Q12015 quarterlyreport ezine asian

2015年第一季度

太平洋联合公司为旧金山湾区的 购房者与售房者提供优化的手机端体验 4 2015年收入与就业持续增长，首次公开募股（IPO）步伐放缓 6

8 12 16 20 24 32 38 42 46

太平洋联合公司为旧金山湾区的 购房者与售房者提供优化的手机端体验 不是手机端的世界还未来到——而是它已经到来。太平洋联 合公司全部网站近40%的流量来自于手机或平板电脑。到了 周末，这一数据会增加到60%以上。 为了应对这种转变，太平洋联合公司近期上线了彻底改版并 与大幅度地提升的公司网站。我们的发展战略是“手机移动 端第一”，当地的房产购买者与出售者可以通过新网站了解 挂牌上市的房产；专业的、超本地化的街区信息；以及最新 的市场动态。 移动化网站具有定位搜索功能，可在一个形象化的旋转木马 中展示详细目录。网站还可提供当前大部分市场的动态数 据——平均销售价格，平均销售量与索价的比率以及上市天 数——超过140个旧金山湾地区的社区尽在您的掌握之中。

我们的全新网站已经上线，可为太平洋联合公司房产专业 人员以及他们的客户提供个人移动网站。登陆PacificUnion. com，点击“创建账户”（如左图所示），您可以选择您的 个人房地产专业人员。保存好您的房地产搜索参数以后，您 可以选择自动接收邮件，了解关于待售的新房产或最新市场 动态的更新信息。 太平洋联合公司的全新网站具有良好的“适应性”，无论您 是用智能手机、平板电脑，还是电脑，它都可以识别您的设 备类型，并优化自身功能使之与设备相匹配。我建议您登陆 PacificUnion.com，您可以走访您最喜爱的街区，搜索最新的 市场趋势，当然，您还可以详细了解挂牌上市的房产。

Bay Area: 10-Year Overview of Q1 Homes Sold Q1 '05

Q1 '06

Q1 '07

Q1 '08

Q1 '09

Q1 '10

Q1 '11

Q1 '12

Q1 '13

Q1 '14

Q1 '15

2,378

2,082

1,684

1,310

2,892

2,288

2,457

2,553

2,290

1,916

1,925

EAST BAY

512

535

445

338

315

365

469

498

439

430

362

MARIN COUNTY

488

410

427

281

223

349

385

434

431

413

377

NAPA COUNTY

298

245

220

140

244

263

290

313

268

212

254

SAN FRANCISCO (SFH)

541

494

461

221

333

468

501

535

499

467

408

SAN FRANCISCO (CONDOS)

501

484

458

319

216

372

479

485

507

548

467

SILICON VALLEY

607

483

490

329

238

391

410

445

432

393

362

1,243

1,037

885

621

1,028

921

978

1,156

979

893

797

SONOMA VALLEY

136

97

81

75

84

88

103

114

104

95

84

LAKE TAHOE/TRUCKEE (SFH)

185

133

147

132

122

167

182

220

223

180

194

58

59

46

34

18

64

52

50

61

56

56

REGION CONTRA COSTA COUNTY

SONOMA COUNTY

LAKE TAHOE/TRUCKEE (CONDOS)

Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, MLSLSTINGS, TSIERRA, April 6, 2015.

Click here to see specific 10-year data on key cities in the Bay Area.

2015年收入与就业持续增长，首次公开募股（IPO）步伐放缓 2015年第一季度，旧金山湾区高速增长的经济逐渐放缓，但并未显示出冷却迹象，整个地区的就业与收 入仍呈现增长的趋势。另一方面，在经历了繁忙的2014年之后，2015年初当地首次公开募股（IPO）的 步伐相对放缓。 约翰•伯恩斯房地产咨询公司（JBREC）的数据显示，2014年，在旧金山湾区有35家企业首次公开募 股，筹集资金约50亿美元。去年值得注意的首次公开募股企业包括位于旧金山的借贷俱乐部（Lending Club），自2014年12月在纽约证券交易所上市到2015年2月为止，共筹集资金8.7亿美元。位于圣马特奥 县的运动摄影机制造商GoPro首次公开募股情况良好：收益4.27亿美元。 2015年第一季度，旧金山湾区五家企业首次公开募股，其中，科 技领域的唯一代表，位于洛斯拉图斯的文件共享服务供应商Box共 筹集1.75亿美元。上个季度其他公开发行股票的公司为生物技术或 医学公司：旧金山的INVITAE公司（筹集1.02亿美元），雷德伍德 城的Avinger公司（筹集6500万美元），费利蒙的Zosana Pharma公 司（筹集5000万美元），圣拉蒙的SteadyMed Therapeutics公司（筹 集4000万美元）。 旧金山451研究的研究总监布莱恩·戴利察觉到一点萧条的迹 象——至少是在科技领域——考虑到去年的情况，今年多少让人 感到略微吃惊。他说：“我把这称为出人意料且令人失望地减 缓。” 筹资能力为保持私有添加动力 那么，在很多当地知名的科技公司——包括Uber技术公 司、Airbnb公司、Dropbox公司以及Pinterest公司——都有望进行 首次公开募股申报的时候，发展步伐急速减慢的原因是什么？戴 利提出两个可能的理由。 在房地产领域，首次公开募股遵循季节性模式，年初的几个月通 常是一段冷淡期。企业不仅希望在上市之前能有一年的稳固收益 作为支持，还希望能够在第一季度表现出众。 或许，更重要的是，目前风险投资公司希望将大量的资金投入当 地公司。约翰•伯恩斯房地产咨询公司表示，旧金山湾地区的公 司去年总计吸收资金234亿美元——是自2000年以来的最高额。投 资者对科技公司的兴趣似乎并未减弱；据《纽约时报》表示，今 年2月，总部位于旧金山的Uber公司另外筹集了10亿美元的资金， 使公司自2009年成立以后的总筹资数额达到约50亿美元。 由于萨班斯-奥克斯利法案等法律的要求，首次公开募股可能需经历一个漫长复杂的过程，戴利认为， 许多公司都会尽可能保持私有，因为在后期私人资本是现成的。 他说：“当有人做好准备愿意为你开张大支票的时候，实在没有什么必要去做首次公开募股的麻烦 事。”

2015年旧金山湾区就业与收入呈增长之势 即使2015年对旧金山湾区来说不是一个首次公开募股的丰年，但稳定的收入与就业增长仍会保持房地产 业的强劲需求。约翰•伯恩斯房地产咨询公司表示，在旧金山湾区的127家上市公司中，与去年同期相 比，大约三分之二的公司在三月份实现发展，这表明当地公司会继续进行招聘。 约翰•伯恩斯房地产咨询公司负责人之一皮特·里布表示：“就业增长是房产需求的首要推动力。” 约翰•伯恩斯房地产咨询公司表示，2015年，葡萄酒乡将推动纳帕县当地的就业增长，纳帕县就业将增 长4.4%，索诺玛县增长3.2%。圣克拉拉县预计就业增长2.5%；阿拉米达县与康特科斯拉县将总计增长 2.4%；马林县、旧金山和圣马特奥县的就业增长总和预计为2.3%。 约翰•伯恩斯房地产咨询公司表示，大部分旧金山湾区的就业水平达到或超过了最高水平，其中最显 著的是纳帕县，该地的工资和劳动力总数是此前最高水平，即2008年的104%。圣克拉拉县的趋势相 反，该地就业率是其网络时代峰值的96%到97%。 旧金山湾区的工资在2015年有望再创新高，这将有助于当地的房产购买者获得更多的购买力。约翰•伯 恩斯房地产咨询公司预计，整个地区2015年的中等家庭收入将由原来的3.8%增长到4.5%——而去年的中 等家庭收入由0.3%增长到1.9%。

