Alabama Residential Report August 2018

Alabama Residential Report August 2018 Monthly Indicators Recent Figures Trends Total Residential Sales Current Month August 2018 5,862 Alabama home sales for August 2018 vs. Prior Month July 2018 5,722 2.5% totaled 5,862 units, an increase of 198 vs. August 2017 5,664 3.5% transactions (3.5%) when compared to vs. 5-Yr Avg August 13-'17 4,782 22.6% one year ago. In August, 14 of the 24 (58%) reporting associations experienced favorable sales gains compared to one year ago. vs. Peak August 2018 5,862 0.0% vs. Trough August 2010 2,983 96.5% Year to Date August 2018 42,209 vs. Prior Year August 2017 39,594 6.6% ACRE Commentary Historical Home Sales Historical data indicates that August home sales on average August 2017 5,664 Graph: August 2008-2018 ( 13-17) decrease from July by 1.4 percent. The current August 2016 5,282 (By month) month's statewide sales increased 2.5 percent from the prior August 2015 4,579 month." August 2014 4,171 August 2013 4,212 5- Year Avg: 4,782 3- Year Avg: 5,175 6,500 6,000 5,500 5,000 4,500 3,871 4,000 3,500 3,000 2,500 Statewide: Total Residential Sales 2,983 5,862 Median Sales Price Current Month August 2018 162,711 The median sales price in Alabama in vs. Prior Month July 2018 169,178-3.8% August 2018 was $162,711, representing vs. August 2017 158,059 2.9% a 2.9 percent increase from one year vs. 5-Yr Avg August 13-'17 144,565 12.6% ago. In August, 15 of 24 (63%) associations reported positive year-over-year gains in median price from one year ago. Year to Date August 2018 159,044 vs. Prior Year August 2017 151,175 4.9% Median Peak August 2018 162,711 0.0% Trough August 2010 123,002 32.3% Statewide: Median Sales Price 170,000 165,000 160,000 155,000 150,000 145,000 138,647 140,000 135,000 130,000 123,002 125,000 120,000 162,711 ACRE Commentary Historical Median Selling Price Graph: August 2008-2018 Historical data indicates that August's statewide median sales price August 2017 158,059 (By month) on average ( 13-17) decreases 2.1 percent from the previous month. The current month's statewide median sales price decreased 3.8 August 2016 148,855 percent from the month prior. Low housing supply continues to apply August 2015 145,511 pressure on year-over-year home pricing in most Alabama markets, a trend that will continue for the foreseeable future. August 2014 143,020 August 2013 127,378 5- Year Avg: 144,565 3- Year Avg: 150,809 Page 1 of 8

Monthly Indicators Recent Figures Trends Average Sales Prices Current Month August 2018 195,220 The average sales price in Alabama for vs. Prior Month July 2018 194,309 0.5% August 2018 was $195,220, a 4.1 percent vs. August 2017 187,515 4.1% increase from one year ago. vs. 5-Yr Avg August 13-'17 171,901 13.6% In August, 17 of 24 (71%) of associations reported positive year-over-year gains in average price from one year ago. Year to Date August 2018 189,515 vs. Prior Year August 2017 177,757 6.6% Statewide: Average Sales Price 200,000 190,000 180,000 171,670 170,000 160,000 195,220 Average Peak August 2018 195,220 0.0% Trough August 2010 144,417 35.2% 150,000 140,000 144,417 ACRE Commentary Historical data indicates that August's statewide average sales Historical Average Selling Price Graph: August 2008-2018 (By month) price on average ( 13-17) decreases 0.6 percent from the August 2017 187,515 previous month. The current month's statewide average price August 2016 173,330 decreased 0.5 percent from the previous month. A shortage of August 2015 170,326 housing supply continues to apply pressure on home pricing in August 