The Greater Reno-Tahoe Real Estate Report

February, 2018February, 2018 February, 2018 Issue The Greater Reno-Tahoe Real Estate Report Housing Market Trends for: Reno, Sparks, Carson City, Carson Valley, Lake Tahoe, Dayton, and Fernley A FREE monthly report by 2006-2018 CalNeva Realty www.calnevarealty.com 800-305-3015

Table of Contents Page Introduction 3 Annual Housing Trends - Overview of Charts 4 Median Home Price 5 Number of Homes Sold 6 Sold Price to List Price Ratio (%) 7 Recent "Peak to Trough" Median Price Summary 8 Reno-Sparks Historical "Bubble Chart" 9 Monthly Housing Trends - Overview of Charts 10 Median Price by City 11 Months of Inventory by City 12 Reno 13 Sparks 14 Carson City 15 Carson Valley 16 Dayton 17 Fernley 18 Lake Tahoe 19 Data Sources & Definitions 20 2006-2018, CalNeva Realty Page ii

Introduction Report Overview This report is published monthly by Mitch Argon, Broker/Owner of CalNeva Realty. This report is published and distributed for free. You are free to use and/or share this report. Modifying this report in any way is a violation of copyright law. If you (or someone you know) are interested in receiving a notification by email when the report is updated each month, please send an email to Mitch.Argon@CalNevaRealty.com. Comments, suggestions, or error-reporting are welcome and can be sent to Mitch.Argon@CalNevaRealty.com. CalNeva Realty Overview CalNeva Realty provides professional real estate services to clients throughout Greater Reno- Tahoe. We represent clients who are selling or buying real estate and operate a full-service licensed brokerage as members of Reno-Sparks Association of REALTORS (RSAR), Sierra Nevada Association of REALTORS (SNAR) and Northern Nevada Regional Multiple Listing Service (NNRMLS). For Further Information For further insight into the Greater Reno-Tahoe real estate market, visit our blog at www.freenevadamove.com/blog. There are frequent entries with additional market comparisons, recent homes sold, and other useful information. If you have a need for Greater Reno-Tahoe real estate market data not contained in this report, please feel free to contact Mitch Argon (775-315-4424 or Mitch.Argon@CalNevaRealty.com) for further assistance. 2006-2018, CalNeva Realty Page 3 of 20

Annual Trends About the Charts Annual Median Home Price Trend (page 5) This chart shows the annual median home price from 2006 to the present year for each city/area in the region. For the current year, the chart will display the median price on a "year to date" or "YTD" basis. The YTD median price will be from January 1st of the current year to the last day of the month prior to the current issue of this report. The median price in this chart will be more stable than the median home prices for each month (see Monthly Reports) due to the increased number of homes that are used to compute the median price on an annual basis. In the Lake Tahoe market, there are significantly fewer homes sold each month so the YTD median price may be more volatile until April or May for the current year. After the median price rose rapidly through the early 2000s and peaked in 2005, the median price dropped dramatically from 2005 to early 2012. Starting in 2012 and through mid 2013, the median price again rose rapidly. From mid 2013 to the present, the median price has risen, but at a slower and more sustainable rate. Annual Number of Homes Sold (page 6) This chart shows the annual number of homes sold from 2006 to the present year for each city/area in the region. For the current year, the chart will display the number of homes sold on a "year to date" or "YTD" basis. As a result, the current year will be substantially lower in January and increase each month until you will be able to approximate how many homes will be sold during the current year. The number of homes sold increased steadily from 2003 to 2005/2006, which was a recent peak for most markets. The sharp decline in the number of homes sold in 2006 and 2007 was reversed in the larger markets in 2008. The number of homes sold has either regained the volume of the peaks years of 2005/2006 or is steadily climbing with strong year over year gains for each local market. The annual number of homes sold has remained steady in 2012, 2013, and 2014. Annual Sold Price to List Price % (page 7) This chart shows what buyers are "actually paying" for homes relative to the "list price" from 2006 to the current year. Year to Date (YTD) for the current year reflects this measurement from January 1st to the last day of the month prior to the current issue. Not surprisingly, you will see this percentage decrease during a Buyer's market and increase during a Seller's market and the trendline closely corresponds to median price increase trends. 2006-2018, CalNeva Realty Page 4 of 20

