Monthly Market Detail - February 2022 Single-Family Homes

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Monthly Market Detail - February 2022Single-Family HomesFloridaFebruary 2022February 2021Percent 4%Median Sale Price 381,481 314,90021.1%Average Sale Price 543,977 465,50816.9% 12.9 Billion 11.1 Billion15.5%Median Percent of OriginalList Price Received100.0%98.8%1.2%Median Time to Contract12 Days21 Days-42.9%Median Time to Sale54 Days67 Days-19.4%New Pending Sales28,34732,444-12.6%New Listings29,04128,7980.8%Pending Inventory48,25955,348-12.8%Inventory (Active Listings)26,90235,423-24.1%Months Supply of Inventory0.91.3-30.8%Closed SalesPercent 57.9%55.4%23.3%15.7%Summary StatisticsClosed SalesPaid in CashDollar VolumeClosed SalesMonthThe number of sales transactions which closed duringthe monthEconomists' note : Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend comparing the percent changes in sales rather than thenumber of sales. Closed Sales (and many other market metrics) areaffected by seasonal cycles, so actual trends are more accuratelyrepresented by year-over-year changes (i.e. comparing a month's salesto the amount of sales in the same month in the previous year), ratherthan changes from one month to the next.20182019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 202120202021Closed Sales40,00030,00020,00010,0000J 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 FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaMonthCash SalesThe number of Closed Sales during the month in whichbuyers exclusively paid in cashEconomists' note : Cash Sales can be a useful indicator of the extent towhich investors are participating in the market. Why? Investors arefar more likely to have the funds to purchase a home available up front,whereas the typical homebuyer requires a mortgage or some otherform of financing. There are, of course, many possible exceptions, sothis statistic should be interpreted with care.20182019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Cash SalesPercent 50.2%47.6%21.6%202112,000Cash Sales10,0008,0006,0004,0002,0000J 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 FCash Sales as a Percentage of Closed SalesThe percentage of Closed Sales during the monthwhich were Cash SalesEconomists' note : This statistic is simply another way of viewingCash Sales. The remaining percentages of Closed Sales (i.e. those notpaid fully in cash) each month involved some sort of financing, such asmortgages, owner/seller financing, assumed loans, etc.Pct. of Closed SalesPaid in Cash20182019MonthYear-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Percent of ClosedSales Paid in CashPercent 19.7%5.1%202140%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 FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaMonthMedian Sale PriceThe 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 summarystatistic for price activity because, unlike Average Sale Price, MedianSale Price is not sensitive to high sale prices for small numbers ofhomes that may not be characteristic of the market area. Keep in mindthat median price trends over time are not always solely caused bychanges in the general value of local real estate. Median sale price onlyreflects the values of the homes that sold each month, and the mix ofthe types of homes that sell can change over time.Median Sale Price201820192020Percent ChangeYear-over-Year 379,500 381,481 375,000 373,990 364,900 358,950 355,000 354,000 355,000 351,000 344,900 336,525 327,000 3%24.5%27.7%22.4%18.9%16.6%2021 500K 400K 300K 200K 100K 0KJ 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 FMonthAverage Sale PriceThe 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 AverageSale Price as a summary statistic for home prices. However, AverageSale Price does have its uses—particularly when it is analyzedalongside the Median Sale Price. For one, the relative differencebetween the two statistics can provide some insight into the market forhigher-end homes in an area.2018Average Sale PriceYear-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 2021Median Sale Price2019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Average Sale PricePercent ChangeYear-over-Year 537,462 543,977 530,419 549,638 507,302 483,685 486,101 495,937 502,541 522,825 521,178 530,083 511,243 8%36.0%47.3%46.1%37.6%28.7%2021 600K 500K 400K 300K 200K 100K 0KJ 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 FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaDollar VolumeThe sum of the sale prices for all sales which closedduring the monthEconomists' note : Dollar Volume is simply the sum of all sale pricesin a given time period, and can quickly be calculated by multiplyingClosed Sales by Average Sale Price. It is a strong indicator of the healthof the real estate industry in a market, and is of particular interest toreal estate professionals, investors, analysts, and government agencies.Potential home sellers and home buyers, on the other hand, will likelybe better served by paying attention to trends in the two componentsof Dollar Volume (i.e. sales and prices) individually.20182019MonthDollar VolumePercent ChangeYear-over-YearYear-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 2021 24.5 Billion 12.9 Billion 11.6 Billion 16.5 Billion 14.0 Billion 13.4 Billion 13.8 Billion 14.7 Billion 15.4 Billion 17.9 Billion 16.1 Billion 17.6 Billion 16.8 Billion 11.1 %68.1%132.6%127.1%69.7%48.9%20202021Dollar Volume 20 B 15 B 10 B 5 B 0J 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 FMedian Percent of Original List Price ReceivedThe median of the sale price (as a percentage of the original listprice) across all properties selling during the monthEconomists' note : The Median Percent of Original List Price Receivedis useful as an indicator of market recovery, since it typically rises asbuyers realize that