2015年第一季度

Ellen Anderson Senior Vice President, Contra Costa County 925.743.9330 ellen.anderson@pacunion.com 101 Sycamore Valley Road West | Danville, CA 94526

pacificunion.com

2015年第一季度初期，太平洋联合公司在康特科斯拉县地区的房产销售放缓，但在三月份有显著回升，且市场上的房 产数量稳步增加。但是，买家的数量继续高于可供出售的房产数量，这意味着多处房产获得了多方竞价。某些街区的 房产售价已高出要价的10%甚至更多。 房产销售速度比最近几个季度有所加快，因此买家需要保持资金有序并果断出手方能完成交易。在这一季度中，平均 房价持续上涨，由于借贷机构难以与当前市场价格保持同步，因此在某些时候估价较为困难。 预期：随着卖家意识到2015年会出现价格高点，我们预计未来几个月市场房产储量会有所增加。该地区具有吸引力的 房产与名校会继续吸引买家——低利率与旧金山湾区繁荣的经济也会有不小的推动作用。对初次购房的买家而言，市 场仍是困难重重，但所有的迹象都显示，房产市场将迎来兴旺繁忙的春夏两季。 界定：我们在康特科斯拉县的房地产市场包括下列地区：阿拉莫、布莱克霍克、丹维尔、迪亚布罗、拉斐特、莫拉 加、奥林达、普莱森特山、圣拉蒙以及核桃溪。下方图表中的销售数据包括这些社区内的独栋住宅。

$1,300,000 $1,100,000

$1,036,975 $1,040,000 $1,060,000 $1,004,000 $1,045,000 $975,000 $965,000

$995,000

$1,007,500 $1,000,000

$1,010,000 $970,000

$1,096,600

$900,000 $700,000 $500,000 $300,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

2.6 2.2 2.1

1.8

1.9 1.7

1.6

1.6

1.6 1.5

1.7

1.6

1.8

1.7

1.3 1.1

1.1

0.6

0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

pacificunion.com

45

40

40 35 30 25

23

20

23 18

19

Apr-14

May-14

25

27

29

31

31

29 25

21

15 10 5 0

Mar-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

60% 48.2%

50% 40%

39.8%

37.9%

38.2%

37.7% 32.9%

31.7%

30%

32.4% 29.4%

32.1%

35.1%

37.6%

30.1%

20% 10% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

103% 101.8%

102%

102.0%

101% 100%

100.2%

99.9%

101.0%

100.6% 99.1%

99%

99.3% 98.1%

98.6%

98.8%

98.3%

98%

97.2%

97% 96% 95% 94%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

pacificunion.com

Contra Costa County Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Alamo

$

59,739,900

$

45,328,525

-24%

42

28

-33%

50

31

-38%

$ 1,346,750

$ 1,414,050

5%

Blackhawk

$

20,559,900

$

20,772,900

1%

13

13

0%

34

56

65%

$ 1,269,900

$ 1,459,900

15%

Danville

$

117,759,879

$ 137,453,351

17%

107

118

10%

30

27

-10%

$ 1,025,000

$ 1,077,500

5%

Diablo

$

6,465,000

$

21,655,000

235%

2

10

400%

40

141

253%

$ 3,232,500

$ 1,877,500

-42%

Lafayette

$

63,544,400

$

69,152,761

9%

48

49

2%

39

40

3%

$ 1,225,000

$ 1,340,000

9%

Moraga

$

28,784,000

$

32,277,188

12%

25

27

8%

19

28

47%

$ 1,135,000

$ 1,160,000

2%

Orinda

$

41,753,820

$

66,485,952

59%

37

44

19%

28

26

-7%

$ 1,099,000

$ 1,351,700

23%

Pleasant Hill

$

40,207,980

$

37,732,609

-6%

64

58

-9%

23

33

43%

$

641,500

$

650,000

1%

San Ramon

$

115,093,112

$ 123,448,361

7%

120

124

3%

20

19

-5%

$

874,500

$

980,000

12%

Walnut Creek

$

75,507,731

$

-2%

83

75

-10%

30

27

-10%

$

843,750

$

917,000

9%

73,728,340

Source: Terradatum, April 6, 2015. Data is for single-family homes in selected Contra Costa County cities.

2015年第一季度

Pam Hoffman Senior Vice President, Managing Broker, East Bay Region 510.339.6460 phoffman@pacunion.com 1900 Mountain Boulevard | Oakland, CA 94611

pacificunion.com

2015年第一季度初期，太平洋联合公司在东湾地区的房产销售缓慢，但随着这一季度时间的推进，销售速度逐渐加快， 异常紧张的房产供应情况也逐渐缓解。同时，该地区的买家数量充足，市场较以往更具竞争力。到三月底，近90%的房 产获得多方竞价，焦虑的买家给出远高于要价的价格，以确保能购得房产。在某些街区，售价高于要价的40%。 近几年东湾可供出售的房产储量始终紧张，但自一年以前，第一季度的储量会出现进一步下滑，新挂牌上市的房屋数 量难以满足买家需求。那些在步行评级中得分较高并靠近BART站点的社区销路最好。 预期：我们预计第二季度将有大批房产投入市场，我们也报告指出，房产领域的老手在三月份的最后几周内相当繁 忙，这似乎证实了这种乐观的态势。未来几个月东湾将会出现数量充足的买家。 界定：我们在东湾区域内的房地产市场包括下列地区：奥克兰地区（邮编代码为94602、94609、94610、94611、94618 、94619和94705的区域）、阿拉米达、奥尔巴尼、埃尔塞里托、肯辛顿以及皮埃蒙特。下方图表中的销售数据包括这 些社区内的独栋住宅。

$1,000,000 $900,000 $800,000

$813,500

$817,000

Apr-14

May-14

$842,500

$758,500

$790,000

$834,000

$775,000

$835,000

$826,500 $822,500

$792,500

$849,000

$900,500

$700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

Mar-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in the East Bay.

2.0

2.1 1.9

1.5

1.7

1.6

1.7 1.4

1.3

1.3

1.2

1.2 1.0

1.1

1.1

1.1

1.0

0.9

0.9

0.7

0.7 0.5 0.3 0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in the East Bay.

pacificunion.com

40

37

35 30 25

27

25 20

20

22

21

23

23

20

21

23 20

19

15 10 5 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in the East Bay.

