Walton County Q3 2018 by Michele Bailey

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

Q3 2017

Percent Change Year-over-Year

237

212

11.8%

104

30.0%

Median Sale Price

$437,500

$330,833

32.2%

Average Sale Price

$717,743

$481,916

48.9%

$170.1 Million

$102.2 Million

66.5%

95.7%

95.2%

0.5%

Median Time to Contract

63 Days

74 Days

-14.9%

Median Time to Sale

121 Days

119 Days

1.7%

New Pending Sales

219

190

15.3%

New Listings

303

237

27.8%

Pending Inventory

2.2%

Inventory (Active Listings)

535

580

-7.8%

Months Supply of Inventory

6.5

7.6

-14.5%

Closed Sales

Percent Change Year-over-Year

779 237 301 241 212 212 259 229 210 196 241 162 180 230

11.3% 11.8% 16.2% 5.2% 1.0% 8.2% 7.5% 41.4% 16.7% -14.8% -19.4% -23.6% -12.6% 11.1%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

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

The number of sales transactions which closed during the quarter Economists' note : Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. 2014

2015

2016

2017

2018

350

Closed Sales

300 250 200 150 100 50 0

Produced by Florida Realtors® with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, November 1, 2018. Historical data revised on Friday, September 7, 2018. Next data release is TBD.

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

Cash Sales The number of Closed Sales during the quarter in which buyers exclusively paid in cash Economists' note : Cash Sales can be a useful indicator of the extent to which investors are participating in the market. Why? Investors are far more likely to have the funds to purchase a home available up front, whereas the typical homebuyer requires a mortgage or some other form of financing. There are, of course, many possible exceptions, so this statistic should be interpreted with care.

2014

2015

Cash Sales

Percent Change Year-over-Year

338 104 119 115 86 80 105 91 82 84 100 67 84 95

22.5% 30.0% 13.3% 26.4% 4.9% -4.8% 5.0% 35.8% -2.4% -11.6% -27.5% -21.2% -14.3% 6.7%

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

2016

2017

2018

Cash Sales

150

100

Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of Closed Sales (i.e. those not paid fully in cash) each quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.

Pct. of Closed Sales Paid in Cash

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

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

2015

Quarter

Cash Sales as a Percentage of Closed Sales

2014

2016

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

43.4% 43.9% 39.5% 47.7% 40.6% 37.7% 40.5% 39.7% 39.0% 42.9% 41.5% 41.4% 46.7% 41.3%

10.2% 16.4% -2.5% 20.2% 4.1% -12.1% -2.4% -4.1% -16.5% 3.9% -10.2% 3.2% -1.9% -4.0%

2017

2018

60% 50% 40% 30%

20% 10% 0%

Produced by Florida RealtorsÂŽ with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Thursday, November 1, 2018. Historical data revised on Friday, September 7, 2018. Next data release is TBD.

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

Median Sale Price The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below) Economists' note : Median Sale Price is our preferred summary statistic for price activity because, unlike Average Sale Price, Median Sale Price is not sensitive to high sale prices for small numbers of homes that may not be characteristic of the market area. Keep in mind that median price trends over time are not always solely caused by changes in the general value of local real estate. Median sale price only reflects the values of the homes that sold each quarter, and the mix of the types of homes that sell can change over time.

Median Sale Price

2014

2015

2016

Percent Change Year-over-Year

$375,000 $437,500 $347,250 $385,000 $326,000 $330,833 $343,900 $310,000 $335,000 $334,900 $320,000 $336,950 $307,500 $333,750

14.7% 32.2% 1.0% 24.2% -2.7% -1.2% 7.5% -8.0% 8.9% 0.3% -7.2% 10.2% 2.8% 15.1%

2017

2018

$500K $400K $300K $200K $100K $0K

Quarter

Average Sale Price The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales) Economists' note : Usually, we prefer Median Sale Price over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its usesâ&#x20AC;&#x201D;particularly when it is analyzed alongside the Median Sale Price. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area.