the market may be moving away from them andthey need to match the selling price (or better it) in order to get acontract on the house. This is usually the last measure to indicate amarket has shifted from down to up, so it is what we would call alagging indicator.Med. Pct. of Orig.List Price Received20182019MonthYear-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Med. Pct. of Orig.List Price ReceivedPercent 2.8%2.1%2021120%100%80%60%40%20%0%J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaMonthMedian Time to ContractThe median number of days between the listing dateand contract date for all Closed Sales during the monthEconomists' note : Like Time to Sale, Time to Contract is a measure ofthe length of the home selling process calculated for sales which closedduring the month. The difference is that Time to Contract measuresthe number of days between the initial listing of a property and thesigning of the contract which eventually led to the closing of the sale.When the gap between Median Time to Contract and Median Time toSale grows, it is usually a sign of longer closing times and/or decliningnumbers of cash sales.20182019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Median Time toContractPercent ChangeYear-over-Year13 Days12 Days14 Days12 Days11 Days12 Days10 Days9 Days9 Days8 Days9 Days11 Days15 Days21 0%-76.3%-81.4%-71.9%-60.7%-60.5%-57.1%2021Median Time toContract6050403020100J 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 FMonthMedian Time to SaleThe median number of days between the listing dateand closing date for all Closed Sales during the monthEconomists' note : Time to Sale is a measure of the length of the homeselling process, calculated as the number of days between the initiallisting of a property and the closing of the sale. Median Time to Sale isthe amount of time the "middle" property selling this month was onthe market. That is, 50% of homes selling this month took less time tosell, and 50% of homes took more time to sell. Median Time to Salegives a more accurate picture than Average Time to Sale, which can beskewed upward by small numbers of properties taking an abnormallylong time to sell.Median Time toSale20182019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Median Time to SalePercent ChangeYear-over-Year56 Days54 Days58 Days55 Days53 Days53 Days53 Days51 Days51 Days52 Days53 Days55 Days58 Days67 6040200J 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 FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaMonthNew Pending SalesThe number of listed properties that went undercontract during the monthEconomists' note : Because of the typical length of time it takes for asale to close, economists consider Pending Sales to be a decentindicator of potential future Closed Sales. It is important to bear inmind, however, that not all Pending Sales will be closed successfully.So, the effectiveness of Pending Sales as a future indicator of ClosedSales is susceptible to changes in market conditions such as theavailability of financing for homebuyers and the inventory ofdistressed properties for sale.20182019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020New Pending SalesPercent %-10.8%3.4%64.4%48.2%10.9%2021Pending Sales40,00030,00020,00010,0000J 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 FMonthNew ListingsThe number of properties put onto the market duringthe monthEconomists' note : New Listings tend to rise in delayed response toincreasing prices, so they are often seen as a lagging indicator ofmarket health. As prices rise, potential sellers raise their estimationsof value—and in the most recent cycle, rising prices have freed upmany potential sellers who were previously underwater on theirmortgages. Note that in our calculations, we take care to not includeproperties that were recently taken off the market and quickly relisted,since these are not really new listings.20182019Year-to-DateFebruary 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020New ListingsPercent %10.2%45.5%7.3%-4.9%2021New Listings40,00030,00020,00010,0000J 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 FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaInventory (Active Listings)The number of property listings active at the end ofthe monthEconomists' note : There are a number of ways to define and calculateInventory. Our method is to simply count the number of active listingson the last day of the month, and hold this number to compare with thesame month the following year. Inventory rises when New Listings areoutpacing the number of listings that go off-market (regardless ofwhether they actually sell). Likewise, it falls when New Listings aren'tkeeping up with the rate at which homes are going off-market.20182019MonthInventoryPercent ChangeYear-over-YearYTD (Monthly Avg)February 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 00080,00060,00040,00020,0000J 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 FMonthMonths Supply of InventoryAn estimate of the number of months it will take todeplete the current Inventory given recent sales ratesEconomists' note : MSI is a useful indicator of market conditions. Thebenchmark for a balanced market (favoring neither buyer nor seller) is5.5 months of inventory. Anything higher is traditionally a buyers'market, and anything lower is a sellers' market. There is no singleaccepted way of calculating MSI. A common method is to dividecurrent Inventory by the most recent month's Closed Sales count, butthis count is a usually poor predictor of future Closed Sales due toseasonal cycles. To eliminate seasonal effects, we use the 12-monthaverage of monthly Closed Sales instead.Months Supply ofInventory20182019YTD (Monthly Avg)February 2022January 2022December 2021November 2021October 2021September 2021August 2021July 2021June 2021May 2021April 2021March 2021February 