Quarter 1 2020 Market Report Bay County by Michele Bailey

Quarterly Market Detail - Q1 2020 Single Family Homes Bay County Q1 2020

Q1 2019

Percent Change Year-over-Year

923

952

-3.0%

232

313

-25.9%

Median Sale Price

$242,000

$215,000

12.6%

Average Sale Price

$262,811

$230,518

14.0%

$242.6 Million

$219.5 Million

10.5%

95.9%

98.9%

-3.0%

Median Time to Contract

41 Days

28 Days

46.4%

Median Time to Sale

93 Days

79 Days

17.7%

New Pending Sales

1,021

1,125

-9.2%

New Listings

1,272

1,135

12.1%

421

529

-20.4%

Inventory (Active Listings)

1,352

844

60.2%

Months Supply of Inventory

3.9

2.9

34.5%

Closed Sales

Percent Change Year-over-Year

923 923 942 1,155 1,097 952 469 1,022 1,007 765 746 895 939 733

-3.0% -3.0% 100.9% 13.0% 8.9% 24.4% -37.1% 14.2% 7.2% 4.4% 2.1% 11.9% 10.5% 17.3%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Pending Inventory

Closed Sales

Quarter Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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. 2016

2017

2018

2019

1,400

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, May 12, 2020. Next data release is Wednesday, August 12, 2020.

Quarterly Market Detail - Q1 2020 Single Family Homes Bay County Quarter

Cash Sales

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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.

2016

2017

2018

Cash Sales

Percent Change Year-over-Year

232 232 239 262 323 313 155 232 241 185 170 226 220 182

-25.9% -25.9% 54.2% 12.9% 34.0% 69.2% -8.8% 2.7% 9.5% 1.6% 0.6% 9.7% 17.6% -3.2%

2019

350

Cash Sales

300 250 200 150 100 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.

2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

25.1% 25.1% 25.4% 22.7% 29.4% 32.9% 33.0% 22.7% 23.9% 24.2% 22.8% 25.3% 23.4% 24.8%

-23.7% -23.7% -23.0% 0.0% 23.0% 36.0% 44.7% -10.3% 2.1% -2.4% -1.3% -1.9% 6.4% -17.6%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Pct. of Closed Sales Paid in Cash

Quarter

Cash Sales as a Percentage of Closed Sales

2016

2018

2019

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, May 12, 2020. Next data release is Wednesday, August 12, 2020.

Quarterly Market Detail - Q1 2020 Single Family Homes Bay County Quarter

Median Sale Price

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

$242,000 $242,000 $239,000 $235,800 $224,900 $215,000 $225,000 $225,000 $219,900 $215,000 $211,500 $210,000 $210,000 $193,000

12.6% 12.6% 6.2% 4.8% 2.3% 0.0% 6.4% 7.1% 4.7% 11.4% 11.6% 6.7% 9.2% 10.3%

2017

2018

2019

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

Quarter

Average Sale Price

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.

2016

2017

Average Sale Price

Percent Change Year-over-Year

$262,811 $262,811 $263,766 $268,717 $245,010 $230,518 $259,606 $264,017 $254,802 $242,210 $233,313 $239,138 $240,544 $225,060

14.0% 14.0% 1.6% 1.8% -3.8% -4.8% 11.3% 10.4% 5.9% 7.6% 0.6% 4.8% 11.8% 9.0%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales)

Average Sale Price

Percent Change Year-over-Year

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below)

2016

Median Sale Price

2018

2019

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

$100K $50K $0K

Quarterly Market Detail - Q1 2020 Single Family Homes Bay County Quarter

Dollar Volume

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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. 2016

2017

Dollar Volume

Percent Change Year-over-Year

$242.6 Million $242.6 Million $248.5 Million $310.4 Million $268.8 Million $219.5 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

10.5% 10.5% 104.1% 15.0% 4.8% 18.4% -30.0% 26.1% 13.6% 12.3% 2.7% 17.3% 23.6% 27.8%

2018

2019

$350 M

Dollar Volume

$300 M $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.

