Bay County July 2019 by Michele Bailey

Monthly Market Detail - July 2019 Single Family Homes Bay County July 2019

July 2018

Percent Change Year-over-Year

420

352

19.3%

29.6%

Median Sale Price

$235,000

$224,950

4.5%

Average Sale Price

$252,428

$273,513

-7.7%

$106.0 Million

$96.3 Million

10.1%

98.2%

96.3%

2.0%

Median Time to Contract

26 Days

46 Days

-43.5%

Median Time to Sale

72 Days

97 Days

-25.8%

New Pending Sales

398

359

10.9%

New Listings

444

417

6.5%

Pending Inventory

593

533

11.3%

Inventory (Active Listings)

979

1,217

-19.6%

Months Supply of Inventory

3.3

4.2

-21.4%

Closed Sales

Percent Change Year-over-Year

2,469 420 368 380 349 392 290 270 227 145 97 296 374 352

16.2% 19.3% 0.3% 7.6% 21.6% 27.7% 18.9% 26.2% -13.0% -37.8% -61.5% 8.8% 13.0% 20.5%

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. 2015

2016

2017

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

Closed Sales

500 400 300 200 100 0

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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 21, 2019. Next data release is Thursday, September 19, 2019.

Monthly Market Detail - July 2019 Single Family Homes 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.

2015

2016

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

Cash Sales

Percent Change Year-over-Year

728 92 93 130 100 123 90 100 75 55 25 69 92 71

46.5% 29.6% 6.9% 58.5% 38.9% 64.0% 80.0% 66.7% 38.9% 5.8% -60.9% -1.4% 3.4% 6.0%

2018

2019

140

Cash Sales

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

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

2015

2016

2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

29.5% 21.9% 25.3% 34.2% 28.7% 31.4% 31.0% 37.0% 33.0% 37.9% 25.8% 23.3% 24.6% 20.2%

26.1% 8.4% 6.8% 47.4% 14.3% 28.7% 51.2% 32.1% 59.4% 70.0% 1.6% -9.3% -8.6% -11.8%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

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 21, 2019. Next data release is Thursday, September 19, 2019.

Monthly Market Detail - July 2019 Single Family Homes 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

2015

2016

Percent Change Year-over-Year

$223,000 $235,000 $230,013 $218,500 $221,000 $223,000 $215,000 $210,175 $212,500 $230,000 $245,000 $230,000 $228,500 $224,950

1.4% 4.5% 2.9% -0.7% 3.8% 1.4% 4.9% -1.5% 0.2% 8.7% 16.7% 12.2% 6.3% 7.7%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

2018

2019

$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.

2015

Average Sale Price

Median Sale Price

2016

2017

Average Sale Price

Percent Change Year-over-Year

$240,684 $252,428 $258,764 $240,713 $235,187 $230,629 $227,823 $233,252 $242,551 $266,997 $288,468 $263,307 $255,641 $273,513

-5.0% -7.7% -1.5% -5.8% -3.5% -6.4% -5.0% -2.4% 3.0% 16.8% 22.5% 14.9% 1.0% 17.5%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

$350K $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 2019 Single Family Homes Bay County

Dollar Volume 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. 2015

Dollar Volume

Percent Change Year-over-Year

$594.2 Million $106.0 Million $95.2 Million $91.5 Million $82.1 Million $90.4 Million $66.1 Million $63.0 Million $55.1 Million $38.7 Million $28.0 Million $77.9 Million $95.6 Million $96.3 Million

10.4% 10.1% -1.2% 1.4% 17.4% 19.5% 12.9% 23.2% -10.4% -27.3% -52.8% 25.1% 14.2% 41.7%

Month

2016

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

2018

2019

$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

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

2015

2016

2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

98.5% 98.2% 98.3% 98.3% 97.6% 99.1% 99.2% 98.3% 97.6% 96.3% 97.6% 97.3% 96.8% 96.3%

1.8% 2.0% 0.9% 1.2% 0.3% 2.4% 3.3% 2.3% 0.7% 0.2% 2.2% 1.2% -0.7% -0.8%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

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 2019 Single Family Homes 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. 2015

2016

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

Median Time to Contract

Percent Change Year-over-Year

23 Days 26 Days 22 Days 16 Days 21 Days 22 Days 33 Days 35 Days 58 Days 54 Days 43 Days 38 Days 40 Days 46 Days

-50.0% -43.5% -45.0% -57.9% -44.7% -55.1% -52.9% -44.4% 38.1% 8.0% -20.4% -13.6% 14.3% 15.0%

