Okaloosa County January 2019 by Michele Bailey

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa County January 2019

January 2018

Percent Change Year-over-Year

-6.9%

-18.5%

Median Sale Price

$333,750

$256,750

30.0%

Average Sale Price

$426,303

$297,705

43.2%

$23.0 Million

$17.3 Million

33.3%

95.8%

95.6%

0.2%

Median Time to Contract

44 Days

67 Days

-34.3%

Median Time to Sale

90 Days

97 Days

-7.2%

New Pending Sales

-23.6%

New Listings

2.1%

Pending Inventory

149

-51.0%

Inventory (Active Listings)

450

454

-0.9%

Months Supply of Inventory

5.4

5.6

-3.6%

Closed Sales

Percent Change Year-over-Year

54 54 55 63 71 85 102 77 87 100 96 135 80 58

-6.9% -6.9% 0.0% -3.1% -7.8% 13.3% -3.8% 10.0% -8.4% -7.4% 6.7% 33.7% 11.1% 5.5%

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

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

2018

Closed Sales

150

100

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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 Thursday, February 21, 2019. Next data release is Thursday, March 21, 2019.

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa 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 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Cash Sales

Percent Change Year-over-Year

22 22 25 25 29 44 46 23 34 41 42 57 36 27

-18.5% -18.5% 25.0% -3.8% 11.5% 46.7% -13.2% 0.0% -20.9% -25.5% 27.3% 0.0% 12.5% 12.5% 2018

Cash Sales

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

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

Month Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

40.7% 40.7% 45.5% 39.7% 40.8% 51.8% 45.1% 29.9% 39.1% 41.0% 43.8% 42.2% 45.0% 46.6%

-12.7% -12.7% 25.0% -0.8% 20.7% 29.5% -9.8% -9.1% -13.7% -19.4% 19.3% -25.2% 1.4% 6.9%

2018

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

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

Produced by Florida RealtorsÂŽ with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, February 21, 2019. Next data release is Thursday, March 21, 2019.

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa 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

2017

Percent Change Year-over-Year

$333,750 $333,750 $295,250 $287,000 $336,000 $250,000 $266,000 $279,000 $350,000 $316,500 $259,500 $347,000 $267,700 $256,750

30.0% 30.0% -10.1% 18.4% 29.7% -7.7% 17.6% 11.6% 32.1% 15.1% -10.5% 25.3% -3.2% -4.2%

2018

$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

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

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

Median Sale Price

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Average Sale Price

Percent Change Year-over-Year

$426,303 $426,303 $313,670 $349,469 $402,651 $343,231 $348,350 $295,233 $458,077 $422,239 $291,695 $356,311 $328,641 $297,705

43.2% 43.2% -27.3% 0.1% 14.7% 5.8% -18.2% -20.1% 38.8% 20.4% -14.4% 6.7% 2.0% -14.5%

2018

$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

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa County Month

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

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Dollar Volume

Percent Change Year-over-Year

$23.0 Million $23.0 Million $17.3 Million $22.0 Million $28.6 Million $29.2 Million $35.5 Million $22.7 Million $39.9 Million $42.2 Million $28.0 Million $48.1 Million $26.3 Million $17.3 Million

33.3% 33.3% -27.3% -3.0% 5.7% 19.9% -21.3% -12.1% 27.1% 11.5% -8.7% 42.6% 13.3% -9.9%

2018

$60 M

Dollar Volume

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

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

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

Month Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

95.8% 95.8% 95.3% 96.7% 95.7% 96.0% 95.2% 96.1% 95.8% 95.6% 96.5% 97.4% 96.0% 95.6%

0.2% 0.2% 0.6% 0.8% -0.6% 1.2% 0.1% 1.7% 0.6% 1.2% 0.6% 1.6% 2.7% 0.7%

2018

120% 100% 80% 60%

40% 20% 0%

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

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa 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 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Median Time to Contract

Percent Change Year-over-Year

44 Days 44 Days 67 Days 27 Days 70 Days 40 Days 82 Days 54 Days 39 Days 56 Days 39 Days 112 Days 118 Days 67 Days

-34.3% -34.3% 0.0% -22.9% -30.0% -47.4% 7.9% -28.9% -45.8% -11.1% -29.1% 119.6% 22.9% -48.5%

2018

Median Time to Contract

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

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

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Median Time to Sale

Percent Change Year-over-Year

90 Days 90 Days 99 Days 67 Days 112 Days 65 Days 109 Days 92 Days 85 Days 89 Days 71 Days 177 Days 152 Days 97 Days

-7.2% -7.2% -18.9% -19.3% -18.2% -45.4% -8.4% -24.6% -28.0% -16.0% -20.2% 118.5% 6.3% -44.9%

