4th Quarter ���� Market Report

Presented By

CHRIS MEYERSManaging Principal

Houlihan Lawrence

HoulihanLawrence.com

We are rolling out the welcome mat in New York City’s northern suburbs. New buyers are ready, willing and now able to buy their first home. The 4th quarter of 2015 capped off another solid performance for real estate in the region. Home sales reached a new 10-year high across Westchester, Putnam and Dutchess counties.

The sweet spot right now is for homes under $1 million- and that will increase the appetite for trading up to higher price points. A surge in first-time homebuyers has helped fuel a red-hot market for properties under that benchmark level. Prices have held relatively steady. We see that as a sign that the market is building a solid base, and has room to move higher. As interest grows in entry-level priced homes, established homeowners will gain the confidence to move up, creating demand at higher price points.

Condos are having a moment. The condo market is firing on all cylinders. Putnam County condo sales soared 35 percent. Westchester condo sales hit a new 8-year high, up 20 percent. Co-op sales there were also in demand. They were up 6 percent, and also hit an 8-year high. Dutchess County also showing gains, up 13 percent.

The real estate forecast is now on the weather channel. Warm weather was a key driver to the end of year burst of activity we saw throughout the holiday season. We closed 2015 with pending home sales up 10 percent from 2014 levels. Buyers kept shopping through the normally quiet holiday period, but many remain without their dream homes, simply because inventories are so tight. Those buyers are ready to seal the deal in 2016 as more homes come on the market.

Here are some trends we are seeing for 2016:

Young money will keep the market buzzing. Millennials are growing up. They now dominate the workforce. The oldest of them are turning 35. They want to settle down. Because inventory at the entry levels is so tight, they are coming to realize they need to move fast to get the home they want. Days On Market is the lowest it has been in a decade, and we see no end anytime soon.

Tight inventories are getting the more affordable markets moving. There is a growing sense of urgency to snap up a home before it’s gone. For example, in Westchester, inventory of homes priced under $1.5 million has barely budged in the last year. The next level up, $1.5 million to $3 million has seen inventory growth between 10 and 20 percent. But demand has also moved higher at about the same pace.

Luxury sellers will need to pull out all the stops to stand out in a crowded field. Inventories are up as much as 30 percent at the very high-end of the market. To get the sale, sellers will have to make sure their property delivers everything buyers want at the best value for the price point.

The hot spots will continue to be the ones with available- though scarce- inventory under $1 million, especially the Rivertown communities. Among the highlights: Croton, where home sales were up a whopping 67 percent in 2015. Dobbs Ferry saw an increase of 44 percent. Ossining sales jumped 32 percent, with Hastings up 24 percent. Other top performers included Chappaqua, which was also up 24 percent, and both Pelham and Tarrytown where sales were 19 percent higher.

FOURTH QUARTER 2015

EXECUTIVE SUMMARY

Stephen MeyersPresident and CEO

Chris MeyersManaging Principal

First-time buyers will continue to be drawn to both Putnam and Dutchess Counties. In the former, home sales were up 18 percent. The median home price was $310,000. In the latter, home sales were up 13 percent. There the median home price was a very affordable $242,000. This is a great area for the new families looking to get great value, including more space, and still enjoy proximity to New York City.

Outlook for 2016: The Fed’s recent rate hike has given buyers a reason to get off the sidelines. The job market remains strong with December’s government jobs data coming in even stronger than expected. Most buyers don’t have a lot to choose from, and we believe will become more assertive in going after the most desirable properties.

TABLE OF CONTENTSFOURTH QUARTER 2015

WESTCHESTER COUNTYSingle Family Home Overview

NEW YORK CITY GATEWAYMount Vernon, New Rochelle, Pelham, Yonkers

LOWER WESTCHESTERBronxville, Eastchester, Edgemont, Scarsdale,Tuckahoe

THE RIVERTOWNSArdsley, Briarcliff Manor, Dobbs Ferry, Elmsford,Hastings, Irvington, Mount Pleasant, Ossining,Pleasantville, Pocantico Hills, Tarrytown

GREATER WHITE PLAINSGreenburgh, Valhalla, White Plains

THE SOUND SHOREBlind Brook, Harrison, Mamaroneck, PortChester, Rye City, Rye Neck

NORTHERN WESTCHESTERBedford, Byram Hills, Chappaqua, Katonah-Lewisboro, North Salem, Somers

NORTHWEST WESTCHESTERCroton-Harmon, Hendrick Hudson, Lakeland,Peekskill, Yorktown

WESTCHESTER COUNTYCondominium Overview

WESTCHESTER COUNTYCo-Operative Overview

PUTNAM COUNTYBrewster, Carmel, Garrison, Haldane, Mahopac,Putnam Valley

PUTNAM COUNTYCondominium Overview

DUTCHESS COUNTYSingle Family Home Overview

SOUTHEAST DUTCHESSBeekman, Dover, Pawling, Union Vale

SOUTHWEST DUTCHESSBeacon, East Fishkill, Fishkill, LaGrange,Poughkeepsie, Poughkeepsie/City, Wappinger

NORTHEAST DUTCHESSAmenia, North East, Pine Plains, Stanford,Washington

NORTHWEST DUTCHESSClinton, Hyde Park, Milan, Pleasant Valley, RedHook, Rhinebeck

DUTCHESS COUNTYCondominium Overview

HOULIHANLAWRENCE.COM

WESTCHESTER COUNTYSINGLE FAMILY HOMES

QUARTERLY MARKET OVERVIEW  Q4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEHOMES SOLD 1407 1249 12.7% 5739 5403 6.2%

