18.0% -15.1% -3.9% 10.2% -4.3% -3.6% 14.2% 19.8% -6.5%

2017

2018

150

100

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Quarter

New Pending Sales

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2015

2016

New Pending Sales

Percent Change Year-over-Year

1,783 532 691 560 370 438 474 484 312 351 386 339 310 383

27.7% 21.5% 45.8% 15.7% 18.6% 24.8% 22.8% 42.8% 0.6% -8.4% -11.7% -20.4% -4.0% -11.1%

2017

2018

Pending Sales

800 600 400 200 0

Quarter

2015

Year-to-Date Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

2016

New Listings

Percent Change Year-over-Year

1,920 578 715 627 388 447 548 466 371 429 537 501 371 479

31.4% 29.3% 30.5% 34.5% 4.6% 4.2% 2.0% -7.0% 0.0% -10.4% -8.2% -14.9% -15.1% -1.2%

2017

2018

New Listings

800 600 400 200 0

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County Quarter

Inventory (Active Listings)

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 quarter, and hold this number to compare with the same quarter 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 offmarket. 2015

Percent Change Year-over-Year

597 546 523 582 589 675 752 742 845 914 970 939 863 941

-19.1% -19.1% -30.5% -21.6% -30.3% -26.1% -22.5% -21.0% -2.1% -2.9% 1.9% -8.8% -11.8% -5.1%

YTD (Monthly Avg) Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

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

2014

Inventory

2016

2017

2018

1,200

Inventory

1,000 800 600 400 200 0

2016

Months Supply

Percent Change Year-over-Year

4.0 3.5 3.4 4.0 4.3 5.0 6.0 6.3 7.6 8.2 8.7 8.2 7.1 7.7

-34.4% -30.0% -43.3% -36.5% -43.4% -39.0% -31.0% -23.2% 7.0% 6.5% 17.6% 1.2% -9.0% -1.3%

YTD (Monthly Avg) Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 2015 Q3 2015

An estimate of the number of months it will take to deplete the current Inventory given recent sales rates

Months Supply of Inventory

Quarter

Months Supply of Inventory

2014

2017

2018

10.0 8.0 6.0 4.0 2.0 0.0

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County

Closed Sales

120

Closed Sales

Percent Change Year-over-Year

Less than $50,000

-100.0%

$50,000 - $99,999

-45.2%

$100,000 - $149,999

-22.1%

$150,000 - $199,999

9.4%

$200,000 - $249,999

24.1%

$250,000 - $299,999

-18.3%

$300,000 - $399,999

110

48.6%

$400,000 - $599,999

16.3%

$600,000 - $999,999

-16.7%

$1,000,000 or more

N/A

Sale Price

Q3 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 median number of days between the listing date and contract date for all Closed Sales during the quarter

Median Time to Contract

$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

10 Days

-78.7%

$100,000 - $149,999

63 Days

37.0%

$150,000 - $199,999

29 Days

-12.1%

$200,000 - $249,999

25 Days

-63.2%

$250,000 - $299,999

47 Days

-14.5%

$300,000 - $399,999

33 Days

-63.7%

$400,000 - $599,999

57 Days

-20.8%

$600,000 - $999,999

118 Days

1.7%

$1,000,000 or more

(No Sales)

N/A

Sale Price

Median Time to Contract by Sale Price

140

$300,000 $399,999

Q3 2018

140

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

$300,000 $399,999

$400,000 $599,999

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

Quarterly Market Detail - Q3 2018 Townhouses and Condos Bay County

New Listings

Q3 2017

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-66.7%

$100,000 - $149,999

-14.0%

$150,000 - $199,999

112

40.0%

$200,000 - $249,999

3.0%

$250,000 - $299,999

18.4%

$300,000 - $399,999

133

64.2%

$400,000 - $599,999

100.0%

$600,000 - $999,999

80.0%

$1,000,000 or more

100.0%

Q3 2018

140

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

Inventory

$400,000 $599,999

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

Inventory

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-93.1%

$100,000 - $149,999

-24.6%

$150,000 - $199,999

-29.8%

$200,000 - $249,999

-39.6%

$250,000 - $299,999

-26.5%

$300,000 - $399,999

154

2.7%

$400,000 - $599,999

110

4.8%

$600,000 - $999,999

-5.6%

$1,000,000 or more

-50.0%

Current Listing Price

Inventory by Current Listing Price

Q3 2017

$300,000 $399,999

Q3 2018

180 160 140 120 100 80 60 40 20 0

180 160 140 120 100 80 60 40 20 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

Quarterly Distressed Market - Q3 2018 Townhouses and Condos Bay County

Closed Sales

Q3 2018

Q3 2017

Percent Change Year-over-Year

466

431

8.1%

$245,682

$228,000

7.8%

-80.0%

$372,600

$139,000

168.1%

-75.0%

$257,500

$310,000

-16.9%

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% Q1

$400,000 $350,000

Median Sale Price

$300,000 $250,000 $200,000 $150,000

$100,000 $50,000 $0

2014

2015

2016

2017

2018