2014

Average Sale Price

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

Median Sale Price

2015

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

2016

Average Sale Price

Percent Change Year-over-Year

$570,896 $717,743 $468,637 $554,203 $452,761 $481,916 $475,346 $392,512 $476,376 $431,586 $427,179 $445,189 $405,205 $425,258

26.8% 48.9% -1.4% 41.2% -5.0% 11.7% 11.3% -11.8% 17.6% 1.5% -5.6% 5.5% 4.5% 7.6%

2017

2018

$800K $600K $400K $200K $0K

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

Dollar Volume The sum of the sale prices for all sales which closed during the quarter Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying Closed Sales by Average Sale Price. It is a strong indicator of the health of the real estate industry in a market, and is of particular interest to real estate professionals, investors, analysts, and government agencies. Potential home sellers and home buyers, on the other hand, will likely be better served by paying attention to trends in the two components of Dollar Volume (i.e. sales and prices) individually. 2014

2015

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

2016

Dollar Volume

Percent Change Year-over-Year

$444.7 Million $170.1 Million $141.1 Million $133.6 Million $96.0 Million $102.2 Million $123.1 Million $89.9 Million $100.0 Million $84.6 Million $103.0 Million $72.1 Million $72.9 Million $97.8 Million

41.1% 66.5% 14.6% 48.6% -4.1% 20.8% 19.6% 24.6% 37.2% -13.5% -23.9% -19.4% -8.7% 19.5%

2017

2018

Dollar Volume

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

Economists' note : The Median Percent of Original List Price Received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling price (or better it) in order to get a contract on the house. This is usually the last measure to indicate a market has shifted from down to up, so it is what we would call a lagging indicator.

Med. Pct. of Orig. List Price Received

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

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

2015

Quarter

Median Percent of Original List Price Received

2014

2016

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

95.6% 95.7% 95.8% 94.8% 94.5% 95.2% 94.8% 94.8% 93.9% 94.8% 94.6% 93.6% 93.5% 94.5%

0.6% 0.5% 1.1% 0.0% 0.6% 0.4% 0.2% 1.3% 0.4% 0.3% -0.5% -1.5% 1.0% 2.1%

2017

2018

120% 100% 80% 60%

40% 20% 0%

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

Median Time to Contract The median number of days between the listing date and contract date for all Closed Sales during the quarter Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during the quarter. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales. 2014

2015

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

2016

Median Time to Contract

Percent Change Year-over-Year

63 Days 63 Days 53 Days 90 Days 102 Days 74 Days 72 Days 87 Days 105 Days 91 Days 103 Days 100 Days 123 Days 110 Days

-20.3% -14.9% -26.4% 3.4% -2.9% -18.7% -30.1% -13.0% -14.6% -17.3% 13.2% -16.0% -12.1% 18.3%

2017

2018

Median Time to Contract

150

100

Quarter

Median Time to Sale

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

The median number of days between the listing date and closing date for all Closed Sales during the quarter Economists' note : Time to Sale is a measure of the length of the home selling process, calculated as the number of days between the initial listing of a property and the closing of the sale. Median Time to Sale is the amount of time the "middle" property selling this month was on the market. That is, 50% of homes selling this month took less time to sell, and 50% of homes took more time to sell. Median Time to Sale gives a more accurate picture than Average Time to Sale, which can be skewed upward by small numbers of properties taking an abnormally long time to sell. 2014

Median Time to Sale

2015

2016

Median Time to Sale

Percent Change Year-over-Year

106 Days 121 Days 91 Days 129 Days 132 Days 119 Days 112 Days 131 Days 142 Days 131 Days 146 Days 143 Days 155 Days 156 Days

-11.7% 1.7% -18.8% -1.5% -7.0% -9.2% -23.3% -8.4% -8.4% -16.0% 9.0% -12.3% -12.9% 14.7%

2017

2018

200 150 100 50 0

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

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. 2015

Percent Change Year-over-Year

798 219 274 305 218 190 264 281 165 208 265 213 173 223

8.6% 15.3% 3.8% 8.5% 32.1% -8.7% -0.4% 31.9% -4.6% -6.7% -4.7% -17.1% -16.8% -3.0%

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

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

2014

New Pending Sales

2016

2017

2018

350

Pending Sales

300 250 200 150 100 50 0

Quarter

New Listings The number of properties put onto the market during the quarter Economists' note : New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of valueâ&#x20AC;&#x201D;and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include properties that were recently taken off the market and quickly relisted, since these are not really new listings. 2014