Â

60% 50%

55.4%

43.1%

43.4%

45.7%

43.8%

45.3%

45.9% 39.7%

40%

46.1%

44.9%

36.1%

35.7%

33.3%

30% 20% 10% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in the East Bay. Â

118%

116.2%

116% 113.2%

114% 112% 110%

111.8%

110.3% 109.2%

109.4%

111.6%

111.9%

109.3%

111.0% 109.2%

107.7%

108% 106%

104.2%

104% 102% 100% 98%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.

pacificunion.com

East Bay Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

Alameda

$

51,794,728

$

42,999,500

-17%

64

46

-28%

21

18

-14%

$

760,750

$

864,000

14%

Albany

$

8,430,800

$

7,170,000

-15%

12

9

-25%

30

11

-63%

$

748,750

$

800,000

7%

Berkeley

$

81,126,591

$

82,636,400

2%

89

78

-12%

19

25

32%

$

785,000

$

952,500

21%

El Cerrito

$

22,390,750

$

15,404,000

-31%

35

22

-37%

24

22

-8%

$

600,000

$

706,000

18%

Kensington

$

8,268,000

$

10,124,500

22%

9

11

22%

19

17

-11%

$

810,000

$

860,000

6%

Oakland*

$ 148,275,268

$ 156,592,213

6%

203

178

-12%

33

26

-21%

$

638,000

$

804,050

26%

Piedmont

$

$

-4%

18

18

0%

57

34

-40%

$ 1,642,500

$ 2,001,003

22%

40,747,111

39,154,005

Source: Terradatum, April 6, 2015. Data is for single-family homes in selected East Bay cities; *Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.

East Bay Price Range Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Under $500,000

$

31,646,342

Q1 '15 $

11,850,780

Homes Sold

Avg. Days on Market

Median Price

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

-63%

83

31

-63%

38

47

24%

$

385,000

$

390,000

1%

Over $500,000 $ 329,386,906

$ 342,229,838

4%

347

331

-5%

26

22

-15%

$

798,000

$

895,000

12%

$500,000 $1 million

$ 160,631,601

-17%

264

211

-20%

25

21

-16%

$

735,000

$

765,000

4%

$ 181,598,237

33%

83

120

45%

27

24

-11%

$ 1,325,000

$ 1,300,000

-2%

$ 192,593,907

Over $1 million $ 136,792,999

Source: Terradatum, April 6, 2015. Data is for SFH in the East Bay: Alameda, Albany, Berkeley, El Cerrito, Kensington, Piedmont, and Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.

Oakland Snapshot: Q1 2015 vs. Q1 2014 Neighborhood

Homes Sold Q1 '14

Q1 '15

Average Price % change

Q1 '14

Q1 '15

% change

Montclair / Joaquin Miller

46

39

-15%

$865,527

$993,403

15%

Crocker Highlands / Grand Lake

27

20

-26%

$871,099

$975,663

12%

Rockridge / Claremont

19

22

16%

$1,177,352

$1,397,026

19%

Glenview / Oakmore

15

14

-7%

$799,092

$901,203

13%

Laurel / Dimond

15

13

-13%

$462,861

$593,423

28%

Redwood Heights / Lincoln Heights

15

15

0%

$633,893

$754,033

19%

Crestmont / Ridgemont / Skyline

6

5

-17%

$905,833

$1,188,600

31%

Temescal / Piedmont Ave.

4

9

125%

$807,974

$913,556

13%

Source: EBRD, April 6, 2015. Data is for single-family homes in selected Oakland neighborhoods.

2015年第一季度

Brent Thomson President, Marin County 415.383.1900 brent.thomson@pacunion.com 575 Redwood Highway, Suite 150 | Mill Valley, CA 94941

pacificunion.com

2015年第一季度太平洋联合公司在马林县的房产存量稳步扩大，但额外供应的房产销售迅速——这显示了整个地区被 压抑的买方需求。整个季度房价持续升高，几乎所有定价合理且位于较理想社区的房产都获得了多方竞价。买家为尽 快成交而交纳全额现金并放弃附带条件的情况也屡见不鲜。 米尔山谷市场尤为火爆，但销售势头在整个地区的所有价格范围内非常强劲——尤其是高端房产的销售。本季度还有 大量私人采购协议在房产还未投入当地上市房地产综合信息服务网（MLS）且未有竞争投标之前就已达成。这样的市 场外交易可以简化销售流程，但不能保证最高的可能售价。 预期：春季是房产市场典型的繁忙季节，随着当地经济迅猛发展，且利率始终徘徊在历史低点，马林县未来几个月内 的房产交易有望达到超常水平。卖家可能意识到现在是将房产投入市场的最佳时机，而买家将会继续观望。 界定：我们在马林县区域内的房地产市场包括下列地区：贝尔韦代雷、科特马德拉、费尔法克斯、葛兰布易、肯特菲 尔德、拉卡斯伯、米尔山谷、诺瓦托、罗斯、圣安塞尔莫、圣拉斐尔、索萨利托以及蒂伯龙。下方图表中的销售数据 包括这些社区内的独栋住宅。

$1,300,000 $1,100,000

$1,175,000 $1,001,500

$1,030,000

$1,100,000

$1,051,500

$1,054,100

$952,500

$1,137,500

$1,100,000 $991,000

$1,008,000

$990,000

$980,000

$900,000 $700,000 $500,000 $300,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

3.1 2.6

2.6

2.5 2.2

2.1

1.8

1.8

1.6

1.8 1.5

1.5

May-14

Jun-14

1.9

1.9

1.9

1.7 1.4

1.1 0.6 0.1

Mar-14

Apr-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

pacificunion.com

80

74

70 60

56

50

53

53 46

45

50

52

55

62

60

56 45

40 30 20 10 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

50% 45% 40%

46.1% 39.9%

38.0% 33.9%

35%

36.7%

35.1% 30.1%

30%

27.9%

29.4%

31.0%

30.7% 25.7%

25%

22.1%

20% 15% 10% 5% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

102%

101.0%

100.7% 99.3%

99.3%

100%

98.2% 98% 96%

97.4%

97.0%

97.5%

98.1%

98.0% 95.7%

95.8%

93.7%

94% 92% 90% 88%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

pacificunion.com

Marin County Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Belvedere

$

53,517,000

$

33,111,500

-38%

14

8

-43%

125

84

-33%

$ 3,030,000

$ 3,225,000

6%

Corte Madera

$

13,902,950

$

24,509,000

76%

12

20

67%

65

32

-51%

$ 1,136,500

$ 1,055,000

-7%

Fairfax

$

12,844,750

$

3,867,500

-70%

15

5

-67%

83

19

-77%

$

$

750,000

-3%

Greenbrae

$

14,487,000

$

10,221,000

-29%

10

6

-40%

71

26

-63%

$ 1,296,000

$ 1,682,000

30%

Kentfield

$

22,040,000

$

37,864,450

72%

9

16

78%

31

42

35%

$ 1,675,000

$ 2,065,975

23%

Larkspur

$

24,867,578

$

9,387,000

-62%

13

6

-54%

54

47

-13%

$ 1,615,000

$ 1,213,500

-25%

Mill Valley

$ 100,620,553

$

97,216,515

-3%

59

56

-5%

49

51

4%

$ 1,380,000

$ 1,422,500

3%

Novato

$

74,879,110

$

85,859,318

15%

101

94

-7%

63

64

2%

$

$

849,500

21%

Ross

$

12,505,000

$

19,775,000

58%

6

4

-33%

41

45

10%

$ 2,297,500

$ 4,862,500

112%

San Anselmo

$

34,376,300

$

24,630,500

-28%

29

21

-28%

70

37

-47%

$

900,000

$

900,000

0%

San Rafael

$

77,794,952

$

84,194,006

8%

85

87

2%

68

52

-24%

$

839,000

$

840,000

0%

Sausalito

$

29,873,734

$

15,375,000

-49%

15

9

-40%

87

47

-46%

$ 1,425,000

$ 1,500,000

5%

Tiburon

$

74,169,130

$

51,739,815

-30%

25

19

-24%

106

56

-47%

$ 2,870,000

$ 2,700,000

-6%

770,000

702,800

Source: Terradatum, April 6, 2015. Data is for single-family homes in selected Marin County cities.

