The 8k tax credit,; any impact on the market?

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1 The 8k tax credit,; any impact on the market? 2016, February Market Update Inventory metrics-page 3 The top graph illustrates the inventory by category for the time period stated. The middle graph illustrates the number of new listings added to the system during the time period stated. The bottom graph illustrates the number of expired and withdrawn listings during the time period stated. Commentary Total inventory decreased 14% compared to the prior years month and increased 2% compared to the prior month. New home listings were up 17% and re-sale listings were down 25%. The number of expired listings increased by 27% and the number of withdrawn listings decreased by 3%. The number of price dropping sellers decreased by 2% and represents 30% of inventory. The number of active listings that have been on the market for longer than the average days on market of the closed sales (59) accounted for 44% of total inventory, down from 55% in January. Each February since 2005 has seen inventory increase compared to January and this February was no exception. On the down side, February marked the 18th consecutive month of total inventory decrease and the 20th consecutive month of re-sale inventory decrease compared to the prior years month. Pending and closed sales metrics-page 4 The top graph illustrates the pending sales during the time period stated. The middle graph illustrates the number of closed sales during the time period stated. The bottom graph illustrates the average overall sales price and the average sales price of re-sale housing during the time period stated. Commentary Pending sales during the month were up 14% compared to 2/15 and up 25% compared to 1/16. 49% of the inventory went under contract during the month, the highest percentage dating back to 2/12; the percentage during that month was 16%, so you can see how hot the majority of the market is. The average list price of pending inventory increased 2% while the average list price per square foot increased 5%. The average DOM of the pending sales decreased to 55 from 65. Year to date closed sales were up 9%, February closed sales were up 11% compared to 2/15 and up 9% compared to 1/16. Each of the closed sale metrics were the highest in the period dating back to Closed sales have increased 39% while inventory has decreased 44%. This explains the metrics stated below. The average overall sales price increased 7% and the average re-sale sales price increased 9%. The 2/16 average overall and average re-sale sale prices represent overall gains of 23% and 23% compared to 2/12.

2 Market Update Page 2 Closed sale metrics-page 5 The top graph illustrates the average days on market for the closed sales during the time period stated. The middle graph illustrates the following percentage of closed sale monthly metrics; reported financial concessions, transactions financed all cash and percent closed of inventory. The bottom graph illustrates the following percentage of closed monthly re-sale metrics; LADOM between 1 and 30, sales price > list price and reported financial concessions. Commentary The DOM was the lowest during the time period presented and is 73 days less than the DOM in 2/12. The percentage of financial concessions is the highest during the time period presented. The percentage of cash closings decreased from 20% to 18%. Metrics for the re-sale market provide mixed signals; 51% sold within 30 days, 10% sold over final list price and financial concessions were paid on 71% of the closed sales. County metrics-page 6 The table presents the following metrics by county; number of listings as of the 10th day of the month, number of re-sale listings, number of monthly closed sales, average list price, months of housing supply, average LADOM for the closed sales, average LADOM for the active listings, the number of price drop sellers during the month and the sales to original list price ratio for the closed sales during the month. Overall market commentary Two metrics stood out this month. The 27% increase in expired listings and the percent of inventory that came under contract during the month. The heat map on page 11 illustrates the location of expired listings by zip code and the average list price of those listings. The red zip codes have had the most amount of expired listings. The average days on market for the 2/16 expired listings was 178, so they were initially listed last fall. Re-sale listings continue to fly off the shelf. 58% of re-sale listings that were listed during the month changed to a status of pending or closed. The average list price of these listings was $259,000 compared to the $398,000 average list price of the expired listings. These metrics provide more evidence to a segmented market; one has many listings that sell within 30 days of coming on the market and the other has listings for which there are few buyers. The following pertains to the M.L.S. information presented in the report; Any reference to TMLS data is based on information from Triangle MLS, which neither guarantees nor is in any way responsible for its accuracy. All data is provided AS IS and with all faults. Data maintained by Triangle MLS may not reflect all real estate activity in the market. Realtor is a registered trademark of the National Association of Realtors. The information contained in this publication is the copyrighted property of Triangle M.L.S. and may not be reproduced without the permission of the editor. Market Update Editor Stacey P. Anfindsen Birch Appraisal Group of Cary 1145-E Executive Circle Cary, NC Phone # Fax # staceypeter@smapublications.com Publisher Triangle MLS, Inc. 111 Realtors Way Cary, NC Phone # Fax # Triangle@trianglemls.com

