Quarterly Market Detail - Q3 2021 Single-Family Homes

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Summary Statistics

Closed Sales Paid in Cash Median Sale Price Average Sale Price Dollar Volume Median Percent of Original List Price Received Median Time to Contract Median Time to Sale

New Pending Sales New Listings Pending Inventory Inventory (Active Listings) Months Supply of Inventory

Q3 2021

Q3 2020

672

780

282

225

$475,000

$410,000

$727,270

$607,428

$488.7 Million $473.8 Million

Percent Change Year-over-Year

-13.8% 25.3% 15.9% 19.7% 3.2%

98.8%

95.8%

3.1%

14 Days 56 Days

651 674 310 290 1.2

38 Days 81 Days

811 767 407 538 2.6

-63.2% -30.9% -19.7% -12.1% -23.8% -46.1% -53.8%

Closed Sales

The number of sales transactions which closed during the quarter

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Closed Sales

2,184 672 834 678 783 780 556 536 577 593 743 489 507 622

Percent Change Year-over-Year

16.7% -13.8% 50.0% 26.5% 35.7% 31.5% -25.2% 9.6% 13.8% -4.7% 1.9% -10.8% -3.4% 1.0%

Closed Sales

1,000

2017

2018

2019

2020

2021

800

600

400

200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Cash Sales

The number of Closed Sales during the quarter in which buyers exclusively paid in cash

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Cash Sales

947 282 369 296 287 225 181 240 210 211 280 201 197 204

Percent Change Year-over-Year

46.6% 25.3% 103.9% 23.3% 36.7% 6.6% -35.4% 19.4% 6.6% 3.4% 6.1% -13.7% 6.5% 5.7%

2017 400

2018

2019

2020

2021

Cash Sales

300

200

100

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Cash Sales as a Percentage of Closed Sales

The percentage of Closed Sales during the quarter 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 quarter involved some sort of financing, such as mortgages, owner/seller financing, assumed loans, etc.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Percent of Closed Sales Paid in Cash

43.4% 42.0% 44.2% 43.7% 36.7% 28.8% 32.6% 44.8% 36.4% 35.6% 37.7% 41.1% 38.9% 32.8%

Percent Change Year-over-Year

25.8% 45.8% 35.6% -2.5% 0.8% -19.1% -13.5% 9.0% -6.4% 8.5% 4.1% -3.3% 10.5% 4.8%

Pct. of Closed Sales Paid in Cash

2017 50%

2018

2019

2020

2021

40%

30%

20%

10%

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Median Sale Price

The median sale price reported for the quarter (i.e. 50% of sales were above and 50% of sales were below)

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Median Sale Price

$473,000 $475,000 $485,000 $452,500 $415,200 $410,000 $380,000 $377,500 $370,000 $375,000 $375,150 $357,450 $374,000 $350,000

Percent Change Year-over-Year

21.3% 15.9% 27.6% 19.9% 12.2% 9.3% 1.3% 5.6% -1.1% 7.1% 2.5% 0.7% 13.3% -0.7%

Median Sale Price

$600K

2017

2018

2019

2020

2021

$500K

$400K

$300K

$200K

$100K

$0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Average Sale Price

The average sale price reported for the quarter (i.e. total sales in dollars divided by the number of sales)

Economists' note : Usually, we prefer Median Sale Price over Average Sale Price as a summary statistic for home prices. However, Average Sale Price does have its uses--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.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Average Sale Price

$819,987 $727,270 $930,674 $775,728 $630,363 $607,428 $604,747 $538,221 $475,885 $472,254 $500,577 $538,274 $484,716 $447,856

Percent Change Year-over-Year

39.7% 19.7% 53.9% 44.1% 32.5% 28.6% 20.8% 0.0% -1.8% 5.4% -6.0% 10.8% 6.9% -2.6%

Average Sale Price

$1000K

2017

2018

2019

2020

2021

$800K

$600K

$400K

$200K

$0K Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Dollar Volume

The sum of the sale prices for all sales which closed during the quarter

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Dollar Volume

$1.8 Billion $488.7 Million $776.2 Million $525.9 Million $493.6 Million $473.8 Million $336.2 Million $288.5 Million $274.6 Million $280.0 Million $371.9 Million $263.2 Million $245.8 Million $278.6 Million

Percent Change Year-over-Year

63.0% 3.2% 130.8% 82.3% 79.8% 69.2% -9.6% 9.6% 11.7% 0.5% -4.2% -1.1% 3.2% -1.6%

Dollar Volume

$1.0 B

2017

2018

2019

2020

2021

$800 M

$600 M

$400 M

$200 M

$0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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 quarter

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.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Med. Pct. of Orig. List Price Received

98.1% 98.8% 98.9% 96.9% 96.5% 95.8% 94.8% 95.3% 95.1% 94.6% 95.0% 94.9% 94.9% 95.0%

Percent Change Year-over-Year

2.7% 3.1% 4.3% 1.7% 1.5% 1.3% -0.2% 0.4% 0.2% -0.4% 0.3% 0.1% 0.5% -0.1%

Med. Pct. of Orig. List Price Received

120%

2017

2018

2019

2020

2021

100%

80%

60%

40%

20%

0% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Median Time to Contract

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

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Median Time to Contract 15 Days 14 Days 11 Days 26 Days 26 Days 38 Days 51 Days 51 Days 47 Days 57 Days 48 Days 57 Days 51 Days 48 Days

