Q32014 quarterlyreport ezine final

Quarterly Real Estate Report Q3 2014

Table of Contents

Pacific Union and John Burns Real Estate Consulting Team Up to Deliver Exclusive 2017 Outlook 4 Contra Costa County 6 East Bay 10 Marin County 14 Napa County 18 San Francisco 22 Silicon Valley 30 Sonoma County 36 Sonoma Valley 40 Tahoe/Truckee 44

Pacific Union and John Burns Real Estate Consulting Team Up to Deliver Exclusive 2017 Outlook We are asked almost daily to predict the future of real estate and to answer the question “When is the best time to invest in the market?”

While Pacific Union’s regional and local market knowledge is significant and our decision-support tools are comprehensive and informative, we are not qualified as economists to provide substantive, forward-looking advice beyond a season or a few quarters.

That’s why we are pleased to announce that Pacific Union has formed an exclusive partnership with John Burns Real Estate Consulting (JBREC) to publish the first San Francisco Bay Area Real Estate Outlook 2017.

JBREC is the leading national source of independent housing research, advice, and consulting, with the goal of helping investors make informed housing-industry decisions. JBREC backs its research with detailed data, proprietary tools, and experienced professionals who hold doctorate degrees.

John Burns, CEO of his namesake consulting firm, will leverage his 20plus years of national real estate consulting experience – as well as his MBA from UCLA and bachelor’s degree in economics from Stanford University – to provide a lens into San Francisco Bay Area real estate through 2017.

On Wednesday, Nov. 5 at 5 p.m., John and I will proudly introduce the exclusive report at the SFJAZZ Center in San Francisco. We will deliver a content-rich hour of key macro- and microeconomic attributes, risks, and variables that drive our residential real estate markets, including population growth; job growth and quality; mortgage rates; and new supply of housing units.

The presentation will include a thorough overview of the Bay Area, plus a detailed examination of the nine regions Pacific Union serves: Contra Costa County, the East Bay, Marin County, Napa County, San Francisco, Silicon Valley, Sonoma County, Sonoma Valley, and Tahoe/Truckee.

While our industry has multiple indexes that reflect the previous quarter’s results – what we call “trailing perspective” – this exclusive presentation and report will offer our real estate professionals and their clients a look into the future of Bay Area real estate.

Look for details from your Pacific Union real estate professional regarding the November event, which will be open to 350 attendees on a first-come, first-served basis. We will also stream the presentation via a live simulcast in both English and Mandarin.

Once again, Pacific Union strives to innovate and provide thoughtful market intelligence to our clients, and our partnership with JBREC is the next step in fulfilling that goal.

Mark A. McLaughlin, CEO, Pacific Union Please remember to seek out local news, trend analysis, and expert advice for your real estate decisions.

Bay Area 10-Year Overview Here’s a look at home sales in the Bay Area’s real estate markets in the third quarter of 2014, with a glance back at the 10 preceding third quarters.

Bay Area: 10-Year Overview of Q3 Homes Sold Q3 '04

Q3 '05

Q3 '06

Q3 '07

Q3 '08

Q3 '09

Q3 '10

Q3 '11

Q3 '12

Q3 '13

Q3 '14

CONTRA COSTA COUNTY

3,863

3,819

2,467

1,591

3,420

3,364

2,831

3,110

3,086

2,965

2,851

EAST BAY

1,041

901

784

660

647

582

594

627

785

822

825

MARIN COUNTY

793

726

588

496

492

483

466

525

662

691

615

NAPA COUNTY

409

437

282

187

296

340

330

338

382

375

297

SAN FRANCISCO (SFH)

893

784

673

556

619

651

578

626

638

705

614

SAN FRANCISCO (CONDOS)

686

660

537

488

491

480

462

510

682

696

625

SILICON VALLEY

948

824

651

560

510

578

629

643

656

652

558

1,911

1,762

1,165

901

1,271

1,236

1,150

1,274

1,452

1,401

1,381

SONOMA VALLEY

173

170

116

103

112

109

123

138

168

164

156

TAHOE/TRUCKEE (SFH)

412

380

259

173

197

234

259

278

334

365

291

TAHOE/TRUCKEE (CONDOS)

120

105

69

50

57

77

64

67

84

100

94

REGION

SONOMA COUNTY

Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, TSIERRA, October 7, 2014. Data from MLSLSTINGS valid as of September 30, 2014.

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

Contra Costa County Quarterly Real Estate Report Q3 2014

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

Contra Costa County pacificunion.com | A Member of Real Living

Contra Costa County: Q3 Results A slowdown in real estate activity that began at the end of the second quarter continued through the third quarter in Pacific Union’s Contra Costa County region. The number of properties on the market pulled back from a year ago, perhaps because sellers were uncertain where they would find their next home, with virtually every Bay Area community reporting extremely limited inventory levels.

Contra Costa buyers were similarly cautious in the third quarter due to rapidly increasing prices, and the number of closed transactions declined. The drop-off resulted in fewer multiple offers and many more price reductions than we have seen in recent quarters, with most homes in the third quarter selling for slightly below their original list prices.

Looking Forward: We anticipate flat appreciation for the remainder of the year. Real estate activity will taper off as the holiday season approaches, and inventory will likely remain tight into 2015, as sellers wait for spring to put their homes on the market. With buyers also standing on the sidelines, homes will take longer to sell and should be priced conservatively to avoid price reductions.

Defining Contra Costa County: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the charts below includes single-family homes in these communities.

Median Sales Price $1,300,000 $1,036,975

$1,100,000 $904,000 $900,000

$871,250

$897,500

$920,000

$860,000

$931,500

$1,002,500

$1,047,500

$975,000

$1,065,000 $1,036,027

$972,500

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Months’ Supply of Inventory 2.6

2.4 2.2

2.1

2.0 1.8

1.6

1.8 1.5

1.4

Nov-13

Dec-13

1.7

1.6

1.7 1.5

1.5

1.5

Jun-14

Jul-14

Aug-14

1.1

0.6

0.1

Sep-13

Oct-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Contra Costa County pacificunion.com | A Member of Real Living

Average Days on the Market 40

37

38

35 30

30 25

30

28

27 23

22

23 18

20

19

24 21

15 10 5 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Percentage of Properties Under Contract 45%

39.9%

40% 33.1%

35% 30%

38.2%

34.5% 31.0%

26.4%

38.6%

37.9% 33.6%

30.4%

32.8%

32.8%

Aug-14

Sep-14

24.0%

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Source: Terradatum, October 7, 2014. 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.

Sales Price as a Percentage of Original Price 103% 101.8%

102% 101% 100% 99%

100.2% 99.0%

98.4%

98%

102.0%

100.2%

99.9%

100.5% 99.1%

99.3%

Aug-14

Sep-14

98.0% 97.3%

97.4%

Dec-13

Jan-14

97% 96% 95% 94%

Sep-13

Oct-13

Nov-13

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Source: Terradatum, October 7, 2014. 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.

