Walton County August 2018 by Michele Bailey

Monthly Market Detail - August 2018 Single Family Homes Walton County August 2018

August 2017

Percent Change Year-over-Year

215

250

-14.0%

-29.2%

Median Sale Price

$459,900

$435,000

5.7%

Average Sale Price

$673,672

$791,456

-14.9%

$144.8 Million

$197.9 Million

-26.8%

96.0%

96.3%

-0.3%

Median Time to Contract

55 Days

68 Days

-19.1%

Median Time to Sale

116 Days

123 Days

-5.7%

New Pending Sales

246

225

9.3%

New Listings

287

276

4.0%

Pending Inventory

497

452

10.0%

Inventory (Active Listings)

1,373

1,367

0.4%

Months Supply of Inventory

6.3

6.4

-1.6%

Closed Sales

Percent Change Year-over-Year

1,835 215 249 252 291 232 252 180 164 210 176 190 205 250

2.0% -14.0% 0.8% -10.3% 8.6% 17.2% -2.3% 16.1% 15.5% 2.9% -4.3% 21.0% -4.7% 8.7%

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. 2014

2015

2016

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

2018

350

Closed Sales

300 250 200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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, September 20, 2018. Historical data revised on Friday, September 7, 2018. Next data release is Friday, October 19, 2018.

Monthly Market Detail - August 2018 Single Family Homes Walton 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.

2014

2015

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

2016

Cash Sales

Percent Change Year-over-Year

458 51 64 59 76 52 65 53 38 39 55 54 42 72

-4.8% -29.2% 30.6% -19.2% -2.6% -11.9% -5.8% 23.3% 0.0% -11.4% 17.0% 58.8% 20.0% 16.1%

2017

2018

100

Cash Sales

80 60 40 20 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Month

Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month which were Cash Sales

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

Pct. of Closed Sales Paid in Cash

2014

2015

2016

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

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

25.0% 23.7% 25.7% 23.4% 26.1% 22.4% 25.8% 29.4% 23.2% 18.6% 31.3% 28.4% 20.5% 28.8%

-6.4% -17.7% 29.8% -10.0% -10.3% -24.8% -3.4% 6.1% -13.4% -13.9% 22.7% 30.9% 25.8% 6.7%

2017

2018

40% 30% 20% 10% 0%

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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, September 20, 2018. Historical data revised on Friday, September 7, 2018. Next data release is Friday, October 19, 2018.

Monthly Market Detail - August 2018 Single Family Homes Walton 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

2014

2015

2016

Percent Change Year-over-Year

$435,675 $459,900 $399,900 $419,000 $467,055 $450,000 $432,500 $400,000 $401,802 $457,624 $450,543 $445,475 $440,000 $435,000

2.5% 5.7% -9.8% 1.0% 17.1% 8.8% -3.0% -4.8% 5.5% 21.2% 32.5% 14.2% 17.6% 4.5%

2017

2018

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

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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.

2014

Average Sale Price

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

Median Sale Price

2015

2016

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

Average Sale Price

Percent Change Year-over-Year

$706,246 $673,672 $734,890 $743,362 $683,665 $758,398 $685,631 $654,193 $703,525 $648,949 $645,714 $667,620 $755,597 $791,456

-3.4% -14.9% -6.8% 4.1% 1.5% -3.5% -5.5% -11.4% 18.2% 14.5% -3.9% -3.7% 16.9% 32.5%

2017

2018

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

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Single Family Homes Walton 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. 2014

2015

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

2016

Dollar Volume

Percent Change Year-over-Year

$1.3 Billion $144.8 Million $183.0 Million $187.3 Million $198.9 Million $175.9 Million $172.8 Million $117.8 Million $115.4 Million $136.3 Million $113.6 Million $126.8 Million $154.9 Million $197.9 Million

-1.5% -26.8% -6.1% -6.6% 10.2% 13.1% -7.7% 2.9% 36.5% 17.9% -8.1% 16.5% 11.5% 44.0%

2017

2018

$250 M

Dollar Volume

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

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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

2014

2015

2016

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

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

96.9% 96.0% 96.1% 96.8% 97.5% 96.8% 96.9% 96.8% 96.7% 96.6% 95.6% 96.9% 97.5% 96.3%