2015

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

2016

New Listings

Percent Change Year-over-Year

1,011 303 318 390 222 237 324 336 223 258 311 321 203 270

12.7% 27.8% -1.9% 16.1% -0.4% -8.1% 4.2% 4.7% 9.9% -4.4% 2.3% -3.0% 4.6% 6.3%

2017

2018

New Listings

500 400 300 200 100 0

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

Inventory (Active Listings)

Economists' note : There are a number of ways to define and calculate Inventory. Our method is to simply count the number of active listings on the last day of the quarter, and hold this number to compare with the same quarter the following year. Inventory rises when New Listings are outpacing the number of listings that go off-market (regardless of whether they actually sell). Likewise, it falls when New Listings aren't keeping up with the rate at which homes are going offmarket. 2015

Percent Change Year-over-Year

533 535 533 546 511 580 602 601 586 646 655 647 574 631

-9.4% -7.8% -11.5% -9.2% -12.8% -10.2% -8.1% -7.1% 2.1% 2.4% 3.3% 0.5% -4.8% -9.7%

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

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

2014

Inventory

2016

2017

2018

800

Inventory

600 400 200 0

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

An estimate of the number of months it will take to deplete the current Inventory given recent sales rates Economists' note : MSI is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers' market, and anything lower is a sellers' market. There is no single accepted way of calculating MSI. A common method is to divide current Inventory by the most recent month's Closed Sales count, but this count is a usually poor predictor of future Closed Sales due to seasonal cycles. To eliminate seasonal effects, we use the 12-month average of monthly Closed Sales instead.

Months Supply of Inventory

Quarter

Months Supply of Inventory

2014

2015

2016

Months Supply

Percent Change Year-over-Year

6.7 6.5 6.6 7.1 6.7 7.6 8.1 8.2 8.7 10.0 9.7 8.9 7.5 8.0

-16.3% -14.5% -18.5% -13.4% -23.0% -24.0% -16.5% -7.9% 16.0% 25.0% 18.3% -2.2% -14.8% -21.6%

2017

2018

12.0 10.0 8.0 6.0

4.0 2.0 0.0

Quarterly Market Detail - Q3 2018 Townhouses and Condos Walton County

Closed Sales by Sale Price The number of sales transactions which closed during the quarter Economists' note: Closed Sales are one of the simplest—yet most important—indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a quarter's sales to the amount of sales in the same quarter in the previous year), rather than changes from one quarter to the next. Q3 2017

Closed Sales

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

0.0%

$100,000 - $149,999

-50.0%

$150,000 - $199,999

12.0%

$200,000 - $249,999

0.0%

$250,000 - $299,999

-37.0%

$300,000 - $399,999

7.7%

$400,000 - $599,999

0.0%

$600,000 - $999,999

20.0%

$1,000,000 or more

172.2%

Sale Price

Q3 2018

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

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

Median Time to Contract

Economists' note : Like Time to Sale, Time to Contract is a measure of the length of the home selling process calculated for sales which closed during the quarter. The difference is that Time to Contract measures the number of days between the initial listing of a property and the signing of the contract which eventually led to the closing of the sale. When the gap between Median Time to Contract and Median Time to Sale grows, it is usually a sign of longer closing times and/or declining numbers of cash sales. Q3 2017

$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

102 Days

5000.0%

$100,000 - $149,999

62 Days

-8.8%

$150,000 - $199,999

73 Days

43.1%

$200,000 - $249,999

44 Days

-26.7%

$250,000 - $299,999

45 Days

-23.7%

$300,000 - $399,999

66 Days

-17.5%

$400,000 - $599,999

54 Days

-44.3%

$600,000 - $999,999

92 Days

10.8%

$1,000,000 or more

42 Days

-48.8%

Sale Price

Median Time to Contract by Sale Price

120

$300,000 $399,999

Q3 2018

120

100

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Quarterly Market Detail - Q3 2018 Townhouses and Condos Walton County

New Listings by Initial Listing Price The number of properties put onto the market during the quarter Economists' note: New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of valueâ&#x20AC;&#x201D;and in the most recent cycle, rising prices have freed up many potential sellers who were previously underwater on their mortgages. Note that in our calculations, we take care to not include properties that were recently taken off the market and quickly relisted, since these are not really new listings.