2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

95.9% 95.9% 97.1% 98.0% 98.2% 98.9% 97.1% 96.7% 97.3% 96.3% 96.3% 96.8% 96.7% 95.9%

-3.0% -3.0% 0.0% 1.3% 0.9% 2.7% 0.8% -0.1% 0.6% 0.4% 1.0% 0.6% 0.7% 0.8%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Med. Pct. of Orig. List Price Received

Quarter

Median Percent of Original List Price Received

2016

2018

2019

120% 100% 80% 60%

40% 20% 0%

Quarterly Market Detail - Q1 2020 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. 2016

2017

Median Time to Contract

Percent Change Year-over-Year

41 Days 41 Days 26 Days 25 Days 19 Days 28 Days 53 Days 41 Days 38 Days 60 Days 46 Days 40 Days 55 Days 75 Days

46.4% 46.4% -50.9% -39.0% -50.0% -53.3% 15.2% 2.5% -30.9% -20.0% -28.1% -34.4% -1.8% -6.3%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 2018

2019

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. 2016

2017

Median Time to Sale

Percent Change Year-over-Year

93 Days 93 Days 73 Days 73 Days 67 Days 79 Days 106 Days 92 Days 82 Days 109 Days 96 Days 89 Days 109 Days 138 Days

17.7% 17.7% -31.1% -20.7% -18.3% -27.5% 10.4% 3.4% -24.8% -21.0% -19.3% -19.1% 1.9% 7.0%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Median Time to Sale

2018

2019

150

100

Quarterly Market Detail - Q1 2020 Single Family Homes Bay County Quarter

New Pending Sales

Percent Change Year-over-Year

1,021 1,021 819 1,090 1,235 1,125 648 985 1,136 952 729 902 971 923

-9.2% -9.2% 26.4% 10.7% 8.7% 18.2% -11.1% 9.2% 17.0% 3.1% 5.0% 7.3% 5.2% 11.2%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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. 2016

New Pending Sales

2017

2018

2019

1,400

Pending Sales

1,200 1,000 800 600 400 200 0

Quarter

New Listings

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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. 2016

2017

2018

New Listings

Percent Change Year-over-Year

1,272 1,272 1,151 1,383 1,439 1,135 600 1,177 1,241 1,214 778 1,033 1,058 988

12.1% 12.1% 91.8% 17.5% 16.0% -6.5% -22.9% 13.9% 17.3% 22.9% 3.5% 7.4% -1.5% -1.3%

2019

New Listings

2,000 1,500 1,000 500 0

Quarterly Market Detail - Q1 2020 Single Family Homes Bay County Quarter

Inventory (Active Listings)

YTD (Monthly Avg) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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. 2016

2017

2018

Inventory

Percent Change Year-over-Year

1,234 1,352 1,085 1,068 956 844 871 1,251 1,196 1,190 1,013 1,121 1,179 1,190

41.5% 60.2% 24.6% -14.6% -20.1% -29.1% -14.0% 11.6% 1.4% 0.0% -16.1% -16.9% -15.1% -12.0%

2019

Inventory

1,500

1,000

500

Quarter

Months Supply of Inventory 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. 2016

2017

Months Supply

Percent Change Year-over-Year

3.6 3.9 3.1 3.5 3.2 2.9 3.2 4.2 4.2 4.3 3.7 4.1 4.4 4.6

16.1% 34.5% -3.1% -16.7% -23.8% -32.6% -13.5% 2.4% -4.5% -6.5% -22.9% -25.5% -22.8% -20.7%

YTD (Monthly Avg) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Months Supply of Inventory

2018

2019

7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0

Quarterly Market Detail - Q1 2020 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. Q1 2019

Closed Sales

250

Closed Sales

Percent Change Year-over-Year

Less than $50,000

-55.3%

$50,000 - $99,999

-28.7%

$100,000 - $149,999

4.2%

$150,000 - $199,999

142

-18.4%

$200,000 - $249,999

176

-15.4%

$250,000 - $299,999

158

15.3%

$300,000 - $399,999

188

37.2%

$400,000 - $599,999

37.8%

$600,000 - $999,999

50.0%

$1,000,000 or more

71.4%

Sale Price

Q1 2020

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. Q1 2019

$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

26 Days

136.4%

$50,000 - $99,999

25 Days

127.3%

$100,000 - $149,999

38 Days

192.3%

$150,000 - $199,999

27 Days

22.7%

$200,000 - $249,999

48 Days

-23.8%

$250,000 - $299,999

51 Days

30.8%

$300,000 - $399,999

44 Days

10.0%

$400,000 - $599,999

68 Days

134.5%

$600,000 - $999,999

205 Days

-36.9%

$1,000,000 or more

153 Days

350.0%

Sale Price

Median Time to Contract by Sale Price

350

$300,000 $399,999

Q1 2020

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 - Q1 2020 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