0.4% -0.3% -0.9% -0.4% 1.8% 0.2% 0.9% -0.4% 1.2% 0.1% -0.3% -0.3% -0.4% 1.0%

2017

2018

120% 100% 80% 60% 40% 20% 0%

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Single Family Homes Walton 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. 2014

2015

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

2016

Median Time to Contract

Percent Change Year-over-Year

65 Days 55 Days 62 Days 62 Days 57 Days 67 Days 72 Days 79 Days 56 Days 94 Days 93 Days 73 Days 69 Days 68 Days

-23.5% -19.1% -13.9% -16.2% -26.9% -39.6% -35.1% 2.6% -42.9% 14.6% 12.0% -8.8% 6.2% -1.4%

2017

2018

Median Time to Contract

200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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

2014

2015

2016

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

Median Time to Sale

Percent Change Year-over-Year

127 Days 116 Days 112 Days 117 Days 121 Days 140 Days 128 Days 152 Days 152 Days 160 Days 167 Days 153 Days 144 Days 123 Days

-16.4% -5.7% -15.8% -28.7% -11.0% -17.2% -28.9% 2.0% -16.0% -11.1% 10.6% 2.7% -1.4% -8.2%

2017

2018

250 200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Single Family Homes Walton County Month

New Pending Sales

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

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. 2014

2015

2016

New Pending Sales

Percent Change Year-over-Year

2,105 246 232 269 279 292 303 248 236 152 214 207 192 225

4.2% 9.3% -4.9% -2.5% 9.0% 16.8% 6.3% -11.7% 16.3% 3.4% 44.6% 29.4% -0.5% 9.2%

2017

2018

350

Pending Sales

300 250 200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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. 2014

2015

2016

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

New Listings

Percent Change Year-over-Year

2,593 287 279 287 375 368 364 329 304 199 226 270 211 276

10.0% 4.0% 8.6% 1.4% 19.8% 23.9% -1.9% 4.4% 23.6% 22.8% 4.1% 8.9% -19.5% 8.2%

2017

2018

New Listings

400 300 200 100 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Single Family Homes Walton 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.

2014

2015

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

2016

Inventory

Percent Change Year-over-Year

1,353 1,373 1,364 1,395 1,435 1,380 1,345 1,298 1,236 1,221 1,261 1,306 1,319 1,367

-4.3% 0.4% -1.5% -1.8% -2.4% -5.3% -6.0% -6.7% -11.0% -11.2% -1.9% -2.2% -7.8% -4.4%

2017

2018

2,000

Inventory

1,500 1,000 500 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

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

2014

2015

2016

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

Months Supply

Percent Change Year-over-Year

6.2 6.3 6.2 6.3 6.4 6.2 6.2 5.9 5.7 5.7 5.9 6.1 6.2 6.4

-8.8% -1.6% -4.6% -7.4% -9.9% -12.7% -11.4% -14.5% -17.4% -17.4% -9.2% -10.3% -13.9% -11.1%

2017

2018

12.0 10.0 8.0 6.0 4.0 2.0 0.0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Single Family Homes Walton County

The number of sales transactions which closed during the month Economists' note: Closed Sales are one of the simplestâ&#x20AC;&#x201D;yet most importantâ&#x20AC;&#x201D;indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), rather than changes from one month to the next. August 2017

Closed Sales

Percent Change Year-over-Year

Less than $50,000

-75.0%

$50,000 - $99,999

133.3%

$100,000 - $149,999

-30.0%

$150,000 - $199,999

-44.4%

$200,000 - $249,999

14.3%

$250,000 - $299,999

-12.5%

$300,000 - $399,999

-10.5%

$400,000 - $599,999

-15.5%

$600,000 - $999,999

28.1%

$1,000,000 or more

-40.8%

Sale Price

Closed Sales by Sale Price

August 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 month

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 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. August 2017