2018

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

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa County Month

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

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

New Pending Sales

Percent Change Year-over-Year

68 68 48 63 58 81 106 90 85 88 99 109 88 89

-23.6% -23.6% -21.3% 12.5% -10.8% 5.2% 17.8% -8.2% -10.5% -6.4% -10.0% -14.2% 1.1% 32.8%

2018

140

Pending 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

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

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

New Listings

Percent Change Year-over-Year

99 99 68 89 93 95 108 79 110 97 120 121 108 97

2.1% 2.1% 17.2% 18.7% 12.0% 21.8% 13.7% 5.3% 12.2% -12.6% 15.4% -16.0% 0.0% 21.3%

2018

New Listings

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

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa 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) January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Inventory

Percent Change Year-over-Year

450 450 436 448 436 410 416 429 455 457 462 435 467 454

-0.9% -0.9% -2.7% -6.9% -9.2% -12.8% -14.9% -15.6% -15.4% -16.8% -14.0% -19.1% -12.4% -14.3%

2018

1,000

Inventory

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

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

YTD (Monthly Avg) January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Months Supply

Percent Change Year-over-Year

5.4 5.4 5.2 5.3 5.2 4.8 5.0 5.1 5.4 5.4 5.4 5.1 5.7 5.6

-3.6% -3.6% -5.5% -8.6% -10.3% -15.8% -16.7% -19.0% -19.4% -22.9% -21.7% -29.2% -21.9% -24.3%

2018

14.0 12.0 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

Monthly Market Detail - January 2019 Townhouses and Condos Okaloosa 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 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. January 2018

18 16 14 12 10 8 6 4 2 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

0.0%

$50,000 - $99,999

-80.0%

$100,000 - $149,999

-44.4%

$150,000 - $199,999

-75.0%

$200,000 - $249,999

100.0%

$250,000 - $299,999

-75.0%

$300,000 - $399,999

21.4%

$400,000 - $599,999

20.0%

$600,000 - $999,999

350.0%

$1,000,000 or more

50.0%

January 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

46 Days

820.0%

$50,000 - $99,999

44 Days

57.1%

$100,000 - $149,999

58 Days

81.3%

$150,000 - $199,999

159 Days

144.6%

$200,000 - $249,999

52 Days

-24.6%

$250,000 - $299,999

78 Days

-65.6%

$300,000 - $399,999

42 Days

-50.6%

$400,000 - $599,999

79 Days

-40.2%

$600,000 - $999,999

10 Days

-97.9%

$1,000,000 or more

16 Days

-93.0%

Sale Price

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

$50,000 $99,999

Less than $50,000

18 16 14 12 10 8 6 4 2 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

January 2019

Median Time to Contract by Sale Price

500 450 400 350 300 250 200 150 100 50 0

Closed Sales

Sale Price

January 2019

$100,000 $149,999

$150,000 $199,999

500 450 400 350 300 250 200 150 100 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 - January 2019 Townhouses and Condos Okaloosa 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

January 2018

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

-100.0%

$50,000 - $99,999

50.0%

$100,000 - $149,999

20.0%

$150,000 - $199,999

-71.4%

$200,000 - $249,999

-53.8%

$250,000 - $299,999

-30.0%

$300,000 - $399,999

-21.1%

$400,000 - $599,999

23.1%

$600,000 - $999,999

450.0%

$1,000,000 or more

66.7%

January 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

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. January 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

0.0%

$50,000 - $99,999

7.7%

$100,000 - $149,999

2.9%

$150,000 - $199,999

-34.3%

$200,000 - $249,999

-9.1%

$250,000 - $299,999

-5.0%

$300,000 - $399,999

-21.1%

$400,000 - $599,999

107

13.8%

$600,000 - $999,999

103

14.4%

$1,000,000 or more

2.7%

Current Listing Price

Inventory by Current Listing Price

120

$300,000 $399,999

January 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

$300,000 $399,999

$400,000 $599,999

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

Monthly Distressed Market - January 2019 Townhouses and Condos Okaloosa County

Closed Sales

January 2019

January 2018

Percent Change Year-over-Year

-7.1%

$333,750

$256,750

30.0%

-50.0%

$42,000

$259,500

-83.8%

N/A

$700,000

(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

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 $800K $700K

Median Sale Price

$600K $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

2015

2016

2017

2018

Monthly Market Detail - January 2019 Single Family Homes Okaloosa County January 2019

January 2018

Percent Change Year-over-Year

249

241

3.3%

2.4%

Median Sale Price

$224,000

$234,900

-4.6%

Average Sale Price

$304,747

$317,854

-4.1%

$75.9 Million

$76.6 Million

-0.9%

96.6%

98.0%

-1.4%

Median Time to Contract

48 Days

0.0%

Median Time to Sale

94 Days

95 Days

-1.1%

New Pending Sales

423

365

15.9%

New Listings

408

364

12.1%

Pending Inventory

540

525

2.9%

Inventory (Active Listings)

