Bay County January 2019 by Michele Bailey

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Q4 2018

Q4 2017

Percent Change Year-over-Year

469

746

-37.1%

155

170

-8.8%

Median Sale Price

$225,000

$211,500

6.4%

Average Sale Price

$259,606

$233,313

11.3%

$121.8 Million

$174.1 Million

-30.0%

97.1%

96.3%

0.8%

Median Time to Contract

52 Days

46 Days

13.0%

Median Time to Sale

105 Days

96 Days

9.4%

New Pending Sales

649

729

-11.0%

New Listings

599

778

-23.0%

Pending Inventory

430

329

30.7%

Inventory (Active Listings)

867

1,013

-14.4%

Months Supply of Inventory

3.2

3.7

-13.5%

Closed Sales

Percent Change Year-over-Year

3,263 469 1,022 1,007 765 746 895 939 733 731 800 850 625 668

-1.5% -37.1% 14.2% 7.2% 4.4% 2.1% 11.9% 10.5% 17.3% 9.4% 6.0% 10.5% 16.4% 14.2%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Quarter Year-to-Date Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 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 Tuesday, February 12, 2019. Next data release is Tuesday, May 14, 2019.

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Quarter

Cash Sales

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

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

2016

Cash Sales

Percent Change Year-over-Year

813 155 232 241 185 170 226 220 182 169 206 187 188 187

1.9% -8.8% 2.7% 9.5% 1.6% 0.6% 9.7% 17.6% -3.2% -9.6% -1.0% 2.2% 25.3% 36.5%

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 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 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

24.9% 33.0% 22.7% 23.9% 24.2% 22.8% 25.3% 23.4% 24.8% 23.1% 25.8% 22.0% 30.1% 28.0%

3.3% 44.7% -10.3% 2.1% -2.4% -1.3% -1.9% 6.4% -17.6% -17.5% -6.2% -7.6% 7.9% 19.7%

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 Tuesday, February 12, 2019. Next data release is Tuesday, May 14, 2019.

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Quarter

Median Sale Price

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

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

6.8% 6.4% 7.1% 4.7% 11.4% 11.6% 6.7% 9.2% 10.3% 3.0% 9.7% 11.8% -2.8% 10.5%

2017

2018

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

Quarter

Average Sale Price

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

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

Median Sale Price

2015

2016

Average Sale Price

Percent Change Year-over-Year

$255,426 $259,606 $264,017 $254,802 $242,210 $233,313 $239,138 $240,544 $225,060 $231,895 $228,079 $215,071 $206,457 $210,780

8.6% 11.3% 10.4% 5.9% 7.6% 0.6% 4.8% 11.8% 9.0% 10.0% 5.9% -6.7% -1.2% 2.5%

2017

2018

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

$100K $50K $0K

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Quarter

Dollar Volume

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

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

2016

Dollar Volume

Percent Change Year-over-Year

$833.5 Million $121.8 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

7.0% -30.0% 26.1% 13.6% 12.3% 2.7% 17.3% 23.6% 27.8% 20.4% 12.2% 3.1% 15.0% 17.1%

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 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 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% 97.1% 96.7% 97.3% 96.3% 96.3% 96.8% 96.7% 95.9% 95.3% 96.2% 96.0% 95.1% 94.8%

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

2017

2018

120% 100% 80% 60%

40% 20% 0%

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Quarter

Median Time to Contract

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

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

2016

Median Time to Contract

Percent Change Year-over-Year

44 Days 52 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

-17.0% 13.0% 2.5% -30.9% -20.0% -28.1% -34.4% -1.8% -6.3% -15.8% -7.6% -12.5% 2.6% 0.0%

2017

2018

Median Time to Contract

100 80 60 40 20 0

Quarter

Median Time to Sale 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

2015

2016

Median Time to Sale

Percent Change Year-over-Year

94 Days 105 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

-10.5% 9.4% 3.4% -24.8% -21.0% -19.3% -19.1% 1.9% 7.0% -9.2% 2.8% -0.9% 8.4% 6.5%

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

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

Median Time to Sale

2017

2018

150

100

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Quarter

New Pending Sales

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

3,722 649 985 1,136 952 729 902 971 923 694 841 923 830 700

5.6% -11.0% 9.2% 17.0% 3.1% 5.0% 7.3% 5.2% 11.2% -0.9% 2.2% 4.8% 10.7% 24.6%

2017

2018

Pending Sales

1,200 1,000 800 600 400 200 0

Quarter

New Listings

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

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

2016

New Listings

Percent Change Year-over-Year

4,231 599 1,177 1,241 1,214 778 1,033 1,058 988 752 962 1,074 1,001 758

9.7% -23.0% 13.9% 17.3% 22.9% 3.5% 7.4% -1.5% -1.3% -0.8% 0.0% 6.0% 11.8% 10.7%

2017

2018

1,400

New Listings

1,200 1,000 800 600 400 200 0

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County Quarter

Inventory (Active Listings)