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

17 Days

-89.8%

$50,000 - $99,999

20 Days

122.2%

$100,000 - $149,999

55 Days

5.8%

$150,000 - $199,999

32 Days

10.3%

$200,000 - $249,999

53 Days

-11.7%

$250,000 - $299,999

49 Days

4.3%

$300,000 - $399,999

54 Days

-15.6%

$400,000 - $599,999

50 Days

-33.3%

$600,000 - $999,999

68 Days

-32.7%

$1,000,000 or more

122 Days

-17.0%

Sale Price

Median Time to Contract by Sale Price

180 160 140 120 100 80 60 40 20 0

$300,000 $399,999

August 2018

$100,000 $149,999

$150,000 $199,999

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

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Monthly Market Detail - August 2018 Single Family Homes Walton 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

August 2017

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

0.0%

$50,000 - $99,999

0.0%

$100,000 - $149,999

12.5%

$150,000 - $199,999

8.3%

$200,000 - $249,999

40.0%

$250,000 - $299,999

40.9%

$300,000 - $399,999

-9.3%

$400,000 - $599,999

-14.3%

$600,000 - $999,999

-9.6%

$1,000,000 or more

20.0%

August 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 number of property listings active at the end of the month

Inventory

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.

August 2017

Less than $50,000

$50,000 $99,999

$400,000 $599,999

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

Inventory

Percent Change Year-over-Year

Less than $50,000

66.7%

$50,000 - $99,999

-29.2%

$100,000 - $149,999

12.5%

$150,000 - $199,999

-23.5%

$200,000 - $249,999

0.0%

$250,000 - $299,999

10.6%

$300,000 - $399,999

182

15.9%

$400,000 - $599,999

265

6.0%

$600,000 - $999,999

293

-7.0%

$1,000,000 or more

424

-2.3%

Current Listing Price

Inventory by Current Listing Price

500 450 400 350 300 250 200 150 100 50 0

$300,000 $399,999

August 2018

$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 Distressed Market - August 2018 Single Family Homes Walton County

Closed Sales

August 2018

August 2017

Percent Change Year-over-Year

211

245

-13.9%

$464,000

$442,500

4.9%

-20.0%

$252,500

$170,000

48.5%

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% J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A $1,400,000 $1,200,000

Median Sale Price

$1,000,000 $800,000 $600,000 $400,000 $200,000 $0 J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

2014

2015

2016

2017

2018

Monthly Market Detail - August 2018 Townhouses and Condos Walton County August 2018

August 2017

Percent Change Year-over-Year

21.1%

27.6%

Median Sale Price

$377,500

$350,000

7.9%

Average Sale Price

$511,647

$506,866

0.9%

$44.0 Million

$36.0 Million

22.3%

94.8%

95.2%

-0.4%

Median Time to Contract

90 Days

77 Days

16.9%

Median Time to Sale

115 Days

119 Days

-3.4%

New Pending Sales

-4.6%

New Listings

111

14.4%

Pending Inventory

112

113

-0.9%

Inventory (Active Listings)

545

575

-5.2%

Months Supply of Inventory

6.7

7.7

-13.0%

Closed Sales

Percent Change Year-over-Year

692 86 64 109 91 101 105 68 68 89 50 73 65 71

9.0% 21.1% -15.8% 9.0% 4.6% 40.3% 12.9% -9.3% 11.5% 43.5% -35.9% 4.3% 30.0% 9.2%

Summary Statistics Closed Sales Paid in Cash

Dollar Volume Median Percent of Original List Price Received

Closed Sales

Month

2015

2016

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

2018

Closed Sales

120 100 80 60 40 20 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County Month

2014

2015

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

2016

Cash Sales

Percent Change Year-over-Year

294 37 23 44 34 41 41 38 36 34 19 33 20 29

14.8% 27.6% -25.8% 12.8% -8.1% 41.4% 10.8% 18.8% 63.6% 30.8% -36.7% 26.9% 11.1% 0.0%

2017

2018

Cash Sales

50 40 30 20 10 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Month

Cash Sales as a Percentage of Closed Sales The percentage of Closed Sales during the month which were Cash Sales

Pct. of Closed Sales Paid in Cash

2014

2015

2016

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

Percent of Closed Sales Paid in Cash

Percent Change Year-over-Year

42.5% 43.0% 35.9% 40.4% 37.4% 40.6% 39.0% 55.9% 52.9% 38.2% 38.0% 45.2% 30.8% 40.8%

