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

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

Price Range: 0 to 999999999 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 1.6 10% 7% -3% -10% 1.5-19% -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 2015. 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.

Price Range: 0 to 999999999 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 2015. 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 2015. 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 2015. 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.

Price Range: 0 to 999999999 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.

Price Range: 0 to 999999999 Properties: Townhome, Condo Homes Sold 942 759 921 638 753 993 1,140 1,116 1,300 1,276 1,127 1,097 994 805 1,085 696 800 1,079 1,176 1,203 1,324 1,158 1,231 1,140 1,076 1,023 935 707 742 1,083 1,080 1,258 1,253 1,133 1,166 1,012 3 Mo. Roll Avg 874 773 771 795 962 1,083 1,185 1,231 1,234 1,167 1,073 965 961 862 860 858 1,018 1,153 1,234 1,228 1,238 1,176 1,149 1,080 1,011 888 795 844 968 1,140 1,197 1,215 1,184 1,104 (000's) MedianSalePrice 335 320 327 325 335 345 338 348 350 340 347 340 350 340 352 351 350 360 360 375 377 380 375 370 381 365 365 375 381 390 385 393 411 405 400 405 3 Mo. Roll Avg 327 324 329 335 339 344 345 346 346 342 346 343 347 348 351 354 357 365 371 377 377 375 375 372 370 368 374 382 385 389 396 403 405 403 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 3 3 2 4 3 2 2 2 2 2 2 2 2 2 2 3 2 2 2 2 2 2 2 2 2 2 1 2 2 1 1 1 1 1 1 2 Days On Market 48 45 55 55 55 47 44 38 37 40 38 40 42 43 41 46 40 34 30 33 31 27 30 33 36 34 37 37 35 28 26 23 24 26 25 27 3 Mo. Roll Avg 49 52 55 52 49 43 40 38 38 39 40 42 42 43 42 40 35 32 31 30 29 30 33 34 36 36 36 33 30 26 24 24 25 26 Price per Sq Ft 337 322 328 321 329 331 335 333 348 345 348 352 355 348 352 360 351 367 361 365 368 365 371 377 376 372 368 372 384 385 380 395 406 407 397 405 3 Mo. Roll Avg 329 324 326 327 332 333 339 342 347 348 352 352 352 353 354 359 360 364 365 366 368 371 375 375 372 371 375 380 383 387 394 403 403 403 Sale to List Price 0.960 0.959 0.960 0.954 0.963 0.968 0.972 0.977 0.974 0.973 0.971 0.973 0.969 0.968 0.966 0.969 0.972 0.977 0.980 0.980 0.981 0.982 0.978 0.978 0.974 0.973 0.970 0.974 0.985 0.985 0.990 0.989 0.990 0.986 0.985 0.984 3 Mo. Roll Avg 0.960 0.958 0.959 0.962 0.968 0.972 0.974 0.975 0.973 0.972 0.971 0.970 0.968 0.968 0.969 0.973 0.976 0.979 0.980 0.981 0.980 0.979 0.977 0.975 0.972 0.972 0.976 0.981 0.987 0.988 0.990 0.988 0.987 0.985 New Listings 1,349 894 767 1,274 1,243 1,578 1,567 1,555 1,578 1,598 1,470 1,335 1,328 1,025 705 1,300 1,407 1,522 1,576 1,482 1,622 1,536 1,429 1,264 1,183 934 681 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 942 759 921 638 753 993 1,140 1,116 1,300 1,276 1,127 1,097 994 805 1,085 696 800 1,079 1,176 1,203 1,324 1,158 1,231 1,140 1,076 1,023 935 707 742 1,083 1,080 1,258 1,253 1,133 1,166 1,012 (000's) Avg Sale Price 410 385 391 395 398 406 399 407 423 413 415 422 424 415 425 435 403 431 421 446 438 434 441 452 455 433 443 443 456 455 449 456 480 499 471 472 3 Mo. Roll Avg 395 391 395 400 401 404 410 414 417 417 420 420 422 425 421 423 418 433 435 440 438 442 449 447 444 440 448 452 454 453 462 478 483 481 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

Price Range: 0 to 999999999 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 2.2 13% 5% -18% -17% 2.2-22% -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 2015. 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.

Price Range: 0 to 999999999 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 2015. 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 2015. 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 2015. 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.

Price Range: 0 to 999999999 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.

Price Range: 0 to 999999999 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 482 483 490 485 487 507 510 520 535 540 525 520 516 529 525 525 515 540 550 558 558 550 555 556 569 550 560 550 552 570 582 602 605 605 603 600 3 Mo. Roll Avg 485 486 487 493 501 512 522 532 533 528 520 522 523 526 522 527 535 549 555 555 554 554 560 558 560 553 554 557 568 584 596 604 604 603 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 3 4 3 4 4 3 2 3 2 3 3 3 3 4 2 4 4 3 2 2 2 3 3 3 3 3 2 3 3 2 2 2 2 2 2 2 Days On Market 51 52 54 60 57 50 46 44 41 41 39 43 46 45 47 48 50 43 38 37 37 39 37 41 40 42 45 48 44 37 33 32 32 32 35 34 3 Mo. Roll Avg 52 55 57 56 51 47 44 42 40 41 43 45 46 47 48 47 44 39 37 38 38 39 39 41 42 45 46 43 38 34 32 32 33 34 Price per Sq Ft 308 310 309 312 310 327 316 324 323 319 328 329 322 329 326 338 332 337 347 342 342 339 341 349 352 348 346 344 359 346 364 368 371 365 374 373 3 Mo. Roll Avg 309 310 310 316 318 322 321 322 323 325 326 327 326 331 332 336 339 342 344 341 341 343 347 350 349 346 350 350 356 359 368 368 370 371 Sale to List Price 0.952 0.949 0.952 0.951 0.960 0.965 0.970 0.971 0.970 0.969 0.967 0.965 0.961 0.961 0.961 0.964 0.962 0.971 0.975 0.972 0.976 0.970 0.968 0.966 0.965 0.961 0.962 0.964 0.970 0.976 0.979 0.980 0.978 0.976 0.974 0.971 3 Mo. Roll Avg 0.951 0.951 0.954 0.959 0.965 0.969 0.970 0.970 0.969 0.967 0.964 0.962 0.961 0.962 0.962 0.966 0.969 0.973 0.974 0.973 0.971 0.968 0.966 0.964 0.963 0.962 0.965 0.970 0.975 0.978 0.979 0.978 0.976 0.974 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 612 629 645 649 644 676 640 678 671 657 664 663 641 683 668 661 661 681 706 712 729 671 693 708 713 706 717 681 709 695 759 762 771 751 759 759 3 Mo. Roll Avg 629 641 646 656 653 665 663 669 664 662 656 662 664 671 663 668 682 699 715 704 698 691 705 709 712 701 702 695 721 739 764 761 760 756 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