FOR IMMEDIATE RELEASE Contact: David B. Bennett President & CEO Phone:

FOR IMMEDIATE RELEASE Contact: David B. Bennett President & CEO Phone: 727-216-32 Email: dbennett@tampabayrealtor.com Real Estate Statistics for December 217 wrapped up a sizzling 217 with a steady month in December. Both the Single Family and Townhome/Condo markets are seeing higher sale prices and units moving at a faster rate. Median Time to Sale for Single Family Homes was 66 days this December, down 9.6% from 73 days last December. Median Sale Price for Single Family Homes was up 7.9% from last year, at $239,9 for December 217 versus $222,25 for December 216. Average Sale Price for Single Family Homes grew 9.4%, at $33,16 in December 217 versus $276,945 in December 216. Median Time to Contract for Townhomes and Condos was way down, at 36.4% year-over-year, going from 44 days in December 216 to 28 days in December 217. Median Time to Sale for Townhomes and Condos was 63 days in December 217 and 84 days in 216, way down at 25%. Year-over-year, for the Single Family segment in December were down 4.3%, with 1,137 in December 217 versus 1,188 in December 216. Dollar Volume for Single Family Homes increased 4.7% year-over-year, with $344.5 million in 217 versus $329. million in December 216. Median Time to Contract for Single Family Homes was 28 days in December 217, down 9.7% from 31 days last December. New Listings for Single Family for December were 935, down 6.% from last December, at 995. for the Townhomes/Condos segment were up 9.8% year-over-year, at 754 in December 217 versus 687 in December 216. Average Sale Price for Townhome/Condo was $24,497 in December 217 and $215,214 in December 216. for Townhomes/Condos was $162, for December 217, up 14.1% from $142, in December 216. Dollar Volume for Townhomes/Condos saw a 22.6% increase year-over-year, with $181.3 million in December 217 compared to $147.9 million in December 216. New Listings for Townhomes/Condo for December 217 were at 646, down 5.% from 68 in December 216. Inventory continues to shrink, with s Supply of Inventory down 1.7% year-over-year for Single Family Homes, with a 2.5 Supply this December, as compared to a 2.8 Supply in December 216. s Supply of Inventory for Townhomes/Condo fell a dramatic 2.6%, with 2.7 months in December 217 and 3.4 months in December 216. Representing more than 8, members, the Pinellas Realtor Organization is one of the Tampa Bay area s largest professional trade associations. The organization advances and promotes the real estate profession through professional development programs, government affairs, and political advocacy and maintains a high standard of conduct by real estate professionals through professional standards training and administration. Combined Single Family Homes & Townhomes/Condos Summary Statistics Dec 217 Feb. Dec 214 216 % change year over year Paid in Cash New Pending Sales New Listings Pending Inventory 1891 1875.9% 676 74-4.% 151 161-6.8% 1615 1675-3.6% 225 2234-9.4% Inventory (Active Listings) 533 5728-6.9% source: Florida Realtors

Absorption rate estimates the rate at which active listings are selling in a given market. It s calculated by dividing the number of closed sales by the number of active listings. A low absorption rate means that homes are selling slowly (suggesting a buyer s market) while a high absorption rate means that homes are selling quickly (suggesting a seller s market). Absorption Rate Single Family January February March April May June July August September October November December 213 214 215 22.7% 27.% 38.% 37.4% 39.1% 38.1% 36.% 34.6% 29.% 24.2% 2.7% 21.9% 17.3% 18.7% 25.% 27.9% 31.8% 29.8% 3.2% 29.6% 28.2% 29.2% 23.1% 32.% 21.6% 27.8% 36.3% 36.8% 36.5% 42.9% 4.7% 37.2% 37.8% 36.7% 26.6% 39.1% 216 26.4% 32.5% 43.% 43.4% 45.4% 48.% 4.2% 42.1% 4.% 34.1% 33.4% 38.2% 217 29.5% 31.7% 47.1% 42.8% 53.% 53.2% 42.1% 43.8% 32.5% 36.2% 36.5% 42.3% 6.% 5.% 4.% 3.% 2.% 1.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 214 215 216 217 Condo January February March April May June July August September October November December 213 214 215 216 13.5% 16.8% 22.3% 28.3% 28.1% 23.9% 25.3% 24.% 2.3% 18.1% 16.3% 18.7% 13.5% 17.3% 2.1% 23.1% 22.2% 21.8% 22.2% 21.1% 21.1% 22.8% 18.2% 23.1% 16.7% 2.5% 27.3% 3.6% 31.6% 3.8% 3.6% 29.1% 28.1% 26.4% 25.5% 28.9% 17.6% 22.1% 27.8% 35.9% 3.9% 32.8% 29.2% 33.2% 28.6% 27.6% 28.1% 28.5% 217 25.7% 26.5% 41.2% 39.4% 38.9% 41.6% 36.2% 38.1% 32.7% 31.3% 31.6% 36.3% 45.% 4.% 35.% 3.% 25.% 2.% 15.% 1.% 5.%.% Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 214 215 216 217