Q1 2019

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

-58.0%

$50,000 - $99,999

-46.7%

$100,000 - $149,999

-1.2%

$150,000 - $199,999

225

17.8%

$200,000 - $249,999

248

21.0%

$250,000 - $299,999

191

16.5%

$300,000 - $399,999

253

48.0%

$400,000 - $599,999

116

31.8%

$600,000 - $999,999

63.6%

$1,000,000 or more

26.1%

Q1 2020

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

-50.0%

$50,000 - $99,999

-5.6%

$100,000 - $149,999

67.5%

$150,000 - $199,999

208

114.4%

$200,000 - $249,999

248

117.5%

$250,000 - $299,999

225

81.5%

$300,000 - $399,999

280

46.6%

$400,000 - $599,999

146

31.5%

$600,000 - $999,999

20.7%

$1,000,000 or more

20.8%

Current Listing Price

Inventory by Current Listing Price

Q1 2019

$300,000 $399,999

Q1 2020

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 - Q1 2020 Single Family Homes Bay County Q1 2020

Q1 2019

Percent Change Year-over-Year

913

936

-2.5%

$243,178

$215,000

13.1%

-40.0%

$77,760

$172,750

-55.0%

0.0%

$142,000

$158,000

-10.1%

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 90%

Closed Sales

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

$300,000

Median Sale Price

$250,000

$200,000

$150,000

$100,000

$50,000

2016

2017

2018

2019

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Q1 2020

Q1 2019

Percent Change Year-over-Year

414

339

22.1%

172

183

-6.0%

Median Sale Price

$258,000

0.0%

Average Sale Price

$291,656

$277,349

5.2%

$120.7 Million

$94.0 Million

28.4%

96.9%

96.8%

0.1%

Median Time to Contract

58 Days

31 Days

87.1%

Median Time to Sale

94 Days

62 Days

51.6%

New Pending Sales

444

496

-10.5%

New Listings

547

604

-9.4%

Pending Inventory

288

366

-21.3%

Inventory (Active Listings)

827

717

15.3%

Months Supply of Inventory

5.7

5.3

7.5%

Closed Sales

Percent Change Year-over-Year

414 414 407 449 486 339 263 470 558 463 375 449 470 369

22.1% 22.1% 54.8% -4.5% -12.9% -26.8% -29.9% 4.7% 18.7% 25.5% 16.8% 33.6% 24.3% 25.1%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Quarter Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

2018

2019

Closed Sales

600 500 400 300

200 100 0

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Quarter

Cash Sales

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2016

2017

2018

Cash Sales

Percent Change Year-over-Year

172 172 147 161 204 183 115 217 271 248 193 215 208 178

-6.0% -6.0% 27.8% -25.8% -24.7% -26.2% -40.4% 0.9% 30.3% 39.3% 19.9% 35.2% 23.8% 14.1%

2019

300

Cash Sales

250 200 150 100 50 0

2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

41.5% 41.5% 36.1% 35.9% 42.0% 54.0% 43.7% 46.2% 48.6% 53.6% 51.5% 47.9% 44.3% 48.2%

-23.1% -23.1% -17.4% -22.3% -13.6% 0.7% -15.1% -3.5% 9.7% 11.2% 2.6% 1.3% -0.2% -8.9%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Pct. of Closed Sales Paid in Cash

Quarter

Cash Sales as a Percentage of Closed Sales

2016

2018

2019

60% 50% 40% 30%

20% 10% 0%

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Quarter

Median Sale Price

$258,000 $258,000 $258,500 $254,900 $239,000 $258,000 $260,000 $247,200 $238,162 $245,000 $235,000 $226,000 $218,000 $224,000