2018

2019

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

2015

2016

2017

Median Time to Sale

Percent Change Year-over-Year

71 Days 72 Days 74 Days 67 Days 62 Days 68 Days 88 Days 90 Days 117 Days 99 Days 89 Days 89 Days 85 Days 97 Days

-22.8% -25.8% -12.9% -17.3% -22.5% -29.9% -19.3% -21.7% 30.0% 6.5% -12.7% -6.3% -1.2% 11.5%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

200 150 100 50 0

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Monthly Market Detail - July 2019 Single Family Homes 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. 2016

Percent Change Year-over-Year

2,758 398 437 408 390 394 352 379 249 252 147 264 362 359

12.7% 10.9% 15.0% 2.0% 9.6% 11.3% 17.3% 27.2% 10.7% 10.0% -46.5% 22.8% 1.7% 8.5%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

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

2015

New Pending Sales

2017

2018

2019

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

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. 2015

2016

2017

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

New Listings

Percent Change Year-over-Year

3,018 444 450 527 462 405 362 368 252 222 126 316 444 417

5.1% 6.5% 16.3% 18.7% 12.7% -10.2% -0.5% -7.8% 19.4% -10.8% -60.4% 4.3% 14.1% 22.3%

2018

2019

New Listings

600 500 400 300

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 2019 Single Family Homes 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.

2015

2016

YTD (Monthly Avg) July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

Inventory

Percent Change Year-over-Year

918 979 956 991 886 844 868 904 871 942 1,088 1,251 1,286 1,217

-23.6% -19.6% -20.1% -22.5% -30.0% -29.1% -24.6% -18.5% -14.0% -14.8% -3.8% 11.6% 16.4% 8.2%

2018

2019

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 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

2015

2016

2017

YTD (Monthly Avg) July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

Months Supply

Percent Change Year-over-Year

3.2 3.3 3.2 3.4 3.0 2.9 3.1 3.3 3.2 3.4 3.9 4.2 4.4 4.2

-25.6% -21.4% -23.8% -24.4% -33.3% -32.6% -24.4% -17.5% -13.5% -15.0% -4.9% 2.4% 10.0% 0.0%

2018

2019

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 2019 Single Family Homes Bay County

Closed Sales by Sale Price 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 2018

100 90 80 70 60 50 40 30 20 10 0 Less than $50,000

$50,000 $99,999

Less than $50,000

100.0%

$50,000 - $99,999

12.5%

$100,000 - $149,999

-2.5%

$150,000 - $199,999

2.9%

$200,000 - $249,999

20.8%

$250,000 - $299,999

47.1%

$300,000 - $399,999

38.6%

$400,000 - $599,999

22.7%

$600,000 - $999,999

-16.7%

$1,000,000 or more

-71.4%

$100,000 $149,999

$150,000 $199,999

100 90 80 70 60 50 40 30 20 10 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 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. July 2018

$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

76 Days

985.7%

$50,000 - $99,999

11 Days

-71.1%

$100,000 - $149,999

17 Days

-34.6%

$150,000 - $199,999

19 Days

-34.5%

$200,000 - $249,999

31 Days

-55.1%

$250,000 - $299,999

28 Days

-59.4%

$300,000 - $399,999

39 Days

-29.1%

$400,000 - $599,999

23 Days

-85.6%

$600,000 - $999,999

121 Days

303.3%

$1,000,000 or more

214 Days

365.2%

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 2019

Median Time to Contract by Sale Price

250

Closed Sales

Sale Price

July 2019

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 Market Detail - July 2019 Single Family Homes 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 2018

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

1200.0%

$50,000 - $99,999

73.3%

$100,000 - $149,999

26.9%

$150,000 - $199,999

-24.3%

$200,000 - $249,999

-6.1%

$250,000 - $299,999

-7.9%

$300,000 - $399,999

23.3%

$400,000 - $599,999

59.1%

$600,000 - $999,999

-23.5%

$1,000,000 or more

20.0%

July 2019

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 2018

Inventory

$400,000 $599,999

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

Inventory

Percent Change Year-over-Year

Less than $50,000

150.0%

$50,000 - $99,999

-22.0%

$100,000 - $149,999

-44.1%

$150,000 - $199,999

101

-39.5%

$200,000 - $249,999

131

-38.8%

$250,000 - $299,999

175

-14.2%

$300,000 - $399,999

232

-2.1%

$400,000 - $599,999

125

-1.6%

$600,000 - $999,999

-22.3%

$1,000,000 or more

1.6%

Current Listing Price

Inventory by Current Listing Price

250

$300,000 $399,999

July 2019

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 2019 Single Family Homes Bay County

Closed Sales

July 2019

July 2018

Percent Change Year-over-Year

414

341

21.4%

$235,575

$225,000

4.7%

-33.3%

$118,500

$94,000

26.1%

-100.0%

(No Sales)

