Monthly Market Detail - January 2018 Single Family Homes

1 Monthly Market Detail - January 2018. Single Family Homes Florida Percent Change Summary Statistics January 2018 January 2017. Year-over-Year Closed Sales 16,561 16,770 Paid in Cash 5,034 5,275 Median Sale Price $240,000 $220,000 Average Sale Price $334,381 $297,755 Dollar Volume $ Billion $ Billion Median Percent of Original List Price Received Median Time to Contract 45 Days 49 Days Median Time to Sale 89 Days 97 Days New Pending Sales 24,549 24,475 New Listings 31,928 31,505 Pending Inventory 34,602 36,029 Inventory (Active Listings) 87,308 94,041 Months Supply of Inventory Percent Change Closed Sales Month Closed Sales Year-over-Year Year-to-Date 16,561 The number of sales transactions which closed during January 2018 16,561 December 2017 22,890 the month November 2017 19,983 October 2017 20,535 Economists' note : Closed Sales are one of the simplest yet most September 2017 18,023 important indicators for the residential real estate Market .

2 When August 2017 25,226 comparing Closed Sales across markets of different sizes, we July 2017 24,538 recommend comparing the percent changes in sales rather than the June 2017 28,278 number of sales. Closed Sales (and many other Market metrics) are May 2017 27,842 affected by seasonal cycles, so actual trends are more accurately April 2017 23,820 represented by year-over-year changes ( comparing a month's sales 25,901 March 2017. to the amount of sales in the same month in the previous year), rather February 2017 18,019 than changes from one month to the next. January 2017 16,770 2014 2015 2016 2017. 30,000. 25,000. Closed Sales 20,000. 15,000. 10,000. 5,000. 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.

3 Produced by Florida Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, February 21, 2018. Historical data revised on Friday, September 7, 2018. Next data release is Wednesday, March 21, 2018. Monthly Market Detail - January 2018. Single Family Homes Florida Percent Change Month Cash Sales Cash Sales Year-to-Date 5,034. Year-over-Year The number of Closed Sales during the month in which January 2018 5,034 December 2017 6,026 buyers exclusively paid in cash November 2017 5,372 October 2017 5,347 September 2017 4,696 Economists' note : Cash Sales can be a useful indicator of the extent to August 2017 6,513 which investors are participating in the Market .

4 Why? Investors are July 2017 5,967 far more likely to have the funds to purchase a home available up front, June 2017 7,134 whereas the typical homebuyer requires a mortgage or some other May 2017 7,445 form of financing. There are, of course, many possible exceptions, so April 2017 6,569 this statistic should be interpreted with care. March 2017 7,552 February 2017 5,851 January 2017 5,275 2014 2015 2016 2017. 10,000. 8,000. Cash Sales 6,000. 4,000. 2,000. 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. Percent of Closed Percent Change Month Cash Sales as a Percentage of Closed Sales Sales Paid in Cash Year-over-Year Year-to-Date The percentage of Closed Sales during the month January 2018 December 2017 which were Cash Sales November 2017 October 2017 September 2017 August 2017 Economists' note : This statistic is simply another way of viewing July 2017 Cash Sales.

5 The remaining percentages of Closed Sales ( those not June 2017 paid fully in cash) each month involved some sort of financing, such as May 2017 mortgages, owner/seller financing, assumed loans, etc. April 2017 March 2017 February 2017 January 2017 2014 2015 2016 2017. 60%. Pct. of Closed Sales 50%. Paid in Cash 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 Realtors with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month. Data released on Wednesday, February 21, 2018. Historical data revised on Friday, September 7, 2018.

6 Next data release is Wednesday, March 21, 2018. Monthly Market Detail - January 2018. Single Family Homes Florida Percent Change Month Median Sale Price Year-to-Date Median Sale Price $240,000. Year-over-Year The median sale price reported for the month ( 50% January 2018 $240,000 December 2017 $244,700 of sales were above and 50% of sales were below) November 2017 $240,000 October 2017 $235,900 Economists' note : Median Sale Price is our preferred summary September 2017 $239,900 statistic for price activity because, unlike Average Sale Price, Median August 2017 $240,000 Sale Price is not sensitive to high sale prices for small numbers of July 2017 $240,000 Homes that may not be characteristic of the Market area.

7 Keep in mind June 2017 $245,000 that median price trends over time are not always solely caused by May 2017 $239,000 changes in the general value of local real estate. Median sale price only April 2017 $234,945 reflects the values of the Homes that sold each month, and the mix of March 2017 $232,000 the types of Homes that sell can change over time. February 2017 $225,000 January 2017 $220,000 2014 2015 2016 2017. $300K. Median Sale Price $250K. $200K. $150K. $100K. $50K. $0K. J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J. Percent Change Month Average Sale Price Average Sale Price Year-to-Date $334,381. Year-over-Year The average sale price reported for the month ( January 2018 $334,381 December 2017 $321,077 total sales in dollars divided by the number of sales) November 2017 $314,706 October 2017 $308,904 September 2017 $306,833 Economists' note : Usually, we prefer Median Sale Price over Average August 2017 $313,971 Sale Price as a summary statistic for home prices.

8 However, Average July 2017 $316,946 Sale Price does have its uses particularly when it is analyzed June 2017 $329,105 alongside the Median Sale Price. For one, the relative difference May 2017 $324,906 between the two statistics can provide some insight into the Market for April 2017 $320,652 higher-end Homes in an area. March 2017 $318,264 February 2017 $313,560 January 2017 $297,755 2014 2015 2016 2017. $400K. Average Sale Price $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. 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.

9 Data released on Wednesday, February 21, 2018. Historical data revised on Friday, September 7, 2018. Next data release is Wednesday, March 21, 2018. Monthly Market Detail - January 2018. Single Family Homes Florida Percent Change Month Dollar Volume Dollar Volume Year-to-Date $ Billion Year-over-Year The sum of the sale prices for all sales which closed January 2018 $ Billion December 2017 $ Billion during the month November 2017 $ Billion October 2017 $ Billion Economists' note : Dollar Volume is simply the sum of all sale prices September 2017 $ Billion in a given time period, and can quickly be calculated by multiplying August 2017 $ Billion Closed Sales by Average Sale Price.

10 It is a strong indicator of the health July 2017 $ Billion of the real estate industry in a Market , and is of particular interest to June 2017 $ Billion real estate professionals, investors, analysts, and government agencies. May 2017 $ Billion Potential home sellers and home buyers, on the other hand, will likely April 2017 $ Billion be better served by paying attention to trends in the two components March 2017 $ Billion of Dollar Volume ( sales and prices) individually. February 2017 $ Billion January 2017 $ Billion 2014 2015 2016 2017. $10 B. $8 B. Dollar Volume $6 B. $4 B. $2 B. $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.