New Listings

Q3 2017

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-50.0%

$100,000 - $149,999

-12.5%

$150,000 - $199,999

-33.3%

$200,000 - $249,999

36.0%

$250,000 - $299,999

-7.7%

$300,000 - $399,999

56.5%

$400,000 - $599,999

32.1%

$600,000 - $999,999

40.7%

$1,000,000 or more

85.0%

Q3 2018

80 70 60 50 40 30 20 10 0

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

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. Q3 2017

$300,000 $399,999

$400,000 $599,999

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

Inventory

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

-100.0%

$100,000 - $149,999

78.6%

$150,000 - $199,999

8.6%

$200,000 - $249,999

3.0%

$250,000 - $299,999

-8.3%

$300,000 - $399,999

110

-7.6%

$400,000 - $599,999

-11.9%

$600,000 - $999,999

-20.5%

$1,000,000 or more

-21.3%

Current Listing Price

Inventory by Current Listing Price

Inventory

Initial Listing Price

Q3 2018

140

120

100

0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Quarterly Distressed Market - Q3 2018 Townhouses and Condos Walton County

Closed Sales

Q3 2018

Q3 2017

Percent Change Year-over-Year

235

210

11.9%

$442,500

$330,000

34.1%

0.0%

$294,000

$880,000

-66.6%

N/A

(No Sales)

N/A

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

2014

2015

Traditional

2016

Foreclosure/REO

2017

2018

Short Sale

100% 90%

Closed Sales

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

$1,000,000 $900,000

Median Sale Price

$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000 $0

2014

2015

2016

2017

2018

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

Q3 2017

Percent Change Year-over-Year

691

702

-1.6%

158

163

-3.1%

Median Sale Price

$420,000

$440,000

-4.5%

Average Sale Price

$680,435

$780,008

-12.8%

$470.2 Million

$547.6 Million

-14.1%

96.6%

97.0%

-0.4%

Median Time to Contract

67 Days

72 Days

-6.9%

Median Time to Sale

127 Days

132 Days

-3.8%

New Pending Sales

698

661

5.6%

New Listings

860

744

15.6%

Pending Inventory

475

417

13.9%

Inventory (Active Listings)

1,369

1,319

3.8%

Months Supply of Inventory

6.2

0.0%

Closed Sales

Percent Change Year-over-Year

2,062 691 775 596 576 702 747 555 545 668 700 472 550 604

2.9% -1.6% 3.7% 7.4% 5.7% 5.1% 6.7% 17.6% -0.9% 10.6% 14.2% -3.9% 10.9% 6.3%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

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

2015

2016

2017

2018

Closed Sales

1,000 800 600 400 200 0

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

2014

2015

Cash Sales

Percent Change Year-over-Year

501 158 187 156 148 163 210 150 125 162 173 135 133 141

-4.2% -3.1% -11.0% 4.0% 18.4% 0.6% 21.4% 11.1% -6.0% 14.9% 8.8% -7.5% -10.1% -14.5%

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

2016

2017

2018

250

Cash Sales

200 150 100 50 0

Pct. of Closed Sales Paid in Cash

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

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

2015

Quarter

Cash Sales as a Percentage of Closed Sales

2014

2016

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

24.3% 22.9% 24.1% 26.2% 25.7% 23.2% 28.1% 27.0% 22.9% 24.3% 24.7% 28.6% 24.2% 23.3%

-6.9% -1.3% -14.2% -3.0% 12.2% -4.5% 13.8% -5.6% -5.4% 4.3% -4.6% -3.7% -18.8% -19.7%

2017

2018

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

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

Median Sale Price

2014

2015

2016

Percent Change Year-over-Year

$430,000 $420,000 $448,123 $416,005 $449,900 $440,000 $410,000 $427,000 $375,000 $382,000 $376,450 $354,000 $345,000 $393,065

0.2% -4.5% 9.3% -2.6% 20.0% 15.2% 8.9% 20.6% 8.7% -2.8% 7.6% 1.1% 4.9% 18.4%

2017

2018

$500K $400K $300K $200K $100K $0K

Quarter

2014

Average Sale Price

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

Median Sale Price

2015

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

2016

Average Sale Price

Percent Change Year-over-Year

$697,534 $680,435 $725,448 $681,060 $654,119 $780,008 $718,480 $695,937 $638,707 $635,460 $641,035 $608,905 $574,362 $620,681