0.0% 0.0% -0.6% 3.1% 0.4% 5.3% 10.6% 9.4% 9.2% 9.4% 4.4% 2.3% -0.5% 4.7%

2017

2018

2019

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

Quarter

Average Sale Price

2016

2017

Average Sale Price

Percent Change Year-over-Year

$291,656 $291,656 $280,333 $285,892 $267,074 $277,349 $281,022 $272,953 $264,009 $266,041 $252,333 $251,550 $234,052 $239,419

5.2% 5.2% -0.2% 4.7% 1.2% 4.3% 11.4% 8.5% 12.8% 11.1% 6.7% 5.4% 2.8% 6.9%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales)

Average Sale Price

Percent Change Year-over-Year

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below)

2016

Median Sale Price

2018

2019

$350K $300K $250K $200K $150K $100K $50K $0K

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Quarter

Dollar Volume

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

Dollar Volume

Percent Change Year-over-Year

$120.7 Million $120.7 Million $114.1 Million $128.4 Million $129.8 Million $94.0 Million $73.9 Million $128.3 Million $147.3 Million $123.2 Million $94.6 Million $112.9 Million $110.0 Million $88.3 Million

28.4% 28.4% 54.4% 0.1% -11.9% -23.7% -21.9% 13.6% 33.9% 39.4% 24.6% 40.8% 27.8% 33.8%

2018

2019

Dollar Volume

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

2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.9% 96.9% 96.7% 97.0% 97.4% 96.8% 97.2% 97.0% 97.1% 96.5% 95.9% 95.9% 95.7% 94.9%

0.1% 0.1% -0.5% 0.0% 0.3% 0.3% 1.4% 1.1% 1.5% 1.7% 1.1% 0.4% 0.3% 0.2%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Med. Pct. of Orig. List Price Received

Quarter

Median Percent of Original List Price Received

2016

2018

2019

120% 100% 80% 60%

40% 20% 0%

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Quarter

2017

Median Time to Contract

Percent Change Year-over-Year

58 Days 58 Days 34 Days 62 Days 44 Days 31 Days 34 Days 33 Days 30 Days 56 Days 68 Days 56 Days 61 Days 97 Days

87.1% 87.1% 0.0% 87.9% 46.7% -44.6% -50.0% -41.1% -50.8% -42.3% -37.0% -18.8% -11.6% 0.0%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 2018

2019

Median Time to Contract

120 100 80 60 40 20 0

Quarter

2017

Median Time to Sale

Percent Change Year-over-Year

94 Days 94 Days 71 Days 95 Days 77 Days 62 Days 73 Days 73 Days 62 Days 84 Days 104 Days 91 Days 90 Days 124 Days

51.6% 51.6% -2.7% 30.1% 24.2% -26.2% -29.8% -19.8% -31.1% -32.3% -25.7% -18.0% -15.1% -3.9%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Median Time to Sale

2018

2019

150

100

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Quarter

New Pending Sales

Percent Change Year-over-Year

444 444 444 506 528 496 394 532 691 560 370 438 474 484

-10.5% -10.5% 12.7% -4.9% -23.6% -11.4% 6.5% 21.5% 45.8% 15.7% 18.6% 24.8% 22.8% 42.8%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

New Pending Sales

2017

2018

2019

Pending Sales

800 600 400 200 0

Quarter

New Listings

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

2018

New Listings

Percent Change Year-over-Year

547 547 471 613 513 604 441 578 715 627 388 447 548 466

-9.4% -9.4% 6.8% 6.1% -28.3% -3.7% 13.7% 29.3% 30.5% 34.5% 4.6% 4.2% 2.0% -7.0%

2019

New Listings

800 600 400 200 0

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County Quarter

Inventory (Active Listings)

YTD (Monthly Avg) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

2018

Inventory

Percent Change Year-over-Year

767 827 742 765 688 717 599 546 523 582 589 675 752 742

5.2% 15.3% 23.9% 40.1% 31.5% 23.2% 1.7% -19.1% -30.5% -21.6% -30.3% -26.1% -22.5% -21.0%