AVERAGE SALE PRICE $732,504 $768,444 -4.7% $836,361 $861,231 -2.9%

MEDIAN SALE PRICE $565,000 $567,500 -0.4% $627,500 $635,000 -1.2%

AVERAGE PRICE PER SQUARE FOOT $291 $292 -0.3% $311 $308 1.0%

% SALE PRICE TO LIST PRICE 96.5 95.7 0.8% 97.0 96.7 0.3%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 766 431 2 820 401 2 -6.6% 7.5%

$500,000 - $699,999 434 221 2 422 182 2 2.8% 21.4%

$700,000 - $999,999 384 159 2 384 151 3 0.0% 5.3%

$1,000,000 - $1,499,999 243 108 2 245 107 2 -0.8% 0.9%

$1,500,000 - $1,999,999 178 59 3 147 40 4 21.1% 47.5%

$2,000,000 - $2,499,999 88 23 4 75 19 4 17.3% 21.1%

$2,500,000 - $2,999,999 66 13 5 77 22 4 -14.3% -40.9%

$3,000,000 - $3,999,999 90 11 8 74 11 7 21.6% 0.0%

$4,000,000 and up 133 9 15 100 12 8 33.0% -25.0%

Market Totals 2382 1034 2 2344 945 2 1.6% 9.4%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $914,144 $935,515 $881,108 $763,462 $827,687 $814,126 $800,088 $811,056 $861,231 $836,361 Average Sale Price

Average Price/SqFt $348 $350 $334 $297 $305 $292 $286 $297 $308 $311 Average Price/SqFt

Days On Market 95 108 113 121 119 121 124 112 99 93 Days On Market

%Sale Price to List Price 96.4 96.0 95.2 92.9 94.2 94.3 94.4 96.0 96.7 97.0 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, SINGLE FAMILY HOMES

NEW YORK CITY GATEWAYSINGLE FAMILY HOMES

NEW ROCHELLE

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

MOUNT VERNON 42 27 56% 134 124 8%

NEW ROCHELLE 102 81 26% 371 327 14%

PELHAM 16 24 -33% 145 122 19%

YONKERS 154 125 23% 481 471 2%

NYC Gateway 314 257 22% 1131 1044 8%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

MOUNT VERNON NEW ROCHELLE

PELHAM YONKERS

HOMESSOLD

2015 VS. 2014 8%MEDIANSALE PRICE

2015 VS. 2014 1%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

MOUNT VERNON $371,000 $433,000 -14%  $365,000 $390,000 -6%

NEW ROCHELLE $647,000 $622,000 4%  $650,000 $640,000 2%

PELHAM $587,000 $734,500 -20%  $860,000 $810,500 6%

YONKERS $433,750 $435,000 0%  $430,000 $435,000 -1%

NYC Gateway $475,000 $479,000 -1%  $515,000 $517,500 -1%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zones 7 & 8

NEW YORK CITY GATEWAYSINGLE FAMILY HOMES

MOUNT VERNON, NEW ROCHELLE, PELHAM, YONKERSClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 70 41 2 68 30 2 2.9% 36.7%

$300,000  -$399,999 75 52 1 103 57 2 -27.2% -8.8%

$400,000 - $499,999 85 44 2 80 51 2 6.3% -13.7%

$500,000 - $599,999 52 34 2 56 23 2 -7.1% 47.8%

$600,000 - $799,999 78 45 2 87 26 3 -10.3% 73.1%

$800,000 - $999,999 28 5 6 31 10 3 -9.7% -50.0%

$1,000,000 - $1,999,999 43 20 2 40 13 3 7.5% 53.8%

$2,000,000 and up 15 0 Not Valid 9 1 9 66.7% -100.0%

Market Totals 446 241 2 474 211 2 -5.9% 14.2%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $658,763 $668,933 $619,854 $539,928 $572,784 $574,874 $539,314 $567,284 $596,011 $602,756 Average Sale Price

Average Price/SqFt $292 $298 $283 $254 $253 $245 $239 $253 $261 $266 Average Price/SqFt

Days On Market 94 105 113 121 118 121 130 119 100 95 Days On Market

%Sale Price to List Price 96.7 96.4 95.6 94.1 94.5 94.3 94.4 95.8 96.6 97.3 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zones 7 & 8

LOWER WESTCHESTERSINGLE FAMILY HOMES

SCARSDALE

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

BRONXVILLE 9 6 50% 62 80 -23%

EASTCHESTER 29 34 -15% 117 135 -13%

EDGEMONT 19 23 -17% 109 104 5%

SCARSDALE 35 42 -17% 231 253 -9%

TUCKAHOE 7 11 -36% 44 51 -14%

Lower Westchester 99 116 -15% 563 623 -10%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BRONXVILLE EASTCHESTER

EDGEMONT SCARSDALE

TUCKAHOE

HOMESSOLD

2015 VS. 2014 10%MEDIANSALE PRICE

2015 VS. 2014 5%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

BRONXVILLE $2,300,000 $1,930,000 19%  $2,175,000 $1,800,000 21%

EASTCHESTER $670,000 $669,750 0%  $719,000 $690,000 4%

EDGEMONT $999,999 $1,101,000 -9%  $1,065,000 $1,165,000 -9%

SCARSDALE $1,410,000 $1,512,500 -7%  $1,450,000 $1,497,000 -3%

TUCKAHOE $725,000 $550,000 32%  $698,487 $680,000 3%

Lower Westchester $928,000 $895,000 4%  $1,100,000 $1,160,000 -5%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 6