ly Market Detail - December 217 Single Family Homes Summary Statistics December 217 December 216 Paid in Cash 1,137 1,188-4.3% 34 332-8.4% $239,9 $222,25 7.9% Average Sale Price Dollar Volume $33,16 $276,945 9.4% $344.5 Million $329. Million 4.7% Median Percent of Original List Price Received 96.% 95.6%.4% Median Time to Contract 28 Days 31 Days -9.7% Median Time to Sale 66 Days 73 Days -9.6% New Pending Sales New Listings 885 935 994-11.% 995-6.% Pending Inventory 1,47 Inventory (Active Listings) 2,89 s Supply of Inventory 2.5 1,269-17.5% 3,288-12.1% 2.8-1.7% The number of sales transactions which closed during December 217 1,137-4.3% November 217 1,31-5.7% October 217 1,3-3.7% September 217 899-25.3% Economists' note: are one of the simplest yet most August 217 1,233-2.4% important indicators for the residential real estate market. When July 217 1,28-1.6% comparing across markets of different sizes, we June 217 1,45 2.7% recommend comparing the percent changes in sales rather than the May 217 1,448 9.6% number of sales. (and many other market metrics) are April 217 1,22-4.4% affected by seasonal cycles, so actual trends are more accurately March 217 1,366 4.8% represented by year-over-year changes (i.e. comparing a month's February 217 949-6.2% sales to the amount of sales in the same month in the previous year), January 217 99 8.6% rather than changes from one month to the next. December 216 1,188-2.9% 2, 1,5 1, 5 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - December 217 Single Family Homes Cash Sales The number of during 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. Cash Sales December 217 34-8.4% November 217 294-16.2% October 217 31-13.% September 217 245-27.7% August 217 343-7.8% July 217 294-15.8% June 217 4-7.2% May 217 443 2.1% April 217 341-17.6% March 217 422-5.% February 217 332-16.8% January 217 317 -.3% December 216 332-16.2% 6 5 4 3 2 1 Cash Sales as a Percentage of The percentage of during which were Cash Sales Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of (i.e. those not paid fully in cash) each month involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash December 217 26.7% -4.3% November 217 28.5% -11.2% October 217 29.2% -9.6% September 217 27.3% -3.2% August 217 27.8% -5.8% July 217 24.3% -14.4% June 217 27.6% -9.5% May 217 3.6% -7.% April 217 28.% -13.6% March 217 3.9% -9.1% February 217 35.% -11.2% January 217 34.9% -8.2% December 216 27.9% -13.9% 6% 5% 4% 3% 2% 1% % Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Average Sale Price ly Market Detail - December 217 Single Family Homes The median sale price reported for (i.e. 5% of sales were above and 5% of sales were below) Economists' note : 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. December 217 $239,9 7.9% November 217 $233, 6.% October 217 $229,45 1.8% September 217 $248, 11.7% August 217 $237, 6.7% July 217 $24, 11.6% June 217 $248,45 12.9% May 217 $23, 14.4% April 217 $235, 17.5% March 217 $23, 15.% February 217 $222, 16.8% January 217 $215, 1.8% December 216 $222,25 17.6% $3K $25K $2K $15K $1K $5K $K Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) Economists' note : Usually, we prefer over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses particularly when it is analyzed alongside the. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area. Average Sale Price December 217 $33,16 9.4% November 217 $283,24 2.2% October 217 $297,387 8.8% September 217 $316,533 11.2% August 217 $298,71 5.8% July 217 $312,21 8.5% June 217 $327,52 1.% May 217 $312,364 23.4% April 217 $318,451 17.3% March 217 $299,356 16.