Contra Costa County pacificunion.com | A Member of Real Living

A Closer Look at Contra Costa County

Contra Costa County Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Homes Sold

Avg. Days on Market

Median Price

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Alamo

$

78,942,585

$ 140,047,292

77%

54

85

57%

25

35

40%

$ 1,349,500

$ 1,600,000

19%

Blackhawk

$

29,497,788

$

15,065,000

-49%

21

9

-57%

54

53

-2%

$ 1,220,000

$ 1,785,000

46%

Danville

$ 218,370,059

$ 260,285,203

19%

205

210

2%

21

23

10%

$

980,000

$ 1,118,500

14%

Diablo

$

9,398,000

$

7,260,000

-23%

5

3

-40%

46

41

-11%

$ 1,640,000

$ 1,935,000

18%

Lafayette

$

113,017,105

$ 109,306,347

-3%

92

83

-10%

32

23

-28%

$ 1,157,563

$ 1,200,000

4%

Moraga

$

57,720,176

$

58,947,780

2%

50

50

0%

19

24

26%

$ 1,088,140

$ 1,140,000

5%

Orinda

$

98,849,261

$ 127,859,698

29%

80

90

13%

28

29

4%

$ 1,050,000

$ 1,325,000

26%

Pleasant Hill

$

60,182,412

$

59,237,646

-2%

101

89

-12%

16

24

50%

$

609,950

$

640,000

5%

San Ramon

$ 222,150,554

$ 194,618,075

-12%

245

203

-17%

16

18

13%

$

880,000

$

886,000

1%

Walnut Creek

$ 152,697,805

$ 154,070,376

1%

173

162

-6%

21

22

5%

$

814,745

$

887,981

9%

Source: Terradatum, October 7, 2014. Data is for single-family homes in selected Contra Costa County cities.

East Bay Quarterly Real Estate Report Q3 2014

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

East Bay pacificunion.com | A Member of Real Living

East Bay: Q3 Results The pace of sales remained strong in Pacific Union’s East Bay region during the third quarter, with July posting big gains compared with one year ago followed by a slight slowdown in August and September.

Most homes on the market received multiple offers, although the number and frequency of bids eased from the frenetic pace of the spring selling season.

Many new buyers started their search during the quarter, while the inventory of homes declined. The most competitive markets were those with high Walk Scores and those in close proximity to BART stations. The most active price point was for homes listed in the $750,000-to-$1-million range. Overall, prices continued to climb higher, with most homes in the region selling for well above their asking prices.

Looking Forward: We expect to see an increase in homes hitting the market in October and a corresponding rise in sales. A slight shift toward a more balanced market will still see strong buyer demand but without the extreme competitiveness observed in recent quarters.

Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the charts below includes single-family homes in these communities.

Median Sales Price $900,000 $800,000

$813,500 $722,500 $730,000

$730,000

$700,000

$700,000 $713,750

$725,000

$817,000

$842,500 $790,000

$758,500

$835,000

$781,000

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for single-family homes in the East Bay.

Months’ Supply of Inventory 2.6

2.1

2.0

2.0

2.1

1.7 1.6

1.4 1.1

1.1

1.3

1.4 1.2

1.2

0.9

0.9

0.9

Jul-14

Aug-14

0.6

0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for single-family homes in the East Bay.

East Bay pacificunion.com | A Member of Real Living

Average Days on the Market 35

32

33

30 25

28 25 22

25

21

20

20

22

21

23 20

22

15 10 5 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for single-family homes sold in the East Bay.

Â

Percentage of Properties Under Contract 50% 45% 37.0%

40% 35% 30%

38.1%

30.4%

43.0%

43.6%

Mar-14

Apr-14

45.9%

44.5%

46.8% 42.3%

40.2%

36.4% 28.1%

31.4%

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Percentage of single-family homes under contract in the East Bay. Â

Sales Price as a Percentage of Original Price 116% 113.2%

114% 112% 110%

108.7%

108.3%

108%

111.8%

109.4% 106.8%

106%

110.3% 109.2%

109.4% 107.9%

106.2% 104.1%

104%

100.8%

102% 100% 98% 96% 94%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.

East Bay pacificunion.com | A Member of Real Living

A Closer Look at the East Bay

East Bay Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

Alameda

$

78,330,700

$

85,211,187

9%

104

98

-6%

22

17

-23%

$

737,500

$

823,611

12%

Albany

$

19,918,380

$

27,171,000

36%

29

33

14%

18

14

-22%

$

687,000

$

790,000

15%

Berkeley

$ 129,697,022

$ 154,037,145

19%

139

157

13%

20

22

10%

$

800,000

$

849,000

6%

El Cerrito

$

43,894,387

$

52,041,793

19%

74

74

0%

25

20

-20%

$

579,500

$

668,500

15%

Kensington

$

21,217,300

$

13,291,500

-37%

21

16

-24%

21

27

29%

$

860,000

$

797,500

-7%

Oakland*

$ 322,422,553

$ 353,048,091

9%

421

410

-3%

23

22

-4%

$

725,000

$

790,500

9%

Piedmont

$

$

44%

34

37

9%

20

25

25%

$ 1,512,750

$ 1,775,000

17%

51,034,325

73,590,500

Source: Terradatum, October 7, 2014. 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: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

26,961,000

-49%

136

68

-50%

26

30

15%

$

409,000

$

410,000

0%

Over $500,000 $ 613,917,569

$ 731,430,216

19%

686

757

10%

22

21

-5%

$

785,000

$

830,000

6%

$500,000 $1 million

$ 383,970,842

$ 401,994,907

5%

527

536

2%

21

20

-5%

$

725,000

$

750,000

3%

Over $1 million $ 229,946,727

$ 329,435,309

43%

159

221

39%

24

22

-8%

$ 1,285,000

$ 1,340,000

4%

Under $500,000

$

Q3 '14

52,597,098

$

Q3 '13

Q3 '14

% change

Source: Terradatum, October 7, 2014. 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: Q3 2014 vs. Q3 2013 Neighborhood

Homes Sold Q3 '13

Q3 '14

Average Price % change

Q3 '13

Q3 '14

% change

Montclair / Joaquin Miller

90

87

-3%

$872,036

$993,600

14%

Crocker Highlands / Grand Lake

46

43

-7%

$911,661

$998,714

10%

Rockridge / Claremont

54

65

20%

$1,066,850

$1,246,495

17%

Glenview / Oakmore

41

28

-32%

$805,463

$805,764

0%

Laurel / Dimond

32

33

3%

$458,074

$568,740

24%

Redwood Heights / Lincoln Heights

15

36

140%

$644,766

$710,500

10%

Crestmont / Ridgemont / Skyline

12

12

0%

$1,261,412

$921,208

-27%

Temescal / Piedmont Ave.

20

22

10%

$681,125

$807,759

19%

Source: EBRD, October 6, 2014. Data is for single-family homes in selected Oakland neighborhoods.