$127,250

N/A

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

2015

2016

Traditional

2017

Foreclosure/REO

2018

2019

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 $500K $450K

Median Sale Price

$400K $350K $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

2015

2016

2017

2018

2019

Monthly Market Detail - July 2019 Townhouses and Condos Bay County July 2019

July 2018

Percent Change Year-over-Year

135

166

-18.7%

-40.0%

Median Sale Price

$240,000

$245,000

-2.0%

Average Sale Price

$287,583

$268,549

7.1%

$38.8 Million

$44.6 Million

-12.9%

96.9%

97.0%

-0.1%

Median Time to Contract

83 Days

41 Days

102.4%

Median Time to Sale

123 Days

81 Days

51.9%

New Pending Sales

185

173

6.9%

New Listings

182

180

1.1%

Pending Inventory

397

232

71.1%

Inventory (Active Listings)

737

533

38.3%

Months Supply of Inventory

5.8

3.4

70.6%

Closed Sales

Percent Change Year-over-Year

960 135 139 194 153 149 101 89 79 92 92 126 178 166

-19.1% -18.7% -21.9% 4.3% -21.1% -26.2% -27.9% -26.4% -33.6% -28.1% -28.1% -12.5% 9.9% 16.1%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Month

2016

2017

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

Closed Sales

250 200 150 100 50 0

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Monthly Market Detail - July 2019 Townhouses and Condos Bay County Month

2015

2016

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

Cash Sales

Percent Change Year-over-Year

432 45 61 74 69 79 48 56 33 35 47 64 78 75

-27.3% -40.0% -32.2% -14.9% -26.6% -27.5% -33.3% -16.4% -42.1% -46.2% -33.8% 3.2% -8.2% 10.3%

2018

2019

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

Pct. of Closed Sales Paid in Cash

2015

2016

2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

45.0% 33.3% 43.9% 38.1% 45.1% 53.0% 47.5% 62.9% 41.8% 38.0% 51.1% 50.8% 43.8% 45.2%

-10.0% -26.3% -13.2% -18.6% -7.0% -1.9% -7.6% 13.5% -12.7% -25.2% -7.9% 17.9% -16.6% -5.0%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

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

Monthly Market Detail - July 2019 Townhouses and Condos Bay County Month

Median Sale Price

2015

2016

Percent Change Year-over-Year

$240,000 $240,000 $228,000 $238,500 $249,000 $257,500 $252,500 $270,000 $238,162 $267,061 $264,000 $279,500 $240,000 $245,000

0.0% -2.0% -4.3% 0.6% 1.6% -4.8% 14.8% 10.2% -8.4% 4.7% 33.3% 25.9% -4.0% 14.0%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

2018

2019

$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

2015

Average Sale Price

Median Sale Price

2016

2017

Average Sale Price

Percent Change Year-over-Year

$273,586 $287,583 $249,981 $272,379 $275,875 $285,103 $264,769 $278,643 $254,945 $308,433 $276,003 $289,036 $265,675 $268,549

3.1% 7.1% -6.0% 3.6% 4.7% 1.2% 10.5% 3.0% 0.7% 13.9% 18.4% 19.4% 2.8% 6.0%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

$350K $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 2019 Townhouses and Condos Bay County

Dollar Volume

Percent Change Year-over-Year

$262.6 Million $38.8 Million $34.7 Million $52.8 Million $42.2 Million $42.5 Million $26.7 Million $24.8 Million $20.1 Million $28.4 Million $25.4 Million $36.4 Million $47.3 Million $44.6 Million

-16.6% -12.9% -26.6% 8.1% -17.4% -25.4% -20.3% -24.2% -33.2% -18.1% -14.9% 4.5% 13.0% 23.1%

Month

2016

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

2018

2019

$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

Med. Pct. of Orig. List Price Received

2015

2016

2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

97.1% 96.9% 97.9% 98.0% 97.0% 97.2% 97.1% 95.2% 97.5% 97.2% 97.3% 96.9% 97.2% 97.0%

0.3% -0.1% 0.2% 0.7% 0.5% 0.4% 0.7% -0.8% 1.7% 1.9% 1.0% 1.4% 1.0% 1.8%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

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 2019 Townhouses and Condos Bay County Month

2016

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

Median Time to Contract

Percent Change Year-over-Year

45 Days 83 Days 55 Days 43 Days 35 Days 21 Days 45 Days 50 Days 33 Days 47 Days 29 Days 21 Days 40 Days 41 Days

18.4% 102.4% 52.8% 38.7% 34.6% -51.2% -27.4% -16.7% -45.0% -41.3% -58.0% -64.4% -16.7% -32.8%