3 Market Update Page 3 Inventory Metrics

4 Market Update Page 4 Pending and Closed Sale Metrics

5 Market Update Page 5 Closed Sale Metrics

6 Market Update Page 6 County Metrics Lis ngs Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % -36% Johnston % -25% Orange % -11% Wake % -24% ReSale Lis ngs Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % -45% Johnston % -45% Orange % -17% Wake % -36% Closings Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % 34% Johnston % 40% Orange % 3% Wake % 16% Average Price Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham $234,328 $268,666 $325,589 21% 39% Johnston $213,627 $218,390 $241,761 11% 13% Orange $465,535 $495,735 $527,880 6% 13% Wake $339,996 $384,966 $446,281 16% 31% Months of Supply Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % -53% Johnston % -46% Orange % -14% Wake % -34% Day Market(Closings) Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % -45% Johnston % -26% Orange % -32% Wake % -46% Day Market(Ac ve Lis ngs) Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % -5% Johnston % -17% Orange % 11% Wake % -12% Price Drop Sellers Feb-14 Feb-15 Feb-16 %Chg v '15 %Chg v '14 Durham % -31% Johnston % -38% Orange % 2% Wake % -27% SalesPrice/OriginalListRa o Feb-14 Feb-15 Feb-16 Durham 96% 97% 96% Johnston 94% 97% 97% Orange 94% 96% 95% Wake 96% 96% 98%

7 Market Update Page 7 Metrics by Geographic Location and Price Point The geographic location is presented with its corresponding TMLS area within the first column. The next column breaks down detached housing by price bracket, condo and townhouse product are broken out along with an area total. The next column presents the current number of active listings followed by the number of closed sales. The closings are through the last day of the month shown at the bottom of this page. The supply column represents the number of months of inventory remaining, if sales pace continues and no additional inventory is added. The next column presents the average days on market for the closed sales. This average is based upon the listing agent days on market (LADOM). The final column presents the average year built of the closed sales. Cary/Apex/Mo'ville(z5/10/15) Condo Townhouse Area Total N.Raleigh/N.Wake(z2/7) Condo Townhouse Area Total S.Cary/S.W.Wake/H'Sprgs(z9/17) Condo Townhouse Area Total ITB(z1/4) Condo Townhouse Area Total

8 Market Update Page 8 Metrics by Geographic Location and Price Point The geographic location is presented with its corresponding TMLS area within the first column. The next column breaks down detached housing by price bracket, condo and townhouse product are broken out along with an area total. The next column presents the current number of active listings followed by the number of closed sales. The closings are through the last day of the month shown at the bottom of this page. The supply column represents the number of months of inventory remaining, if sales pace continues and no additional inventory is added. The next column presents the average days on market for the closed sales. This average is based upon the listing agent days on market (LADOM). The final column presents the average year built of the closed sales. N.E. Raleigh(z8) Condo Townhouse Area Total S.E.Raleigh/Garner(z3/6) Condo Townhouse Area Total FV/S.Wake(z16/18) Condo Townhouse Area Total Wake Forest(z14/21) Condo Townhouse Area Total

