MARKET AREA UPDATE Year: 2017 Report as of: 1Q 2Q 3Q 4Q

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1 MARKET AREA UPDATE Year: 2017 Report as of: 1Q 2Q 3Q 4Q Market Area (City, State): San Diego County Provided by (Company / Companies): Coldwell Banker Residential Brokerage - SoCal Provided by RDC Member(s): Lissett Evanzia What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) Define Market Area: Urban (city limit area only) Metro Area (as defined by MSA) Other: Please explain: Single Family (detached) Condominiums / Townhomes (attached) **Sales Price (current) Choose one: Average Median $ 759,000 $ 471,000 **Sales Price (same time prior year) Choose one: Average Median $ 708,000 $ 451,718 Average Days on Market list to contract (current) Absorption Months of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Example: Active Listings = 4500 Closed sales in the past 3 months = 4000 RIGHT: 4,000/3 (months)=1,333 (sales per month) 4,500/1,333=3.37 months of inventory WRONG: 4,500/4,000=1 month of inventory # 34 Increase Decreasing Stable # 2.2 # 1.6 Absorption Months of Inventory (same time prior year) # 2.5 # 1.7 # 27 Increase Decreasing Stable Active Listings # 4,460 # 1,1597 Closed ( total last 3 months) # 6,553 # 3,331 Expired Listings ( total last 3 months if available) # # Change in Home Values REAL ESTATE MARKET DATA % 1 Increase in past 3 months Stable Decreasing in past 3 months % 0 Increase in past 3 months Stable Decreasing in past 3 months Sold LP/SP Ratio (last 3 months) % 97.1 % 98.4 **Average = the result by adding all sales prices and dividing by the number of units sold Median = denoting the middle of the range of values GENERAL ECONOMY How would you rate the overall economic conditions in area as defined above: Mixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall Market Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 4.9 Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) *ECONOMY The unemployment rate in San Diego is 4.90 percent(u.s. avg. is 5.20%). Recent job growth is Positive. San Diego jobs have Increased by 2.22 percent. COST OF LIVING Compared to the rest of the country, San Diego's cost of living is 66.00% Higher than the U.S. average. REAL ESTATE The median home cost in San Diego is $542,300. Home appreciation the last 10 years has been -3.20% RENTAL INFORMATION Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your MLS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent $2,500 Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $2,400 Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent $1,700

2 Price Range: 0 to Properties: Townhome, Condo Trending Versus*: Trending Versus*: Market Profile & Trends Overview Month LM L3M PYM LY YTD PriorYTD PriorYear Median List Price of all Current Listings $469,000 0% 11% Average List Price of all Current Listings $702,369 0% 15% September Median Sales Price $405,000 1% 0% 10% 10% $395,000 8% 7% September Average Sales Price $471,993 0% -2% 5% 8% $466,037 7% 7% Total Properties Currently for Sale (Inventory) 1,597-4% -14% September Number of Properties Sold 1,012-13% -11% 9,434-4% September Average Days on Market (Solds) 27 8% 8% -18% -21% 27-18% -21% Asking Price per Square Foot (based on New Listings) $424-3% -1% 7% 7% $426 8% 8% September Sold Price per Square Foot $405 2% 0% 7% 10% $394 8% 7% September Month's Supply of Inventory % 7% -3% -10% % -15% September Sale Price vs List Price Ratio 98.4% -0.1% 0% 1% 0.8% 98.6% 0.8% 1.0% * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date Property Sales September Property sales were 1,012, down -11.2% from 1,140 in September of 2016 and -13.2% lower than the 1,166 sales last month. September 2017 sales were at their lowest level compared to September of 2016 and September YTD sales of 9,434 are running -3.8% behind last year's year-to-date sales of 9,807. Prices The Median Sales Price in September was $405,000, up 9.5% from $370,000 in September of 2016 and up 1.3% from $400,000 last month. The Average Sales Price in September was $471,993, up 4.5% from $451,718 in September of 2016 and up 0.3% from $470,509 last month. September 2017 ASP was at highest level compared to September of 2016 and 2015.