2015年第一季度

Linda Carroll Regional Executive, Napa County 707.251.8805 linda.carroll@pacunion.com 944 Main Street | Napa, CA 94559

pacificunion.com

经过冷淡的一月和二月之后，纳帕县的房地产活动在三月恢复生机，买家数量在春季开始增加。卖家也参与到这场盛 宴之中，这使第一季度可供出售的房产供应量较以往更加充足。 买家为位于理想区域且定价合理的房产积极出价，但他们似乎比过去几个季度更加谨慎——例如他们并不急于签署销 售合同。虽然卖家比过去几年有所增加，但他们同样态度谨慎；本地区大约三分之一的房产销售依卖家寻找新居的情 况而定。 预期：纳帕县的多数卖家会等到春暖花开自己的房产外观最佳时将其投向市场，几乎可以预见，市场将迎来一个活跃 的春夏之季。我们预计，酒庄和葡萄庄园等高端房产在经历了几年相对低迷的状态之后，有望在今年第三季度迎来强 劲的需求。 界定：我们在纳帕县区域内的房地产市场包括下列地区：美国峡谷、安格文、卡利斯托加、纳帕、奥克维尔、拉瑟福 德、圣海伦娜以及杨特维尔。下方图表中的销售数据包括这些社区内的独栋住宅。

$700,000 $600,000

$563,250

$527,000

$510,022

$500,000

$610,000

$602,500

$592,000

$575,000

$535,000

$510,000

$522,500

$554,750 $497,000 $492,000

$400,000 $300,000 $200,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in Napa County.

6.1 5.1

5.4 4.9 4.3

4.1

3.6

3.7

3.4

3.8

4.1

4.4 3.3

3.7 3.2

3.1

2.4

2.1 1.1 0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in Napa County.

pacificunion.com

114

120 100

100

99 90

80 65

71

77

81

87

100 89

81

71

60 40 20 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in Napa County.

Â

33.3%

35% 28.0%

30% 25%

24.4%

20%

24.1%

22.9% 19.1%

19.1%

15.8%

16.1%

16.3%

Aug-14

Sep-14

17.3%

18.3%

Oct-14

Nov-14

16.5%

15% 10% 5% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in Napa County. Â

98%

96.4%

96% 94%

95.4%

95.8%

95.1%

93.7%

93.5%

93.4%

94.6%

92.5% 91.2%

92% 90%

91.2%

92.0%

88.6%

88% 86% 84%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.

pacificunion.com

Napa County Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

American Canyon

$

11,672,000

$

14,303,713

23%

30

36

20%

59

83

41%

$

392,500

$

383,500

-2%

Angwin

$

5,164,000

$

919,000

-82%

8

2

-75%

127

196

54%

$

526,500

$

459,500

-13%

Calistoga

$

16,719,400

$

13,607,300

-19%

14

12

-14%

172

170

-1%

$

692,500

$

648,000

-6%

Napa

$

82,860,421

$ 120,876,430

46%

135

176

30%

102

85

-17%

$

515,000

$

523,150

2%

St. Helena

$

30,061,500

$

19,224,500

-36%

18

15

-17%

182

183

1%

$ 1,055,000

$

801,000

-24%

Yountville

$

3,712,250

$

11,776,421

217%

5

6

20%

129

184

43%

$

$ 1,287,518

76%

729,500

Source: Terradatum, April 6, 2015. Data is for single-family homes in selected Napa County cities.

Napa County Price Range Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

Under $500,000

$

38,918,551

$

44,028,699

13%

103

118

15%

81

79

-2%

$

399,000

$

384,768

-4%

$500,000 $999,999

$

54,637,170

$

65,563,999

20%

80

99

24%

122

92

-25%

$

639,500

$

629,000

-2%

$1 million - $3 million

$

36,302,350

$

49,557,921

37%

24

30

25%

163

189

16%

$ 1,335,000

$ 1,607,500

20%

Over $3 million $

22,145,000

$

31,456,295

42%

5

7

40%

357

176

-51%

$ 4,800,000

$ 3,380,750

-30%

Source: Terradatum, April 6, 2015. Data is for single-family homes in Napa County.

2015年第一季度

Patrick Barber President 415.929.7100 patrick.barber@pacunion.com 1699 Van Ness Avenue | San Francisco, CA 94109

pacificunion.com

2015年第一季度，旧金山的房地产市场仍然面临储量短缺的困扰。所有价位的房产供应均有不足，尤其是公寓类房 产，具有吸引力的、定价合理的房产在投入市场后几乎不到一周的时间里就签下合同出售。本季度房价稳定攀升，大 部分房产获得多方竞价，有意购房者络绎不绝。 同时卖家面临两难困境：将其房产投入市场，虽然可以保证较高的售价，但会使他们处于与买家一样的处境——仓促 寻找下一处住所。对旧金山的多数卖家而言，解决这一问题的办法就是与买家协商租金滞纳协议，使在他们有额外的 时间寻找新房产。 预期：通常情况下，第二季度的房产销售势头强劲，但今年还有附加因素：当地经济繁荣且利率始终徘徊在历史最低 点，这会导致房地产销售超负荷。所有的迹象都表明，旧金山房地产市场将迎来繁忙的春夏两季。

$1,500,000 $1,300,000 $1,100,000 $1,100,000

$985,000

$1,190,000

$1,175,000 $1,090,500

$1,082,000 $971,500

$1,040,000

$1,250,000 $1,128,500 $1,075,000

$1,124,000 $980,000

$900,000 $700,000 $500,000 $300,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in San Francisco.

$1,300,000 $1,100,000

$977,000

$900,000

$1,050,000 $920,000

$970,000

$957,500

$980,000

$950,000

$1,004,000

$1,025,000 $965,012

$1,100,000

$1,140,000

$882,500

$700,000 $500,000 $300,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for condominiums in San Francisco.

pacificunion.com

2.6

1.6

2.1

1.9

2.1 1.5

1.6 1.4

2.1

2.1

1.7

1.4

1.3

1.3

1.1

1.3

0.8

0.6

0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in San Francisco.

2.6 2.1

2.1

1.6

1.6 1.3

1.4

1.9

1.8

1.7 1.4

1.3

1.2

1.4 1.0

1.1

1.0

0.6

0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for condominiums in San Francisco.

50

46

45

39

40 35

32

35

30

26

27

May-14

Jun-14

30

29

Jul-14

Aug-14

31

31

30

27

27

25 20 15 10 5 0

Mar-14

Apr-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in San Francisco.

Â

pacificunion.com

60 51

54

50 40 30

35 30

30

Mar-14

Apr-14

39 33

33

Jul-14

Aug-14

37

36 29

28

31

20 10 0

May-14

Jun-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for condominiums sold in San Francisco.