Greater Reno-Tahoe Annual - Median Home Price Trend $450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $- 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018-YTD Reno $187,900 $219,000 $295,000 $355,000 $340,000 $325,000 $261,000 $190,000 $180,000 $158,000 $170,000 $221,000 $250,000 $290,000 $315,000 $350,000 $367,500 Sparks $169,000 $193,000 $263,000 $325,000 $315,000 $285,000 $237,000 $175,000 $163,000 $146,450 $160,000 $199,500 $235,000 $264,000 $288,500 $315,000 $342,500 Carson City $177,000 $199,000 $256,450 $317,500 $319,000 $280,000 $248,000 $195,000 $175,000 $144,900 $143,000 $175,400 $200,000 $230,000 $265,000 $287,000 $305,000 Carson Valley $220,500 $255,000 $317,000 $395,000 $395,000 $369,675 $285,000 $239,950 $218,250 $190,000 $195,000 $250,450 $277,500 $315,000 $325,000 $370,000 $413,522 Dayton $143,500 $160,378 $225,000 $250,450 $269,450 $240,000 $210,000 $158,950 $142,000 $117,500 $115,500 $139,950 $161,000 $190,100 $220,000 $259,250 $310,975 Fernley $123,430 $127,850 $165,000 $228,900 $247,000 $220,000 $166,000 $109,950 $107,000 $87,000 $89,000 $123,250 $140,000 $168,000 $209,840 $222,925 $240,000 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 5 of 20

Greater Reno-Tahoe Annual - Housing Units Sold Trend 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Reno 3,578 3,861 4,099 4,175 2,915 2,399 2,497 3,572 3,629 3,995 4,185 4,246 4,092 4,361 4,451 4,744 Sparks 1,331 1,582 1,655 1,896 1,195 952 1,077 1,661 1,718 1,903 1,896 1,821 1,870 1,955 2,106 2,075 Carson City 766 696 751 674 499 385 340 385 406 525 597 602 541 598 683 780 Carson Valley 1,031 1,111 1,164 905 613 494 459 552 566 633 755 756 741 827 875 915 Dayton 198 229 264 288 198 144 176 308 239 332 366 322 304 324 313 398 Fernley 487 588 863 915 441 312 341 584 479 505 524 502 466 517 518 619 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 6 of 20

Greater Reno-Tahoe Annual - % Sold to List Price Trend 103% 102% 101% 100% 99% 98% 97% 96% 95% 94% 93% 92% 91% 90% 89% 88% 87% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Reno 96.5% 95.9% 98.0% 98.0% 96.7% 95.6% 95.1% 95.8% 95.8% 95.7% 97.1% 98.4% 97.6% 97.4% 97.9% 98.1% 97.4% Sparks 97.6% 98.0% 99.0% 98.7% 97.4% 96.7% 96.6% 97.8% 98.0% 97.8% 98.3% 99.9% 98.7% 99.0% 98.9% 99.1% 99.0% Carson City 96.8% 87.9% 98.7% 98.1% 96.9% 96.0% 94.5% 96.3% 95.9% 95.6% 96.6% 97.6% 98.7% 98.4% 98.3% 98.4% 97.6% Carson Valley 98.5% 98.5% 98.1% 97.9% 97.4% 96.2% 94.7% 93.9% 94.4% 95.2% 95.6% 96.3% 97.4% 96.9% 97.9% 98.0% 98.3% Dayton 98.4% 98.4% 98.9% 98.9% 97.8% 95.9% 96.9% 97.2% 97.4% 96.0% 98.2% 99.1% 97.8% 97.3% 98.8% 98.7% 98.6% Fernley 99.9% 101.1% 102.3% 101.5% 99.8% 97.4% 96.2% 98.8% 98.5% 97.9% 97.1% 99.4% 98.3% 98.0% 98.7% 99.0% 99.6% 2018- YTD 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 7 of 20