% February 217 $286,417 11.8% January 217 $267,74 1.1% December 216 $276,945 11.3% $4K $3K $2K $1K $K Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - December 217 Single Family Homes Dollar Volume The sum of the sale prices for all sales which closed during Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying 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. Dollar Volume December 217 $344.5 Million 4.7% November 217 $292. Million -3.6% October 217 $36.3 Million 4.7% September 217 $284.6 Million -16.9% August 217 $368.3 Million 3.3% July 217 $377.1 Million 6.7% June 217 $474.2 Million 13.% May 217 $452.3 Million 35.3% April 217 $388.5 Million 12.1% March 217 $48.9 Million 21.5% February 217 $271.8 Million 4.8% January 217 $243.3 Million 9.8% December 216 $329. Million 8.1% $5 M $4 M $3 M $2 M $1 M $ 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 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 December 217 96.%.4% November 217 96.5%.3% October 217 96.2% -.5% September 217 96.6%.1% August 217 96.4% -.3% July 217 96.8%.3% June 217 96.6%.4% May 217 96.3% -.1% April 217 96.1%.2% March 217 95.9%.% February 217 95.5%.2% would call a lagging indicator. January 217 95.3%.1% December 216 95.6% -.1% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Median Time to Sale Median Time to Contract ly Market Detail - December 217 Single Family Homes Median Time to Contract The median number of days between the listing date and contract date for all during 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 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. Median Time to Contract December 217 28 Days -9.7% November 217 26 Days.% October 217 31 Days 6.9% September 217 23 Days -8.% August 217 24 Days -11.1% July 217 19 Days -32.1% June 217 23 Days -17.9% May 217 27 Days -3.6% April 217 29 Days 3.6% March 217 3 Days -3.2% February 217 38 Days.% January 217 36 Days -1.% December 216 31 Days 3.3% 8 6 4 2 Median Time to Sale The median number of days between the listing date and closing date for all during 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, 5% of homes selling this month took less time to sell, and 5% 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 December 217 66 Days -9.6% November 217 66 Days -9.6% October 217 76 Days 4.1% September 217 67 Days -6.9% August 217 63 Days -13.7% July 217 66 Days -12.% June 217 69 Days -4.2% May 217 7 Days -5.4% April 217 71 Days -2.7% March 217 71 Days -4.1% February 217 81 Days -1.2% January 217 81 Days -4.7% December 216 73 Days.% 12 1 8 6 4 2 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

New Listings Pending Sales ly Market Detail - December 217 Single Family Homes New Pending Sales The number of listed properties that went under contract during 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. 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. New Pending Sales December 217 885-11.% November 217 1,38 1.3% October 217 1,216.6% September 217 76-32.7% August 217 1,274-4.4% July 217 1,267-1.2% June 217 1,314-2.5% May 217 1,426 7.5% April 217 1,455-5.3% March 217 1,533 5.9% February 217 1,319-6.3% January 217 1,28 -.3% December 216 994-1.2% 2, 1,5 1, 5 New Listings The number of properties put onto the market during 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 value 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 December 217 935-6.% November 217 1,241-5.8% October 217 1,312-4.4% September 217 858-33.6% August 217 1,41-7.3% July 217 1,448 7.7% June 217 1,487 -.4% May 217 1,494 2.% April 217 1,429-5.5% March 217 1,67 4.8% February 217 1,37-9.8% January 217 1,45-1.1% December 216 995-5.3% 2, 1,5 1, 5 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

