Closed Sales - Hernando County Association of Realtors

FOR RELEASE ON October 22, 2019

Contact: Brenda Rabbitt Chief Executive Officer

Brenda@ 352-799-1971

HERNANDO COUNTY SINGLE-FAMILY HOME MEDIAN SALES PRICE CONTINUES TO RISE

The median sales price of existing single-family homes in Hernando County rose 7.6 percent to $185,000 in September 2019 from $172,000 in September 2018, according to statistics released today by the Hernando County Association of REALTORS?. The number of closed sales of existing single-family homes increased 1.7 percent to 306 in September from 301 a year ago.

The median sales price of existing townhouses-condos increased year-over-year by 14.3 percent to $155,400 in September, an increase from $136,000 in September 2018.

"A continued increase in the median single-family home prices and the percent of original list price received indicates positive growth in our housing market," said Pat Richard, 2019 president of the Hernando County Association of REALTORS?.

The inventory (active listings) of existing single-family homes for sale in Hernando County decreased 9.3 percent to 827 compared to 912 in September 2018. The inventory of existing townhouses and condominiums for sale in Hernando County decreased 43.6 percent to 31 listings from 55 listings in September 2018.

New single-family home for-sale listings increased 4.3 percent to 410 single-family homes compared to 393 listings in September 2018. New townhouse-condo listings decreased 26.7 percent to 22 compared to 30 listings in September 2018.

The number of months' supply of existing single-family home inventory for sale--an indication of the absorption rate based on home sale volume--was 2.7 months for single-family homes in September, compared to 3.1 month's supply of inventory in September 2018, a decrease of 12.9 percent. Condominium and townhouse inventory decreased 44.4 percent to 1.5 months from 2.7 months in September 2018.

The average percent of original list price received increased 1.1 percent year-over-year with sellers receiving 97.3 percent of their asking price for existing single-family homes in September, compared to 96.2 percent asking price in September 2018.

New pending sales (under contract but have not closed yet) for single-family homes increased 7.6 percent in September to 341 compared to 317 in September 2018. Townhouses and condominium pending sales decreased 48.6 percent in September to 18, compared to 35 in September 2018.

Closed short sales for single-family homes were down 80 percent in September to one, compared to five a year ago. The median sales price of a short sale single-family home in September was $76,450 compared to $130,000 a year ago, a decrease of 41.2 percent. Closed foreclosure sales decreased 14.3 percent to 12 in September, compared to 14 in September 2018. The median sales price of single-family home foreclosures decreased .7 percent to $129,500 in September compared to $130,450 a year ago.

- 30 -

Hernando County Association of REALTORS? serves as the voice for real estate in Hernando County and provides programs, services, ongoing education, and legislation representation to its approximately 800 members.

7321 Sunshine Grove Road Brooksville, Florida 34613 352-799-1971

Monthly Market Detail - September 2019 Single Family Homes

Hernando County Association of REALTORS?

This report describes member activity for the association and is not confined to any specific geographic area.

Summary Statistics

September 2019 September 2018

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

306 79 $185,000 $207,290 $63.4 Million

301 87 $172,000 $190,226 $57.3 Million

97.3%

96.2%

28 Days 67 Days

341 410 480 827 2.7

34 Days 78 Days

317 393 473 912 3.1

Percent Change Year-over-Year

1.7% -9.2% 7.6% 9.0% 10.8%

1.1%

-17.6% -14.1% 7.6% 4.3% 1.5% -9.3% -12.9%

Closed Sales

The number of sales transactions which closed during the month

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

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Closed Sales

2,836 306 327 341 354 365 336 339 256 212 319 289 278 301

Percent Change Year-over-Year

5.0% 1.7% 18.1% 13.3% 5.4% -1.6% -0.3% -0.3% 12.3% 1.0% 6.7% 9.5% 0.7% 36.2%

2015 400

2016

2017

2018

2019

Closed Sales

300

200

100

0 J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

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 Tuesday, October 22, 2019. Next data release is Thursday, November 21, 2019.

Monthly Market Detail - September 2019 Single Family Homes

Hernando County Association of REALTORS?

This report describes member activity for the association and is not confined to any specific geographic area.