2014 174,570 Alabama markets. August 2013 153,765 5-Year Avg: 171,901 3- Year Avg: 177,057 Days on Market (DOM) Current Month August 2018 95 The average number of days that an Alabama home was on the market in August 2018 was 95 days, representing a decrease of 22 days from one year ago. In August, 20 of the 24 (83%) associations reported a positive year-over-year reduction in average DOM from one year ago. vs. Prior Month July 2018 86 10.2% vs. August 2017 117-18.5% vs. 5-Yr Avg August 13-'17 140-31.9% Year to Date August 2018 105 vs. Prior Year August 2017 124-15.3% 170 160 150 140 130 120 110 100 90 120 Statewide: Average Days on Market 156 95 ACRE Commentary Historical Average DOM Graph: August 2008-2018 "Historical data indicates that August's statewide average number of days on the market ('13-'17) increases 8 days from the previous month. The current month's statewide DOM average increased 9 days from the previous month. The statewide DOM average is anticipated to remain within the current range (70-120 days) for the foreseeable future. August 2017 117 (By month) August 2016 132 August 2015 138 August 2014 156 August 2013 156 5-Year Avg: 140 Page 2 of 8

Monthly Indicators Recent Figures Trends Total Homes Listed for Sale Current Month August 2018 24,165 Alabama homes listed for sale in August vs. Prior Month July 2018 24,273-0.4% 2018 decreased by 3,105 units (-11%) when vs. August 2017 27,270-11.4% compared to one year ago. vs. 5-Yr Avg August 13-'17 31,380-23.0% In June, 6 of the 24 (25%) associations have reported year-over-year increases in inventory from one year ago. Inventory Peak August 2008 41,812-42.2% Trough August 2018 24,165 0.0% Statewide: Total Homes Listed 45,000 41,812 40,000 35,000 30,000 25,000 20,000 24,165 ACRE Commentary Historical Total Homes Listed Graph: August 2008-2018 Historical data indicates that Alabama's August housing inventory on average ( 13-17) decreases 1.3 percent from July. The current month's statewide inventory decreased 0.4 percent from the prior month. August 2017 27,270 (By month) August 2016 29,683 August 2015 33,040 August 2014 33,374 August 2013 33,531 5-Year Avg: 31,380 Inventory-to-Sales Ratio The inventory of homes for sale divided by the current monthly sales volume equals the # of months of housing supply (market considered to be in balance at approximately 6-7 months). Major metro areas report 3.6 months of supply, midsize metro areas report 4.3 months of supply, while non-metro areas report 5.7 months of supply. Current Month August 2018 4.1 vs. Prior Month July 2018 4.2-2.8% vs. August 2017 4.8-14.4% vs. 5-Yr Avg August 13-'17 6.7-38.7% I/S Ratio Peak August 2010 13.9-70.3% Trough August 2018 4.1 0.5% 16.0 14.0 12.0 10.0 8.0 6.0 4.0 2.0 10.8 Statewide: Months of Supply 13.9 4.1 ACRE Commentary Historical I/S Ratio Graph: August 2008-2018 "As emphasized in previous monthly reports, the state s low housing inventory (24,165 units for sale) is well below the historic 10-year average (35,000 +/- units), indicating a continued transition where sellers typically have elevated bargaining power." August 2017 4.8 (By month) August 2016 5.6 August 2015 7.2 August 2014 8.0 August 2013 8.0 5-Year Avg: 6.7 3- Year Avg: 5.9 NOTE: This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. The Alabama Center for Real Estate does not guarantee and is in no way responsible for its accuracy. Any Market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and town homes. Historical Monthly Housing Statistics are available on the web at Alabama Center for Real Estate's homepage - www.acre.cba.ua.edu. Page 3 of 8