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

1,153 867 1,251 1,196 1,190 1,013 1,121 1,179 1,190 1,207 1,349 1,388 1,353 1,291

0.6% -14.4% 11.6% 1.4% 0.0% -16.1% -16.9% -15.1% -12.0% -6.5% -9.1% -8.5% -3.4% -3.7%

2017

2018

2,000

Inventory

1,500 1,000 500 0

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

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

Quarter

Months Supply of Inventory

2014

2015

2016

Months Supply

Percent Change Year-over-Year

4.1 3.2 4.2 4.2 4.3 3.7 4.1 4.4 4.6 4.8 5.5 5.7 5.8 5.7

-4.7% -13.5% 2.4% -4.5% -6.5% -22.9% -25.5% -22.8% -20.7% -15.8% -17.9% -19.7% -15.9% -16.2%

2017

2018

8.0 6.0 4.0 2.0 0.0

Quarterly Market Detail - Q4 2018 Single Family Homes Bay County

Closed Sales by Sale Price The number of sales transactions which closed during the quarter

Closed Sales

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. Q4 2017

180 160 140 120 100 80 60 40 20 0 Less than $50,000

$50,000 $99,999

Less than $50,000

122.2%

$50,000 - $99,999

-34.5%

$100,000 - $149,999

-60.9%

$150,000 - $199,999

-50.3%

$200,000 - $249,999

-35.8%

$250,000 - $299,999

-30.3%

$300,000 - $399,999

-25.0%

$400,000 - $599,999

-26.7%

$600,000 - $999,999

-20.0%

$1,000,000 or more

250.0%

$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

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. Q4 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

14 Days

-83.3%

$50,000 - $99,999

23 Days

-17.9%

$100,000 - $149,999

36 Days

-5.3%

$150,000 - $199,999

30 Days

-28.6%

$200,000 - $249,999

61 Days

45.2%

$250,000 - $299,999

58 Days

20.8%

$300,000 - $399,999

59 Days

-20.3%

$400,000 - $599,999

106 Days

16.5%

$600,000 - $999,999

134 Days

21.8%

$1,000,000 or more

172 Days

-44.3%

Sale Price

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

Median Time to Contract

Percent Change Year-over-Year

Q4 2018

Median Time to Contract by Sale Price

350

Closed Sales

Sale Price

Q4 2018

350

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 Market Detail - Q4 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

Q4 2017

New Listings

Percent Change Year-over-Year

Less than $50,000

84.6%

$50,000 - $99,999

22.2%

$100,000 - $149,999

-65.1%

$150,000 - $199,999

112

-29.1%

$200,000 - $249,999

104

-33.8%

$250,000 - $299,999

-15.0%

$300,000 - $399,999

103

-3.7%

$400,000 - $599,999

7.0%

$600,000 - $999,999

-46.4%

$1,000,000 or more

0.0%

Q4 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

Inventory

Percent Change Year-over-Year

Less than $50,000

110.0%

$50,000 - $99,999

-2.1%

$100,000 - $149,999

-66.3%

$150,000 - $199,999

111

-27.0%

$200,000 - $249,999

151

-12.7%

$250,000 - $299,999

130

-5.1%

$300,000 - $399,999

176

6.0%

$400,000 - $599,999

102

-12.8%

$600,000 - $999,999

-28.0%

$1,000,000 or more

-2.2%

Current Listing Price

Inventory by Current Listing Price

Inventory

Initial Listing Price

Q4 2018

200 180 160 140 120 100 80 60 40 20 0

200 180 160 140 120 100 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 - Q4 2018 Single Family Homes Bay County Q4 2018

Q4 2017

Percent Change Year-over-Year

460

702

-34.5%

$225,000

$216,775

3.8%

-75.8%

$123,630

$122,000

1.3%

-90.9%

$62,000

$172,500

-64.1%

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

2014

2015

2016

Traditional

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 - Q4 2018 Townhouses and Condos Bay County Q4 2018