s Supply of Inventory Inventory ly Market Detail - December 217 Single Family Homes Inventory (Active Listings) The number of property listings active at the end of 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, 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 offmarket (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. Inventory December 217 2,89-12.1% November 217 3,25-12.2% October 217 2,985-1.5% September 217 3,27-7.6% August 217 3,22-6.9% July 217 3,49-5.4% June 217 3,3-6.7% May 217 2,996-9.% April 217 3,63-5.% March 217 3,26-4.1% February 217 3,272-3.3% January 217 3,35-1.9% December 216 3,288 -.9% 5, 4, 3, 2, 1, s 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 count, but this count is a usually poor predictor of future due to seasonal cycles. To eliminate seasonal effects, we use the 12- month average of monthly instead. s Supply December 217 2.5-1.7% November 217 2.6-1.3% October 217 2.6-1.3% September 217 2.6-7.1% August 217 2.5-1.7% July 217 2.5-1.7% June 217 2.5-7.4% May 217 2.5-1.7% April 217 2.6-7.1% March 217 2.7-6.9% February 217 2.8-3.4% January 217 2.8-3.4% December 216 2.8-3.4% 5. 4. 3. 2. 1.. Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Median Time to Contract ly Market Detail - December 217 Single Family Homes by Sale Price The number of sales transactions which closed during Economists' note: are one of the simplest yet most important indicators for the residential real estate market. When comparing across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of 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. December 216 December 217 3 25 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price Less than $5, 4-5.% $5, - $99,999 41-36.9% $1, - $149,999 12-29.% $15, - $199,999 229-1.2% $2, - $249,999 212 6.5% $25, - $299,999 149-8.% $3, - $399,999 176 24.8% $4, - $599,999 116 1.8% $6, - $999,999 74 21.3% $1,, or more 16 14.3% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during Economists' note : Like Time to Sale, Time to Contract isa measure of the length of the home selling process calculated for sales which closed during. 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. 3 25 2 15 1 5 Less than $5, December 216 December 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 15 Days -44.4% $1, - $149,999 Median Time to Contract Less than $5, 28 Days -48.1% 14 Days -46.2% $15, - $199,999 23 Days.% $2, - $249,999 33 Days -8.3% $25, - $299,999 27 Days -6.9% $3, - $399,999 21 Days -43.2% $4, - $599,999 36 Days.% $6, - $999,999 69 Days -31.% $1,, or more 151 Days -43.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 3 25 2 15 1 5 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Inventory New Listings ly Market Detail - December 217 Single Family Homes New Listings by Initial Listing Price The number of properties put onto the market during 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 value 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. 25 2 15 1 5 December 216 December 217 Initial Listing Price New Listings Less than $5, 2-81.8% $5, - $99,999 29-61.8% $1, - $149,999 77-32.5% $15, - $199,999 186-4.1% $2, - $249,999 137-1.5% $25, - $299,999 143 47.4% $3, - $399,999 15 16.3% $4, - $599,999 1-7.4% $6, - $999,999 65-3.% $1,, or more 46.% 25 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more Inventory by Current Listing Price The number of property listings active at the end of 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, 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 offmarket (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. 6 5 4 3 2 1 Less than $5, December 216 December 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 1-41.2% $5, - $99,999 52-54.8% $1, - $149,999 117-47.3% $15, - $199,999 349-21.6% $2, - $249,999 373-7.4% $25, - $299,999 321-7.5% $3, - $399,999 456 11.2% $4, - $599,999 457-7.3% $6, - $999,999 399-11.9% $1,, or more 356-7.% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 6 5 4 3 2 1 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

ly Distressed Market - December 217 Single Family Homes December 217 December 216 Traditional Foreclosure/REO Short Sale 1,79 1,88 -.8% $245, $226,75 8.% 41 72-43.1% $174, $158,5 9.8% 17 28-39.3% $165, $165,.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $3, Traditional Foreclosure/REO Short Sale $25, $2, $15, $1, $5, $ Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