2019

1,200

Inventory

1,000 800 600 400 200 0

Quarter

2017

Months Supply

Percent Change Year-over-Year

5.3 5.7 5.3 6.0 5.3 5.3 4.1 3.5 3.4 4.0 4.3 5.0 6.0 6.3

1.9% 7.5% 29.3% 71.4% 55.9% 32.5% -4.7% -30.0% -43.3% -36.5% -43.4% -39.0% -31.0% -23.2%

YTD (Monthly Avg) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Months Supply of Inventory

2018

2019

10.0 8.0 6.0 4.0 2.0 0.0

Quarterly Market Detail - Q1 2020 Townhouses and Condos 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. Q1 2019

100 90 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

-84.6%

$100,000 - $149,999

-17.0%

$150,000 - $199,999

3.2%

$200,000 - $249,999

132.4%

$250,000 - $299,999

30.0%

$300,000 - $399,999

17.1%

$400,000 - $599,999

34.8%

$600,000 - $999,999

-14.3%

$1,000,000 or more

0.0%

$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

$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

24 Days

-4.0%

$100,000 - $149,999

41 Days

156.3%

$150,000 - $199,999

49 Days

22.5%

$200,000 - $249,999

57 Days

54.1%

$250,000 - $299,999

36 Days

-54.4%

$300,000 - $399,999

60 Days

140.0%

$400,000 - $599,999

88 Days

203.4%

$600,000 - $999,999

112 Days

-32.5%

$1,000,000 or more

575 Days

96.2%

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

Q1 2020

Median Time to Contract by Sale Price

700

Closed Sales

Sale Price

Q1 2020

700

600

500

400

300

200

100

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Quarterly Market Detail - Q1 2020 Townhouses and Condos Bay County

New Listings

Q1 2019

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-50.0%

$100,000 - $149,999

-40.4%

$150,000 - $199,999

-18.0%

$200,000 - $249,999

20.3%

$250,000 - $299,999

-8.0%

$300,000 - $399,999

112

-6.7%

$400,000 - $599,999

105

-3.7%

$600,000 - $999,999

-2.4%

$1,000,000 or more

-87.5%

Q1 2020

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

N/A

$100,000 - $149,999

7.1%

$150,000 - $199,999

20.3%

$200,000 - $249,999

106

47.2%

$250,000 - $299,999

21.3%

$300,000 - $399,999

202

13.5%

$400,000 - $599,999

208

17.5%

$600,000 - $999,999

-20.2%

$1,000,000 or more

-55.6%

Current Listing Price

Inventory by Current Listing Price

Q1 2019

$300,000 $399,999

Q1 2020

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 - Q1 2020 Townhouses and Condos Bay County Q1 2020

Q1 2019

Percent Change Year-over-Year

411

338

21.6%

$258,400

$258,950

-0.2%

0.0%

$158,000

$149,800

5.5%

N/A

$229,250

(No Sales)

N/A

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

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

2016

2017

2018

2019

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County Q1 2020

Q1 2019

Percent Change Year-over-Year

-3.4%

-21.9%

Median Sale Price

$106,000

$95,000

11.6%

Average Sale Price

$105,891

$93,983

12.7%

$5.9 Million

$5.5 Million

8.8%

92.0%

91.1%

1.0%

Median Time to Contract

52 Days

44 Days

18.2%

Median Time to Sale

84 Days

73 Days

15.1%

New Pending Sales

-7.1%

New Listings

-8.0%

Pending Inventory

-40.5%

Inventory (Active Listings)

35.2%

Months Supply of Inventory

4.7

3.4

38.2%

Closed Sales

Percent Change Year-over-Year

56 56 46 64 81 58 40 68 81 62 67 68 54 77

-3.4% -3.4% 15.0% -5.9% 0.0% -6.5% -40.3% 0.0% 50.0% -19.5% 8.1% 6.3% -8.5% 37.5%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Quarter Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

2018

2019

Closed Sales

100 80 60 40 20 0

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County Quarter

Cash Sales

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2016

2017

2018

Cash Sales

Percent Change Year-over-Year

25 25 26 32 51 32 27 34 50 41 39 45 38 56

-21.9% -21.9% -3.7% -5.9% 2.0% -22.0% -30.8% -24.4% 31.6% -26.8% -7.1% 7.1% 0.0% 27.3%