Recent "Peak to Trough" Median Price Summary Peak Date Trough Date % Change* New High Date % Change** Reno $ 379,000 Aug-2005 $ 142,000 Jan-2012 (63%) $ 385,000 Jul-2017 171% Sparks $ 346,000 Sep-2005 $ 126,500 Jan-2012 (63%) $ 343,035 Dec-2017 171% Carson City $ 346,000 Aug-2005 $ 124,225 Jun-2012 (64%) $ 312,500 Oct-2017 152% Carson Valley + $ 432,000 Sep-2005 $ 163,000 Jan-2012 (62%) $ 413,522 Jan-2018 154% Fernley $ 262,000 May-2006 $ 71,250 Mar-2012 (73%) $ 246,750 Nov-2017 246% Dayton $ 305,000 Jul-2006 $ 89,900 Mar-2012 (71%) $ 310,975 Jan-2018 246% Lake Tahoe ++ $ 1,673,000 Nov-2005 $ 320,000 Jun-2012 (81%) $ 1,962,125 May-2014 513% * from Peak ** from Trough + Includes Minden, Gardnerville, Genoa, and Topaz areas ++ Due to low transaction volume, this number varies greatly and is not 100% representative of the Lake Tahoe market. This summary is for single family (stick built) homes only. 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 8 of 20

Reno-Sparks Single Family Home "Bubble Chart" $400,000 $350,000 Q3-2005 - $355,000 Q4-2017 - $349,000 Q4-2017 - $318,212 $300,000 Q1-2012 - $253,851 $250,000 $200,000 $150,000 $100,000 Q1-00 Q3-00 Q1-01 Q3-01 Q1-02 Q3-02 Q1-03 Q3-03 Q1-04 Q3-04 Q1-05 Q3-05 Q3-2005 - $195,985 1995-2000 = 4.1% straightline appreciation per year RED LINE = 1% per quarter growth (4.1% per year) Source: Northern Nevada Regional MLS. Reno-Sparks Median Price Q1-06 Q3-06 Q1-07 Q3-07 Q1-08 Q3-08 Q1-09 Q3-09 Q1-10 Q1-2012 - $145,000 Q3-10 Q1-11 Q3-11 Q1-12 Q3-12 Q1-13 Q3-13 Q1-14 1% Quarterly Appreciation Rate Q3-14 Q1-15 Q3-15 Q1-16 Q3-16 Q1-17 Q3-17 2006-2018, CalNeva Realty www.calnevarealty.com 800-305-3015 Page 9 of 20

Median Home Prices by City (page 9) Monthly Trends About the Charts This chart shows the monthly median price over the last 24 months for each city in the region. The table below the chart displays the median price (rounded up to the nearest thousand) for each month. You will notice that the median price can fluctuate from month to month. As a result, you will want to look at the 'trendline' for a specific city over a period of 4-6 months or more. Also, the Lake Tahoe area is ommitted from this report due to the substantially higher median price over other areas in the region; by including Lake Tahoe, the increased scale renders the other market's trend lines extremely difficult to reasonably view. You can see the Lake Tahoe median price trend (over the last 24 months) on a later chart dedicated to Lake Tahoe real estate. Months of Inventory by City (page 10) This chart shows "Months of Inventory" (see page 19 for definitions) over the last 24 months for each market in the region. Just like any other open market system, an increas in inventory provides more choices for a "buyer" which leads to a Buyer's market where the home buyer will generally have more negotiating leverage. Conversely, when inventory levels are lower, home sellers have less competition (buyers have fewer choices), the homes seller will have an advantage in setting and realizing a higher price. The National Association of REALTORS (NAR) uses the guideline of a 'balanced market' between 5-7 months of inventory. We use the same standard in this report. Specific areas or "price bands" can determine a 'buyer' or 'seller' market and should be discussed carefully with your CalNeva Realty agent. Local Market Summaries (pages 12-32) These charts (three for each local market) show the relationship between "supply" (homes on the market), recent "demand" (homes sold), and median price. In addition, the table below the chart shows months of inventory by month as well as the % change for each month over the same month in the prior year. Note that inventory and homes sold are measured on the left axis while median price is measured on the right axis. The "Months of Inventory" charts for each market show the relationship between Months of Inventory and year over year price changes and acutal median price. 2006-2018, CalNeva Realty Page 10 of 20