50% 45%

41.9%

40%

44.6% 40.3%

36.3%

35.8%

35%

39.2% 35.1%

32.7%

35.0%

Jul-14

Aug-14

Sep-14

39.8% 34.3%

31.0%

33.3%

30% 25% 20% 15% 10% 5% 0%

Mar-14

Apr-14

May-14

Jun-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in San Francisco.

50%

46.0%

46.0% 41.0%

45% 40%

40.0%

37.3%

37.6% 33.1%

35%

36.5%

41.4%

39.6% 35.6% 31.9%

32.6%

Dec-14

Jan-15

30% 25% 20% 15% 10% 5% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of condominiums under contract in San Francisco.

pacificunion.com

116% 113.4%

114% 112% 110%

109.3%

110.3%

109.8%

111.3% 109.7%

109.0%

109.8%

109.7%

109.3% 107.2%

108%

105.3%

106%

104.8%

104% 102% 100%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in San Francisco.

110% 108%

107.9%

108.2% 106.9%

106.7%

108.3%

107.6%

106.7% 105.9%

105.2%

106%

105.6%

103.9%

104%

103.3% 101.4%

102% 100% 98% 96%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.

pacificunion.com

1:

Inner Richmond, Central Richmond, Outer Richmond, JordanPark/Laurel Heights, Lake, Lone Mountain, Sea Cliff.

2:

Outer Sunset, Central Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Golden Gate Heights.

3:

Pine Lake Park, Merced Manor, Lake Shore, Lakeside, Stonestown, Merced Heights, Ingleside, Ingleside Heights,

Oceanview.

4:

Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park.

5:

Buena Vista/Ashbury Heights, Clarendon Heights, Cole Valley/Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley/Dolores Heights, Glen Park, Haight-Ashbury, Mission Dolores, Noe Valley, Twin Peaks.

6:

Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition.

7:

Cow Hollow, Marina, Pacific Heights, Presidio Heights.

8:

Downtown, Financial District/Barbary Coast, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill,

Tenderloin, Van Ness/Civic Center.

9:

South of Market, Yerba Buena.

10:

Bernal Heights, Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach, Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood, Outer Mission, Mission Terrace, Portola, Silver Terrace, Visitacion Valley.

pacificunion.com

San Francisco Snapshot: SFH, Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

District 1

$

56,428,800

$

66,338,150

18%

36

34

-6%

40

22

-45%

$

1,238,000

District 2

$

74,582,322

$

73,214,785

-2%

81

66

-19%

39

29

-26%

$

District 3

$

29,807,300

$

19,828,204

-33%

38

22

-42%

43

42

-2%

$

District 4

$

81,183,300

$

72,569,388

-11%

63

51

-19%

33

46

39%

$ 1,150,000

$ 1,228,000

7%

District 5

$

158,302,282

$

149,962,331

-5%

70

62

-11%

27

26

-4%

$

$

-3%

District 6

$

26,704,620

$

6,007,000

-78%

13

4

-69%

49

52

6%

$ 1,900,000

$ 1,507,500

-21%

District 7

$

84,807,000

$

103,391,500

22%

18

19

6%

25

25

0%

$

$

5,200,000

19%

District 8

$

21,725,000

$

5,810,000

-73%

6

3

-50%

9

27

200%

$ 3,600,000

$ 2,100,000

-42%

District 9

$

47,638,888

$

85,708,725

80%

39

58

49%

35

25

-29%

$

1,240,000

$

1,400,000

13%

District 10

$

65,197,683

$

66,433,979

2%

103

89

-14%

43

43

0%

$

635,000

$

725,000

14%

1,722,500

39%

920,000

$ 1,100,000

20%

700,250

$

21%

2,175,000

4,362,500

$

844,500

2,100,000

Source: Terradatum, April 6, 2015. Data is for single-family homes in San Francisco districts.

San Francisco Snapshot: Condos, Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

District 1

$

22,855,850

$

19,734,500

-14%

21

16

-24%

43

29

-33%

District 2

$

1,180,000

$

7,245,000

514%

1

8

700%

1

47

4600%

District 3

$

3,309,000

$

3,615,880

9%

7

7

0%

56

28

District 4

$

9,359,000

$

5,571,000

-40%

15

9

-40%

30

District 5

$

106,226,578

$

89,953,119

-15%

94

72

-23%

District 6

$

46,518,152

$

54,951,256

18%

52

52

District 7

$

70,215,243

$

94,504,401

35%

46

District 8

$

110,700,404

$

84,014,862

-24%

District 9

$

193,941,627

$

208,140,175

District 10

$

4,579,381

$

6,202,250

Median Price Q1 '14 $

Q1 '15

% change 4%

1,120,000

$

1,165,000

$ 1,180,000

$

782,500

-34%

-50%

$

410,000

$

495,000

21%

24

-20%

$

600,000

$

600,000

0%

26

29

12%

$

1,132,500

$

1,154,444

2%

0%

44

34

-23%

$

880,283

$

944,500

7%

57

24%

34

23

-32%

$

1,285,000

$

1,600,000

25%

111

62

-44%

47

47

0%

$

850,888

$ 1,045,900

23%

7%

190

175

-8%

34

40

18%

$

957,500

$

1,050,000

10%

35%

11

9

-18%

89

43

-52%

$

442,000

$

721,000

63%

Source: Terradatum, April 6, 2015. Data is for condominiums in San Francisco districts.

pacificunion.com

San Francisco Price Range Snapshot: SFH, Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q4 '15

% change

Median Price Q1 '14

Under $1 million

$

178,005,473

$

124,454,757

-30%

244

161

-34%

46

43

-7%

$

$1 million - $3 million

$

290,566,440

$

339,460,305

17%

182

210

15%

27

27

0%

Over $3 million $

177,805,282

$

185,349,000

4%

41

37

-10%

24

27

13%

Q4 '15

% change

775,000

8%

$ 1,422,500

$ 1,475,000

4%

$

$

716,500

3,775,000

$

4,611,000

22%

Source: Terradatum, April 6, 2015. Data is for single-family homes in San Francisco County.

San Francisco Price Range Snapshot: Condos, Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q4 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q4 '15

% change

Q1 '14

Q4 '15

% change

Median Price Q1 '14

Under $1 million

$

207,493,622

$

148,458,493

-28%

298

205

-31%

42

41

-2%

$

$1 million - $2 million

$

305,418,095

$

288,994,804

-5%

231

211

-9%

33

31

-6%

Over $2 million $

55,973,518

$

136,479,146

144%

19

51

168%

30

36

20%

Q4 '15

% change

731,000

3%

$ 1,280,000

$ 1,315,000

3%

$

$

-5%

713,000

2,610,000

$

2,480,000

Source: Terradatum, April 6, 2015. Data is for condominiums in San Francisco County.