LOWER WESTCHESTERSINGLE FAMILY HOMES

BRONXVILLE, EASTCHESTER, EDGEMONT, SCARSDALE, TUCKAHOEClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 2 2 1 2 3 1 0.0% -33.3%

$500,000 - $699,999 17 9 2 21 6 4 -19.0% 50.0%

$700,000 - $999,999 23 23 1 21 31 1 9.5% -25.8%

$1,000,000 - $1,499,999 27 23 1 30 16 2 -10.0% 43.8%

$1,500,000 - $1,999,999 29 16 2 15 8 2 93.3% 100.0%

$2,000,000 - $2,499,999 18 10 2 10 3 3 80.0% 233.3%

$2,500,000 - $2,999,999 13 3 4 19 7 3 -31.6% -57.1%

$3,000,000 - $3,999,999 28 3 9 18 3 6 55.6% 0.0%

$4,000,000 and up 31 4 8 17 3 6 82.4% 33.3%

Market Totals 188 93 2 153 80 2 22.9% 16.3%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $1,351,736 $1,393,748 $1,297,435 $1,212,153 $1,302,610 $1,282,116 $1,312,425 $1,263,156 $1,388,882 $1,406,473 Average Sale Price

Average Price/SqFt $456 $455 $440 $387 $411 $398 $402 $413 $443 $451 Average Price/SqFt

Days On Market 96 100 97 125 113 105 100 103 76 73 Days On Market

%Sale Price to List Price 96.5 96.6 95.6 91.9 94.6 95.0 96.0 96.3 97.7 97.6 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 6

THE RIVERTOWNSSINGLE FAMILY HOMES

THE RIVERTOWNS

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEARDSLEY 29 16 81% 108 110 -2%

BRIARCLIFF MANOR 10 15 -33% 65 61 7%

DOBBS FERRY 17 13 31% 95 66 44%

ELMSFORD 16 16 0% 57 63 -10%

HASTINGS 17 16 6% 83 67 24%

IRVINGTON 14 18 -22% 71 82 -13%

MOUNT PLEASANT 31 20 55% 103 95 8%

OSSINING 63 40 58% 207 157 32%

PLEASANTVILLE 24 20 20% 65 77 -16%

POCANTICO HILLS 4 3 33% 12 11 9%

TARRYTOWN 20 13 54% 88 74 19%

The Rivertowns 245 190 29% 954 863 11%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

ARDSLEY BRIARCLIFF MANORDOBBS FERRY ELMSFORDHASTINGS IRVINGTONMOUNT PLEASANT OSSININGPLEASANTVILLE POCANTICO HILLSTARRYTOWN

HOMESSOLD

2015 VS. 2014 11%MEDIANSALE PRICE

2015 VS. 2014 2%MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGEARDSLEY $655,000 $523,750 25%  $653,000 $627,500 4%

BRIARCLIFF MANOR $773,125 $805,000 -4%  $795,000 $800,000 -1%

DOBBS FERRY $677,000 $685,000 -1%  $722,000 $749,000 -4%

ELMSFORD $472,500 $400,500 18%  $470,000 $364,500 29%

HASTINGS $805,000 $792,500 2%  $785,000 $725,000 8%

IRVINGTON $947,500 $1,137,500 -17%  $925,000 $991,500 -7%

MOUNT PLEASANT $507,500 $525,500 -3%  $555,000 $527,000 5%

OSSINING $382,000 $398,750 -4%  $385,000 $390,000 -1%

PLEASANTVILLE $590,000 $495,000 19%  $615,000 $570,000 8%

POCANTICO HILLS $933,750 $580,000 61%  $793,500 $595,000 33%

TARRYTOWN $640,500 $590,000 9%  $607,000 $582,500 4%

The Rivertowns $587,000 $550,000 7%  $599,000 $586,000 2%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 3

THE RIVERTOWNSSINGLE FAMILY HOMES

ARDSLEY, BRIARCLIFF MANOR, DOBBS FERRY, ELMSFORD, HASTINGS, IRVINGTON,MOUNT PLEASANT, OSSINING, PLEASANTVILLE, POCANTICO HILLS, TARRYTOWN

Click on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 28 17 2 32 25 1 -12.5% -32.0%

$300,000  -$399,999 31 28 1 35 14 3 -11.4% 100.0%

$400,000 - $499,999 49 21 2 48 29 2 2.1% -27.6%

$500,000 - $599,999 43 26 2 36 23 2 19.4% 13.0%

$600,000 - $799,999 47 40 1 50 27 2 -6.0% 48.1%

$800,000 - $999,999 44 23 2 31 10 3 41.9% 130.0%

$1,000,000 - $1,999,999 52 29 2 61 25 2 -14.8% 16.0%

$2,000,000 and up 35 8 4 22 7 3 59.1% 14.3%

Market Totals 329 192 2 315 160 2 4.4% 20.0%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $739,862 $719,413 $727,417 $622,480 $630,618 $620,144 $608,046 $664,832 $690,394 $692,908 Average Sale Price

Average Price/SqFt $329 $327 $313 $288 $281 $274 $264 $285 $294 $304 Average Price/SqFt