Statewide Alabama Home Sales Report - August 2018 YTD* YTD * **Inventory / Sales Ratio August '18 Total Homes Sold 5,862 5,722 2.45% 5,664 3.49% 42,209 39,594 6.61% 4.1 Median Sales Price 162,711 169,178-3.82% 158,059 2.94% 159,044 151,175 5.21% Average Sales Price 195,220 194,309 0.47% 187,515 4.11% 189,515 177,757 6.61% Average Days on Market* 106 94 13.12% 134-20.76% 116 130-10.82% Total Homes Listed 24,165 24,273-0.44% 27,270-11.39% *The in the Average Days on Market may appear to at variance due to numbers beyond the decimal created when all markets are averaged. ~ **The Inventory to Sales Ratio (Inv./Sales Ratio) represents the ratio produced by the current month of Total Homes Listed divided by the Current Month Total Homes Sold. This ratio shows at the rate of sales in the current month, the number of months necessary to sell the existing homes on the market in the current month. TOTAL HOMES SOLD YTD YTD **Inventory / Sales Ratio Birmingham 1,460 1,434 1.81% 1,453 0.48% 10,876 10,376 4.82% 4.0 Huntsville 746 753-0.93% 675 10.52% 5,242 4,721 11.04% 2.3 Mobile 442 428 3.27% 463-4.54% 3,202 3,086 3.76% 3.5 Montgomery 452 450 0.44% 393 15.01% 3,226 3,000 7.53% 4.6 Subtotal 3,100 3,065 1.14% 2,984 3.89% 22,546 21,183 6.43% 3.6 Baldwin County 676 647 4.48% 686-1.46% 4,804 4,692 2.39% 4.2 Calhoun County 155 151 2.65% 163-4.91% 1,147 1,131 1.41% 5.6 Dothan 134 139-3.60% 118 13.56% 1,027 917 12.00% 7.8 Gadsden 89 77 15.58% 91-2.20% 629 604 4.14% 5.6 Lee County 192 185 3.78% 180 6.67% 1,548 1,340 15.52% 3.0 Decatur 183 177 3.39% 133 37.59% 1,158 1,023 13.20% 2.6 Shoals Area 209 178 17.42% 176 18.75% 1,363 1,183 15.22% 4.2 Tuscaloosa 234 249-6.02% 246-4.88% 1881 1825 3.07% 3.6 Subtotal 1,872 1,803 3.83% 1,793 4.41% 13,557 12,715 6.62% 4.3 Athens 187 159 17.61% 160 16.88% 1,246 1,105 12.76% 2.7 Cherokee County 35 22 59.09% 34 2.94% 176 162 8.64% 5.8 Covington County 28 27 3.70% 24 16.67% 178 175 1.71% 11.5 Cullman 81 85-4.71% 84-3.57% 589 562 4.80% 5.9 Jackson County 29 27 7.41% 34-14.71% 189 177 6.78% 6.4 Lake Martin Area 80 59 35.59% 75 6.67% 459 459 0.00% 7.1 Marshall County 89 106-16.04% 112-20.54% 631 611 3.27% 4.5 Monroe County 5 8-37.50% 5 0.00% 67 56 19.64% 31.2 Phenix City 132 125 5.60% 129 2.33% 800 776 3.09% 3.7 Talladega County 41 47-12.77% 48-14.58% 345 319 8.15% 8.0 Wiregrass Region 96 106-9.43% 102-5.88% 777 711 9.28% 7.3 Walker County 87 83 5.06% 80 8.55% 649 583 11.42% 8.0 Subtotal 890 854 4.24% 887 0.32% 6,106 5,696 7.21% 5.7 Page 4 of 8

MEDIAN SELLING PRICE Statewide YTD* YTD * Median Sales Price 162,711 169,178-3.82% 158,059 2.94% 159,044 151,175 5.21% YTD YTD Birmingham 209,450 218,577-4.18% 194,900 7.47% 204,891 192,547 6.41% Huntsville 193,500 218,000-11.24% 195,000-0.77% 200,508 187,183 7.12% Mobile 149,900 148,188 1.16% 141,819 5.70% 146,119 135,875 7.54% Montgomery 145,700 155,500-6.30% 160,000-8.94% 149,713 148,377 0.90% Median Sales Price Average 174,638 185,066-5.64% 172,930 0.99% 175,308 165,996 5.61% Baldwin County 246,000 234,000 5.13% 242,500 1.44% 239,350 226,956 5.46% Calhoun County 149,000 129,900 14.70% 119,900 24.27% 131,144 118,375 10.79% Dothan 138,700 145,000-4.34% 147,250-5.81% 146,875 141,254 3.98% Gadsden 125,000 131,000-4.58% 128,000-2.34% 125,704 110,231 14.04% Lee County 243,222 242,000 0.50% 231,550 5.04% 234,240 221,431 5.78% Decatur 160,000 143,000 11.89% 128,000 25.00% 140,675 122,388 14.94% Shoals Area 153,000 151,963 0.68% 135,000 13.33% 138,139 131,500 5.05% Tuscaloosa 169,700 170,800-0.64% 167,198 1.50% 172,806 165,288 4.55% Median Sales