Marin County Quarterly Real Estate Report Q3 2014

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

Marin County pacificunion.com | A Member of Real Living

Marin County: Q3 Results Third-quarter real estate activity in Pacific Union’s Marin County region was a study in contrasts. July and August were exceptionally slow, but after Labor Day, the market caught fire as vacationing Bay Area residents returned home and set about the business of finding the perfect property. The higher end of the market saw strong sales, with multiple offers the rule for any well-priced home located in an attractive area.

Inventory remained slim, however, as sellers held off putting their homes on the market. The run-up in prices over the past two years offered a clear incentive to sell, but many owners were caught in a Catch-22: Selling, even at a healthy profit, puts them in the same predicament as other buyers, scrambling to find their next home in an extremely tight market.

Mill Valley and Kentfield were the most active markets in the region. Homes priced from $1 million to $1.3 million sold briskly.

Looking Forward: Unlike the start of the third quarter, real estate activity in the fourth quarter looks to be quite vigorous, continuing the momentum that broke out in September. Buyers are already scouting the region to close sales before the holiday season arrives.

Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts below includes single-family homes in these communities.

Median Sales Price $1,300,000

$1,188,000 $1,100,000

$1,100,000 $905,000 $900,000

$848,500

$905,000

$935,000

$995,000

Jan-14

Feb-14

$1,001,500 $1,030,000

$1,054,100 $1,051,500 $952,500

$852,000

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

Sep-13

Oct-13

Nov-13

Dec-13

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Months’ Supply of Inventory 3.1 2.6

2.6

2.6 2.2

2.1

2.0

2.6

1.8

2.4

1.8

1.8

1.6

1.5

1.5

May-14

Jun-14

1.7

1.8

1.1 0.6 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Marin County pacificunion.com | A Member of Real Living

Average Days on the Market 90

84 75

80 70 60

73

62 54

56

53

52 45

50

53 46

50

52

40 30 20 10 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Percentage of Properties Under Contract 45%

40.1%

40%

30%

38.2% 34.1%

35% 27.2%

27.6%

32.0%

31.4%

Jan-14

Feb-14

35.2% 30.2%

26.9%

28.6%

31.9%

25% 18.7%

20% 15% 10% 5% 0%

Sep-13

Oct-13

Nov-13

Dec-13

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Sales Price as a Percentage of Original Price 102%

100.7%

100%

99.3%

98%

96.0%

96% 94%

98.2%

98.0%

98.0%

94.2%

97.4%

97.0%

97.7%

95.8% 93.8%

94.5%

92% 90%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. 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.

Marin County pacificunion.com | A Member of Real Living

A Closer Look at Marin County

Marin County Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Belvedere

$

38,095,000

$

36,717,690

-4%

7

12

71%

75

112

49%

$ 2,015,000

$ 2,625,000

30%

Corte Madera

$

35,549,885

$

32,481,000

-9%

32

26

-19%

38

43

13%

$ 1,025,605

$ 1,097,500

7%

Fairfax

$

14,287,300

$

21,153,418

48%

19

23

21%

44

48

9%

$

$

884,000

34%

Greenbrae

$

26,057,000

$

24,895,656

-4%

20

18

-10%

34

30

-12%

$ 1,245,000

$ 1,370,000

10%

Kentfield

$

56,055,133

$

77,854,211

39%

23

27

17%

56

84

50%

$ 1,985,000

$ 2,200,000

11%

Larkspur

$

34,309,300

$

40,610,964

18%

23

24

4%

52

41

-21%

$ 1,400,000

$ 1,625,000

16%

Mill Valley

$ 125,782,317

$ 141,726,450

13%

94

87

-7%

46

45

-2%

$ 1,167,500

$ 1,375,000

18%

Novato

$ 120,564,600

$ 123,097,260

2%

158

141

-11%

65

52

-20%

$

$

775,000

9%

Ross

$

23,572,000

$

23,265,000

-1%

9

8

-11%

59

58

-2%

$ 2,000,000

$ 2,372,500

19%

San Anselmo

$

56,781,900

$

49,744,235

-12%

53

46

-13%

47

57

21%

$

900,000

$

925,000

3%

San Rafael

$ 138,345,279

$

119,198,750

-14%

152

117

-23%

48

46

-4%

$

832,020

$

850,000

2%

Sausalito

$

42,517,333

$

36,863,500

-13%

20

21

5%

60

54

-10%

$ 1,485,000

$ 1,499,000

1%

Tiburon

$ 105,671,550

$

69,863,500

-34%

42

27

-36%

53

59

11%

$ 2,150,000

$ 2,300,000

7%

660,000

710,050

Source: Terradatum, October 7, 2014. Data is for single-family homes in selected Marin County cities.

Napa County Quarterly Real Estate Report Q3 2014

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

Napa County pacificunion.com | A Member of Real Living

Napa County: Q3 Results After a busy second quarter, real estate activity in Pacific Union’s Napa County region slowed to a crawl at the start of the third quarter. Homebuyers seemed to have taken off the entire month of July before business picked up the following month, only to be briefly derailed by the Aug. 24 Napa earthquake. But by September, buyers were back in the game, though with little urgency.

Shoppers benefited from an increased supply of homes for sale and more price reductions than we’ve seen in quite a while. Sellers weren’t happy to see prices roll back a bit, but after two years of substantial increases, the decline wasn’t unexpected. The market for homes in the $1-million-to-$2-million range was very busy, while midpriced homes – $450,000 to $700,000 – saw only modest sales. Activity in St. Helena remained particularly strong.

Looking Forward: We expect the momentum that started building in September to continue through October and early November, assisted by a strong supply of homes already in escrow by the end of the third quarter.

Following typical patterns, fourth-quarter activity will slow by the end of the year as real estate deals give way to the holiday season.

Defining Napa County: Our real estate markets in Napa County include the cities of American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in the charts below includes all single-family homes in Napa County.

Median Sales Price $700,000 $600,000 $500,000

$501,000 $468,500 $492,500

$528,000

$510,022

$471,000

$475,000

$575,000

$563,250

$609,000

$592,000 $527,000

$517,500

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for single-family homes in Napa County.

Months’ Supply of Inventory 6.1 5.1 4.2 4.1

3.9

4.2

3.8

4.6

5.0

4.8

3.5

3.5

Apr-14

May-14

2.9

3.1

3.3

4.0

3.6

2.1 1.1 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for single-family homes in Napa County.

Napa County pacificunion.com | A Member of Real Living

Average Days on the Market 140

127

120

110

100 80

81

83

87

100

91

91 65

71

77

81 71

60 40 20 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for single-family homes sold in Napa County.

Â

Percentage of Properties Under Contract 30% 25.2%

25% 20.7% 20%

16.7%

17.9%

17.1%

23.6% 20.8%

20.1%

19.5%

17.7%

16.8%

14.6%

18.0%

15% 10% 5% 0%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Percentage of single-family homes under contract in Napa County. Â

Sales Price as a Percentage of Original Price 98% 96%

96.4%

96.3% 94.1%

93.6%

94%

95.4%

95.8%

93.7%

93.6%

93.2%

Aug-14

Sep-14

92.2%

92% 90.0%

90%

90.7% 88.6%

88% 86% 84%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.