Days On Market 91 105 119 117 119 125 130 105 99 90 Days On Market

%Sale Price to List Price 96.5 96.6 95.6 94.7 94.7 95.1 95.3 97.5 98.2 97.6 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 3

GREATER WHITE PLAINSSINGLE FAMILY HOMES

WHITE PLAINS

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

GREENBURGH 40 37 8% 148 128 16%

VALHALLA 16 19 -16% 83 65 28%

WHITE PLAINS 61 46 33% 236 215 10%

Greater White Plains 117 102 15% 467 408 15%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

GREENBURGH VALHALLA WHITE PLAINS

HOMESSOLD

2015 VS. 2014 15%MEDIANSALE PRICE

2015 VS. 2014 3%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

GREENBURGH $444,500 $459,000 -3%  $475,000 $478,000 -1%

VALHALLA $541,000 $465,000 16%  $515,000 $495,000 4%

WHITE PLAINS $565,000 $705,006 -20%  $614,383 $618,000 -1%

Greater White Plains $530,000 $523,750 1%  $544,000 $527,000 3%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 4

GREATER WHITE PLAINSSINGLE FAMILY HOMES

GREENBURGH, VALHALLA, WHITE PLAINSClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 11 9 1 10 4 3 10.0% 125.0%

$300,000  -$399,999 13 11 1 30 7 4 -56.7% 57.1%

$400,000 - $499,999 28 15 2 25 24 1 12.0% -37.5%

$500,000 - $599,999 22 13 2 24 14 2 -8.3% -7.1%

$600,000 - $799,999 28 12 2 30 9 3 -6.7% 33.3%

$800,000 - $999,999 26 5 5 22 8 3 18.2% -37.5%

$1,000,000 - $1,999,999 15 2 8 11 9 1 36.4% -77.8%

$2,000,000 and up 1 1 1 1 0 Not Valid 0.0% 0.0%

Market Totals 144 68 2 153 75 2 -5.9% -9.3%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $675,274 $672,834 $658,832 $579,604 $578,480 $532,545 $563,760 $555,397 $594,770 $606,510 Average Sale Price

Average Price/SqFt $328 $325 $308 $284 $272 $258 $252 $264 $272 $284 Average Price/SqFt

Days On Market 80 89 110 112 113 114 128 107 93 83 Days On Market

%Sale Price to List Price 97.3 97.1 95.9 93.9 95.4 95.1 95.0 96.8 97.2 97.6 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 4

THE SOUND SHORESINGLE FAMILY HOMES

THE SOUND SHORE

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

BLIND BROOK 19 23 -17% 96 95 1%

HARRISON 23 33 -30% 145 144 1%

MAMARONECK 50 50 0% 267 288 -7%

PORT CHESTER 28 22 27% 97 93 4%

RYE CITY 22 21 5% 147 140 5%

RYE NECK 22 20 10% 74 67 10%

The Sound Shore 164 169 -3% 826 827 0%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BLIND BROOK HARRISON

MAMARONECK PORT CHESTER

RYE CITY RYE NECK

HOMESSOLD

2015 VS. 2014 0%MEDIANSALE PRICE

2015 VS. 2014 0%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

BLIND BROOK $760,000 $653,500 16%  $797,000 $815,000 -2%

HARRISON $950,000 $1,300,000 -27%  $1,040,000 $1,300,000 -20%

MAMARONECK $1,072,500 $924,725 16%  $1,250,000 $1,030,000 21%

PORT CHESTER $471,000 $438,750 7%  $465,000 $433,000 7%

RYE CITY $1,592,500 $1,250,000 27%  $1,675,000 $1,835,000 -9%

RYE NECK $799,750 $713,500 12%  $852,500 $930,000 -8%

The Sound Shore $854,500 $836,000 2%  $999,999 $999,000 0%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 5

THE SOUND SHORESINGLE FAMILY HOMES

BLIND BROOK, HARRISON, MAMARONECK, PORT CHESTER, RYE CITY, RYE NECKClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 29 22 1 30 33 1 -3.3% -33.3%

$500,000 - $699,999 36 14 3 35 18 2 2.9% -22.2%

$700,000 - $999,999 42 33 1 56 22 3 -25.0% 50.0%

$1,000,000 - $1,499,999 43 24 2 26 25 1 65.4% -4.0%

$1,500,000 - $1,999,999 37 22 2 30 13 2 23.3% 69.2%

$2,000,000 - $2,499,999 20 3 7 23 8 3 -13.0% -62.5%

$2,500,000 - $2,999,999 20 5 4 21 10 2 -4.8% -50.0%

$3,000,000 - $3,999,999 23 7 3 20 5 4 15.0% 40.0%

$4,000,000 and up 46 3 15 34 6 6 35.3% -50.0%

Market Totals 296 133 2 275 140 2 7.6% -5.0%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $1,316,380 $1,356,202 $1,344,403 $1,149,544 $1,215,667 $1,262,051 $1,225,038 $1,271,109 $1,298,331 $1,367,114 Average Sale Price

Average Price/SqFt $455 $453 $450 $395 $398 $402 $392 $406 $418 $434 Average Price/SqFt

Days On Market 90 106 114 122 114 108 107 100 85 86 Days On Market

%Sale Price to List Price 96.7 95.6 94.8 91.2 93.7 94.1 93.9 96.1 96.9 96.4 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 5