ly Market Detail - December 217 Townhouses and Condos Summary Statistics December 217 December 216 Paid in Cash 754 687 9.8% 398 372 7.% $162, $142, 14.1% Average Sale Price Dollar Volume $24,497 $215,214 11.7% $181.3 Million $147.9 Million 22.6% Median Percent of Original List Price Received 95.9% 94.7% 1.3% Median Time to Contract 28 Days 44 Days -36.4% Median Time to Sale 63 Days 84 Days -25.% New Pending Sales New Listings 642 646 616 4.2% 68-5.% Pending Inventory 828 Inventory (Active Listings) 2,8 s Supply of Inventory 2.7 965-14.2% 2,44-14.8% 3.4-2.6% The number of sales transactions which closed during December 217 754 9.8% November 217 662-3.6% October 217 649-1.7% September 217 649-3.7% Economists' note: are one of the simplest yet most August 217 738-4.8% important indicators for the residential real estate market. When July 217 751 1.1% comparing across markets of different sizes, we June 217 9 12.5% recommend comparing the percent changes in sales rather than the May 217 874 12.2% number of sales. (and many other market metrics) are April 217 891-2.8% affected by seasonal cycles, so actual trends are more accurately March 217 955 26.3% represented by year-over-year changes (i.e. comparing a month's February 217 646 4.% sales to the amount of sales in the same month in the previous year), January 217 634 32.9% rather than changes from one month to the next. December 216 687-4.7% 1,2 1, 8 6 4 2 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Pct. of Closed Sales Paid in Cash Cash Sales ly Market Detail - December 217 Townhouses and Condos Cash Sales The number of during 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. Cash Sales December 217 398 7.% November 217 34-17.9% October 217 361 -.3% September 217 358-11.6% August 217 39-14.5% July 217 41 8.2% June 217 462.9% May 217 457.7% April 217 53-5.4% March 217 58 25.3% February 217 393-3.7% January 217 379 29.4% December 216 372-15.3% 8 6 4 2 Cash Sales as a Percentage of The percentage of during which were Cash Sales Economists' note : This statistic is simply another way of viewing Cash Sales. The remaining percentages of (i.e. those not paid fully in cash) each month involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc. Percent of Closed Sales Paid in Cash December 217 52.8% -2.4% November 217 51.4% -14.8% October 217 55.6% 1.5% September 217 55.2% -8.2% August 217 52.8% -1.2% July 217 54.6% -1.8% June 217 51.3% -1.5% May 217 52.3% -1.3% April 217 59.5% -2.6% March 217 6.7% -.8% February 217 6.8% -7.5% January 217 59.8% -2.6% December 216 54.1% -11.2% 1% 8% 6% 4% 2% % Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Average Sale Price ly Market Detail - December 217 Townhouses and Condos The median sale price reported for (i.e. 5% of sales were above and 5% of sales were below) Economists' note : 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. December 217 $162, 14.1% November 217 $161,5 9.5% October 217 $149,9 3.4% September 217 $149, 18.3% August 217 $152, 16.9% July 217 $16, 14.6% June 217 $16, 13.8% May 217 $165, 18.7% April 217 $156, 12.2% March 217 $139, 4.5% February 217 $149,5 2.6% January 217 $135, 8.1% December 216 $142, 7.6% $2K $15K $1K $5K $K Average Sale Price The average sale price reported for (i.e. total sales in dollars divided by the number of sales) Economists' note : Usually, we prefer over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses particularly when it is analyzed alongside the. For one, the relative difference between the two statistics can provide some insight into the market for higher-end homes in an area. Average Sale Price December 217 $24,497 11.7% November 217 $212,649 -.7% October 217 $27,28 -.2% September 217 $224,894 18.4% August 217 $232,299 22.8% July 217 $226,638 13.9% June 217 $243,746 18.2% May 217 $234,382 13.9% April 217 $223,482 14.9% March 217 $28,76 7.3% February 217 $236,827 25.% January 217 $234,8 3.% December 216 $215,214 11.9% $3K $25K $2K $15K $1K $5K $K Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Med. Pct. of Orig. List Price Received Dollar Volume ly Market Detail - December 217 Townhouses and Condos Dollar Volume The sum of the sale prices for all sales which closed during Economists' note : Dollar Volume is simply the sum of all sale prices in a given time period, and can quickly be calculated by multiplying 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. Dollar Volume December 217 $181.3 Million 22.6% November 217 $14.8 Million -4.3% October 217 $134.5 Million -1.8% September 217 $146. Million 14.