Price Average 173,078 168,458 2.74% 162,425 6.56% 166,117 154,678 7.40% Athens 203,900 228,298-10.69% 190,532 7.02% 203,205 185,801 9.37% Cherokee County 147,700 170,000-13.12% 171,450-13.85% 148,575 150,188-1.07% Covington County 106,250 104,750 1.43% 102,000 4.17% 95,438 105,438-9.48% Cullman 149,900 159,900-6.25% 153,675-2.46% 143,788 135,353 6.23% Jackson County 132,800 165,000-19.52% 132,500 0.23% 146,938 135,131 8.74% Lake Martin Area 238,250 247,000-3.54% 253,000-5.83% 235,594 257,488-8.50% Marshall County 144,680 139,950 3.38% 125,000 15.74% 131,057 122,063 7.37% Monroe County 73,000 132,450-44.88% 80,000-8.75% 102,956 101,356 1.58% Phenix City 168,450 175,000-3.74% 161,500 4.30% 155,494 140,875 10.38% Talladega County 167,000 149,500 11.71% 134,500 24.16% 147,581 135,363 9.03% Wiregrass Region 139,000 147,500-5.76% 154,650-10.12% 133,313 131,381 1.47% Walker County 150,950 153,000-1.34% 143,500 5.19% 142,963 126,354 13.14% Median Sales Price Average 151,823 164,362-7.63% 150,192 1.09% 148,908 143,899 3.48% Page 5 of 8

AVERAGE SELLING PRICE YTD* YTD * Statewide Average Sales Price 195,220 194,309 0.47% 187,515 4.11% 189,515 177,757 6.61% YTD YTD Birmingham 250,358 247,950 0.97% 235,558 6.28% 242,085 231,532 4.56% Huntsville 226,498 241,441-6.19% 228,589-0.91% 227,250 213,188 6.60% Mobile 176,197 175,449 0.43% 163,251 7.93% 167,914 158,176 6.16% Montgomery 168,237 168,368-0.08% 176,496-4.68% 168,066 168,558-0.29% Average Sales Price Average 205,323 208,302-1.43% 200,974 2.16% 201,329 192,863 4.39% Baldwin County 309,023 289,908 6.59% 302,693 2.09% 298,009 285,677 4.32% Calhoun County 174,075 144,428 20.53% 136,294 27.72% 146,518 135,475 8.15% Dothan 158,118 166,935-5.28% 154,212 2.53% 163,363 153,738 6.26% Gadsden 141,676 138,676 2.16% 136,566 3.74% 139,876 127,263 9.91% Lee County 273,752 258,816 5.77% 247,144 10.77% 255,623 244,482 4.56% Decatur 164,441 156,645 4.98% 144,162 14.07% 155,744 135,335 15.08% Shoals Area 168,053 179,481-6.37% 159,200 5.56% 163,199 151,292 7.87% Tuscaloosa 225,061 212,621 5.85% 229,347-1.87% 215,939 205,746 4.95% Average Sales Price Average 201,775 193,439 4.31% 188,702 6.93% 192,284 179,876 6.90% Athens 226,375 230,282-1.70% 212,462 6.55% 219,582 203,410 7.95% Cherokee County 171,922 175,759-2.18% 194,416-11.57% 175,118 157,266 11.35% Covington County 126,351 118,777 6.38% 121,811 3.73% 110,989 116,607-4.82% Cullman 206,072 175,819 17.21% 206,694-0.30% 177,753 169,104 5.11% Jackson County 188,273 234,827-19.82% 162,743 15.69% 188,959 167,338 12.92% Lake Martin Area 321,069 325,074-1.23% 358,662-10.48% 352,449 360,953-2.36% Marshall County 171,746 165,569 3.73% 153,758 11.70% 172,812 150,713 14.66% Monroe County 87,400 137,263-36.33% 87,740-0.39% 120,018 103,254 16.24% Phenix City 174,846 180,551-3.16% 173,121 1.00% 165,580 153,886 7.60% Talladega County 211,470 173,411 21.95% 168,842 25.25% 173,957 151,644 14.71% Wiregrass Region 154,823 156,089-0.81% 151,469 2.21% 150,172 143,774 4.45% Walker County 209,438 209,271 0.08% 195,138 7.33% 197,384 177,770 11.03% Average Sales Price Average 187,482 190,224-1.44% 182,238 2.88% 183,731 171,310 7.25% Page 6 of 8