5.5% 5.4% -12.0% 3.6% -12.0% 0.7% -2.0% 30.9% 46.5% -8.8% -1.3% 21.8% -14.4% -8.5%

2017

2018

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

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County Month

Median Sale Price

2014

2015

2016

Percent Change Year-over-Year

$362,000 $377,500 $347,000 $350,000 $330,000 $349,000 $383,000 $385,500 $378,500 $334,000 $312,500 $309,500 $340,000 $350,000

12.4% 7.9% 9.1% -4.8% -12.5% 10.3% 24.6% 10.1% 32.8% 0.1% -15.5% 3.9% -4.4% -7.7%

2017

2018

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

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Month

2014

Average Sale Price

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

Median Sale Price

2015

2016

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

Average Sale Price

Percent Change Year-over-Year

$506,358 $511,647 $496,490 $488,076 $479,364 $437,992 $571,881 $491,416 $589,692 $488,444 $463,647 $401,800 $532,770 $506,866

14.6% 0.9% 19.6% -3.0% 0.3% 1.0% 42.9% 27.5% 51.3% 12.8% -14.9% -8.3% 25.0% 10.2%

2017

2018

$700K $600K $500K $400K $300K $200K $100K $0K

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County Month

2015

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

2016

Dollar Volume

Percent Change Year-over-Year

$350.4 Million $44.0 Million $31.8 Million $53.2 Million $43.6 Million $44.2 Million $60.0 Million $33.4 Million $40.1 Million $43.5 Million $23.2 Million $29.3 Million $34.6 Million $36.0 Million

24.9% 22.3% 0.7% 5.8% 4.9% 41.7% 61.3% 15.6% 68.7% 61.9% -45.5% -4.4% 62.5% 20.4%

2017

2018

$70 M

Dollar Volume

$60 M $50 M $40 M $30 M $20 M $10 M $0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Med. Pct. of Orig. List Price Received

2014

2015

2016

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

Med. Pct. of Orig. List Price Received

Percent Change Year-over-Year

95.5% 94.8% 95.8% 95.8% 96.4% 95.2% 95.3% 94.4% 93.9% 94.8% 94.9% 94.0% 95.0% 95.2%

0.6% -0.4% 0.6% 1.1% 1.2% 1.0% 0.8% -0.8% -1.2% 1.1% 0.4% 0.9% -0.2% 1.0%

2017

2018

120% 100% 80% 60% 40% 20% 0%

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County Month

2015

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

2016

Median Time to Contract

Percent Change Year-over-Year

66 Days 90 Days 61 Days 52 Days 46 Days 56 Days 102 Days 92 Days 84 Days 103 Days 107 Days 89 Days 99 Days 77 Days

-10.8% 16.9% 3.4% -35.8% 0.0% -63.2% -15.0% 3.4% 52.7% -12.0% -2.7% -1.1% -13.2% -9.4%

2017

2018

Median Time to Contract

250 200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Month

Median Time to Sale

2014

2015

2016

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

Median Time to Sale

Percent Change Year-over-Year

102 Days 115 Days 93 Days 92 Days 77 Days 92 Days 135 Days 112 Days 145 Days 149 Days 124 Days 126 Days 140 Days 119 Days

-13.6% -3.4% -11.4% -33.3% -3.8% -52.1% -13.5% -16.4% 52.6% 0.7% -20.5% -3.1% -6.0% -8.5%

2017

2018

250 200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County Month

New Pending Sales

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

2015

2016

New Pending Sales

Percent Change Year-over-Year

742 83 80 86 96 92 123 89 93 55 73 90 46 87

7.7% -4.6% 40.4% 2.4% -2.0% 12.2% 15.0% 23.6% -8.8% 12.2% 43.1% 38.5% -39.5% 42.6%

2017

2018

140

Pending Sales

120 100 80 60 40 20 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Month

2015

2016

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

New Listings

Percent Change Year-over-Year

920 111 101 87 130 101 174 104 112 58 86 78 75 97

11.9% 14.4% 55.4% -9.4% 23.8% -17.9% 17.6% -5.5% 43.6% 7.4% -7.5% 2.6% -20.2% 7.8%