9 Market Update Page 9 Metrics by Geographic Location and Price Point The geographic location is presented with its corresponding TMLS area within the first column. The next column breaks down detached housing by price bracket, condo and townhouse product are broken out along with an area total. The next column presents the current number of active listings followed by the number of closed sales. The closings are through the last day of the month shown at the bottom of this page. The supply column represents the number of months of inventory remaining, if sales pace continues and no additional inventory is added. The next column presents the average days on market for the closed sales. This average is based upon the listing agent days on market (LADOM). The final column presents the average year built of the closed sales. K'dale/W'dell/Zebulon(z11/12/13) Condo Townhouse Area Total Durham County Condo Townhouse Area Total Orange County Condo Townhouse Area Total Johnston County Condo Townhouse Area Total

10 Market Update Page 10 Metrics by Subdivision, Geographic Location and Price Point Subdivision 2/16 Clsd Avg SP Avg PPF Avg DOM Avg LP/SP Avg YB City Avg GLA Creekside at Bethpage 18 $332,449 $ % 2015 Durham 1880 Flowers Plantation 17 $253,997 $ % 2013 Clayton 2307 Hedingham 15 $146,893 $ % 1997 Raleigh 1495 Bedford at Falls River 11 $311,500 $ % 2005 Raleigh 2643 Hope Valley Farms 11 $208,273 $ % 1999 Durham 1967 Grays Creek 10 $291,684 $ % 2015 Fuquay Varina 2528 South Lakes 10 $324,123 $ % 2015 Fuquay Varina 2663 Brightleaf 9 $271,854 $ % 2012 Durham 2460 Summerwind Plantation 9 $197,351 ERR % 2013 Garner 1751 Woodcreek 9 $323,477 $ % 2015 Holly Springs 2421 Battle Ridge North 8 $157,425 $ % 2010 Raleigh 2101 Heritage 8 $413,500 $ % 2010 Wake Forest Oaks 7 $588,791 $ % 2015 Holly Springs 3569 Brier Creek Country Club 6 $340,300 $ % 2005 Raleigh 2488 Brighton Forest 6 $397,880 $ % 2014 Apex 2874 Davis Square 6 $403,480 $ % 2016 Cary 2588 Holly Glen 6 $305,502 $ % 2007 Holly Springs 2850 Renaissance Park 6 $193,646 $ % 2012 Raleigh 1615 The Villages of Apex 6 $273,116 $ % 2014 Apex 2144 Traditions 6 $287,793 $ % 2015 Wake Forest 2280 Arbor Creek 5 $198,396 $ % 2006 Holly Springs 1584 Blount Street Commons 5 $361,624 $ % 2015 Raleigh 2017 Brightwood Trails 5 $271,920 $ % 2013 Durham 2576 Bristol 5 $193,912 $ % 2016 Clayton 1897 Brookside 5 $305,780 $ % 2015 Fuquay Varina 2436 Cary Park 5 $454,780 $ % 2008 Cary 3182 Edgemont Landing 5 $210,719 $ % 2015 Wendell 2591 Glenwood North Townhomes 5 $191,100 $ % 2006 Raleigh 1517 Jordan at Southpoint 5 $384,986 $ % 2016 Durham 2885 Kyndal 5 $257,180 $ % 2015 Garner 2812 Group Summary 1545 $271,269 $ % The top table presents closed sales based upon subdivision location within the Triangle during the time period noted in the closed column. The data is reported in the following columns; total number of closings, average sales price, average sales price per square foot, average days on market, average list price/sales price ratio, average year built, city location and average gross living area. The bottom table presents YTD metrics for the geographic areas surveyed within the four main counties. Durham County Totals Cary/Apex/Mo'ville(z5/10/15) Totals N.Raleigh/N.Wake(z2/7) Totals Johnston County Totals Wake Forest(z14/21) Totals FV/S.Wake(z16/18) Totals S.Cary/S.W.Wake/H'Sprgs(z9/17) Totals Orange County Totals ITB(z1/4) Totals K'dale/W'dell/Zebulon(z11/12/13) Totals S.E.Raleigh/Garner(z3/6) Totals N.E. Raleigh(z8) Totals Group Summary

11 Market Update Page 11 Expired listings metrics