NORTHERN WESTCHESTERSINGLE FAMILY HOMES

BEDFORD

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

BEDFORD 66 45 47% 225 240 -6%

BYRAM HILLS 44 17 159% 151 133 14%

CHAPPAQUA 29 36 -19% 219 176 24%

KATONAH-LEWISBORO 45 48 -6% 219 195 12%

NORTH SALEM 17 15 13% 52 60 -13%

SOMERS 45 43 5% 149 138 8%

Northern Westchester 246 204 21% 1015 942 8%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BEDFORD BYRAM HILLS

CHAPPAQUA KATONAH–LEWISBORO

NORTH SALEM SOMERS

HOMESSOLD

2015 VS. 2014 8%MEDIANSALE PRICE

2015 VS. 2014 0%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

BEDFORD $740,000 $948,500 -22%  $820,000 $831,000 -1%

BYRAM HILLS $870,000 $1,240,000 -30%  $999,000 $1,056,001 -5%

CHAPPAQUA $925,000 $777,500 19%  $909,000 $892,500 2%

KATONAH-LEWISBORO $560,000 $603,750 -7%  $597,500 $625,000 -4%

NORTH SALEM $405,000 $590,000 -31%  $436,000 $528,250 -18%

SOMERS $540,000 $505,000 7%  $525,000 $535,000 -2%

Northern Westchester $689,000 $674,500 2%  $749,000 $746,750 0%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 2

NORTHERN WESTCHESTERSINGLE FAMILY HOMES

BEDFORD, BYRAM HILLS, CHAPPAQUA, KATONAH–LEWISBORO, NORTH SALEM, SOMERSClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $499,999 94 51 2 118 28 4 -20.3% 82.1%

$500,000 - $699,999 75 32 2 82 24 3 -8.5% 33.3%

$700,000 - $999,999 136 26 5 119 35 3 14.3% -25.7%

$1,000,000 - $1,499,999 101 22 5 98 29 3 3.1% -24.1%

$1,500,000 - $1,999,999 58 8 7 65 8 8 -10.8% 0.0%

$2,000,000 - $2,499,999 37 5 7 30 4 8 23.3% 25.0%

$2,500,000 - $2,999,999 19 3 6 29 2 15 -34.5% 50.0%

$3,000,000 - $3,999,999 23 0 Not Valid 27 2 14 -14.8% -100.0%

$4,000,000 and up 46 1 46 43 3 14 7.0% -66.7%

Market Totals 589 148 4 611 135 5 -3.6% 9.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $1,172,111 $1,219,303 $1,073,808 $917,065 $979,814 $939,854 $912,747 $929,282 $1,020,339 $901,865 Average Sale Price

Average Price/SqFt $360 $368 $340 $289 $299 $274 $267 $278 $284 $284 Average Price/SqFt

Days On Market 105 122 115 126 129 136 136 125 119 109 Days On Market

%Sale Price to List Price 95.8 95.2 94.6 92.7 93.6 93.2 92.8 94.7 94.8 96.1 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 2

NORTHWEST WESTCHESTERSINGLE FAMILY HOMES

YORKTOWN

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

CROTON-HARMON 27 13 108% 117 70 67%

HENDRICK HUDSON 37 41 -10% 122 124 -2%

LAKELAND 75 67 12% 266 225 18%

PEEKSKILL 32 24 33% 85 78 9%

YORKTOWN 48 63 -24% 183 185 -1%

Northwest Westchester 219 208 5% 773 682 13%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

CROTON–HARMON HENDRICK HUDSON

LAKELAND PEEKSKILL

YORKTOWN

HOMESSOLD

2015 VS. 2014 13%MEDIANSALE PRICE

2015 VS. 2014 4%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

CROTON-HARMON $555,000 $587,000 -6%  $553,000 $550,000 1%

HENDRICK HUDSON $359,500 $419,000 -14%  $413,000 $419,500 -2%

LAKELAND $360,000 $330,000 9%  $360,000 $337,500 7%

PEEKSKILL $291,775 $221,000 32%  $288,297 $255,250 13%

YORKTOWN $438,750 $420,000 5%  $435,000 $420,000 4%

Northwest Westchester $380,000 $375,000 1%  $390,000 $375,000 4%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 1

NORTHWEST WESTCHESTERSINGLE FAMILY HOMES

CROTON–HARMON, HENDRICK HUDSON, LAKELAND, PEEKSKILL, YORKTOWNClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 99 55 2 99 41 2 0.0% 34.1%

$300,000  -$399,999 91 37 2 90 30 3 1.1% 23.3%

$400,000 - $499,999 56 26 2 46 25 2 21.7% 4.0%

$500,000 - $599,999 44 16 3 42 23 2 4.8% -30.4%

$600,000 - $799,999 61 23 3 43 22 2 41.9% 4.5%

$800,000 - $999,999 14 1 14 18 2 9 -22.2% -50.0%

$1,000,000 - $1,999,999 16 1 16 16 1 16 0.0% 0.0%

$2,000,000 and up 2 0 Not Valid 3 0 Not Valid -33.3% 0.0%

Market Totals 383 159 2 357 144 2 7.3% 10.4%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $524,300 $511,158 $513,692 $419,037 $421,273 $395,090 $394,377 $398,011 $421,695 $431,304 Average Sale Price

Average Price/SqFt $256 $248 $243 $215 $207 $195 $187 $194 $202 $208 Average Price/SqFt

Days On Market 97 110 117 121 122 128 129 121 108 102 Days On Market

%Sale Price to List Price 96.5 96.3 95.0 94.8 94.9 94.8 94.9 96.5 96.2 97.7 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 1