Napa County pacificunion.com | A Member of Real Living

A Closer Look at Napa County

Napa County Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

American Canyon

$

18,859,850

$

14,494,242

-23%

49

33

-33%

71

48

-32%

$

370,000

$

438,500

19%

Angwin

$

2,939,858

$

9,646,900

228%

5

13

160%

62

136

119%

$

540,000

$

610,000

13%

Calistoga

$

17,066,719

$

23,056,527

35%

20

27

35%

90

146

62%

$

642,500

$

705,000

10%

Napa

$ 166,752,260

$

124,411,041

-25%

266

178

-33%

73

65

-11%

$

486,650

$

537,500

10%

St. Helena

$

36,257,500

$

66,880,554

84%

25

38

52%

179

123

-31%

$ 1,185,000

$ 1,125,000

-5%

Yountville

$

6,003,000

$

5,319,000

-11%

5

6

20%

65

93

43%

$

$

6%

795,000

839,500

Source: Terradatum, October 7, 2014. Data is for single-family homes in selected Napa County cities.

Napa County Price Range Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

Under $500,000

$

68,887,650

$

46,728,816

-32%

185

114

-38%

70

58

-17%

$

377,000

$

432,000

15%

$500,000 $999,999

$

98,891,318

$

84,376,322

-15%

147

124

-16%

77

81

5%

$

630,000

$

643,000

2%

$1 million - $3 million

$

57,118,000

$

81,259,570

42%

37

53

43%

132

113

-14%

$ 1,350,000

$ 1,435,000

6%

Over $3 million $

25,252,219

$

34,333,556

36%

6

6

0%

158

254

61%

$ 3,850,000

$ 4,050,000

5%

Source: Terradatum, October 7, 2014. Data is for single-family homes in Napa County.

San Francisco Quarterly Real Estate Report Q3 2014

Patrick Barber President 415.929.7100 patrick.barber@pacunion.com One Letterman Drive, Building C, Suite 500 | San Francisco, CA 94129

San Francisco pacificunion.com | A Member of Real Living

San Francisco: Q3 Results The number of homes sold in Pacific Union’s San Francisco region was down somewhat in the third quarter year over year, but the average sales price was appreciably higher, reflecting substantial confidence in the local real estate market and the overall economy. Inventory remained tight, as owners held off putting their homes on the market despite the remarkable run-up in prices over the past two years. One reason for this is that once sellers become move-up buyers, they face the same problem as other home shoppers across the Bay Area: lack of inventory.

Noe Valley was particularly popular with buyers, and condominiums sold well across the entire city. The most active price point was for homes priced up to $2 million. Multiple offers remained standard for almost all fairly priced properties, although the number of offers and the intensity of bidding has waned over the past year.

Looking Forward: San Francisco’s robust economy and high-paying jobs combined with historically low interest rates gives us confidence that real estate activity will remain strong throughout the fourth quarter. The winter months will see a typical seasonal slowdown, which presents an opportunity for both buyers and sellers to get a jump on the competition.

Single-Family Homes – Median Sales Price $1,300,000 $1,100,000 $929,000 $903,000

$957,000

$900,000

$1,050,000 $947,000 $916,500

$1,100,000

$1,175,000 $1,093,250

$1,090,500

$985,000

$1,045,000 $971,500

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for single-family homes in San Francisco.

Condominiums – Median Sales Price $1,100,000 $1,000,000 $900,000

$896,500

$950,000

$945,000

Jan-14

Feb-14

$979,000

$920,000

$970,000

$1,050,000 $957,500

$989,528

$950,000

$865,000

$851,500

$770,000

$800,000 $700,000 $600,000 $500,000 $400,000 $300,000 $200,000 $100,000

Sep-13

Oct-13

Nov-13

Dec-13

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for condominiums in San Francisco.

San Francisco pacificunion.com | A Member of Real Living

Single-Family Homes – Months’ Supply of Inventory 2.6

2.4 2.1

2.0

2.1

1.8

1.7 1.5

1.6

1.5 1.3

1.3

1.1

1.4

1.5

1.5

Jul-14

Aug-14

1.1

0.6

0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for single-family homes in San Francisco.

Condominiums – Months’ Supply of Inventory 3.1 2.6

2.5 2.0

2.1

1.7

1.5

1.6

1.2 1.1

1.3 1.0

1.2

1.4

1.5

1.9

1.7 1.3

0.6 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for condominiums in San Francisco.

Single-Family Homes – Average Days on the Market 45

42

40 35

31

34

40

38

34

32

35

30

26

27

30

29

27

25 20 15 10 5 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for single-family homes sold in San Francisco.

San Francisco pacificunion.com | A Member of Real Living

Condominiums – Average Days on the Market 50

47 43

45 40 35

40

39 34

35

35

30

30

30

Mar-14

Apr-14

38 33

33

Jul-14

Aug-14

28

25 20 15 10 5 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

May-14

Jun-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for condominiums sold in San Francisco.

Single-Family Homes – Percentage of Properties Under Contract 45%

39.8%

40%

42.7% 38.0%

37.4%

37.3%

37.0%

36.7%

33.0%

35% 30%

41.2% 34.2%

32.5%

28.1%

28.7%

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Percentage of single-family homes under contract in San Francisco.

Condominiums – Percentage of Properties Under Contract 50%

46.2%

45%

38.7%

40% 35%

33.0%

30.7%

41.3%

39.0%

38.7%

40.4%

38.3%

37.9% 33.6%

33.6%

29.3%

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Percentage of condominiums under contract in San Francisco.

San Francisco pacificunion.com | A Member of Real Living

Single-Family Homes – Sales Price as a Percentage of Original Price 115%

110%

113.4%

107.6% 106.1%

109.3%

109.8%

Mar-14

Apr-14

110.3%

109.7%

109.2%

Jul-14

Aug-14

110.1%

106.9%

105.6%

105%

103.5% 99.5%

100%

95%

90%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

May-14

Jun-14

Sep-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in San Francisco.

Condominiums – Sales Price as a Percentage of Original Price 110%

108.2%

108%

106.9%

106% 104%

103.8%

107.9%

107.7% 106.7%

105.5%

104.1%

105.2%

103.5%

104.4%

101.3%

102%

99.9%

100% 98% 96% 94%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.

San Francisco pacificunion.com | A Member of Real Living

Delving into San Francisco’s Districts

San Francisco is defined by 10 separate districts, each of which encompasses several neighborhoods.

District 1:

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

District 2: Outer Sunset, Central Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Golden Gate Heights.

District 3: Pine Lake Park, Merced Manor, Lake Shore, Lakeside, Stonestown, Merced Heights, Ingleside, Ingleside Heights, Oceanview.

District 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.

District 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.

District 6: Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition.

District 7: Cow Hollow, Marina, Pacific Heights, Presidio Heights.

District 8: Downtown, Financial District/Barbary Coast, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill,

Tenderloin, Van Ness/Civic Center.