$450 Greater Reno-Tahoe Median Home Prices by City/Area $400 Median Home Price (in Thousands) $350 $300 $250 $200 $150 $100 $50 $- M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Reno $305 $297 $325 $327 $325 $320 $315 $306 $318 $313 $315 $329 $330 $330 $350 $356 $385 $360 $349 $360 $360 $347 $368 Sparks $283 $292 $290 $285 $305 $280 $300 $308 $295 $279 $288 $303 $313 $312 $314 $300 $334 $328 $315 $330 $335 $343 $343 Carson City $257 $249 $270 $272 $266 $290 $268 $266 $264 $260 $267 $259 $293 $285 $278 $289 $285 $300 $295 $313 $290 $275 $305 Carson Valley $325 $326 $296 $325 $330 $329 $339 $370 $310 $340 $312 $352 $364 $372 $363 $352 $363 $390 $381 $353 $410 $397 $414 Dayton $201 $209 $233 $207 $230 $219 $220 $211 $243 $248 $235 $262 $254 $251 $236 $248 $255 $277 $258 $276 $279 $293 $311 Fernley $174 $195 $183 $203 $190 $199 $200 $193 $209 $190 $206 $202 $203 $217 $225 $236 $230 $235 $222 $239 $247 $230 $240 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 11 of 20

16.0 15.0 14.0 13.0 12.0 11.0 >7 Months = Buyer's Market 5-7 Months = Neutral Market <5 Months = Seller's Market Greater Reno-Tahoe Months of Inventory by City/Area Months of Inventory 10.0 9.0 8.0 7.0 6.0 5.0 4.0 N e u t r a l M a r k e t 3.0 2.0 1.0 - NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Reno 3.6 3.7 4.4 4.6 4.8 5.1 4.9 4.8 4.5 4.1 4.7 3.3 3.6 3.8 4.1 4.4 4.2 4.1 3.8 3.6 3.2 2.6 1.0 0.9 Sparks 3.1 3.2 3.8 4.0 4.3 4.3 4.3 4.1 3.9 3.3 2.8 2.8 2.9 2.9 3.2 3.1 2.8 2.7 2.5 2.4 2.2 2.0 0.8 0.8 Carson City 4.0 4.0 4.4 4.8 5.2 5.5 5.6 5.3 4.9 4.2 3.4 3.5 3.6 3.7 4.2 4.0 3.7 3.8 3.8 3.3 3.0 2.2 1.0 0.8 Carson Valley 4.4 4.9 5.9 6.5 6.7 6.0 5.4 5.2 4.9 4.4 3.9 3.9 4.4 4.6 4.7 5.2 5.1 4.9 4.8 4.3 3.6 3.3 1.5 1.3 Lake Tahoe - NV 12.1 11.4 14.3 14.8 15.1 15.3 15.2 12.8 12.2 11.5 10.1 9.0 8.9 8.7 9.5 11.5 13.7 13.1 12.6 12.6 11.3 10.2 7.0 6.6 Dayton 4.1 3.8 3.9 3.8 4.1 4.9 5.2 5.6 4.9 4.6 4.1 3.8 4.2 4.5 5.3 4.8 4.5 4.4 4.0 3.6 3.4 3.4 1.5 1.2 Fernley 3.3 3.5 4.3 4.2 4.1 5.0 4.6 4.5 4.5 4.3 3.7 3.6 4.6 4.2 4.3 4.5 3.7 4.0 3.9 3.6 4.2 4.0 2.0 1.6 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 12 of 20

Reno Housing Trends Units 3,200 3,100 3,000 2,900 2,800 2,700 2,600 2,500 2,400 2,300 2,200 2,100 2,000 1,900 1,800 1,700 1,600 1,500 1,400 1,300 1,200 1,100 1,000 900 800 700 600 500 400 300 200 100 - NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 1,272 1,337 1,566 1,639 1,715 1,787 1,760 1,717 1,603 1,463 1,693 1,206 1,321 1,384 1,529 1,632 1,593 1,574 1,504 1,410 1,272 1,043 417 382 Inventory Change (annual) 1% (0%) 12% 5% 12% 13% 9% 13% 15% 21% 54% (1%) 4% 4% (2%) (0%) (7%) (12%) (15%) (18%) (21%) (29%) (75%) (68%) Total Sold 370 383 402 455 393 397 446 326 343 360 236 260 369 446 463 526 437 500 433 394 373 348 288 Sold Change (annual) 5% (4%) 4% 2% (17%) 12% 15% (12%) 15% 6% (6%) 15% (0%) 16% 15% 16% 11% 26% (3%) 21% 9% (3%) 22% Median Price (Thousands) $305 $297 $325 $327 $325 $320 $315 $306 $318 $313 $315 $329 $330 $330 $350 $356 $385 $360 $349 $360 $360 $347 $368 Price Change (annual) 8% 8% 12% 10% 8% 10% 7% 7% 6% 4% 10% 8% 8% 11% 8% 9% 18% 12% 11% 17% 13% 11% 17% Months of Inventory 3.6 3.7 4.4 4.6 4.8 5.1 4.9 4.8 4.5 4.1 4.7 3.3 3.6 3.8 4.1 4.4 4.2 4.1 3.8 3.6 3.2 2.6 1.0 0.9 $400 $375 $350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 Median Price (Thousand Dollars) 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 13 of 20