Cash Sales

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

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

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Cash Sales

771 79 83 96 91 101 84 88 80 69 81 77 75 87

Percent Change Year-over-Year

2.4% -9.2% 27.7% 23.1% -14.2% 9.8% -27.0% -1.1% 23.1% 23.2% 12.5% 8.5% 13.6% 47.5%

2015 200

2016

2017

2018

2019

Cash Sales

150

100

50

0 J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

Cash Sales as a Percentage of Closed Sales

The percentage of Closed Sales during the month which were Cash Sales

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

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Percent of Closed Sales Paid in Cash

27.2% 25.8% 25.4% 28.2% 25.7% 27.7% 25.0% 26.0% 31.3% 32.5% 25.4% 26.6% 27.0% 28.9%

Percent Change Year-over-Year

-2.5% -10.7% 8.1% 8.9% -18.4% 11.7% -26.7% -0.8% 9.8% 21.7% 5.4% -1.1% 13.0% 8.2%

Pct. of Closed Sales Paid in Cash

2015 60%

2016

2017

2018

2019

50%

40%

30%

20%

10%

0% J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

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 Tuesday, October 22, 2019. Next data release is Thursday, November 21, 2019.

Monthly Market Detail - September 2019 Single Family Homes

Hernando County Association of REALTORS?

This report describes member activity for the association and is not confined to any specific geographic area.

Median Sale Price

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

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

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Median Sale Price

$180,200 $185,000 $184,990 $185,000 $185,300 $180,000 $177,250 $190,000 $168,500 $168,750 $178,900 $176,000 $173,500 $172,000

Percent Change Year-over-Year

6.0% 7.6% 5.8% 8.9% 8.2% 4.0% 1.3% 11.8% 1.8% 4.2% 8.5% 10.2% 9.1% 9.2%

$200K

2015

2016

2017

2018

2019

Median Sale Price

$150K

$100K

$50K

$0K J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

Average Sale Price

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

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

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Average Sale Price

$197,128 $207,290 $200,937 $198,257 $199,176 $197,009 $192,125 $199,713 $182,900 $192,532 $193,152 $189,723 $188,376 $190,226

Percent Change Year-over-Year

5.3% 9.0% 5.3% 1.7% 6.9% 2.2% 0.0% 8.9% 5.0% 12.1% 8.4% 7.7% 8.2% 12.2%

Average Sale Price

$250K

2015

2016

2017

2018

2019

$200K

$150K

$100K

$50K

$0K J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

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 Tuesday, October 22, 2019. Next data release is Thursday, November 21, 2019.

Monthly Market Detail - September 2019 Single Family Homes

Hernando County Association of REALTORS?

This report describes member activity for the association and is not confined to any specific geographic area.

Dollar Volume

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

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

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Dollar Volume

$559.1 Million $63.4 Million $65.7 Million $67.6 Million $70.5 Million $71.9 Million $64.6 Million $67.7 Million $46.8 Million $40.8 Million $61.6 Million $54.8 Million $52.4 Million $57.3 Million

Percent Change Year-over-Year

10.5% 10.8% 24.3% 15.2% 12.7% 0.5% -0.3% 8.6% 17.9% 13.2% 15.7% 17.9% 9.0% 52.9%

$80 M

2015

2016

2017

2018

2019

Dollar Volume

$60 M

$40 M

$20 M

$0 J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

Median Percent of Original List Price Received

The median of the sale price (as a percentage of the original list price) across all properties selling during the month

Economists' note : The Median Percent of Original List Price Received is useful as an indicator of market recovery, since it typically rises as buyers realize that the market may be moving away from them and they need to match the selling price (or better it) in order to get a contract on the house. This is usually the last measure to indicate a market has shifted from down to up, so it is what we would call a lagging indicator.

Month

Year-to-Date September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018

Med. Pct. of Orig. List Price Received

96.8% 97.3% 96.6% 97.1% 97.3% 96.7% 96.5% 96.6% 96.2% 96.9% 96.4% 96.8% 96.9% 96.2%

Percent Change Year-over-Year

0.2% 1.1% -0.9% -0.2% 0.8% -0.1% -0.4% 0.5% 0.2% 0.3% -0.1% 0.7% 1.1% -0.5%

Med. Pct. of Orig. List Price Received

120% 100%

80% 60% 40% 20%

0%

2015

2016

2017

2018

2019

J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S OND J FMAM J J A S

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 Tuesday, October 22, 2019. Next data release is Thursday, November 21, 2019.

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