% August 217 $171.4 Million 16.9% July 217 $17.2 Million 25.4% June 217 $219.4 Million 33.% May 217 $24.8 Million 27.8% April 217 $199.1 Million 11.7% March 217 $199.3 Million 35.6% February 217 $153. Million 3.% January 217 $148.9 Million 72.7% December 216 $147.9 Million 6.6% $25 M $2 M $15 M $1 M $5 M $ 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 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 December 217 95.9% 1.3% November 217 95.7%.6% October 217 95.8%.9% September 217 95.3%.1% August 217 95.4%.4% July 217 95.4%.7% June 217 95.4% 1.1% May 217 95.8% 1.3% April 217 95.4%.4% March 217 95.1%.6% February 217 95.1% 1.% would call a lagging indicator. January 217 95.%.6% December 216 94.7%.% Med. Pct. of Orig. List Price Received 12% 1% 8% 6% 4% 2% % Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Median Time to Sale Median Time to Contract ly Market Detail - December 217 Townhouses and Condos Median Time to Contract The median number of days between the listing date and contract date for all during 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 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. Median Time to Contract December 217 28 Days -36.4% November 217 29 Days -23.7% October 217 34 Days -12.8% September 217 38 Days 5.6% August 217 35 Days -22.2% July 217 32 Days -2.% June 217 34 Days -22.7% May 217 32 Days -2.% April 217 34 Days -5.6% March 217 28 Days -3.% February 217 47 Days -4.1% January 217 4 Days -9.1% December 216 44 Days 22.2% 8 6 4 2 Median Time to Sale The median number of days between the listing date and closing date for all during 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, 5% of homes selling this month took less time to sell, and 5% 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 December 217 63 Days -25.% November 217 63 Days -19.2% October 217 75 Days -7.4% September 217 78 Days -2.5% August 217 79 Days -7.1% July 217 74 Days -6.3% June 217 77 Days -1.5% May 217 75 Days -9.6% April 217 77 Days.% March 217 7 Days -9.1% February 217 91 Days 3.4% January 217 82 Days -3.5% December 216 84 Days 12.% 15 1 5 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

New Listings Pending Sales ly Market Detail - December 217 Townhouses and Condos New Pending Sales The number of listed properties that went under contract during 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. 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. New Pending Sales December 217 642 4.2% November 217 714 2.1% October 217 779 6.7% September 217 514-29.1% August 217 862 1.8% July 217 749-2.6% June 217 853 12.2% May 217 834 3.% April 217 98 3.8% March 217 1,6 5.1% February 217 885 6.8% January 217 842 9.8% December 216 616 5.3% 1,2 1, 8 6 4 2 New Listings The number of properties put onto the market during 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 value 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 December 217 646-5.% November 217 842 1.8% October 217 861 7.% September 217 614-25.4% August 217 837-1.8% July 217 757-6.8% June 217 888 16.7% May 217 898 3.1% April 217 961.9% March 217 1,63 5.6% February 217 974-6.1% January 217 1,12-1.6% December 216 68-4.% 1,2 1, 8 6 4 2 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

s Supply of Inventory Inventory ly Market Detail - December 217 Townhouses and Condos Inventory (Active Listings) The number of property listings active at the end of 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, 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 offmarket (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. Inventory December 217 2,8-14.8% November 217 2,181-12.2% October 217 2,111-13.3% September 217 2,97-13.% August 217 2,74-14.3% July 217 2,178-1.8% June 217 2,317-7.3% May 217 2,383-1.8% April 217 2,43-9.8% March 217 2,486-1.6% February 217 2,537-1.2% January 217 2,527-5.7% December 216 2,44-1.6% 4, 3, 2, 1, s 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 count, but this count is a usually poor predictor of future due to seasonal cycles. To eliminate seasonal effects, we use the 12- month average of monthly instead. s Supply December 217 2.7-2.6% November 217 2.9-17.1% October 217 2.8-17.6% September 217 2.8-17.6% August 217 2.7-2.6% July 217 2.9-17.1% June 217 3.1-13.9% May 217 3.2-15.8% April 217 3.3-13.2% March 217 3.4-15.