Sparks Housing Trends Units 1,300 1,250 1,200 1,150 1,100 1,050 1,000 950 900 850 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 - NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 500 519 629 664 706 717 714 693 654 570 477 471 501 493 547 545 496 484 453 425 395 356 139 141 Inventory Change (annual) 3% (2%) 13% 18% 27% 14% 11% 11% 15% 12% 2% (4%) 0% (5%) (13%) (18%) (30%) (32%) (37%) (39%) (40%) (38%) (71%) (70%) Total Sold 193 175 183 200 191 174 182 164 182 156 122 123 181 220 216 230 192 212 171 147 152 142 114 Sold Change (annual) 0% 8% (1%) 5% 12% 7% 5% (2%) 46% (1%) (12%) (7%) (6%) 26% 18% 15% 1% 22% (6%) (10%) (16%) (9%) (7%) Median Price (Thousands) $283 $292 $290 $285 $305 $280 $300 $308 $295 $279 $288 $303 $313 $312 $314 $300 $334 $328 $315 $330 $335 $343 $343 Price Change (annual) 10% 13% 5% 11% 15% (2%) 13% 16% 5% 5% 10% 12% 11% 7% 8% 5% 9% 17% 5% 7% 14% 23% 19% Months of Inventory 3.1 3.2 3.8 4.0 4.3 4.3 4.3 4.1 3.9 3.3 2.8 2.8 2.9 2.9 3.2 3.1 2.8 2.7 2.5 2.4 2.2 2.0 0.8 0.8 $350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 Median Price (Thousand Dollars) 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 14 of 20

Carson City Housing Trends 500 Units 450 400 350 300 250 200 150 100 50 NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. $350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 Median Price (Thousand Dollars) - M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 204 201 220 238 263 278 287 280 262 233 190 195 203 212 242 239 229 235 237 213 195 146 68 52 Inventory Change (annual) (3%) (8%) (4%) 7% 19% 22% 25% 22% 16% 15% 6% (4%) (0%) 5% 10% 0% (13%) (15%) (17%) (24%) (26%) (37%) (64%) (73%) Total Sold 55 51 57 73 64 57 60 59 55 59 43 35 66 70 72 107 60 71 71 72 75 47 39 Sold Change (annual) (8%) (7%) (3%) 14% 7% 19% 22% 26% 72% (2%) 2% 6% 20% 37% 26% 47% (6%) 25% 18% 22% 36% (20%) (9%) Median Price (Thousands) $257 $249 $270 $272 $266 $290 $268 $266 $264 $260 $267 $259 $293 $285 $278 $289 $285 $300 $295 $313 $290 $275 $305 Price Change (annual) 21% 23% 20% 18% 15% 18% 8% 16% 21% 15% 11% 8% 14% 14% 3% 6% 7% 3% 10% 17% 10% 6% 14% Months of Inventory 4.0 4.0 4.4 4.8 5.2 5.5 5.6 5.3 4.9 4.2 3.4 3.5 3.6 3.7 4.2 4.0 3.7 3.8 3.8 3.3 3.0 2.2 1.0 0.8 $0 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 15 of 20

Carson Valley Housing Trends Units 800 750 700 650 600 550 500 450 400 350 300 250 200 150 100 50 NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. $450 $425 $400 $375 $350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 Median Price (Thousand Dollars) - M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 302 338 397 441 458 417 387 374 353 316 284 279 309 331 347 386 381 366 348 320 276 247 116 105 Inventory Change (annual) (3%) (7%) 4% 6% 10% (3%) (16%) (15%) (9%) (6%) (5%) (6%) 2% (2%) (13%) (12%) (17%) (12%) (10%) (14%) (22%) (22%) (59%) (62%) Total Sold 59 71 71 99 88 102 76 65 71 61 46 35 71 94 86 99 85 85 97 80 71 80 57 Sold Change (annual) (11%) (14%) 8% 6% 5% 36% 21% (17%) 25% (10%) (6%) (31%) 20% 32% 21% 0% (3%) (17%) 28% 23% 0% 31% 24% Median Price (Thousands) $325 $326 $296 $325 $330 $329 $339 $370 $310 $340 $312 $352 $364 $372 $363 $352 $363 $390 $381 $353 $410 $397 $414 Price Change (annual) 18% (1%) (3%) (2%) (1%) 6% 16% 17% (8%) 13% 13% 10% 12% 14% 22% 8% 10% 19% 12% (5%) 32% 17% 33% Months of Inventory 4.4 4.9 5.9 6.5 6.7 6.0 5.4 5.2 4.9 4.4 3.9 3.9 4.4 4.6 4.7 5.2 5.1 4.9 4.8 4.3 3.6 3.3 1.5 1.3 $0 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 16 of 20