20212020Months SupplyPercent 5.04.03.02.01.00.0J 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 FProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaThe number of sales transactions which closed duringthe monthEconomists' note: Closed Sales are one of the simplest—yet mostimportant—indicators for the residential real estate market. Whencomparing Closed Sales across markets of different sizes, werecommend comparing the percent changes in sales rather than thenumber of sales. Closed Sales (and many other market metrics) areaffected by seasonal cycles, so actual trends are more accuratelyrepresented by year-over-year changes (i.e. comparing a month's salesto the amount of sales in the same month in the previous year), ratherthan changes from one month to the next.February 2021Closed Sales7,000Closed SalesPercent ChangeYear-over-YearLess than 50,00036-53.2% 50,000 - 99,999216-33.5% 100,000 - 149,999456-49.9% 150,000 - 199,9991,073-53.7% 200,000 - 249,9991,769-51.0% 250,000 - 299,9992,880-25.4% 300,000 - 399,9996,27518.7% 400,000 - 599,9996,16652.2% 600,000 - 999,9993,12746.4% 1,000,000 or more1,66321.2%Sale PriceClosed Sales by Sale PriceFebruary ,0002,0001,0001,00000Less than 50,000 50,000 99,999 100,000 149,999 150,000 199,999 200,000 249,999 250,000 299,999The median number of days between the listing dateand contract date for all Closed Sales during the monthMedian Time to ContractEconomists' note : Like Time to Sale, Time to Contract is a measure ofthe length of the home selling process calculated for sales which closedduring the month. The difference is that Time to Contract measuresthe number of days between the initial listing of a property and thesigning of the contract which eventually led to the closing of the sale.When the gap between Median Time to Contract and Median Time toSale grows, it is usually a sign of longer closing times and/or decliningnumbers of cash sales.February 2021Less than 50,000 50,000 99,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreMedian Time toContractPercent ChangeYear-over-YearLess than 50,00035 Days66.7% 50,000 - 99,99919 Days-17.4% 100,000 - 149,99919 Days5.6% 150,000 - 199,99912 Days-20.0% 200,000 - 249,99914 Days-17.6% 250,000 - 299,99910 Days-41.2% 300,000 - 399,99910 Days-47.4% 400,000 - 599,99911 Days-50.0% 600,000 - 999,99913 Days-63.9% 1,000,000 or more25 Days-64.8%Sale PriceMedian Time to Contract by Sale Price80706050403020100 300,000 399,999February 2022 100,000 149,999 150,000 199,999 200,000 249,99980706050403020100 250,000 299,999 300,000 399,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Market Detail - February 2022Single-Family HomesFloridaNew Listings by Initial Listing PriceThe number of properties put onto the market duringthe monthEconomists' note: New Listings tend to rise in delayed response toincreasing prices, so they are often seen as a lagging indicator ofmarket health. As prices rise, potential sellers raise their estimationsof value—and in the most recent cycle, rising prices have freed upmany potential sellers who were previously underwater on theirmortgages. Note that in our calculations, we take care to not includeproperties that were recently taken off the market and quickly relisted,since these are not really new listings.New ListingsFebruary 2021New ListingsPercent ChangeYear-over-YearLess than 50,00049-22.2% 50,000 - 99,999176-45.8% 100,000 - 149,999398-60.0% 150,000 - 199,9991,136-54.5% 200,000 - 249,9991,852-49.7% 250,000 - 299,9993,039-33.9% 300,000 - 399,9997,29916.5% 400,000 - 599,9997,77248.2% 600,000 - 999,9994,39946.9% 1,000,000 or more2,92137.2%February 9,0008,0007,0006,0005,0004,0003,0002,0001,0000Less than 50,000 50,000 99,999 100,000 149,999 150,000 199,999 200,000 249,999 250,000 299,999The number of property listings active at the end ofthe monthEconomists' note : There are a number of ways to define and calculateInventory. Our method is to simply count the number of active listingson the last day of the month, and hold this number to compare with thesame month the following year. Inventory rises when New Listings areoutpacing the number of listings that go off-market (regardless ofwhether they actually sell). Likewise, it falls when New Listings aren'tkeeping up with the rate at which homes are going off-market.February 20217,000 300,000 399,999 400,000 599,999 600,000 - 1,000,000 or 999,999moreInventoryPercent ChangeYear-over-YearLess than 50,00057-41.8% 50,000 - 99,999234-58.7% 100,000 - 149,999492-59.9% 150,000 - 199,9991,037-58.8% 200,000 - 249,9991,503-55.5% 250,000 - 299,9992,348-46.1% 300,000 - 399,9995,169-17.3% 400,000 - 599,9996,2302.6% 600,000 - 999,9994,456-6.8% 1,000,000 or more5,376-13.0%Current Listing PriceInventory by Current Listing PriceInventoryInitial Listing PriceFebruary ,0002,0001,0001,00000Less 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 999,999moreProduced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

Monthly Distressed Market - February 2022Single-Family HomesFloridaClosed SalesFebruary 2022February 2021Percent ChangeYear-over-Year23,50823,682-0.7% 383,000 315,00021.6%96185-48.1% 255,750 231,00010.7%5780-28.8% 300,000 215,00039.5%TraditionalMedian Sale PriceClosed SalesForeclosure/REOMedian Sale PriceClosed SalesShort SaleMedian Sale rt Sale100%90%Closed Sales80%70%60%50%40%30%20%10%0%J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F 450K 400KMedian Sale Price 350K 300K 250K 200K 150K 100K 50K 0KJ 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 F2018201920202021Produced 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 Friday, March 18, 2022. Next data release is Wednesday, April 20, 2022.

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. 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 uses—particularly when it is analyzed

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