2019

Cash Sales

50 40 30 20 10 0

2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

44.6% 44.6% 56.5% 50.0% 63.0% 55.2% 67.5% 50.0% 61.7% 66.1% 58.2% 66.2% 70.4% 72.7%

-19.2% -19.2% -16.3% 0.0% 2.1% -16.5% 16.0% -24.5% -12.4% -9.1% -14.0% 0.9% 9.3% -7.5%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Pct. of Closed Sales Paid in Cash

Quarter

Cash Sales as a Percentage of Closed Sales

2016

2018

2019

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

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County Quarter

Median Sale Price

$106,000 $106,000 $104,750 $118,500 $95,000 $95,000 $77,150 $90,000 $89,000 $87,000 $79,500 $81,000 $85,000 $65,000

11.6% 11.6% 35.8% 31.7% 6.7% 9.2% -3.0% 11.1% 4.7% 33.8% 30.9% 16.3% 21.4% 30.0%

2017

2018

2019

$140K $120K $100K $80K $60K $40K $20K $0K

Quarter

Average Sale Price

2016

2017

Average Sale Price

Percent Change Year-over-Year

$105,891 $105,891 $102,985 $116,829 $94,647 $93,983 $88,170 $94,432 $102,325 $91,138 $87,973 $84,721 $91,335 $75,138

12.7% 12.7% 16.8% 23.7% -7.5% 3.1% 0.2% 11.5% 12.0% 21.3% 31.1% 12.5% 16.5% 29.2%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales)

Average Sale Price

Percent Change Year-over-Year

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below)

2016

Median Sale Price

2018

2019

$140K $120K $100K $80K $60K $40K $20K $0K

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County

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. 2016

2017

Quarter

Dollar Volume

Percent Change Year-over-Year

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

$5.9 Million $5.9 Million $4.7 Million $7.5 Million $7.7 Million $5.5 Million $3.5 Million $6.4 Million $8.3 Million $5.7 Million $5.9 Million $5.8 Million $4.9 Million $5.8 Million

8.8% 8.8% 34.3% 16.4% -7.5% -3.5% -40.2% 11.5% 68.0% -2.3% 41.6% 19.5% 6.7% 77.7%

2018

2019

$10.0 M

Dollar Volume

$8.0 M $6.0 M $4.0 M $2.0 M $0

2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

92.0% 92.0% 91.8% 92.1% 91.6% 91.1% 90.6% 91.1% 91.6% 91.2% 93.5% 90.9% 90.4% 88.8%

1.0% 1.0% 1.3% 1.1% 0.0% -0.1% -3.1% 0.2% 1.3% 2.7% 0.4% 0.7% -2.1% -0.6%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Med. Pct. of Orig. List Price Received

Quarter

Median Percent of Original List Price Received

2016

2018

2019

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

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County Quarter

2017

Median Time to Contract

Percent Change Year-over-Year

52 Days 52 Days 29 Days 24 Days 24 Days 44 Days 36 Days 41 Days 35 Days 27 Days 53 Days 77 Days 55 Days 73 Days

18.2% 18.2% -19.4% -41.5% -31.4% 63.0% -32.1% -46.8% -36.4% -63.0% 10.4% 26.2% -43.9% 2.8%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017 2018

2019

Median Time to Contract

120 100 80 60 40 20 0

Quarter

2017

Median Time to Sale

Percent Change Year-over-Year

84 Days 84 Days 71 Days 68 Days 71 Days 73 Days 96 Days 84 Days 69 Days 69 Days 94 Days 118 Days 113 Days 130 Days

15.1% 15.1% -26.0% -19.0% 2.9% 5.8% 2.1% -28.8% -38.9% -46.9% -16.8% 12.4% -24.7% 18.2%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Median Time to Sale

2018

2019

200 150 100 50 0

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County Quarter

New Pending Sales

Percent Change Year-over-Year

65 65 53 62 78 70 59 72 76 82 74 69 63 88

-7.1% -7.1% -10.2% -13.9% 2.6% -14.6% -20.3% 4.3% 20.6% -6.8% 39.6% -16.9% 0.0% 7.3%