Dayton Housing Trends Units 320 310 300 290 280 270 260 250 240 230 220 210 200 190 180 170 160 150 140 130 120 110 100 90 80NOTE: As of January, 2018, 70inventory is ACTIVE listings 60ONLY, no "in escrow" homes. 50 40 30 20 10 - M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 104 99 101 100 106 123 130 136 120 114 103 101 112 120 144 134 130 136 125 118 113 115 49 41 Inventory Change (annual) (14%) (18%) (20%) (17%) (10%) (2%) 13% 13% 8% 16% 13% (4%) 8% 21% 43% 34% 23% 11% (4%) (13%) (6%) 1% (52%) (59%) Total Sold 28 31 29 28 21 27 21 24 26 29 31 22 32 33 39 45 40 35 42 30 29 22 30 Sold Change (annual) 17% (3%) 21% (22%) (28%) 0% (32%) 9% 44% 4% 138% (8%) 14% 6% 34% 61% 90% 30% 100% 25% 12% (24%) (3%) Median Price (Thousands) $201 $209 $233 $207 $230 $219 $220 $211 $243 $248 $235 $262 $254 $251 $236 $248 $255 $277 $258 $276 $279 $293 $311 Price Change (annual) 6% 11% 23% 11% 16% (0%) 16% 4% 16% 32% 17% 24% 26% 20% 1% 20% 11% 26% 17% 31% 15% 18% 32% Months of Inventory 4.1 3.8 3.9 3.8 4.1 4.9 5.2 5.6 4.9 4.6 4.1 3.8 4.2 4.5 5.3 4.8 4.5 4.4 4.0 3.6 3.4 3.4 1.5 1.2 $350 $325 $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 $0 Median Price (Thousand Dollars) 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 17 of 20

Fernley - Housing Trends Units 450 425 400 375 350 325 300 275 250 225 200 175 150 125 100 75 50 25 NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. $300 $275 $250 $225 $200 $175 $150 $125 $100 $75 $50 $25 Median Price (Thousand Dollars) - M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 139 147 174 172 171 201 190 191 185 182 157 153 192 178 192 203 178 197 192 181 210 202 100 83 Inventory Change (annual) 22% 18% 31% 24% 10% 23% 11% 16% 19% 39% 27% 14% 38% 21% 10% 18% 4% (2%) 1% (5%) 14% 11% (36%) (46%) Total Sold 44 44 47 56 37 45 45 40 42 42 38 25 46 71 55 86 49 57 54 41 43 47 39 Sold Change (annual) (20%) (20%) 7% 30% (33%) 32% 22% (17%) 14% 11% 15% (22%) 5% 61% 17% 54% 32% 27% 20% 2% 2% 12% 3% Median Price (Thousands) $174 $195 $183 $203 $190 $199 $200 $193 $209 $190 $206 $202 $203 $217 $225 $236 $230 $235 $222 $239 $247 $230 $240 Price Change (annual) 16% 15% 10% 20% 3% 21% 18% 12% 29% 12% 20% 22% 17% 11% 23% 16% 21% 18% 11% 24% 18% 21% 17% Months of Inventory 3.3 3.5 4.3 4.2 4.1 5.0 4.6 4.5 4.5 4.3 3.7 3.6 4.6 4.2 4.3 4.5 3.7 4.0 3.9 3.6 4.2 4.0 2.0 1.6 $0 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 18 of 20