3 Price Range: 0 to Properties: Townhome, Condo Inventory & MSI The Total Inventory of Properties available for sale as of September was 1,597, down -4.3% from 1,668 last month and down -14.0% from 1,856 in September of last year. September 2017 Inventory was at the lowest level compared to September of 2016 and A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2017 MSI of 1.6 months was at its lowest level compared with September of 2016 and Market Time The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for September was 27, up 8.0% from 25 days last month and down -18.2% from 33 days in September of last year. The September 2017 DOM was at its lowest level compared with September of 2016 and Selling Price per Square Foot The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The September 2017 Selling Price per Square Foot of $405 was up 2.0% from $397 last month and up 7.4% from $377 in September of last year.

4 Price Range: 0 to Properties: Townhome, Condo Selling Price vs Listing Price The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The September 2017 Selling Price vs List Price of 98.4% was down from 98.5% last month and up from 97.8% in September of last year. Inventory / New Listings / Sales 'This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in September 2017 was 1233, down -14.7% from 1,446 last month and down -2.5% from 1,264 in September of last year.

5 Price Range: 0 to Properties: Townhome, Condo Homes Sold ,140 1,116 1,300 1,276 1,127 1, , ,079 1,176 1,203 1,324 1,158 1,231 1,140 1,076 1, ,083 1,080 1,258 1,253 1,133 1,166 1,012 3 Mo. Roll Avg ,083 1,185 1,231 1,234 1,167 1, ,018 1,153 1,234 1,228 1,238 1,176 1,149 1,080 1, ,140 1,197 1,215 1,184 1,104 (000's) MedianSalePrice Mo. Roll Avg Inventory 2,808 2,490 2,248 2,253 2,252 2,311 2,443 2,472 2,466 2,515 2,478 2,364 2,244 1,990 1,701 1,787 1,886 1,923 1,991 1,903 2,012 2,119 1,993 1,856 1,707 1,541 1,270 1,338 1,353 1,491 1,475 1,545 1,595 1,611 1,668 1,597 MSI Days On Market Mo. Roll Avg Price per Sq Ft Mo. Roll Avg Sale to List Price Mo. Roll Avg New Listings 1, ,274 1,243 1,578 1,567 1,555 1,578 1,598 1,470 1,335 1,328 1, ,300 1,407 1,522 1,576 1,482 1,622 1,536 1,429 1,264 1, ,185 1,224 1,562 1,349 1,536 1,519 1,392 1,446 1,233 Inventory 2,808 2,490 2,248 2,253 2,252 2,311 2,443 2,472 2,466 2,515 2,478 2,364 2,244 1,990 1,701 1,787 1,886 1,923 1,991 1,903 2,012 2,119 1,993 1,856 1,707 1,541 1,270 1,338 1,353 1,491 1,475 1,545 1,595 1,611 1,668 1,597 Sales ,140 1,116 1,300 1,276 1,127 1, , ,079 1,176 1,203 1,324 1,158 1,231 1,140 1,076 1, ,083 1,080 1,258 1,253 1,133 1,166 1,012 (000's) Avg Sale Price Mo. Roll Avg the Equal Opportunity Act. Coldwell Banker Residential Brokerage is operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the

6 Price Range: 0 to Properties: Single Family Home Trending Versus*: Trending Versus*: Market Profile & Trends Overview Month LM L3M PYM LY YTD PriorYTD PriorYear Median List Price of all Current Listings $735,000-1% 7% Average List Price of all Current Listings $1,382,632 0% 13% September Median Sales Price $600,000 0% -1% 8% 9% $590,000 7% 7% September Average Sales Price $759,040 0% 0% 7% 9% $742,521 7% 6% Total Properties Currently for Sale (Inventory) 4,460-5% -24% September Number of Properties Sold 1,991-16% -8% 18,976-1% September Average Days on Market (Solds) 34-3% 3% -17% -17% 36-10% -12% Asking Price per Square Foot (based on New Listings) $399 1% 1% 7% 7% $393 6% 5% September Sold Price per Square Foot $373 0% 1% 7% 9% $364 7% 6% September Month's Supply of Inventory % 5% -18% -17% % -19% September Sale Price vs List Price Ratio 97.1% -0.3% 0% 1% 0.3% 97.5% 0.5% 0.7% * LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date Property Sales September Property sales were 1,991, down -7.7% from 2,158 in September of 2016 and -16.2% lower than the 2,376 sales last month. September 2017 sales were at their lowest level compared to September of 2016 and September YTD sales of 18,976 are running -0.5% behind last year's year-to-date sales of 19,079. Prices The Median Sales Price in September was $600,000, up 7.9% from $556,000 in September of 2016 and down -0.4% from $602,500 last month. The Average Sales Price in September was $759,040, up 7.1% from $708,402 in September of 2016 and up 0.1% from $758,543 last month. September 2017 ASP was at highest level compared to September of 2016 and 2015.