966

1,051

-8.1%

Months Supply of Inventory

2.7

3.1

-12.9%

Closed Sales

Percent Change Year-over-Year

249 249 321 278 312 345 414 378 477 457 411 380 291 241

3.3% 3.3% 1.9% -2.5% -4.0% -1.1% 2.0% 8.9% 0.8% 3.2% 23.8% 8.0% 13.2% 9.5%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Month

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

2018

Closed Sales

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

Monthly Market Detail - January 2019 Single Family Homes Okaloosa County Month

2015

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Cash Sales

Percent Change Year-over-Year

43 43 33 39 45 49 54 48 46 64 51 40 42 42

2.4% 2.4% -36.5% -4.9% -2.2% -2.0% -6.9% 26.3% -30.3% 18.5% -7.3% -29.8% -8.7% 31.3% 2018

100

Cash Sales

80 60 40 20 0

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

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

Month Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

17.3% 17.3% 10.3% 14.0% 14.4% 14.2% 13.0% 12.7% 9.6% 14.0% 12.4% 10.5% 14.4% 17.4%

-0.6% -0.6% -37.6% -2.8% 1.4% -0.7% -9.1% 15.5% -31.4% 14.8% -25.3% -35.2% -19.6% 20.0%

2018

30% 25% 20% 15%

10% 5% 0%

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Monthly Market Detail - January 2019 Single Family Homes Okaloosa County Month

Median Sale Price

2015

2016

2017

Percent Change Year-over-Year

$224,000 $224,000 $218,000 $228,450 $233,500 $220,000 $236,000 $231,000 $254,900 $240,000 $246,500 $224,900 $210,000 $234,900

-4.6% -4.6% 1.4% 6.3% 1.5% 10.0% 4.9% 6.9% 11.8% 9.1% 7.7% 12.5% 2.4% 17.9%

2018

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

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Month

2015

Average Sale Price

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

Median Sale Price

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Average Sale Price

Percent Change Year-over-Year

$304,747 $304,747 $265,109 $317,307 $288,309 $289,145 $296,337 $309,641 $316,523 $307,924 $301,668 $285,603 $264,766 $317,854

-4.1% -4.1% 2.2% 20.2% 1.4% 8.2% 7.7% 21.1% 5.4% 6.1% 9.2% 12.0% 3.8% 8.9%

2018

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

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Monthly Market Detail - January 2019 Single Family Homes Okaloosa County Month

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Dollar Volume

Percent Change Year-over-Year

$75.9 Million $75.9 Million $85.1 Million $88.2 Million $90.0 Million $99.8 Million $122.7 Million $117.0 Million $151.0 Million $140.7 Million $124.0 Million $108.5 Million $77.0 Million $76.6 Million

-0.9% -0.9% 4.1% 17.2% -2.7% 7.0% 9.9% 31.9% 6.3% 9.5% 35.2% 20.9% 17.6% 19.3%

2018

Dollar Volume

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

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Med. Pct. of Orig. List Price Received

2015

2016

Month Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.6% 96.6% 97.5% 97.0% 97.8% 98.4% 97.7% 98.3% 98.6% 98.9% 98.6% 98.4% 97.9% 98.0%

-1.4% -1.4% -0.2% -0.4% 0.6% 0.4% -0.4% 0.1% 0.2% 0.4% 0.0% 0.7% 1.0% 1.8%

2018

120% 100% 80% 60%

40% 20% 0%

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Monthly Market Detail - January 2019 Single Family Homes Okaloosa County Month

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Median Time to Contract

Percent Change Year-over-Year

48 Days 48 Days 43 Days 46 Days 45 Days 25 Days 29 Days 33 Days 22 Days 26 Days 21 Days 35 Days 51 Days 48 Days

0.0% 0.0% 16.2% 15.0% 12.5% -34.2% -21.6% 3.1% -24.1% -7.1% -38.2% -40.7% -28.2% -25.0%

2018

Median Time to Contract

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

Month

Median Time to Sale

2015

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Median Time to Sale

Percent Change Year-over-Year

94 Days 94 Days 82 Days 96 Days 83 Days 68 Days 69 Days 77 Days 68 Days 70 Days 64 Days 83 Days 98 Days 95 Days

-1.1% -1.1% 6.5% 11.6% -3.5% -26.1% -11.5% -4.9% -9.3% -6.7% -24.7% -20.2% -11.7% -18.1%

2018

200 150 100 50 0

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Monthly Market Detail - January 2019 Single Family Homes Okaloosa County Month