District 9: Bernal Heights, Central Waterfront/Dogpatch, Inner Mission, Mission Bay, Potrero Hill, South Beach,

South of Market, Yerba Buena.

District 10: Bayview, Bayview Heights, Candlestick Point, Crocker Amazon, Excelsior, Hunters Point, Little Hollywood,

Outer Mission, Mission Terrace, Portola, Silver Terrace, Visitacion Valley.

San Francisco pacificunion.com | A Member of Real Living

San Francisco Snapshot: SFH, Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

District 1

$

86,499,225

$

97,259,105

12%

60

59

-2%

34

27

-21%

$

1,200,000

$

1,380,000

15%

District 2

$

134,200,176

$

128,508,231

-4%

145

120

-17%

29

26

-10%

$

855,000

$

965,000

13%

District 3

$

39,754,600

$

42,864,411

8%

55

51

-7%

29

32

10%

$

660,000

$

800,000

21%

District 4

$

96,121,200

$

91,523,168

-5%

78

69

-12%

37

23

-38%

$ 1,102,500

$ 1,150,000

District 5

$

165,617,010

$

145,567,050

-12%

93

72

-23%

27

28

4%

$

$

District 6

$

19,896,000

$

17,779,000

-11%

12

7

-42%

49

15

-69%

District 7

$

174,725,200

$

119,095,000

-32%

32

26

-19%

38

40

5%

District 8

$

12,725,000

$

12,808,888

1%

4

5

25%

98

24

-76%

District 9

$

75,038,591

$

86,251,300

15%

70

69

-1%

33

27

District 10

$

94,413,456

$

98,233,041

4%

156

136

-13%

40

34

4%

1,865,500

20%

$ 1,450,000

$ 2,750,000

90%

$

$

3,950,000

-20%

$ 2,500,000

$ 1,810,000

-28%

-18%

$

948,625

$

1,150,000

21%

-15%

$

618,500

$

706,500

14%

1,550,000

4,935,000

Source: Terradatum, October 7, 2014. Data is for single-family homes in San Francisco districts.

San Francisco Snapshot: Condos, Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

District 1

$

36,014,999

$

46,954,223

30%

39

47

21%

31

33

6%

$

900,000

$

975,000

8%

District 2

$

8,360,750

$

6,058,000

-28%

12

7

-42%

32

19

-41%

$

822,500

$

880,000

7%

District 3

$

3,656,000

$

2,027,000

-45%

7

4

-43%

35

31

-11%

$

460,000

$

453,500

-1%

District 4

$

8,380,301

$

7,458,650

-11%

14

11

-21%

31

40

29%

$

602,500

$

585,000

-3%

District 5

$

124,919,923

$

98,721,241

-21%

112

78

-30%

30

29

-3%

$

1,087,500

$

1,252,500

15%

District 6

$

61,193,000

$

58,870,000

-4%

68

64

-6%

30

26

-13%

$

842,500

$

914,000

District 7

$

117,032,969

$

97,944,500

-16%

86

64

-26%

32

29

-9%

$

1,219,000

$

1,417,500

16%

District 8

$

103,686,401

$

126,457,804

22%

109

111

2%

45

39

-13%

$

750,000

$

880,000

17%

District 9

$

208,190,551

$

236,518,862

14%

234

218

-7%

39

37

-5%

$

805,000

$

925,000

15%

District 10

$

5,645,000

$

10,912,659

93%

15

21

40%

99

57

-42%

$

360,000

$

545,000

51%

8%

Source: Terradatum, October 7, 2014. Data is for condominiums in San Francisco districts.

San Francisco pacificunion.com | A Member of Real Living

San Francisco Price Range Snapshot: SFH, Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Under $1 million

$

302,696,070

$

218,647,467

-28%

417

285

-32%

35

31

-11%

$

$1 million - $3 million

$

377,841,388

$

446,951,727

18%

248

291

17%

30

26

-13%

Over $3 million $

218,453,000

$

174,290,000

-20%

40

38

-5%

45

36

-20%

Q3 '14

% change

771,000

4%

$ 1,365,000

$ 1,400,000

3%

$

$

740,000

4,525,000

$

3,875,000

-14%

Source: Terradatum, October 7, 2014. Data is for single-family homes in San Francisco County.

San Francisco Price Range Snapshot: Condos, Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Under $1 million

$

313,877,534

$

233,848,479

-25%

454

327

-28%

39

37

-5%

$

$1 million - $2 million

$

285,022,547

$

338,322,460

19%

214

254

19%

33

31

-6%

Over $2 million $

78,179,813

$

119,752,000

53%

28

44

57%

35

36

3%

Q3 '14

% change

735,000

4%

$ 1,289,000

$ 1,295,000

0%

$

$

7%

707,500

2,344,000

$

2,500,000

Source: Terradatum, October 7, 2014. Data is for condominiums in San Francisco County.

Silicon Valley Quarterly Real Estate Report Q3 2014

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

Silicon Valley pacificunion.com | A Member of Real Living

Silicon Valley: Q3 Results Real estate activity zigzagged during the third quarter in Pacific Union’s Silicon Valley region, slowing to a crawl in July and August, then going gangbusters in early September before decelerating again. High-end markets such as Palo Alto, Menlo Park, and Hillsborough, however, remained busy throughout the quarter.

The region has some of the most expensive homes in the nation, and in Menlo Park, no homes on the market were priced at less than $1 million. Across Silicon Valley, any property priced under $4 million sold briskly.

Home prices continued rising throughout the quarter, although not at the pace seen a year earlier. Multiple offers remained standard, though bidders weren’t as frantic as they were last year. Similarly, off-market sales, while still common, were not as rampant as in 2013. While a balanced market for both buyers and sellers remains a long way off in Silicon Valley, the region is slowly moving in that direction.

Looking Forward: We expect moderate activity during the fourth quarter before sales slow during the year-end holiday season. Early indications suggest an increased supply of homes will hit the market during October, helping to drive sales in the months ahead.

Defining Silicon Valley: Our real estate markets in the Silicon Valley region include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the charts below includes all single-family homes in these communities.

Defining the Mid-Peninsula: Our real estate markets in the Mid-Peninsula subregion include the cities of Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area). Sales data in the charts below includes all single-family homes in these communities.

Median Sales Price $3,100,000 $2,600,000 $2,205,000

$2,617,500 $2,400,000 $2,466,000 $2,425,000 $2,358,000 $2,325,000

$2,250,018

$2,433,000 $2,400,000

$2,450,000

Jun-14

Aug-14

$2,592,500

$2,100,000

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jul-14

Sep-14

Source: Terradatum, September 30, 2014. 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.

Months’ Supply of Inventory 3.6 3.1

3.1

2.6

2.4

2.5 2.0

2.1

1.7

1.6

1.6

1.6

1.6

1.5

1.1

1.2

1.4

1.3

1.1 0.6 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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.