Lake Tahoe NV Housing Trends Units 200 190 180 170 160 150 140 130 120 110 100-90 80 70 60 50 40 30 20 10 NOTE: As of January, 2018, inventory is ACTIVE listings ONLY, no "in escrow" homes. M A M J J A S O N D J-17 F M A M J J A S O N D J-18 F Inventory 99 98 117 121 130 135 138 126 117 113 101 91 90 86 93 115 126 120 117 114 101 93 62 60 Inventory Change (annual) (7%) (9%) 5% 7% 3% 14% 11% 3% 4% 2% 2% (13%) (9%) (12%)(21%) (5%) (3%) (11%)(15%)(10%)(14%)(18%)(39%)(34%) Total Sold 12 8 4 19 12 10 17 10 8 8 11 3 8 7 7 9 12 11 15 8 10 5 14 Sold Change (annual) 71% (38%) 0% 36% 33% 43% 113%(23%) 60% 33% 22% 0% (33%)(13%) 75% (53%) 0% 10% (12%)(20%) 25% (38%) 27% Median Price (Thousands) $695 $481 $1,74 $973 $565 $893 $838 $1,10 $685 $960 $900 $344 $1,47 $1,50 $785 $629 $953 $848 $895 $1,54 $592 $1,07 $862 Price Change (annual) 13% (33%)110% 44% (24%) 42% 9% 73% (28%) 83% 34% (69%)112% 212%(55%)(35%) 69% (5%) 7% 39% (14%) 12% (4%) Months of Inventory 12.1 11.4 14.3 14.8 15.1 15.3 15.2 12.8 12.2 11.5 10.1 9.0 8.9 8.7 9.5 11.5 13.7 13.1 12.6 12.6 11.3 10.2 7.0 6.6 $1,800 $1,700 $1,600 $1,500 $1,400 $1,300 $1,200 $1,100 $1,000 $900 $800 $700 $600 $500 $400 $300 $200 $100 $0 Median Price (Thousand Dollars) 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 19 of 20

Data Sources & Definitions Term Home Median Price Definition A Home in this report is defined as a single family residential property that is "stick built" constructed. Condominiums, townhomes, multi-family properties, manufactured homes, and vacant land are not included in the definition of a "Home" in this report. The SOLD price of the Home in the middle of all Homes sold during that month. For example, if Homes in a given month sold for $330,000, $333,000, $342,000, $355,000, $670,000, the median Home price is $342,000. Since housing data has extreme values, the median is a better representation of the general level of the housing market than the average (which would be $406,000 in this example - the sum of all values divided by 5). Prices are displayed in "thousand dollars": 500 = 500,000; 1,235 = 1,235,000 and rounded to the nearest thousand dollars for display purposes. % change in Median Home sale price compared to the same month in the prior year. Home Inventory Effective January, 2018, Number of Homes listed for sale EXCLUDING pending homes (homes under contract). Pre January, 2018, this metric includies homes that are currently in escrow (all pending categories). Inventory Change Homes Sold Homes Sold Change Months Inventory Definition % change in the Home Inventory compared to the same month in the prior year. The number of Homes that closed escrow during the specified calendar month. % change in the Homes Sold compared to the same month in the prior year. The number of months to fully deplete the current Home Inventory based on the rate of Homes Sold per month on average over the prior 12 months. This is calculated by dividing the current month's Home Inventory by the average of the Total Homes Sold in the prior 12 months. (Home Inventory) / [ (Total Homes Sold in prior 12 months) * 12 ]. By averaging the Homes sold per month over the last year, seasonal cycles are factored and provide a more accurate view of this measurement. Information Source The data supporting the charts in this report is obtained from the Northern Nevada Regional Multiple Listing Service (NNRMLS). This data is deemed reliable but not guaranteed. Lake Tahoe - All Lake Tahoe (NV) (MLS area 650) - Does Not Include Incline Village, NV Reno - All Reno (MLS area 101) Sparks - All Sparks (MLS area 108) Carson City - All Carson City (MLS area 200) Carson Valley - Gardnerville/Minden/Genoa/Topaz (MLS area 300) Dayton - Dayton (MLS area 420) Fernley - All Fernley (MLS area 450) Scope of Data The data used in this report is based on information from the Northern Nevada Regional Multiple Listing Service (NNRMLS) for the time period identified on this report. This data will not include homes sold outside of the NNRMLS such as For Sale By Owner homes and new homes from builders that were not listed in NNRMLS. 2006-2018, CalNeva Realty www.calnevarealty.com - 800-305-3015. Page 20 of 20