2015年第一季度

David Barca Vice President, Silicon Valley 650.314.7200 dbarca@pacunion.com 1706 El Camino Real, Suite 220 | Menlo Park CA 94025

pacificunion.com

一月份，太平洋联合公司在硅谷的房地产市场异常冷淡，二月份略有好转。三月份市场繁忙起来，可供销售的房产储 量稳步增加，买家逐渐从冬眠中活跃起来。第一季度该地区最富裕的社区销售火爆。销售情况最好的房产为价格在200 万到300万美元的房产，其次是价格在300万到500万美元的房产，最后是售价在500万美元以上的房产。 硅谷地区的一个显著趋势是买家与卖家之间签订的私人购买协议数量增加，无需将房产在上市房地产综合信息服务网 (MLS)进行挂牌或进行竞争出价。2014年第二季度，这些协议占硅谷房产销售额的21%，此后这一比例持续上升，到 2015年第一季度已达到35%。尽管这种市场外的交易可以简化销售流程，但它通常无法得到最高的可能售价。 预期：硅谷的房地产市场将在整个春季蓬勃发展，有吸引力的社区、一流的学校以及数量繁多的公园将继续吸引房产 购买者。我们预计房价将持续上涨，且随着时间的推进，房产储量也会大幅度回升。 界定：我们在硅谷地区的房地产市场包括下列城镇：阿瑟顿、洛斯阿托斯（不包括县级区域）、洛斯阿托斯山、门洛帕 克（不包括美国101东部）、帕罗奥图、波托拉山谷以及伍德赛德。下方图表中的销售数据包括这些社区内的独栋住宅。 界定：我们在中部半岛地区内的房地产市场包括下列城市：伯林盖姆（不包括英戈尔德缪斯德勒工业中心）、希尔斯 伯格以及圣马特奥（不包括北部舒尔维尔/多雷卡瓦诺地区）。下方图表中的销售数据包括这些社区内的独栋住宅。

$3,100,000 $2,600,000

$2,880,000 $2,600,000

$2,466,000

$2,430,000 $2,420,000 $2,400,000

$2,566,000 $2,450,000

$2,450,000

$2,850,000

$2,800,000

$2,500,000 $2,399,100

$2,100,000 $1,600,000 $1,100,000 $600,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

2.6 2.2 2.1

1.8

1.8

1.7

1.6

2.2 1.8

1.5

1.6

1.6 1.2

1.3

1.3

1.2

1.1

0.6

0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in these SIlicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

pacificunion.com

45 40

37

35

40

31

30 25

37

27

24 20

20

25

23

27

25

25

Feb-15

Mar-15

19

15 10 5 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

50% 45% 40%

46.8%

34.1%

33.7%

35%

39.9%

39.6%

39.0%

30.6%

33.4%

34.2%

39.4% 31.5%

30.8%

30%

26.0%

25% 20% 15% 10% 5% 0%

Mar-14

108%

Apr-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

105.5%

104.7% 103.8% 102.9%

Feb-15

Mar-15

106.0%

106.3%

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

106.4%

106% 104%

May-14

103.3% 102.2%

102%

101.0%

101.8%

100%

99.1%

99.6%

98% 96% 94%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these Silicon Valley communities: Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

pacificunion.com

Silicon Valley Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Atherton

$

155,098,000

$

87,730,000

-43%

25

11

-56%

81

72

-11%

$

Los Altos*

$

126,754,638

$

184,006,000

45%

48

59

23%

17

15

-12%

Los Altos Hills

$

69,927,000

$

116,612,500

67%

17

23

35%

50

37

-26%

Menlo Park**

$

106,228,795

$

118,527,000

12%

50

46

-8%

20

19

-5%

Palo Alto

$

139,822,722

$

187,638,200

34%

53

59

11%

15

21

Portola Valley

$

49,901,500

$

24,866,000

-50%

18

8

-56%

29

Woodside

$

66,396,823

$

47,662,000

-28%

21

15

-29%

73

Q1 '15

% change

7,000,000

40%

$ 2,412,500

$ 2,800,000

16%

$

$

3,600,000

15%

$ 1,760,000

$ 2,562,500

46%

40%

$

$

37

28%

83

14%

5,000,000

3,140,000

$

2,600,000

8%

$ 2,485,000

$ 2,580,500

4%

$ 2,400,000

$ 2,850,000

19%

2,410,000

Source: Terradatum, April 6, 2015. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes east of U.S. 101

pacificunion.com

$1,900,000 $1,675,700

$1,700,000 $1,500,000 $1,300,000

$1,434,000 $1,300,500

$1,500,000 $1,436,500 $1,341,000 $1,328,000

$1,590,000 $1,490,000

$1,462,500 $1,350,000 $1,350,000 $1,307,500

$1,100,000 $900,000 $700,000 $500,000 $300,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

2.6 2.2 2.1

1.9 1.7 1.4

1.6

1.3

1.5

1.3

1.4

1.3

1.2 1.0

1.1

0.8

0.7 0.6

0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

50

47

45 40 33

35 30 25

33 26

25 19

20

28

32

30 25

28 22

16

15 10 5 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

pacificunion.com

60%

56.5%

50%

45.5%

44.9%

42.3%

42.1%

39.0%

40%

39.0%

43.3%

42.0%

39.0%

32.7%

31.7% 30%

26.3%

20% 10% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

110% 107.6%

108% 106% 104%

103.2%

103.6%

102.5%

103.9%

102.7% 101.2%

102%

101.4%

101.1% 99.8%

100%

100.7%

101.2% 97.5%

98% 96% 94% 92%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these San Mateo County communities: Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

Mid-Peninsula Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Burlingame*

$

51,901,300

$

61,545,055

19%

30

34

13%

22

27

23%

$ 1,544,000

$ 1,735,000

12%

Hillsborough

$

118,767,527

$

105,139,000

-11%

35

24

-31%

79

72

-9%

$ 2,930,000

$ 4,067,500

39%

San Mateo**

$

107,342,847

$

117,710,850

10%

96

83

-14%

21

18

-14%

$

$ 1,300,000

32%

985,000

Source: Terradatum, April 6, 2015. Data is for single-family homes in selected San Mateo County cities. * Excludes Ingold Millsdale Industrial Center ** Excludes the North Shoreview/Dore Cavanaugh area

2015年第一季度

Rick Laws Senior Vice President, Sonoma County 707.547.3800 rick.laws@pacunion.com 3333 Mendocino Avenue, Suite 210 | Santa Rosa, CA 95403

pacificunion.com

“所有的卖家都去哪儿了？”这可能是2015年第一季度太平洋联合公司在索诺玛县最常问的问题。房产供应异常紧 张，挫伤了买家希望在淡季交易的积极性。幸而二月中旬房产储量的紧张态势有所缓解，到三月份情况愈加好转。同 时买家需求仍然异常旺盛。房产一投入市场就被迅速签订协议由第三方保管。

同时，这一季度的房价持续攀升，这不仅表明房产逐渐升值，也反映出市场上房产的性质。一年以前，丧失抵押 品赎回权与短售房屋在该地区房产销售中占据较大比例，但到2015年初，这类房产几乎全部售完，市场开始出售 高价位房产。 预期：我们预计索诺玛县的房地产市场将迎来一个热闹的春季。第二季度索诺玛县房产供应的限制性条件仍然存 在，但那些将房产以合理定价投向市场的卖家将有可能获得多方竞价并迅速售出其房产。 界定：我们在中部半岛地区内的房地产市场包括下列城市：科塔蒂、希尔兹堡、鹏格罗夫、佩塔卢马、罗勒尔特 公园、圣罗萨、 塞巴斯托波以及温莎。下方图表中的销售数据包括索诺玛县内的独栋住宅、农场和牧场。

$550,000 $500,000

$491,500

$468,950

$487,500

$495,000

$507,000

$496,000 $475,000

$490,000

$482,000

Oct-14

Nov-14

$515,000 $479,000

$489,500

Jan-15

Feb-15

$511,000

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Dec-14

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes and farms/ranches in Sonoma County.