Q4 2017

Percent Change Year-over-Year

262

375

-30.1%

115

193

-40.4%

Median Sale Price

$260,000

$235,000

10.6%

Average Sale Price

$280,129

$252,333

11.0%

$73.4 Million

$94.6 Million

-22.4%

97.2%

95.9%

1.4%

Median Time to Contract

34 Days

68 Days

-50.0%

Median Time to Sale

75 Days

104 Days

-27.9%

New Pending Sales

392

370

5.9%

New Listings

441

388

13.7%

Pending Inventory

293

108

171.3%

Inventory (Active Listings)

598

589

1.5%

Months Supply of Inventory

4.1

4.3

-4.7%

Closed Sales

Percent Change Year-over-Year

1,753 262 470 558 463 375 449 470 369 321 336 378 295 332

5.4% -30.1% 4.7% 18.7% 25.5% 16.8% 33.6% 24.3% 25.1% -3.3% 1.2% -10.0% -22.6% -2.4%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

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

2015

2016

2017

2018

Closed Sales

600 500 400 300

200 100 0

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County Quarter

Cash Sales

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

2014

2015

2016

Cash Sales

Percent Change Year-over-Year

851 115 217 271 248 193 215 208 178 161 159 168 156 181

7.2% -40.4% 0.9% 30.3% 39.3% 19.9% 35.2% 23.8% 14.1% -11.0% -4.2% -4.5% -1.9% 63.1%

2017

2018

300

Cash Sales

250 200 150 100 50 0

Pct. of Closed Sales Paid in Cash

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

48.5% 43.9% 46.2% 48.6% 53.6% 51.5% 47.9% 44.3% 48.2% 50.2% 47.3% 44.4% 52.9% 54.5%

1.7% -14.8% -3.5% 9.7% 11.2% 2.6% 1.3% -0.2% -8.9% -7.9% -5.4% 6.0% 26.9% 67.2%

2017

2018

60% 50% 40% 30%

20% 10% 0%

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County Quarter

Median Sale Price

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

Median Sale Price

2014

2015

2016

Percent Change Year-over-Year

$245,000 $260,000 $247,200 $238,162 $245,000 $235,000 $226,000 $218,000 $224,000 $225,000 $221,000 $219,000 $214,000 $218,750

8.9% 10.6% 9.4% 9.2% 9.4% 4.4% 2.3% -0.5% 4.7% 2.9% 16.3% 3.3% 15.7% 13.0%

2017

2018

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

Quarter

Average Sale Price

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

2014

Average Sale Price

Median Sale Price

2015

2016

Average Sale Price

Percent Change Year-over-Year

$269,353 $280,129 $272,953 $264,009 $266,041 $252,333 $251,550 $234,052 $239,419 $236,527 $238,709 $227,648 $223,903 $233,380

10.3% 11.0% 8.5% 12.8% 11.1% 6.7% 5.4% 2.8% 6.9% 1.3% 14.0% 5.5% 12.6% 11.0%

2017

2018

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

$100K $50K $0K

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County Quarter

Dollar Volume

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

2015

2016

Dollar Volume

Percent Change Year-over-Year

$472.2 Million $73.4 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

16.3% -22.4% 13.6% 33.9% 39.4% 24.6% 40.8% 27.8% 33.8% -2.0% 15.4% -5.1% -12.8% 8.4%

2017

2018

Dollar Volume

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

Med. Pct. of Orig. List Price Received

Year-to-Date Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 Q4 2016 Q3 2016 Q2 2016 Q1 2016 Q4 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% 97.2% 97.0% 97.1% 96.5% 95.9% 95.9% 95.7% 94.9% 94.9% 95.5% 95.4% 94.7% 93.6%

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

2017

2018

120% 100% 80% 60%

40% 20% 0%

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County Quarter

Median Time to Contract

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

2015

2016

Median Time to Contract

Percent Change Year-over-Year

36 Days 34 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

-47.1% -50.0% -41.1% -50.8% -42.3% -37.0% -18.8% -11.6% 0.0% 16.1% -15.9% -16.9% 18.3% 43.1%

2017

2018

Median Time to Contract

120 100 80 60 40 20 0

Quarter

2015

2016

Median Time to Sale

Percent Change Year-over-Year

71 Days 75 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

-31.7% -27.9% -19.8% -31.1% -32.3% -25.7% -18.0% -15.1% -3.9% 10.2% -4.3% -3.6% 14.2% 19.8%