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

New Pending Sales

2017

2018

2019

Pending Sales

100 80 60 40 20 0

Quarter

New Listings

Year-to-Date Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

2018

New Listings

Percent Change Year-over-Year

80 80 86 76 84 87 52 95 82 104 69 81 70 69

-8.0% -8.0% 65.4% -20.0% 2.4% -16.3% -24.6% 17.3% 17.1% 50.7% -9.2% -8.0% -26.3% 0.0%

2019

New Listings

120 100 80 60

40 20 0

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County Quarter

Inventory (Active Listings)

YTD (Monthly Avg) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

2017

2018

Inventory

Percent Change Year-over-Year

85 96 81 66 56 71 64 89 80 88 72 95 93 90

28.8% 35.2% 26.6% -25.8% -30.0% -19.3% -11.1% -6.3% -14.0% -2.2% -43.8% -16.7% -23.1% -5.3%

2019

140 120

Inventory

100 80 60 40 20 0

Quarter

2017

Months Supply

Percent Change Year-over-Year

4.1 4.7 3.9 3.3 2.7 3.4 3.1 3.8 3.5 4.2 3.2 4.4 4.3 4.1

32.3% 38.2% 25.8% -13.2% -22.9% -19.0% -3.1% -13.6% -18.6% 2.4% -50.0% -21.4% -31.7% -10.9%

YTD (Monthly Avg) Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018 Q2 2018 Q1 2018 Q4 2017 Q3 2017 Q2 2017 Q1 2017

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

Months Supply of Inventory

2018

2019

7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County

Closed Sales

Percent Change Year-over-Year

Less than $50,000

18.2%

$50,000 - $99,999

-36.8%

$100,000 - $149,999

-16.0%

$150,000 - $199,999

133.3%

$200,000 - $249,999

N/A

$250,000 - $299,999

N/A

$300,000 - $399,999

N/A

$400,000 - $599,999

N/A

$600,000 - $999,999

N/A

$1,000,000 or more

N/A

Sale Price

Q1 2020

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

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

62 Days

226.3%

$50,000 - $99,999

47 Days

-17.5%

$100,000 - $149,999

57 Days

-12.3%

$150,000 - $199,999

142 Days

-4.7%

$200,000 - $249,999

13 Days

N/A

$250,000 - $299,999

(No Sales)

N/A

$300,000 - $399,999

(No Sales)

N/A

$400,000 - $599,999

(No Sales)

N/A

$600,000 - $999,999

(No Sales)

N/A

$1,000,000 or more

(No Sales)

N/A

Sale Price

Median Time to Contract by Sale Price

160 140 120 100 80 60 40 20 0

$300,000 $399,999

Q1 2020

$100,000 $149,999

$150,000 $199,999

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

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Quarterly Market Detail - Q1 2020 Manufactured Homes Bay County

New Listings

Q1 2019

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

-50.0%

$50,000 - $99,999

-41.4%

$100,000 - $149,999

45.5%

$150,000 - $199,999

114.3%

$200,000 - $249,999

-83.3%

$250,000 - $299,999

0.0%

$300,000 - $399,999

N/A

$400,000 - $599,999

N/A

$600,000 - $999,999

N/A

$1,000,000 or more

N/A

Q1 2020

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

-75.0%

$50,000 - $99,999

45.0%

$100,000 - $149,999

106.7%

$150,000 - $199,999

91.7%

$200,000 - $249,999

-33.3%

$250,000 - $299,999

-50.0%

$300,000 - $399,999

N/A

$400,000 - $599,999

N/A

$600,000 - $999,999

N/A

$1,000,000 or more

N/A

Current Listing Price

Inventory by Current Listing Price

Q1 2019

$300,000 $399,999

Q1 2020

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 - Q1 2020 Manufactured Homes Bay County Q1 2020

Q1 2019

Percent Change Year-over-Year

-5.4%

$107,000

$97,500

9.7%

50.0%

$94,900

$70,500

34.6%

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

2016

2017

Traditional

2018

Foreclosure/REO

2019

Short Sale

100% 90%

Closed Sales

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

$140,000 $120,000

Median Sale Price

$100,000 $80,000 $60,000 $40,000 $20,000 $0

2016

2017

2018

2019