2018

2019

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

2015

2016

2017

Median Time to Sale

Percent Change Year-over-Year

79 Days 123 Days 91 Days 74 Days 74 Days 57 Days 76 Days 79 Days 78 Days 86 Days 65 Days 61 Days 77 Days 81 Days

11.3% 51.9% 42.2% 13.8% 29.8% -19.7% -13.6% -13.2% -19.6% -21.1% -42.0% -34.4% -8.3% -12.9%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 2018

2019

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 2019 Townhouses and Condos Bay County Month

New Pending Sales

Percent Change Year-over-Year

1,209 185 176 198 154 204 160 132 194 116 84 137 222 173

-15.1% 6.9% -8.3% -28.8% -30.3% 1.0% -13.0% -24.1% 94.0% -10.1% -40.4% 18.1% 37.0% 8.1%

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

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

2015

New Pending Sales

2017

2018

2019

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

2016

2017

Year-to-Date July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

New Listings

Percent Change Year-over-Year

1,299 182 171 145 197 198 172 234 157 221 63 149 249 180

-14.7% 1.1% 19.6% -52.0% -27.0% -21.4% -2.8% 18.2% 91.5% 38.1% -56.8% 22.1% 34.6% 28.6%

2018

2019

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 2019 Townhouses and Condos Bay County Month

2015

2016

YTD (Monthly Avg) July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

2017

Inventory

Percent Change Year-over-Year

729 737 688 695 793 717 729 742 599 637 490 546 612 533

20.9% 38.3% 31.5% 2.4% 18.0% 23.2% 22.9% 16.7% 1.7% -5.1% -25.9% -19.1% -12.9% -22.9%

2018

2019

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

2015

2016

2017

YTD (Monthly Avg) July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018

Months Supply

Percent Change Year-over-Year

5.4 5.8 5.3 5.2 6.0 5.3 5.2 5.2 4.1 4.3 3.2 3.5 3.9 3.4

35.0% 70.6% 55.9% 18.2% 33.3% 32.5% 26.8% 15.6% -4.7% -12.2% -34.7% -30.0% -27.8% -37.0%

2018

2019

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 2019 Townhouses and Condos Bay County

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

Closed Sales

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

-66.7%

$100,000 - $149,999

75.0%

$150,000 - $199,999

-45.2%

$200,000 - $249,999

-10.7%

$250,000 - $299,999

-52.6%

$300,000 - $399,999

-24.3%

$400,000 - $599,999

-10.0%

$600,000 - $999,999

350.0%

$1,000,000 or more

N/A

July 2018

$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

13 Days

-92.8%

$100,000 - $149,999

72 Days

323.5%

$150,000 - $199,999

86 Days

160.6%

$200,000 - $249,999

142 Days

576.2%

$250,000 - $299,999

64 Days

-26.4%

$300,000 - $399,999

60 Days

71.4%

$400,000 - $599,999

67 Days

24.1%

$600,000 - $999,999

108 Days

-74.6%

$1,000,000 or more

(No Sales)

N/A

Sale Price

$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 2019

Median Time to Contract by Sale Price

450 400 350 300 250 200 150 100 50 0

Closed Sales

Sale Price

July 2019

$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 2019 Townhouses and Condos Bay County

New Listings

July 2018

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-60.0%

$100,000 - $149,999

-53.3%

$150,000 - $199,999

-26.4%

$200,000 - $249,999

-33.3%

$250,000 - $299,999

38.1%

$300,000 - $399,999

13.2%

$400,000 - $599,999

111.1%

$600,000 - $999,999

100.0%

$1,000,000 or more

N/A

July 2019

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

-50.0%

$100,000 - $149,999

-51.0%

$150,000 - $199,999

-10.1%

$200,000 - $249,999

100

72.4%

$250,000 - $299,999

106

41.3%

$300,000 - $399,999

184

35.3%

$400,000 - $599,999

191

92.9%

$600,000 - $999,999

90.0%

$1,000,000 or more

0.0%

Current Listing Price

Inventory by Current Listing Price

250

$300,000 $399,999

July 2019

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 2019 Townhouses and Condos Bay County

Closed Sales

July 2019

July 2018

Percent Change Year-over-Year

133

166

-19.9%

$240,000

$245,000

-2.0%

N/A

$156,250

(No Sales)

N/A

(No Sales)

N/A

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

2015

2016

Traditional

2017

Foreclosure/REO

2018

2019

Short Sale

100% 98%

Closed Sales

96%

94% 92% 90% 88% 86% 84% 82% 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 $700K

$600K

Median Sale Price

$500K $400K $300K $200K $100K $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

2015

2016

2017

2018

2019