Silicon Valley pacificunion.com | A Member of Real Living

Average Days on the Market 60

55

50 40

37

37 30

30

37

30

29

29

28

25

20

20

19

Apr-14

May-14

23

10 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Jun-14

Jul-14

Aug-14

Sep-14

37.4%

38.0%

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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.

Percentage of Properties Under Contract 50% 43.9%

45% 40% 31.7%

35% 30%

42.4% 37.8%

36.6% 33.7%

32.5%

33.4%

29.7%

27.9%

24.5%

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Source: Terradatum, September 30, 2014. 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.

Sales Price as a Percentage of Original Price 108% 106.2% 106%

102.5%

102% 100%

104.6%

104.5%

104%

103.8% 102.8%

102.1%

102.1%

102.3% 101.0%

101.2% 100.1%

99.7%

98% 96%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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.

Silicon Valley pacificunion.com | A Member of Real Living

A Closer Look at Silicon Valley Silicon Valley Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Atherton

$

158,935,415

$

96,898,888

-39%

26

20

-23%

81

52

-36%

$

Los Altos*

$

196,979,680

$

162,963,891

-17%

89

66

-26%

22

17

-23%

Los Altos Hills

$

109,805,330

$

85,149,447

-22%

33

22

-33%

51

37

Menlo Park**

$

141,801,315

$

187,971,900

33%

78

85

9%

28

Palo Alto

$

245,065,376

$

269,975,615

10%

114

88

-23%

Portola Valley

$

46,767,000

$

61,395,500

31%

18

17

Woodside

$

46,798,500

$

110,778,000

137%

20

31

Q3 '14

% change

4,310,000

27%

$ 2,100,000

$ 2,312,500

10%

-27%

$

$

3,289,000

18%

20

-29%

$ 1,500,000

$ 2,025,000

35%

17

16

-6%

$

$

2,549,000

35%

-6%

44

87

98%

$ 1,900,000

$ 2,998,000

58%

55%

72

88

22%

$ 1,862,500

$ 2,320,000

25%

3,400,000

2,778,750

1,889,194

$

Source: Terradatum, September 30, 2014. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes east of U.S. 101

Mid-Peninsula pacificunion.com | A Member of Real Living

Median Sales Price $1,700,000 $1,500,000 $1,300,000

$1,600,000

$1,562,500

$1,250,000

$1,204,000

$1,475,000

$1,360,000

$1,263,500

$1,476,000

$1,311,375 $1,300,500

$1,400,000

$1,375,000 $1,328,000

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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).

Months’ Supply of Inventory 3.1 2.5

2.6 2.1

1.9

1.7

1.5

1.6

1.1

1.1

1.3 0.8

1.1

1.2

1.2

May-14

Jun-14

1.4

1.4 1.1

0.6 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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).

Average Days on the Market 60 50

50 40 30

26

35

33

32 25

27

25

19

20

33

18

23

16

10 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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).

Mid-Peninsula pacificunion.com | A Member of Real Living

Percentage of Properties Under Contract 60% 50%

49.3%

44.6% 35.5%

32.2%

28.6%

30%

45.9%

42.6%

38.8%

40%

45.9%

40.9%

42.4%

Jul-14

Aug-14

Sep-14

101.1%

101.2%

34.0%

27.9%

20% 10% 0%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Source: Terradatum, September 30, 2014. 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).

Sales Price as a Percentage of Original Price 105%

104.0%

104%

103.0%

102.9%

103%

103.2%

103.9%

103.6% 102.4%

102% 101%

100.2%

99.8%

100%

98.8%

99%

98.0%

98% 97% 96% 95%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, September 30, 2014. 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).

A Closer Look at the Mid-Peninsula Mid-Peninsula Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Burlingame*

$

96,613,423

$

87,030,466

-10%

59

53

-10%

24

17

-29%

$ 1,538,000

$ 1,530,000

-1%

Hillsborough

$

202,796,000

$

175,011,388

-14%

49

37

-24%

82

67

-18%

$ 3,250,000

$ 3,125,000

-4%

San Mateo**

$

189,807,490

$

170,323,007

-10%

166

139

-16%

17

21

24%

$

$

17%

948,500

1,110,000

Source: Terradatum, September 30, 2014. Data is for single-family homes in selected San Mateo County cities. * Excludes Ingold Millsdale Industrial Center ** Excludes the North Shoreview/Dore Cavanaugh area

Sonoma County Quarterly Real Estate Report Q3 2014

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

Sonoma County pacificunion.com | A Member of Real Living

Sonoma County: Q3 Results It has been a busy year for real estate in in Pacific Union’s Sonoma County region, and the third quarter was no exception. Other than a slight seasonal slowdown in August and September, buyers were motivated, and sellers were ready to make deals.

Inventory nonetheless remained constrained throughout the quarter. Owners have good reasons to put their homes on the market after two years of steadily rising prices, but they remain reluctant to do so. With the supply of properties tight across the Bay Area, owners apparently fear they could have a tough time finding a new home when they sell their current one.

Sales of high-end properties climbed in the third quarter, with a 45 percent increase for homes priced from $900,000 to $1 million. Meanwhile, lower-priced home sales dropped off, as the region exhausted its remaining supply of distressed properties. Prices rose at a healthy pace overall – especially in Petaluma and parts of Santa Rosa – while Cloverdale and coastal areas saw prices pull back.

Looking Forward: Demand for homes remains strong, interest rates remain low, and the Bay Area economy shows no sign of slowing. If the supply of homes picks up as we expect, buyers will be waiting and ready to sign contracts.

Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the charts below includes all single-family homes and farms and ranches in Sonoma County.

Median Sales Price $550,000

$491,500

$500,000 $450,000

$447,650

$457,500

$450,000

$465,000

$460,000

Dec-13

Jan-14

$449,325

$468,950

$487,500

$495,000

May-14

Jun-14

$508,500 $475,000

$499,000

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

Sep-13

Oct-13

Nov-13

Feb-14

Mar-14

Apr-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for single-family homes and farms/ranches in Sonoma County.

Months’ Supply of Inventory 3.1 2.7 2.6 2.2

2.5

2.4

2.5

2.0

2.1

2.4 2.1

2.2

2.1

2.3 2.0

2.0

1.6 1.1 0.6 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.

Sonoma County pacificunion.com | A Member of Real Living

Average Days on the Market 90 78

80 70

67

79

81 72

67

73

74 59

60

57

62

61

Jul-14

Aug-14

65

50 40 30 20 10 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for single-family homes and farms/ranches sold in Sonoma County.

Â

Percentage of Properties Under Contract 40% 33.6%

35% 30% 25%

24.9%

26.8%

31.7%

31.8%

31.7%

30.4%

30.0%

29.0%

30.2%

Jun-14

Jul-14

Aug-14

Sep-14

27.4%

24.8% 21.9%

20% 15% 10% 5% 0%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Source: Terradatum, October 7, 2014. Percentage of single-family homes and farms/ranches under contract in Sonoma County. Â

Sales Price as a Percentage of Original Price 100%

98.9%

99%

98.4%

98% 97%

96.9% 96.3%

96.2%

96% 95%

96.9%

96.8% 95.9%

96.0%

Feb-14

Mar-14

97.6% 96.7%

94.3% 93.7%

94% 93% 92% 91%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.