7 Price Range: 0 to Properties: Single Family Home Inventory & MSI The Total Inventory of Properties available for sale as of September was 4,460, down -5.3% from 4,712 last month and down -24.0% from 5,867 in September of last year. September 2017 Inventory was at the lowest level compared to September of 2016 and A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The September 2017 MSI of 2.2 months was at its lowest level compared with September of 2016 and Market Time The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for September was 34, down -2.9% from 35 days last month and down -17.1% from 41 days in September of last year. The September 2017 DOM was at its lowest level compared with September of 2016 and Selling Price per Square Foot The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The September 2017 Selling Price per Square Foot of $373 was down -0.3% from $374 last month and up 6.9% from $349 in September of last year.

8 Price Range: 0 to Properties: Single Family Home Selling Price vs Listing Price The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The September 2017 Selling Price vs List Price of 97.1% was down from 97.4% last month and up from 96.6% in September of last year. Inventory / New Listings / Sales 'This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in September 2017 was 2623, down -13.6% from 3,035 last month and down -12.0% from 2,979 in September of last year.

9 Price Range: 0 to Properties: Single Family Home Homes Sold 2,019 1,554 1,925 1,372 1,577 2,076 2,420 2,321 2,651 2,561 2,234 2,029 1,964 1,563 2,051 1,388 1,493 2,102 2,338 2,428 2,489 2,299 2,384 2,158 2,112 2,008 1,972 1,470 1,563 2,200 2,126 2,435 2,629 2,186 2,376 1,991 3 Mo. Roll Avg 1,833 1,617 1,625 1,675 2,024 2,272 2,464 2,511 2,482 2,275 2,076 1,852 1,859 1,667 1,644 1,661 1,978 2,289 2,418 2,405 2,391 2,280 2,218 2,093 2,031 1,817 1,668 1,744 1,963 2,254 2,397 2,417 2,397 2,184 (000's) MedianSalePrice Mo. Roll Avg Inventory 6,913 6,295 5,377 5,554 5,596 5,682 5,981 6,082 6,359 6,600 6,466 6,316 6,069 5,525 4,825 5,018 5,229 5,417 5,655 5,788 6,171 6,288 6,154 5,867 5,567 5,043 4,156 4,114 3,987 4,243 4,493 4,627 4,843 4,822 4,712 4,460 MSI Days On Market Mo. Roll Avg Price per Sq Ft Mo. Roll Avg Sale to List Price Mo. Roll Avg New Listings 2,922 2,135 1,546 3,025 2,868 3,363 3,463 3,326 3,554 3,544 3,011 2,880 2,816 2,176 1,607 2,899 3,010 3,399 3,491 3,449 3,612 3,373 3,353 2,979 2,716 2,159 1,547 2,700 2,461 3,315 3,135 3,425 3,298 3,081 3,035 2,623 Inventory 6,913 6,295 5,377 5,554 5,596 5,682 5,981 6,082 6,359 6,600 6,466 6,316 6,069 5,525 4,825 5,018 5,229 5,417 5,655 5,788 6,171 6,288 6,154 5,867 5,567 5,043 4,156 4,114 3,987 4,243 4,493 4,627 4,843 4,822 4,712 4,460 Sales 2,019 1,554 1,925 1,372 1,577 2,076 2,420 2,321 2,651 2,561 2,234 2,029 1,964 1,563 2,051 1,388 1,493 2,102 2,338 2,428 2,489 2,299 2,384 2,158 2,112 2,008 1,972 1,470 1,563 2,200 2,126 2,435 2,629 2,186 2,376 1,991 (000's) Avg Sale Price Mo. Roll Avg the Equal Opportunity Act. Coldwell Banker Residential Brokerage is operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintained by the