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

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

Median Time to Sale

2017

2018

150

100

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County Quarter

New Pending Sales

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

2015

2016

New Pending Sales

Percent Change Year-over-Year

2,175 392 532 691 560 370 438 474 484 312 351 386 339 310

23.2% 5.9% 21.5% 45.8% 15.7% 18.6% 24.8% 22.8% 42.8% 0.6% -8.4% -11.7% -20.4% -4.0%

2017

2018

Pending Sales

800 600 400 200 0

Quarter

New Listings

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

2015

2016

New Listings

Percent Change Year-over-Year

2,361 441 578 715 627 388 447 548 466 371 429 537 501 371

27.7% 13.7% 29.3% 30.5% 34.5% 4.6% 4.2% 2.0% -7.0% 0.0% -10.4% -8.2% -14.9% -15.1%

2017

2018

New Listings

800 600 400 200 0

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County Quarter

Inventory (Active Listings)

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

2015

2016

Inventory

Percent Change Year-over-Year

592 598 546 523 582 589 675 752 742 845 914 970 939 863

-17.0% 1.5% -19.1% -30.5% -21.6% -30.3% -26.1% -22.5% -21.0% -2.1% -2.9% 1.9% -8.8% -11.8%

2017

2018

1,200

Inventory

1,000 800 600 400 200 0

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

Months Supply of Inventory

Quarter

Months Supply of Inventory

2014

2015

2016

Months Supply

Percent Change Year-over-Year

3.9 4.1 3.5 3.4 4.0 4.3 5.0 6.0 6.3 7.6 8.2 8.7 8.2 7.1

-31.6% -4.7% -30.0% -43.3% -36.5% -43.4% -39.0% -31.0% -23.2% 7.0% 6.5% 17.6% 1.2% -9.0%

2017

2018

10.0 8.0 6.0 4.0 2.0 0.0

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County

Closed Sales by Sale Price The number of sales transactions which closed during the quarter

Closed Sales

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

$50,000 $99,999

Less than $50,000

N/A

$50,000 - $99,999

-78.3%

$100,000 - $149,999

-52.6%

$150,000 - $199,999

-11.6%

$200,000 - $249,999

-41.7%

$250,000 - $299,999

-29.7%

$300,000 - $399,999

-29.7%

$400,000 - $599,999

21.2%

$600,000 - $999,999

-42.9%

$1,000,000 or more

N/A

$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

(No Sales)

N/A

$50,000 - $99,999

25 Days

-61.5%

$100,000 - $149,999

58 Days

38.1%

$150,000 - $199,999

23 Days

-67.1%

$200,000 - $249,999

20 Days

-60.8%

$250,000 - $299,999

42 Days

-54.8%

$300,000 - $399,999

29 Days

-71.0%

$400,000 - $599,999

59 Days

1.7%

$600,000 - $999,999

34 Days

-65.3%

$1,000,000 or more

(No Sales)

N/A

Sale Price

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

Median Time to Contract

Percent Change Year-over-Year

Q4 2018

Median Time to Contract by Sale Price

120

Closed Sales

Sale Price

Q4 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

$300,000 $399,999

$400,000 $599,999

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

Quarterly Market Detail - Q4 2018 Townhouses and Condos Bay County

New Listings

Q4 2017

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-37.5%

$100,000 - $149,999

-69.2%

$150,000 - $199,999

-26.7%

$200,000 - $249,999

-35.6%

$250,000 - $299,999

-13.7%

$300,000 - $399,999

-3.7%

$400,000 - $599,999

171

222.6%

$600,000 - $999,999

266.7%

$1,000,000 or more

N/A

Q4 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

Inventory

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-78.9%

$100,000 - $149,999

-60.7%

$150,000 - $199,999

-39.0%

$200,000 - $249,999

-38.8%

$250,000 - $299,999

-11.8%

$300,000 - $399,999

157

31.9%

$400,000 - $599,999

169

87.8%

$600,000 - $999,999

75.8%

$1,000,000 or more

-50.0%

Current Listing Price

Inventory by Current Listing Price

Inventory

Initial Listing Price

Q4 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 - Q4 2018 Townhouses and Condos Bay County Q4 2018

Q4 2017

Percent Change Year-over-Year

261

369

-29.3%

$260,000

$237,250

9.6%

-83.3%

$465,400

$107,000

335.0%

N/A

(No Sales)

N/A

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

2014

2015

2016

Traditional

Foreclosure/REO

2017

2018

Short Sale

100% 90%

Closed Sales

80% 70% 60% 50% 40% 30% 20% 10% 0% Q1

$500,000 $450,000

Median Sale Price

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

2014

2015

2016

2017

2018