2017

2018

New Listings

200 150 100 50 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County Month

2014

2015

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

2016

Inventory

Percent Change Year-over-Year

533 545 542 533 553 528 546 510 508 511 547 546 580 575

-9.7% -5.2% -8.8% -11.5% -10.2% -11.7% -9.2% -11.8% -8.0% -12.8% -0.4% -3.2% -10.2% -11.4%

2017

2018

800

Inventory

600 400 200 0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Month

Months Supply of Inventory

2014

2015

2016

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

Months Supply

Percent Change Year-over-Year

6.8 6.7 6.8 6.6 6.9 6.6 7.1 6.7 6.6 6.7 7.4 7.2 7.6 7.7

-16.0% -13.0% -15.0% -18.5% -17.9% -19.5% -13.4% -18.3% -17.5% -23.0% -8.6% -16.3% -24.0% -18.9%

2017

2018

12.0 10.0 8.0 6.0 4.0 2.0 0.0

J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

Monthly Market Detail - August 2018 Townhouses and Condos Walton County

The number of sales transactions which closed during the month

Closed Sales

Economists' note: Closed Sales are one of the simplestâ&#x20AC;&#x201D;yet most importantâ&#x20AC;&#x201D;indicators for the residential real estate market. When comparing Closed Sales across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of sales. Closed Sales (and many other market metrics) are affected by seasonal cycles, so actual trends are more accurately represented by year-over-year changes (i.e. comparing a month's sales to the amount of sales in the same month in the previous year), rather than changes from one month to the next. August 2017

20 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

N/A

$50,000 - $99,999

N/A

$100,000 - $149,999

-75.0%

$150,000 - $199,999

0.0%

$200,000 - $249,999

75.0%

$250,000 - $299,999

-33.3%

$300,000 - $399,999

58.3%

$400,000 - $599,999

-11.8%

$600,000 - $999,999

125.0%

$1,000,000 or more

28.6%

August 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

(No Sales)

N/A

$50,000 - $99,999

102 Days

N/A

$100,000 - $149,999

22 Days

-67.6%

$150,000 - $199,999

47 Days

-13.0%

$200,000 - $249,999

94 Days

25.3%

$250,000 - $299,999

71 Days

184.0%

$300,000 - $399,999

91 Days

13.8%

$400,000 - $599,999

73 Days

-45.1%

$600,000 - $999,999

151 Days

-6.8%

$1,000,000 or more

55 Days

189.5%

Sale Price

$50,000 $99,999

Less than $50,000

20 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

August 2018

Median Time to Contract by Sale Price

180 160 140 120 100 80 60 40 20 0

Closed Sales

Sale Price

Closed Sales by Sale Price

August 2018

$100,000 $149,999

$150,000 $199,999

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

$250,000 $299,999

$300,000 $399,999

$400,000 $599,999

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

Monthly Market Detail - August 2018 Townhouses and Condos Walton County

New Listings

August 2017

Initial Listing Price

New Listings

Percent Change Year-over-Year

Less than $50,000

N/A

$50,000 - $99,999

N/A

$100,000 - $149,999

-66.7%

$150,000 - $199,999

-27.3%

$200,000 - $249,999

62.5%

$250,000 - $299,999

-58.3%

$300,000 - $399,999

47.6%

$400,000 - $599,999

30.0%

$600,000 - $999,999

-8.3%

$1,000,000 or more

50.0%

August 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 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.

August 2017

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

53.3%

$150,000 - $199,999

22.4%

$200,000 - $249,999

-11.8%

$250,000 - $299,999

-14.7%

$300,000 - $399,999

115

-4.2%

$400,000 - $599,999

-7.8%

$600,000 - $999,999

9.0%

$1,000,000 or more

-30.0%

Current Listing Price

Inventory by Current Listing Price

140

$300,000 $399,999

August 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

Monthly Distressed Market - August 2018 Townhouses and Condos Walton County

Closed Sales

August 2018

August 2017

Percent Change Year-over-Year

22.9%

$377,500

$340,417

10.9%

-100.0%

(No Sales)

$1,250,000

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% J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A $1,400,000 $1,200,000

Median Sale Price

$1,000,000 $800,000 $600,000 $400,000 $200,000 $0 J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A S O N D J F MAM J J A

2014

2015

2016

2017

2018