WESTCHESTER COUNTYCONDOMINIUMS

QUARTERLY MARKET OVERVIEW  Q4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEUNITS SOLD 356 307 16.0% 1315 1097 19.9%

AVERAGE SALE PRICE $410,093 $434,418 -5.6% $428,592 $423,000 1.3%

MEDIAN SALE PRICE $325,000 $335,000 -3.0% $350,000 $350,000 0.0%

AVERAGE PRICE PER SQUARE FOOT $295 $298 -1.0% $300 $288 4.2%

AVERAGE DAYS ON MARKET 85 91 -6.6% 88 94 -6.4%

% SALE PRICE TO LIST PRICE 97.1 96.6 0.5% 97.3 96.8 0.5%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 153 99 2 179 87 2 -14.5% 13.8%

$300,000  -$399,999 79 56 1 107 62 2 -26.2% -9.7%

$400,000 - $499,999 78 28 3 55 24 2 41.8% 16.7%

$500,000 - $599,999 25 17 1 35 14 3 -28.6% 21.4%

$600,000 - $799,999 33 17 2 23 20 1 43.5% -15.0%

$800,000 - $999,999 34 14 2 18 14 1 88.9% 0.0%

$1,000,000 - $1,999,999 44 7 6 27 7 4 63.0% 0.0%

$2,000,000 and up 2 1 2 5 1 5 -60.0% 0.0%

Market Totals 448 239 2 449 229 2 -0.2% 4.4%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $424,248 $434,812 $429,759 $396,861 $400,599 $411,994 $371,630 $397,179 $423,000 $428,592 Average Sale Price

Average Price/SqFt $328 $330 $321 $291 $286 $277 $262 $276 $288 $300 Average Price/SqFt

Days On Market 99 110 115 121 125 128 128 111 94 88 Days On Market

%Sale Price to List Price 97.2 96.6 95.8 94.2 94.8 94.2 94.9 96.4 96.8 97.3 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Condominiums

WESTCHESTER COUNTYCO-OPERATIVES

QUARTERLY MARKET OVERVIEW  Q4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEUNITS SOLD 499 481 3.7% 1815 1712 6.0%

AVERAGE SALE PRICE $170,008 $177,250 -4.1% $179,444 $179,697 -0.1%

MEDIAN SALE PRICE $147,000 $146,000 0.7% $150,000 $147,500 1.7%

AVERAGE PRICE PER SQUARE FOOT $176 $175 0.6% $179 $174 2.9%

AVERAGE DAYS ON MARKET 116 129 -10.1% 123 138 -10.9%

% SALE PRICE TO LIST PRICE 96.0 95.4 0.6% 96.1 95.5 0.6%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 914 443 2 936 429 2 -2.4% 3.3%

$300,000  -$399,999 38 19 2 45 27 2 -15.6% -29.6%

$400,000 - $499,999 11 7 2 6 5 1 83.3% 40.0%

$500,000 - $599,999 2 4 1 6 3 2 -66.7% 33.3%

$600,000 - $799,999 4 4 1 3 1 3 33.3% 300.0%

$800,000 - $999,999 2 4 1 3 2 2 -33.3% 100.0%

$1,000,000 - $1,999,999 0 0 0 1 1 1 -100.0% -100.0%

$2,000,000 and up 0 0 0 0 0 0 0.0% 0.0%

Market Totals 971 481 2 1000 468 2 -2.9% 2.8%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $200,536 $207,205 $213,747 $205,763 $192,922 $195,024 $185,347 $178,012 $188,081 $179,697 Average Sale Price

Average Price/SqFt $209 $218 $223 $219 $202 $197 $185 $174 $181 $174 Average Price/SqFt

Days On Market 83 94 108 111 134 145 151 152 152 138 Days On Market

%Sale Price to List Price 98.3 96.6 96.0 95.3 93.9 93.8 93.6 94.0 94.8 95.5 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Co-Operatives

PUTNAM COUNTYSINGLE FAMILY HOMES

BREWSTER-MAHOPAC

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HOMES SOLD

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

BREWSTER 33 46 -28% 136 149 -9%

CARMEL 85 51 67% 251 210 20%

GARRISON 6 6 0% 29 31 -7%

HALDANE 16 17 -6% 56 44 27%

LAKELAND 17 12 42% 56 34 65%

MAHOPAC 66 66 0% 208 200 4%

PUTNAM VALLEY 38 25 52% 143 78 83%

Putnam County 261 223 17% 879 746 18%

CLICK ON A SCHOOL DISTRICT FOR THELATEST MONTHLY MARKET REPORT.

BREWSTER CARMELGARRISON HALDANELAKELAND MAHOPACPUTNAM VALLEY

HOMESSOLD

2015 VS. 2014 18%MEDIANSALE PRICE

2015 VS. 2014 1%

MEDIAN SALE PRICE

SCHOOL DISTRICTQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

BREWSTER $325,000 $303,750 7%  $297,500 $287,500 4%

CARMEL $265,000 $228,600 16%  $245,000 $252,250 -3%

GARRISON $522,500 $592,500 -12%  $569,000 $615,000 -8%

HALDANE $497,500 $470,000 6%  $466,250 $467,000 0%

LAKELAND $320,000 $403,750 -21%  $284,500 $347,500 -18%

MAHOPAC $377,500 $366,200 3%  $366,300 $334,750 9%

PUTNAM VALLEY $260,000 $242,900 7%  $250,000 $270,000 -7%

Putnam County $317,500 $322,500 -2%  $307,500 $305,500 1%

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 9

PUTNAM COUNTYSINGLE FAMILY HOMES

BREWSTER, CARMEL, GARRISON, HALDANE, LAKELAND, MAHOPAC, PUTNAM VALLEYClick on a School district to obtain the latest monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 227 97 2 267 105 3 -15.0% -7.6%