Sonoma County pacificunion.com | A Member of Real Living

A Closer Look at Sonoma County

Sonoma County Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

Healdsburg

$

63,632,215

$

52,491,350

-18%

60

51

-15%

80

72

-10%

$

762,500

$

659,000

-14%

Petaluma

$ 104,276,595

$

118,988,658

14%

185

186

1%

61

53

-13%

$

488,000

$

551,500

13%

Rohnert Park

$

$

28,065,000

-1%

70

65

-7%

50

60

20%

$

406,500

$

438,000

8%

Santa Rosa

$ 248,214,667

$ 302,099,044

22%

520

553

6%

58

57

-2%

$

409,250

$

455,000

11%

Sebastopol

$

66,608,757

$

53,099,391

-20%

91

77

-15%

78

60

-23%

$

660,000

$

617,000

-7%

Windsor

$

42,140,078

$

40,420,650

-4%

85

79

-7%

75

44

-41%

$

455,000

$

485,000

7%

28,469,750

Source: Terradatum, October 7, 2014. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

Sonoma County Price Range Snapshot: Q3 2014 vs. Q3 2013 Sales Volume

Homes Sold

Avg. Days on Market

Median Price

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Under $1 million

$ 619,167,540

$ 648,609,708

5%

1,301

1,266

-3%

64

60

-6%

$

$1 million and over

$ 178,983,304

$ 196,648,093

10%

100

115

15%

137

95

-31%

$ 1,347,500

435,000

Q3 '14

% change

470,000

8%

$ 1,360,000

1%

$

Source: Terradatum, October 7, 2014. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

Sonoma Valley Quarterly Real Estate Report Q3 2014

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

Sonoma Valley pacificunion.com | A Member of Real Living

Sonoma Valley: Q3 Results Real estate activity in Pacific Union’s Sonoma Valley region remained robust during the third quarter, but there were also signs of the market taking a deep breath. Those signs included a slight slowing of sales during the latter part of the quarter, more reductions on properties that had been priced too aggressively, and available homes staying on the market longer than we have seen in previous quarters.

While there is almost always a bit of imbalance between buyers’ and sellers’ expectations, that disparity seemed to be more evident recently. The market was still strong, but the frenetic pace of sales activity seen in recent years gave way to more balanced conditions. Unlike other regions in the Bay Area, buyers in Sonoma Valley had an ample supply of homes to choose from, and new listings came on the market regularly.

Looking Forward: We expect the fourth quarter to continue trends seen in the third. Sellers will need to be realistic about pricing and length of time on the market, and buyers will need to pay attention to the continued rise in home prices. After a typical slowdown during the holiday season, we are optimistic about the first quarter of 2015. Interest rates should remain low, inventory should stabilize, and buyer interest in homeownership will remain strong.

Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the charts below refers to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.

Median Sales Price $800,000 $697,500

$700,000 $600,000

$586,000

$608,500 $565,000

$500,000

$500,000

$477,000

Nov-13

Dec-13

$645,000

$610,672 $500,000

$540,000

$555,000

May-14

Jun-14

$525,000

$580,250

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

Sep-13

Oct-13

Jan-14

Feb-14

Mar-14

Apr-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

Months’ Supply of Inventory 5.1 4.6

4.4

4.1 3.6

3.0

3.0

3.1

2.5

2.6

2.4

3.3

3.2

3.0

2.3

2.9 2.5

2.3

2.1

2.1 1.6 1.1 0.6 0.1

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

Sonoma Valley pacificunion.com | A Member of Real Living

Average Days on the Market 120 105 100

96

94 80

80

69

64 60

78

77

77 61

51

56

50

40 20 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.

Â

Percentage of Properties Under Contract 35%

30.5%

30% 25%

23.4%

26.6%

24.3%

22.7%

23.9%

Dec-13

Jan-14

28.3%

27.2%

26.5%

27.7%

Aug-14

Sep-14

22.3%

23.1%

20.2% 20% 15% 10% 5% 0%

Sep-13

Oct-13

Nov-13

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Source: Terradatum, October 7, 2014. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley. Â

Sales Price as a Percentage of Original Price 102% 99.5%

100% 98% 96% 94%

97.5%

96.8%

96.6%

96.7% 95.1%

94.6%

93.9% 92.4%

92%

92.2%

91.8%

Jan-14

Feb-14

92.5%

92.5%

90% 88% 86%

Sep-13

Oct-13

Nov-13

Dec-13

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.

Sonoma Valley pacificunion.com | A Member of Real Living

A Closer Look at Sonoma Valley

Sonoma Valley Snapshot: Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

$ 1,367,500

$

829,500

-39%

Glen Ellen

$

11,316,000

$

16,107,110

42%

8

15

88%

139

117

-16%

Kenwood

$

7,230,000

$

6,862,000

-5%

7

5

-29%

94

97

3%

$

900,000

$

789,000

-12%

Sonoma

$

112,965,830

$ 109,368,425

-3%

148

136

-8%

72

72

0%

$

507,500

$

552,600

9%

Source: Terradatum, October 7, 2014. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.

Tahoe/Truckee Quarterly Real Estate Report Q3 2014

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

Tahoe/Truckee pacificunion.com | A Member of Real Living

Tahoe/Truckee: Q3 Results The third quarter was a busy time for both buyers and sellers in Pacific Union’s Tahoe/Truckee region, with an abundance of properties on the market. Sales activity was generally strong across the region but spotty in pockets: Some ski resorts and communities reported remarkably strong sales, while others held steady or posted declines. Measured by price, luxury homes — $2 million-plus properties — sold extremely well during the quarter, and prices continued rising across the overall market.

Homes in the region that were fairly priced attracted the most interest from buyers, while overpriced homes lingered on the market for 60 to 90 days or longer without an offer. Tahoe/Truckee is primarily a second-home market for buyers from the Bay Area, Sacramento, and Reno areas, and those regions’ vigorous economies help drive real estate here.

Looking Forward: The coming winter months will remain busy, as visiting skiers check out the area and become tempted to purchase homes. Prices in Tahoe/Truckee have not yet reached their prerecession peaks, so buyers can still track down bargains. Sellers will find plenty of willing and able buyers, so long as their properties are fairly priced.

Defining Tahoe/Truckee: Our real estate markets in Tahoe/Truckee include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the charts below includes single-family homes and condominiums in these communities.

Single-Family Homes – Median Sales Price $800,000 $699,000

$700,000 $614,605

$600,000

$550,000

$545,000

$560,000

$665,000

$629,000

$610,000

$605,000

$530,000

$595,000

$585,000

$529,277

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for single-family homes in the Tahoe/Truckee region.