% February 217 3.5-14.6% January 217 3.5-1.3% December 216 3.4-5.6% 6. 5. 4. 3. 2. 1.. Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Median Time to Contract ly Market Detail - December 217 Townhouses and Condos by Sale Price The number of sales transactions which closed during Economists' note: are one of the simplest yet most important indicators for the residential real estate market. When comparing across markets of different sizes, we recommend comparing the percent changes in sales rather than the number of 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. December 216 December 217 2 15 1 5 Sale Price Less than $5, 31-31.1% $5, - $99,999 186 2.2% $1, - $149,999 136 4.6% $15, - $199,999 88 1.1% $2, - $249,999 68-1.4% $25, - $299,999 68 58.1% $3, - $399,999 72 33.3% $4, - $599,999 59 43.9% $6, - $999,999 31 14.8% $1,, or more 15 66.7% 2 15 1 5 Less than $5, $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more Median Time to Contract by Sale Price The median number of days between the listing date and contract date for all during Economists' note : Like Time to Sale, Time to Contract isa measure of the length of the home selling process calculated for sales which closed during. 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. 14 12 1 8 6 4 2 Less than $5, December 216 December 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Sale Price $5, - $99,999 23 Days -41.% $1, - $149,999 Median Time to Contract Less than $5, 29 Days -42.% 22 Days -42.1% $15, - $199,999 18 Days -6.% $2, - $249,999 26 Days -4.9% $25, - $299,999 28 Days -2.% $3, - $399,999 39 Days -53.% $4, - $599,999 61 Days 17.3% $6, - $999,999 54 Days -29.9% $1,, or more 13 Days 6.6% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 14 12 1 8 6 4 2 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

Inventory New Listings ly Market Detail - December 217 Townhouses and Condos New Listings by Initial Listing Price The number of properties put onto the market during 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 value 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. 18 16 14 12 1 8 6 4 2 Less than $5, December 216 December 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Initial Listing Price New Listings Less than $5, 18-6.% $5, - $99,999 138-9.8% $1, - $149,999 126 11.5% $15, - $199,999 71-2.2% $2, - $249,999 63 6.8% $25, - $299,999 46 15.% $3, - $399,999 81 2.9% $4, - $599,999 51-2.3% $6, - $999,999 35-2.8% $1,, or more 17 21.4% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 18 16 14 12 1 8 6 4 2 Inventory by Current Listing Price The number of property listings active at the end of 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, 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 offmarket (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. 45 4 35 3 25 2 15 1 5 Less than $5, December 216 December 217 $5, - $99,999 $1, - $149,999 $15, - $199,999 $2, - $249,999 $25, - $299,999 Current Listing Price Inventory Less than $5, 39-55.2% $5, - $99,999 317-21.1% $1, - $149,999 37-14.7% $15, - $199,999 246-13.4% $2, - $249,999 192-9.4% $25, - $299,999 175-6.9% $3, - $399,999 25-19.4% $4, - $599,999 227-15.3% $6, - $999,999 27 5.1% $1,, or more 12-9.1% $3, - $399,999 $4, - $599,999 $6, - $999,999 $1,, or more 45 4 35 3 25 2 15 1 5 Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.

ly Distressed Market - December 217 Townhouses and Condos December 217 December 216 Traditional Foreclosure/REO Short Sale 729 654 11.5% $165, $148, 11.5% 2 3-33.3% $11,588 $9,5 22.8% 5 3 66.7% $76,5 $121,5-37.% 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% % $35, Traditional Foreclosure/REO Short Sale $3, $25, $2, $15, $1, $5, $ Data released on Wednesday, January 24, 218. Data revised on Monday, January 16, 217. Next data release is Wednesday, February 21, 218.