$300,000  -$399,999 124 45 3 115 29 4 7.8% 55.2%

$400,000 - $499,999 89 29 3 95 18 5 -6.3% 61.1%

$500,000 - $599,999 59 9 7 56 10 6 5.4% -10.0%

$600,000 - $799,999 85 15 6 64 8 8 32.8% 87.5%

$800,000 - $999,999 18 3 6 16 3 5 12.5% 0.0%

$1,000,000 - $1,999,999 33 1 33 31 0 Not Valid 6.5% 0.0%

$2,000,000 and up 13 0 Not Valid 13 1 13 0.0% -100.0%

Market Totals 648 199 3 657 174 4 -1.4% 14.4%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $466,984 $463,756 $438,500 $373,616 $356,730 $372,783 $350,828 $359,387 $366,901 $355,758 Average Sale Price

Average Price/SqFt $245 $232 $214 $190 $176 $178 $169 $173 $175 $174 Average Price/SqFt

Days On Market 107 132 133 139 150 154 146 160 140 134 Days On Market

%Sale Price to List Price 96.3 95.6 94.5 92.7 94.3 93.7 94.0 94.6 94.9 95.8 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Single-family homes, Zone 9

PUTNAM COUNTYCONDOMINIUMS

QUARTERLY MARKET OVERVIEW  Q4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEUNITS SOLD 44 35 25.7% 146 108 35.2%

AVERAGE SALE PRICE $272,691 $245,172 11.2% $279,172 $254,240 9.8%

MEDIAN SALE PRICE $216,750 $227,000 -4.5% $243,000 $227,500 6.8%

AVERAGE PRICE PER SQUARE FOOT $176 $161 9.3% $176 $163 8.0%

AVERAGE DAYS ON MARKET 152 112 35.7% 123 114 7.9%

% SALE PRICE TO LIST PRICE 97.1 96.1 1.0% 97.0 95.8 1.3%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 60 21 3 50 22 2 20.0% -4.5%

$300,000  -$399,999 5 2 3 8 3 3 -37.5% -33.3%

$400,000 - $499,999 6 0 Not Valid 4 3 1 50.0% -100.0%

$500,000 - $599,999 3 8 0 5 6 1 -40.0% 33.3%

$600,000 - $799,999 1 2 1 7 1 7 -85.7% 100.0%

$800,000 - $999,999 0 0 0 0 0 0 0.0% 0.0%

$1,000,000 - $1,999,999 1 0 Not Valid 0 0 0 0.0% 0.0%

$2,000,000 and up 2 0 Not Valid 1 0 Not Valid 100.0% 0.0%

Market Totals 78 33 2 75 35 2 4.0% -5.7%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $277,229 $290,809 $296,499 $248,638 $248,143 $266,995 $231,039 $229,906 $254,240 $279,172 Average Sale Price

Average Price/SqFt $223 $217 $211 $188 $174 $169 $155 $158 $163 $176 Average Price/SqFt

Days On Market 94 108 115 126 144 136 187 197 114 123 Days On Market

%Sale Price to List Price 97.2 96.6 96.2 95.4 94.8 95.0 94.7 95.8 95.8 97.0 %Sale Price to List Price

Source: Hudson Gateway Multiple Listing Service, Condominiums

DUTCHESS COUNTYSINGLE FAMILY HOMES

QUARTERLY MARKET OVERVIEW  Q4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEHOMES SOLD 608 556 9.4% 2109 1861 13.3%

AVERAGE SALE PRICE $296,079 $294,733 0.5% $283,372 $287,486 -1.4%

MEDIAN SALE PRICE $253,450 $240,000 5.6% $242,500 $243,000 -0.2%

AVERAGE PRICE PER SQUARE FOOT $137 $140 -2.1% $133 $135 -1.5%

% SALE PRICE TO LIST PRICE 94.8 91.4 3.7% 94.9 93.7 1.3%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 902 329 3 980 270 4 -8.0% 21.9%

$300,000  -$399,999 244 54 5 290 50 6 -15.9% 8.0%

$400,000 - $499,999 140 35 4 159 10 16 -11.9% 250.0%

$500,000 - $599,999 118 25 5 104 22 5 13.5% 13.6%

$600,000 - $799,999 91 14 7 88 14 6 3.4% 0.0%

$800,000 - $999,999 33 0 Not Valid 42 7 6 -21.4% -100.0%

$1,000,000 - $1,999,999 60 4 15 71 5 14 -15.5% -20.0%

$2,000,000 and up 44 2 22 52 0 Not Valid -15.4% 0.0%

Market Totals 1632 463 4 1786 378 5 -8.6% 22.5%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $396,631 $386,895 $347,398 $304,326 $307,938 $311,856 $291,761 $296,479 $287,486 $283,372 Average Sale Price

Average Price/SqFt $188 $181 $165 $149 $147 $140 $136 $137 $135 $133 Average Price/SqFt

Days On Market 151 155 160 164 172 186 190 180 171 171 Days On Market

%Sale Price to List Price 96.2 95.2 94.6 93.7 94.0 92.0 93.6 94.3 93.7 94.9 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