-4.9% -12.8% 1.0% -2.1% 2.4% 22.7% 12.1% 14.3% 11.2% 2.4% 4.8% 8.9% 4.7% 11.2%

2017

2018

$1000K $800K $600K $400K $200K $0K

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

2015

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

2016

Dollar Volume

Percent Change Year-over-Year

$1.4 Billion $470.2 Million $562.2 Million $405.9 Million $376.8 Million $547.6 Million $536.7 Million $386.2 Million $348.1 Million $424.5 Million $448.7 Million $287.4 Million $315.9 Million $374.9 Million

-2.2% -14.1% 4.8% 5.1% 8.2% 29.0% 19.6% 34.4% 10.2% 13.2% 19.6% 4.7% 16.1% 18.2%

2017

2018

$600 M

Dollar Volume

$500 M $400 M $300 M $200 M $100 M $0

Med. Pct. of Orig. List Price Received

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

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

2015

Quarter

Median Percent of Original List Price Received

2014

2016

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.9% 96.6% 97.1% 96.8% 96.4% 97.0% 96.6% 96.0% 96.4% 96.2% 96.7% 95.7% 95.4% 95.7%

0.3% -0.4% 0.5% 0.8% 0.0% 0.8% -0.1% 0.3% 1.0% 0.5% 1.9% 0.7% 0.8% 0.9%

2017

2018

120% 100% 80% 60%

40% 20% 0%

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

2015

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

2016

Median Time to Contract

Percent Change Year-over-Year

68 Days 67 Days 63 Days 73 Days 81 Days 72 Days 86 Days 102 Days 80 Days 73 Days 75 Days 107 Days 75 Days 83 Days

-19.0% -6.9% -26.7% -28.4% 1.3% -1.4% 14.7% -4.7% 6.7% -12.0% -18.5% -11.6% -17.6% -2.4%

2017

2018

Median Time to Contract

140 120 100 80 60 40 20 0

Quarter

Median Time to Sale

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

Median Time to Sale

2015

2016

Median Time to Sale

Percent Change Year-over-Year

130 Days 127 Days 126 Days 139 Days 160 Days 132 Days 158 Days 173 Days 161 Days 143 Days 160 Days 199 Days 166 Days 157 Days

-13.9% -3.8% -20.3% -19.7% -0.6% -7.7% -1.3% -13.1% -3.0% -8.9% 7.4% 4.2% 5.1% 0.6%

2017

2018

250 200 150 100 50 0

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

New Pending Sales

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

The number of listed properties that went under contract during the quarter Economists' note : Because of the typical length of time it takes for a sale to close, economists consider Pending Sales to be a decent indicator of potential future Closed Sales. It is important to bear in mind, however, that not all Pending Sales will be closed successfully. So, the effectiveness of Pending Sales as a future indicator of Closed Sales is susceptible to changes in market conditions such as the availability of financing for homebuyers and the inventory of distressed properties for sale. 2014

2015

2016

New Pending Sales

Percent Change Year-over-Year

2,325 698 840 787 573 661 782 769 455 626 760 653 491 628

5.1% 5.6% 7.4% 2.3% 25.9% 5.6% 2.9% 17.8% -7.3% -0.3% 0.7% 1.2% -4.3% 10.4%

2017

2018

Pending Sales

1,000 800 600 400 200 0

Quarter

2015

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

2016

New Listings

Percent Change Year-over-Year

2,887 860 1,030 997 695 744 893 932 627 762 924 827 547 792

12.4% 15.6% 15.3% 7.0% 10.8% -2.4% -3.4% 12.7% 14.6% -3.8% 13.2% 3.6% 0.2% 7.9%

2017

2018

New Listings

1,200 1,000 800 600

400 200 0

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

Inventory (Active Listings)

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

2015

2016

Inventory

Percent Change Year-over-Year

1,355 1,369 1,395 1,345 1,221 1,319 1,420 1,431 1,375 1,430 1,480 1,408 1,301 1,438

-3.4% 3.8% -1.8% -6.0% -11.2% -7.8% -4.1% 1.6% 5.7% -0.6% 5.3% -3.2% -6.0% -7.3%

2017

2018

2,000

Inventory

1,500 1,000 500 0

Economists' note : MSI is a useful indicator of market conditions. The benchmark for a balanced market (favoring neither buyer nor seller) is 5.5 months of inventory. Anything higher is traditionally a buyers' market, and anything lower is a sellers' market. There is no single accepted way of calculating MSI. A common method is to divide current Inventory by the most recent month's Closed Sales count, but this count is a usually poor predictor of future Closed Sales due to seasonal cycles. To eliminate seasonal effects, we use the 12-month average of monthly Closed Sales instead. 2015