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

New Pending Sales

Percent Change Year-over-Year

423 423 271 323 307 306 357 429 370 475 496 463 371 365

15.9% 15.9% -2.2% 13.7% -8.6% 4.8% -11.2% 5.1% -8.4% 3.7% -1.2% 16.3% 1.6% 2.0%

2018

Pending Sales

600 500 400 300 200 100 0

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Month

2016

Year-to-Date January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

New Listings

Percent Change Year-over-Year

408 408 259 317 350 308 424 480 450 506 522 521 399 364

12.1% 12.1% -8.2% 7.1% -4.4% -4.3% -2.1% 31.1% -3.2% 3.3% 12.5% 3.6% 7.5% 2.2%

2018

New Listings

600 500 400 300

200 100 0

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Monthly Market Detail - January 2019 Single Family Homes Okaloosa County Month

2015

2016

YTD (Monthly Avg) January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Inventory

Percent Change Year-over-Year

966 966 1,015 1,077 1,130 1,134 1,197 1,173 1,154 1,129 1,103 1,085 1,078 1,051

-8.1% -8.1% -4.3% -3.1% -0.5% -0.1% 4.5% 1.8% -5.3% -4.2% -5.1% -11.9% -6.2% -9.3%

2018

2,000

Inventory

1,500 1,000 500 0

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Month

Months Supply of Inventory

2015

2016

YTD (Monthly Avg) January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 2017

Months Supply

Percent Change Year-over-Year

2.7 2.7 2.8 3.0 3.1 3.2 3.3 3.3 3.2 3.2 3.1 3.1 3.1 3.1

-12.9% -12.9% -9.7% -9.1% -6.1% -5.9% -2.9% -2.9% -11.1% -11.1% -13.9% -18.4% -13.9% -13.9%

2018

7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0

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Monthly Market Detail - January 2019 Single Family Homes Okaloosa County

Closed Sales by Sale Price 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. January 2018

Closed Sales

Percent Change Year-over-Year

Less than $50,000

0.0%

$50,000 - $99,999

-41.2%

$100,000 - $149,999

13.3%

$150,000 - $199,999

-3.6%

$200,000 - $249,999

70.0%

$250,000 - $299,999

32.1%

$300,000 - $399,999

-21.2%

$400,000 - $599,999

-40.0%

$600,000 - $999,999

-8.3%

$1,000,000 or more

60.0%

Sale Price

January 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

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

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

0 Days

-100.0%

$50,000 - $99,999

61 Days

35.6%

$100,000 - $149,999

24 Days

-14.3%

$150,000 - $199,999

27 Days

-18.2%

$200,000 - $249,999

53 Days

-7.0%

$250,000 - $299,999

76 Days

123.5%

$300,000 - $399,999

61 Days

5.2%

$400,000 - $599,999

74 Days

-22.9%

$600,000 - $999,999

64 Days

-65.6%

$1,000,000 or more

179 Days

1527.3%

Sale Price

Median Time to Contract by Sale Price

200 180 160 140 120 100 80 60 40 20 0

$300,000 $399,999

January 2019

$100,000 $149,999

$150,000 $199,999

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

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Monthly Market Detail - January 2019 Single Family Homes Okaloosa County

New Listings

January 2018

New Listings

Percent Change Year-over-Year

Less than $50,000

-75.0%

$50,000 - $99,999

0.0%

$100,000 - $149,999

-7.1%

$150,000 - $199,999

1.3%

$200,000 - $249,999

11.0%

$250,000 - $299,999

4.4%

$300,000 - $399,999

51.0%

$400,000 - $599,999

28.6%

$600,000 - $999,999

12.0%

$1,000,000 or more

27.3%

January 2019

90 80 70 60 50 40 30 20 10 0

90 80 70 60 50 40 30 20 10 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

200 180 160 140 120 100 80 60 40 20 0 Less than $50,000

$50,000 $99,999

$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

-50.0%

$50,000 - $99,999

-43.6%

$100,000 - $149,999

-16.2%

$150,000 - $199,999

115

-16.1%

$200,000 - $249,999

151

-11.2%

$250,000 - $299,999

113

-11.7%

$300,000 - $399,999

188

30.6%

$400,000 - $599,999

106

-20.9%

$600,000 - $999,999

-13.8%

$1,000,000 or more

113

0.9%

Current Listing Price

Inventory by Current Listing Price

Inventory

Initial Listing Price

January 2019

$100,000 $149,999

$150,000 $199,999

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

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Monthly Distressed Market - January 2019 Single Family Homes Okaloosa County

Closed Sales

January 2019

January 2018

Percent Change Year-over-Year

235

231

1.7%

$229,900

$240,000

-4.2%

16.7%

$190,000

$113,000

68.1%

75.0%

$170,000

$178,950

-5.0%

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

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 $300K

Median Sale Price

$250K

$200K

$150K

$100K

$50K

$0K

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2015

2016

2017

2018