AVERAGE DAYS on the MARKET Statewide YTD* YTD * Average Days on Market* 106 94 13.12% 134-20.76% 116 130-10.82% *The in the Average Days on Market may appear to at variance due to numbers beyond the decimal created when all markets are averaged. YTD YTD Birmingham 42 44-4.55% 55-23.64% 54 64-15.98% Huntsville 47 43 9.30% 68-30.88% 61 80-23.32% Mobile 67 70-4.29% 79-15.19% 77 89-12.85% Montgomery 92 90 2.22% 107-14.02% 104 110-5.59% Average DOM Average 62 62 0.40% 77-19.74% 74 86-13.55% Baldwin County 93 88 5.68% 160-41.88% 93 152-39.19% Calhoun County 74 67 10.45% 101-26.73% 87 111-21.33% Dothan 122 138-11.59% 132-7.58% 142 155-8.93% Gadsden 113 105 7.62% 134-15.67% 113 142-20.58% Lee County 57 53 7.55% 79-27.85% 62 69-9.44% Decatur 67 56 19.64% 88-23.86% 85 105-19.69% Shoals Area 80 76 5.26% 80 0.00% 80 89-10.38% Tuscaloosa 67 48 39.58% 64 4.69% 64 75-14.55% Average DOM Average 84 79 6.66% 105-19.69% 91 112-19.34% Athens 46 45 2.22% 85-45.88% 66 95-30.16% Cherokee County 119 106 12.26% 245-51.43% 178 216-17.73% Covington County 220 112 96.43% 199 10.74% 175 205-14.84% Cullman 134 115 16.52% 107 25.23% 121 118 2.22% Jackson County 76 127-40.16% 94-19.15% 131 130 0.58% Lake Martin Area 163 132 23.48% 177-7.91% 140 166-15.78% Marshall County 88 76 15.79% 129-31.78% 103 115-10.23% Monroe County 364 270 34.81% 536-32.09% 380 282 34.69% Phenix City 115 105 9.52% 128-10.16% 109 122-11.13% Talladega County 80 77 3.90% 101-20.79% 105 128-17.77% Wiregrass Region 96 83 15.66% 132-27.27% 116 149-21.80% Walker County 131 131 0.15% 142-7.82% 144 159-9.76% Average DOM Average 136 102 33.63% 173-21.34% 147 157-6.27% Page 7 of 8

TOTAL HOMES LISTED Statewide Total Homes Listed **Inv./Sales August '18 July '18 August '17 Ratio August '18 24,165 24,273-0.44% 27,270-11.39% 4.1 **Inv./Sales August '18 July '18 August '17 Ratio Birmingham 5,779 5,818-0.67% 6,455-10.47% 4.0 Huntsville 1,698 1,729-1.79% 2,252-24.60% 2.3 Mobile 1,546 1,573-1.72% 1,939-20.27% 3.5 Montgomery 2,076 2,120-2.08% 2,289-9.31% 4.6 Subtotal 11,099 11,240-1.25% 12,935-14.19% 3.6 Baldwin County 2,853 2,902-1.69% 3,248-12.16% 4.2 Calhoun County 868 767 13.17% 851 2.00% 5.6 Dothan 1,048 1,063-1.41% 1,135-7.67% 7.8 Gadsden 501 507-1.18% 513-2.34% 5.6 Lee County 571 587-2.73% 533 7.13% 3.0 Decatur 470 495-5.05% 660-28.79% 2.6 Shoals Area 887 876 1.26% 995-10.85% 4.2 Tuscaloosa 838 862-2.78% 959-12.62% 3.6 Subtotal 8,036 8,059-0.29% 8,894-9.65% 4.3 Athens 497 502-1.00% 665-25.26% 2.7 Cherokee Co. 203 218-6.88% 229-11.35% 5.8 Covington Co. 322 319 0.94% 283 13.78% 11.5 Cullman 479 493-2.84% 574-16.55% 5.9 Jackson County 187 182 2.75% 187 0.00% 6.4 Lake Martin 569 501 13.57% 430 32.33% 7.1 Marshall County 404 391 3.32% 485-16.70% 4.5 Monroe County 156 153 1.96% 151 3.31% 31.2 Phenix City 485 498-2.61% 480 1.04% 3.7 Talladega Co. 327 321 1.87% 390-16.15% 8.0 Wiregrass 705 728-3.16% 742-4.99% 7.3 Walker County 696 668 4.19% 825-15.67% 8.0 Subtotal 5,030 4,974 1.13% 5,441-7.56% 5.7 NOTE : This representation is based in whole or in part on data supplied by the reporting boards/associations of REALTORS or their Multiple Listing Service. Alabama Center for Real Estate - University of Alabama does not guarantee and is in no way responsible for its accuracy. Any market data maintained by the Center does not necessarily include information on listings not published at the request of the seller, listings of brokers who are not members of a local board/association or MLS, unlisted properties, rental properties, etc. The statistics included in this report reflect the residential sales of houses, condominiums, and townhomes. Numbers in red indicate negative numbers. (Note: A negative number in the Average Days on Market indicates an improvement.) *The in the Average Days on Market may appear to at variance due to numbers beyond the decimal created when all markets are averaged. Historical Monthly Housing Statistics are available on the web at the Alabama Center for Real Estate's homepage: www.acre.cba.ua.edu Page 8 of 8