2.6

2.1

2.4 2.2

2.1

2.4

2.2

2.2

2.1

2.4

2.3

2.4

2.0

2.0

1.5

1.6

1.1

0.6

0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.

pacificunion.com

100

89

90 80

73

74

70 60

89

80

59

57

May-14

Jun-14

62

61

Jul-14

Aug-14

67

68

Sep-14

Oct-14

73 66

50 40 30 20 10 0

Mar-14

Apr-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes and farms/ranches sold in Sonoma County.

45%

Â

41.6%

40% 35%

31.6%

31.6%

31.3%

29.9%

30%

29.0%

27.9%

29.3% 26.4%

31.3%

29.0%

33.1%

24.5%

25% 20% 15% 10% 5% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes and farms/ranches under contract in Sonoma County. Â

100%

98.9%

99%

97% 96%

98.5%

98.4% 97.6%

98%

96.9%

96.8%

96.6%

96.0%

96.5% 95.5%

95.0%

95.3%

95% 93.8%

94% 93% 92% 91%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.

pacificunion.com

Sonoma County Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

Healdsburg

$

31,736,650

$

36,801,310

16%

37

32

-14%

87

84

-3%

$

730,000

$

857,500

17%

Petaluma

$

63,001,413

$

60,522,940

-4%

108

103

-5%

60

63

5%

$

535,000

$

520,000

-3%

Rohnert Park

$

18,912,657

$

18,646,100

-1%

46

42

-9%

63

56

-11%

$

411,350

$

437,000

6%

Santa Rosa

$ 201,069,864

$ 191,222,678

-5%

372

347

-7%

70

74

6%

$

425,000

$

465,700

10%

Sebastopol

$

33,661,450

$

21,243,777

-37%

48

28

-42%

82

91

11%

$

626,500

$

670,000

7%

Windsor

$

31,890,985

$

24,072,644

-25%

62

44

-29%

69

64

-7%

$

461,000

$

501,563

9%

Source: Terradatum, April 6, 2015. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

Sonoma County Price Range Snapshot: Q1 2015 vs. Q1 2014 Sales Volume

Homes Sold

Avg. Days on Market

Median Price

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

Under $1 million

$ 399,987,032

$ 370,104,841

-7%

814

730

-10%

70

74

6%

$

$1 million and over

$ 145,386,925

$ 109,141,125

-25%

79

67

-15%

125

141

13%

$ 1,450,000

449,325

Q1 '15

% change

476,000

6%

$ 1,425,000

-2%

$

Source: Terradatum, April 6, 2015. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

2015年第一季度

Jill Silvas Regional Executive, Sonoma Valley 707.939.9500 jill.silvas@pacunion.com 135 West Napa Street, Suite 200 | Sonoma, CA 95476

pacificunion.com

2015年第一季度，太平洋联合公司在索诺玛谷的房地产市场遵循了一种典型模式：一月二月进展缓慢，因为卖家都在 等待春暖花开时节以展现自己房产的最佳外观，继而迎来繁忙的三月。实际上，三月份投入市场的房产数量高于一二 月的总和。定价合理的房产具有较高的吸引力，受到多方竞价，但是与一年前一样，买家并未仓促交易。房产在市场 上滞售的时间比过去更长，某些房产仅在降价后才得以出售。 售价低于60万美元的房产销售迅速。售价在100万到200万美元之间的房产也会吸引众多买家，但售价在200万到300万 美元的房产销售迟缓。本季度几处面向55岁以上居民的社区房产销售活跃，房价大幅抬升。 预期：从所有的迹象来看，索诺玛谷的春季售卖季会非常繁忙——将成为自2006年以来最繁忙的一季。卖家将找到大 量买家，而买家也将发现他们在交易中比以往几年拥有更大的余地。 界定：我们在索诺玛山谷地区的房地产市场包括下列城市：格伦艾伦、肯伍德以及索诺玛。下方图表中的销售数据涉 及所有居住用房地产，其中包括这些社区内的独栋住宅、托管公寓以及农场和牧场。

$800,000

$750,000 $697,500

$700,000

$645,000

$600,000

$540,000

$500,000

$580,250

$555,000

$606,250

$589,500

$525,000

$545,000

$540,000

$559,000

Jan-15

Feb-15

Mar-15

$500,000 $400,000 $300,000 $200,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Source: Terradatum, April 6, 2015. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

3.6

3.4

3.4

3.3 3.0

3.1 2.6

3.0 2.4

3.2 2.9

2.8

2.2

2.1

2.1

2.3

1.6

1.6 1.1 0.6 0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

pacificunion.com

120 105 96

100 78

80

61

60

83

77

77

82

89 76 62

56

50

40 20 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.

Â

40% 34.9%

35% 30%

30.6%

30.0% 28.1%

26.9% 25.1%

22.6%

25%

30.5% 27.4%

26.6%

23.7%

21.9%

20%

17.0%

15% 10% 5% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley. Â

102% 99.5%

100% 98%

96.8%

96% 94%

97.5%

96.7% 95.1%

94.7% 93.5%

93.5%

Oct-14

Nov-14

95.2%

96.3%

96.7%

Feb-15

Mar-15

92.5%

92.5%

92% 90% 88%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Dec-14

Jan-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.

pacificunion.com

Sonoma Valley Snapshot: Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

Glen Ellen

$

9,673,000

$

4,235,125

-56%

8

6

-25%

154

91

-41%

$

777,500

$

566,000

-27%

Kenwood

$

1,375,000

$

2,108,500

53%

3

3

0%

32

92

188%

$

455,000

$

430,000

-5%

Sonoma

$

71,068,255

$

56,247,765

-21%

84

74

-12%

83

72

-13%

$

575,000

$

554,500

-4%

Source: Terradatum, April 6, 2015. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.

2015年第一季度

Sally Gardner Regional Executive, Tahoe/Truckee Tahoe City 530.581.1882 | Truckee 530.587.7098 | Squaw Valley 530.584.6282 sally.gardner@pacunion.com

pacificunion.com

在太浩湖/特拉基一流的冬季度假村呆上几天以后，房产购买者会爱上这一地区。但随着积雪消融，滑雪者减少，房产 市场也冷却下来。简而言之，这就是2015年第一季度的情况。但大地积雪消融也有一定的正面作用：买家不必等到春 季就可看到房产的全貌，多数卖家也可灵活定价，以期完成交易。

这一季度，位于受欢迎的街区且定价合理的房产销路最好，售价低于100万美元的房产销量最高。可供销售的房 产与公寓的存量仍然充足，买家有较大的选择空间。 预期：加利福尼亚州的干旱情况具有周期性，且降雪还会回到内华达山脉。在此期间，太浩湖/特拉基地区可在春夏两 季为旧金山湾区的居民提供无与伦比的室外活动。该地区为寻找度假屋的买家提供充足的房产供应，同时还有接纳力 较强的卖家。总之，我们预计这一地区的房地产市场将迎来繁忙的春夏之季。预计最近公布的建设连接斯阔谷与阿尔 派梅多斯度假村的贡多拉计划将受到居民以及冬季旅行者的欢迎。 界定：我们在太浩湖/特拉基地区的房地产市场包括下列地区：阿尔派梅多斯、唐纳湖、郎唐、马尔蒂斯谷、太浩湖北 岸、北极星、斯阔谷、太浩市、太浩唐纳、特拉基以及太浩湖西岸。下方图表中的销售数据包括这些社区内的独栋住宅。

$800,000 $700,000

$740,000

$600,000

$687,000

$665,000

$629,000

$610,000

$595,000

$589,000

$611,250

$607,342 $572,000

$529,277

$530,000

$650,000

$500,000 $400,000 $300,000 $200,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for single-family homes in the Lake Tahoe/Truckee region.