Condominiums – Median Sales Price $500,000 $445,000

$450,000 $400,000 $350,000

$381,500

$387,500

$390,000

$374,500

$350,250

$345,000

$382,500 $350,000

$334,000

$345,000

$290,000

$300,000

$262,000

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

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Median sales price for condominiums in the Tahoe/Truckee region.

Tahoe/Truckee pacificunion.com | A Member of Real Living

Single-Family Homes – Months’ Supply of Inventory 12.1 10.6 10.1 8.5 8.1 6.1

6.2 4.9

5.1

5.3

Sep-13

Oct-13

Nov-13

8.5 7.3

6.6

7.1

6.8

6.8

5.7

4.1 2.1 0.1

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for single-family homes in the Tahoe/Truckee region.

Condominiums – Months’ Supply of Inventory 14.1

12.9 11.4

12.1 10.1

6.1

8.9

8.8

8.1 5.5

5.2

Sep-13

Oct-13

7.0

7.2

Nov-13

Dec-13

10.6 8.5

7.8

6.8

6.8

Aug-14

Sep-14

4.1 2.1 0.1

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Source: Terradatum, October 7, 2014. Months' supply of inventory for condominiums in the Tahoe/Truckee region.

Single-Family Homes – Average Days on the Market 160 140

140 120 100

97

101

107 94

93

101

100

95

87 72

80

66 54

60 40 20 0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for single-family homes sold in the Tahoe/Truckee region.

Tahoe/Truckee pacificunion.com | A Member of Real Living

Condominiums – Average Days on the Market 250 200

200 159

159

150

150

150

137

122

113

127

114

100

83 54

53

50

0

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Average days on market for condominiums sold in the Tahoe/Truckee region.

Single-Family Homes – Percentage of Properties Under Contract 20% 17.5%

18%

15.2%

16% 14%

13.2%

13.8%

12.9%

11.3%

10.9%

12%

11.6% 9.2%

8.8%

10%

12.8%

13.7%

8.7%

8% 6% 4% 2% 0%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Percentage of single-family homes under contract in the Tahoe/Truckee region.

Condominiums – Percentage of Properties Under Contract 16% 14%

12.3%

13.8%

12.9%

12.3%

11.5%

12% 9.1%

10% 6.9%

8%

10.8%

10.5%

9.6%

8.9% 8.2%

7.1%

6% 4% 2% 0%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Percentage of condominiums under contract in the Tahoe/Truckee region.

Tahoe/Truckee pacificunion.com | A Member of Real Living

Single-Family Homes – Sales Price as a Percentage of Original Price 98% 96%

95.0% 94.6%

96.2% 95.2%

94.1%

94%

92.8% 91.5%

92%

95.6%

95.4%

92.1%

93.2%

91.3% 89.2%

90% 88% 86% 84%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for single-family homes under contract in the Tahoe/Truckee region.

Condominiums – Sales Price as a Percentage of Original Price 98% 96%

96.7%

96.1%

95.4% 94.7%

94%

93.0%

94.6%

94.8%

Apr-14

May-14

96.0%

96.0%

Aug-14

Sep-14

94.1%

92.5%

91.2%

92%

89.5%

90% 88% 86% 84%

Sep-13

Oct-13

Nov-13

Dec-13

Jan-14

Feb-14

Mar-14

Jun-14

Jul-14

Source: Terradatum, October 7, 2014. Sales price as % of original price (including adjustments) for condominiums under contract in the Tahoe/Truckee region.

Tahoe/Truckee pacificunion.com | A Member of Real Living

A Closer Look at Tahoe/Truckee Tahoe/Truckee Snapshot: SFH, Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

Alpine Meadows

$

2,637,500

$

5,833,000

121%

5

6

20%

76

64

-16%

$

450,000

$

921,500

105%

Donner Lake

$

4,494,000

$

9,438,000

110%

8

12

50%

32

79

147%

$

492,500

$

485,000

-2%

Donner Summit

$

6,755,500

$

5,918,000

-12%

17

8

-53%

56

141

152%

$

372,500

$

495,000

33%

Martis Valley

$

39,104,950

$

51,785,940

32%

33

30

-9%

130

89

-32%

$

550,000

$

727,500

32%

North Lake Tahoe

$

66,110,985

$

70,792,500

7%

84

59

-30%

81

76

-6%

$

526,450

$

585,000

11%

Northstar

$

7,635,275

$

9,502,000

24%

8

11

38%

128

61

-52%

$

750,000

$

830,000

11%

Squaw Valley

$

11,634,500

$

1,312,000

-89%

4

1

-75%

392

46

-88%

$

1,257,750

$

1,312,000

4%

Tahoe City

$

28,335,450

$

23,807,500

-16%

29

16

-45%

108

59

-45%

$

735,000

$

685,000

-7%

Tahoe Donner

$

41,443,200

$

39,336,650

-5%

68

58

-15%

59

52

-12%

$

555,000

$

617,250

11%

Truckee

$

50,994,950

$

64,466,940

26%

58

50

-14%

97

78

-20%

$

513,750

$

587,000

14%

West Shore

$

60,424,850

$

39,195,400

-35%

51

40

-22%

78

79

1%

$

650,000

$

598,250

-8%

Source: Terradatum, October 7, 2014. Data is for single-family homes in the Tahoe/Truckee region.

Tahoe/Truckee Snapshot: Condos, Q3 2014 vs. Q3 2013 Sales Volume Q3 '13

Q3 '14

Homes Sold

Avg. Days on Market

% change

Q3 '13

Q3 '14

% change

Q3 '13

Q3 '14

% change

Median Price Q3 '13

Q3 '14

% change

Alpine Meadows

$

705,000

$

375,000

-47%

2

1

-50%

98

13

-87%

$

352,500

$

375,000

Donner Lake

$

347,803

$

388,000

12%

4

5

25%

22

864

3827%

$

57,402

$

80,000

39%

Donner Summit

$

210,000

$

165,000

-21%

1

2

100%

203

239

18%

$

210,000

$

82,500

-61%

North Lake Tahoe

$

11,239,000

$

9,444,500

-16%

27

24

-11%

172

79

-54%

$

300,000

$

294,000

-2%

NorthStar

$

5,174,500

$

4,100,250

-21%

12

9

-25%

233

102

-56%

$

322,500

$

385,000

19%

Squaw Valley

$

4,746,037

$

2,348,350

-51%

12

4

-67%

348

40

-89%

$

409,750

$

587,900

43%

Tahoe City

$

6,782,000

$

6,767,000

0%

17

13

-24%

156

84

-46%

$

289,000

$

382,500

32%

Tahoe Donner

$

2,703,500

$

3,365,350

24%

10

12

20%

26

104

300%

$

228,000

$

276,925

21%

Truckee

$

8,170,525

$

10,089,375

23%

13

18

38%

99

72

-27%

$

579,000

$

439,500

-24%

West Shore

$

1,350,000

$

7,820,000

479%

2

6

200%

95

131

38%

$

675,000

$

552,500

-18%

6%

Source: Terradatum, October 7, 2014. Data is for condominiums in the Tahoe/Truckee region.

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