2016

Months Supply

Percent Change Year-over-Year

6.2 6.2 6.3 6.2 5.7 6.2 6.8 7.0 6.9 7.2 7.6 7.5 6.9 7.8

-8.8% 0.0% -7.4% -11.4% -17.4% -13.9% -10.5% -6.7% 0.0% -7.7% -2.6% -11.8% -17.9% -22.8%

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

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

Months Supply of Inventory

Quarter

Months Supply of Inventory

2014

2017

2018

12.0 10.0 8.0 6.0

4.0 2.0 0.0

Quarterly Market Detail - Q3 2018 Single Family Homes Walton 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. Q3 2017

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

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

Median Time to Contract

-14.3%

$50,000 - $99,999

18.2%

$100,000 - $149,999

-28.6%

$150,000 - $199,999

-7.3%

$200,000 - $249,999

18.9%

$250,000 - $299,999

7.6%

$300,000 - $399,999

126

17.8%

$400,000 - $599,999

143

-2.1%

$600,000 - $999,999

109

0.0%

$1,000,000 or more

102

-23.9%

Q3 2017

$300,000 $399,999

$400,000 $599,999

$600,000 - $1,000,000 or $999,999 more Median Time to Contract

Percent Change Year-over-Year

Less than $50,000

15 Days

-89.7%

$50,000 - $99,999

75 Days

188.5%

$100,000 - $149,999

55 Days

-12.7%

$150,000 - $199,999

42 Days

2.4%

$200,000 - $249,999

43 Days

0.0%

$250,000 - $299,999

64 Days

-8.6%

$300,000 - $399,999

73 Days

1.4%

$400,000 - $599,999

67 Days

-2.9%

$600,000 - $999,999

83 Days

2.5%

$1,000,000 or more

89 Days

-25.8%

Sale Price

$50,000 $99,999

Less than $50,000

160 140 120 100 80 60 40 20 0

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

Less than $50,000

Percent Change Year-over-Year

Q3 2018

Median Time to Contract by Sale Price

160 140 120 100 80 60 40 20 0

Closed Sales

Sale Price

Q3 2018

$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 - Q3 2018 Single Family Homes Walton County

New Listings

Q3 2017

New Listings

Percent Change Year-over-Year

Less than $50,000

-16.7%

$50,000 - $99,999

7.7%

$100,000 - $149,999

12.5%

$150,000 - $199,999

-24.4%

$200,000 - $249,999

87.0%

$250,000 - $299,999

8.5%

$300,000 - $399,999

130

14.0%

$400,000 - $599,999

171

2.4%

$600,000 - $999,999

152

15.2%

$1,000,000 or more

177

28.3%

Q3 2018

200 180 160 140 120 100 80 60 40 20 0

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

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Inventory

Percent Change Year-over-Year

Less than $50,000

-33.3%

$50,000 - $99,999

-27.3%

$100,000 - $149,999

11.4%

$150,000 - $199,999

-29.7%

$200,000 - $249,999

30.0%

$250,000 - $299,999

20.3%

$300,000 - $399,999

165

3.1%

$400,000 - $599,999

283

15.5%

$600,000 - $999,999

277

-7.7%

$1,000,000 or more

423

4.4%

Current Listing Price

Inventory by Current Listing Price

Inventory

Initial Listing Price

Q3 2018

450 400 350 300 250 200 150 100 50 0

450 400 350 300 250 200 150 100 50 0 Less than $50,000

$50,000 $99,999

$100,000 $149,999

$150,000 $199,999

$200,000 $249,999

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Quarterly Distressed Market - Q3 2018 Single Family Homes Walton County

Closed Sales

Q3 2018

Q3 2017

Percent Change Year-over-Year

676

682

-0.9%

$425,000

$445,500

-4.6%

-27.8%

$237,500

$191,000

24.3%

0.0%

$402,250

$302,750

32.9%

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

2014

2015

Traditional

2016

Foreclosure/REO

2017

2018

Short Sale

100% 90%

Closed Sales

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

$700,000 $600,000

Median Sale Price

$500,000 $400,000 $300,000 $200,000 $100,000 $0

2014

2015

2016

2017

2018