Percent Change Year-over-Year

-68.1% -63.2% -78.4% -49.0% -44.7% -33.3% 6.3% -10.5% -7.8% 18.8% 2.1% -5.0% -15.0% 11.6%

Median Time to Contract

2017 70

2018

2019

2020

2021

60

50

40

30

20

10

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Median Time to Sale

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

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Median Time to Sale

61 Days 56 Days 59 Days 72 Days 75 Days 81 Days 94 Days 95 Days 88 Days 103 Days 94 Days 100 Days 88 Days 92 Days

Percent Change Year-over-Year

-33.0% -30.9% -37.2% -24.2% -14.8% -21.4% 0.0% -5.0% 0.0% 12.0% 3.3% 2.0% -12.0% 2.2%

Median Time to Sale

2017 120

2018

2019

2020

2021

100

80

60

40

20

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

New Pending Sales

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

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

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

New Pending Sales

2,339 651 795 893 734 811 730 677 499 614 700 695 460 589

Percent Change Year-over-Year

5.5% -19.7% 8.9% 31.9% 47.1% 32.1% 4.3% -2.6% 8.5% 4.2% 1.0% -1.0% -16.1% 9.1%

Pending Sales

1,000

2017

2018

2019

2020

2021

800

600

400

200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

New Listings

The number of properties put onto the market during the quarter

Economists' note : New Listings tend to rise in delayed response to increasing prices, so they are often seen as a lagging indicator of market health. As prices rise, potential sellers raise their estimations of 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.

Quarter

Year-to-Date Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

New Listings

2,374 674 868 832 726 767 738 895 691 659 834 1,000 712 705

Percent Change Year-over-Year

-1.1% -12.1% 17.6% -7.0% 5.1% 16.4% -11.5% -10.5% -2.9% -6.5% 4.0% 7.5% 0.6% -1.0%

New Listings

1,200

2017

2018

2019

2020

2021

1,000

800

600

400

200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Inventory (Active Listings)

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

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

Quarter

YTD (Monthly Avg) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Inventory

317 290 304 340 490 538 712 969 902 871 1,001 1,106 947 874

Percent Change Year-over-Year

-60.2% -46.1% -57.3% -64.9% -45.7% -38.2% -28.9% -12.4% -4.8% -0.3% 11.6% 6.1% 2.4% -9.7%

Inventory

1,200

2017

2018

2019

2020

2021

1,000

800

600

400

200

0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

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.

Quarter

YTD (Monthly Avg) Q3 2021 Q2 2021 Q1 2021 Q4 2020 Q3 2020 Q2 2020 Q1 2020 Q4 2019 Q3 2019 Q2 2019 Q1 2019 Q4 2018 Q3 2018

Months Supply

1.3 1.2 1.2 1.5 2.2 2.6 3.8 4.7 4.5 4.5 5.1 5.7 4.7 4.3

Percent Change Year-over-Year

-67.5% -53.8% -68.4% -68.1% -51.1% -42.2% -25.5% -17.5% -4.3% 4.7% 13.3% 11.8% 4.4% -8.5%

Months Supply of Inventory

2017 6.0

2018

2019

2020

2021

5.0

4.0

3.0

2.0

1.0

0.0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

Quarterly Market Detail - Q3 2021 Single-Family Homes Martin County

Closed Sales by Sale Price

The number of sales transactions which closed during the quarter

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

Q3 2020

Q3 2021

250

200

150

100 50

0

Less than $50,000 - $100,000 - $150,000 - $200,000 - $250,000 -

$50,000

$99,999 $149,999 $199,999 $249,999 $299,999

Sale Price 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 - $999,999 $1,000,000 or more

$300,000 - $400,000 $399,999 $599,999

Closed Sales

0 0 3 13 40 42 138 201 158 77

Percent Change Year-over-Year

-100.0% N/A

-76.9% -53.6% -24.5% -52.8% -24.2% -13.7% 49.1% 2.7%

250

200

150

100

50

0

$600,000 - $1,000,000 or

$999,999

more

Closed Sales

Median Time to Contract by Sale Price

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

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

Q3 2020

Q3 2021

400

350

300

250

200

150

100

50

0

Less than $50,000 - $100,000 - $150,000 - $200,000 - $250,000 -

$50,000

$99,999 $149,999 $199,999 $249,999 $299,999

Sale Price 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 - $999,999 $1,000,000 or more

$300,000 - $400,000 $399,999 $599,999

Median Time to Contract

(No Sales) (No Sales) 55 Days

9 Days 6 Days 25 Days 15 Days 11 Days 17 Days 17 Days

Percent Change Year-over-Year

N/A N/A 587.5% -67.9% -79.3% 0.0% -51.6% -71.8% -73.0% -86.2%

400

350

300

250

200

150

100

50

0

$600,000 - $1,000,000 or

$999,999

more

Median Time to Contract

Produced by MIAMI 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, November 10, 2021. Next data release is Thursday, February 10, 2022.

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