$500,000 $445,000

$450,000

$416,000 $387,500

$400,000 $350,000 $300,000

$385,000 $350,000

$334,000

$392,500 $370,250

$359,500

$345,000

$290,000

$362,500

$290,000

$250,000 $200,000 $150,000 $100,000

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Median sales price for condominiums in the Lake Tahoe/Truckee region.

pacificunion.com

12.1

10.9

10.1 8.1

8.7 7.5

7.4

7.0

6.2

5.9

5.8

6.1

7.5

7.1 4.9

5.6

4.4

4.1 2.1 0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for single-family homes in the Lake Tahoe/Truckee region.

16.1

14.2

14.1 12.1

11.4

10.1

10.9

10.6 8.9

8.9

8.6

7.8

8.1

9.8 6.9

6.5

6.2

6.1

Sep-14

Oct-14

Nov-14

6.1 4.1 2.1 0.1

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Months' supply of inventory for condominiums in the Lake Tahoe/Truckee region.

200

188

180 160 140

143

140

120

127 101

100

95 72

80

66

60

118 102

89

88

Sep-14

Oct-14

54

40 20 0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for single-family homes sold in the Lake Tahoe/Truckee region.

Â

pacificunion.com

250 197

200

154 150

137

127

114 100

120

122

Dec-14

Jan-15

138 112

101 83

54

53

50

0

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Average days on market for condominiums sold in the Lake Tahoe/Truckee region.

20% 18%

17.2% 14.9%

16% 14%

12.4% 11.0%

12% 9.0%

10%

13.8% 12.4%

13.0%

12.7%

13.4%

13.4%

Feb-15

Mar-15

10.5%

8.5%

8% 6% 4% 2% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Terradatum, April 6, 2015. Percentage of single-family homes under contract in the Lake Tahoe/Truckee region.

16%

14.6% 13.7%

14% 12%

11.9% 10.5% 8.9%

10%

9.6%

11.8% 9.4%

9.1%

8.2%

8% 6%

7.1%

7.4%

Feb-15

Mar-15

4.7%

4% 2% 0%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Source: Terradatum, April 6, 2015. Percentage of condominiums under contract in the Lake Tahoe/Truckee region.

pacificunion.com

98% 95.4%

96%

94.1%

95.6%

96.2%

95.2%

94.9% 93.3%

94%

91.9%

92% 90%

90.9% 89.8%

89.2%

87.9%

88.2%

Jan-15

Feb-15

88% 86% 84% 82%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

Dec-14

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in the Lake Tahoe/Truckee region.

98%

96.7%

96%

94.6%

96.0%

94.8%

96.4% 94.3%

94.1%

94%

92.7% 91.3%

92% 90%

89.5%

89.0%

88%

87.6%

87.3%

Nov-14

Dec-14

86% 84% 82%

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Jan-15

Feb-15

Mar-15

Source: Terradatum, April 6, 2015. Sales price as % of original price (including adjustments) for condominiums under contract in the Lake Tahoe/Truckee region.

pacificunion.com

Lake Tahoe/Truckee Snapshot: SFH, Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Median Price Q1 '14

Q1 '15

% change

Alpine Meadows

$

490,000

$

3,959,500

708%

1

4

300%

62

130

110%

$

490,000

$

937,500

91%

Donner Lake

$

4,632,000

$

2,254,000

-51%

8

5

-38%

71

578

714%

$

497,500

$

435,000

-13%

Donner Summit

$

2,805,000

$

463,000

-83%

4

1

-75%

79

6

-92%

$

600,000

$

463,000

-23%

Martis Valley

$

32,500,834

$

55,112,991

70%

22

23

5%

168

178

6%

$ 1,047,500

$ 1,953,000

86%

North Lake Tahoe

$

36,208,750

$

38,903,000

7%

33

31

-6%

85

138

62%

$

650,000

$

650,000

0%

Northstar

$

10,148,348

$

600,000

-94%

10

1

-90%

265

291

10%

$

890,000

$

600,000

-33%

Squaw Valley

$

7,185,000

$

n/a

5

0

n/a

130

0

n/a

$

1,250,000

$

Tahoe City

$

13,056,250

$

18,052,000

38%

14

13

-7%

80

110

38%

$

697,500

$

815,000

17%

Tahoe Donner

$

19,859,000

$

27,296,900

37%

33

41

24%

76

85

12%

$

600,000

$

580,000

-3%

Truckee

$

37,784,684

$

62,602,551

66%

35

39

11%

126

128

2%

$

515,000

$

594,481

15%

West Shore

$

23,992,500

$

37,827,825

58%

15

36

140%

95

199

109%

$

650,000

$

537,500

-17%

-

-

n/a

Source: Terradatum, April 6, 2015. Data is for single-family homes in the Lake Tahoe/Truckee region.

Lake Tahoe/Truckee Snapshot: Condos, Q1 2015 vs. Q1 2014 Sales Volume Q1 '14

Q1 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q1 '14

Q1 '15

% change

Q1 '14

Q1 '15

% change

Q1 '14

18%

1

1

0%

90

32

-64%

$

n/a

0

0

n/a

0

0

n/a

$

Q1 '15

% change

Alpine Meadows

$

Donner Lake

$

Donner Summit

$

170,000

$

165,000

-3%

1

1

0%

25

417

1568%

$

170,000

$

165,000

-3%

North Lake Tahoe

$

4,628,400

$

5,470,000

18%

13

15

15%

153

58

-62%

$

255,000

$

335,000

31%

NorthStar

$

3,874,750

$

5,207,000

34%

10

12

20%

128

119

-7%

$

326,000

$

385,000

18%

Squaw Valley

$

3,821,000

$

4,321,500

13%

11

8

-27%

248

369

49%

$

418,500

$

517,250

24%

Tahoe City

$

1,600,500

$

2,294,000

43%

5

6

20%

89

101

13%

$

255,000

$

339,500

33%

Tahoe Donner

$

2,004,500

$

2,196,500

10%

8

6

-25%

120

39

-68%

$

222,250

$

424,750

91%

Truckee

$

3,499,500

$

3,948,500

13%

6

7

17%

190

111

-42%

$

402,000

$

342,500

-15%

West Shore

$

1,825,000

$

n/a

1

0

n/a

2

0

n/a

$ 1,825,000

$

280,000 -

$ $

330,000 -

-

280,000 -

$ $

330,000 -

-

18% n/a

n/a

Source: Terradatum, April 6, 2015. Data is for condominiums in the Lake Tahoe/Truckee region.

WeChat ID: Pacificunionchina pacificunion.cn