SOUTHWEST DUTCHESSSINGLE FAMILY HOMES

POUGHKEEPSIE AREA

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HOMES SOLD

TOWN/CITYQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

BEACON 30 28 7% 119 79 51%

EAST FISHKILL 102 84 21% 274 261 5%

FISHKILL 24 25 -4% 93 98 -5%

LA GRANGE 37 42 -12% 150 132 14%

POUGHKEEPSIE 92 69 33% 334 287 16%

CITY OF POUGHKEEPSIE 30 27 11% 107 106 1%

WAPPINGER 54 49 10% 165 156 6%

Southwest Dutchess 369 324 14% 1242 1119 11%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

BEACON EAST FISHKILLFISHKILL LA GRANGEPOUGHKEEPSIE CITY OF POUGHKEEPSIEWAPPINGER

HOMESSOLD

2015 VS. 2014 11%AVERAGESALE PRICE

2015 VS. 2014 2%

AVERAGE SALE PRICE

TOWN/CITYQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

BEACON $263,500 $219,950 20%  $243,450 $225,000 8%

EAST FISHKILL $324,950 $350,500 -7%  $325,740 $344,500 -5%

FISHKILL $255,500 $245,000 4%  $238,500 $243,962 -2%

LA GRANGE $235,000 $253,700 -7%  $244,950 $270,500 -9%

POUGHKEEPSIE $210,000 $191,500 10%  $216,500 $200,000 8%

CITY OF POUGHKEEPSIE $166,750 $159,000 5%  $180,000 $165,000 9%

WAPPINGER $309,200 $247,000 25%  $267,500 $245,500 9%

Southwest Dutchess $260,000 $244,962 6%  $245,000 $240,000 2%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

SOUTHWEST DUTCHESSSINGLE FAMILY HOMES

BEACON, EAST FISHKILL, FISHKILL, LA GRANGE, POUGHKEEPSIE, CITY OF POUGHKEEPSIE, WAPPINGERClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 458 216 2 503 168 3 -8.9% 28.6%

$300,000  -$399,999 126 32 4 158 31 5 -20.3% 3.2%

$400,000 - $499,999 86 26 3 78 5 16 10.3% 420.0%

$500,000 - $599,999 77 19 4 72 17 4 6.9% 11.8%

$600,000 - $799,999 27 9 3 28 4 7 -3.6% 125.0%

$800,000 - $999,999 7 0 Not Valid 10 1 10 -30.0% -100.0%

$1,000,000 - $1,999,999 8 0 Not Valid 7 1 7 14.3% -100.0%

$2,000,000 and up 0 0 0 4 0 Not Valid -100.0% 0.0%

Market Totals 789 302 3 860 227 4 -8.3% 33.0%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $380,928 $366,935 $337,162 $300,417 $292,581 $272,363 $268,696 $274,463 $274,050 $273,142 Average Sale Price

Average Price/SqFt $183 $176 $161 $150 $142 $134 $127 $134 $133 $131 Average Price/SqFt

Days On Market 145 148 154 159 165 183 178 180 166 163 Days On Market

%Sale Price to List Price 97.7 96.4 95.5 95.5 95.4 95.3 95.3 96.4 96.3 96.5 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

SOUTHEAST DUTCHESSSINGLE FAMILY HOMES

DUTCHESS COUNTY

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HOMES SOLD

TOWN/CITYQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

BEEKMAN 28 20 40% 102 76 34%

DOVER 12 6 100% 52 26 100%

PAWLING 22 12 83% 58 43 35%

UNION VALE 9 5 80% 38 33 15%

Southeast Dutchess 71 43 65% 250 178 40%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

BEEKMAN DOVER

PAWLING UNION VALE

HOMESSOLD

2015 VS. 2014 40%AVERAGESALE PRICE

2015 VS. 2014 6%

AVERAGE SALE PRICE

TOWN/CITYQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

BEEKMAN $282,500 $279,250 1%  $305,000 $295,000 3%

DOVER $184,750 $129,500 43%  $170,000 $169,250 0%

PAWLING $253,000 $297,000 -15%  $250,500 $270,000 -7%

UNION VALE $430,000 $285,000 51%  $306,000 $295,000 4%

Southeast Dutchess $256,620 $275,000 -7%  $260,000 $275,000 -6%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

SOUTHEAST DUTCHESSSINGLE FAMILY HOMES

BEEKMAN, DOVER, PAWLING, UNION VALEClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 125 39 3 127 37 3 -1.6% 5.4%

$300,000  -$399,999 46 9 5 49 7 7 -6.1% 28.6%

$400,000 - $499,999 24 1 24 26 2 13 -7.7% -50.0%

$500,000 - $599,999 14 2 7 11 4 3 27.3% -50.0%

$600,000 - $799,999 20 0 Not Valid 18 4 5 11.1% -100.0%

$800,000 - $999,999 10 0 Not Valid 5 1 5 100.0% -100.0%

$1,000,000 - $1,999,999 15 1 15 20 0 Not Valid -25.0% 0.0%

$2,000,000 and up 9 1 9 8 0 Not Valid 12.5% 0.0%

Market Totals 263 53 5 264 55 5 -0.4% -3.6%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $421,775 $446,774 $424,535 $330,810 $339,438 $316,494 $304,702 $324,952 $300,036 $301,285 Average Sale Price

Average Price/SqFt $198 $190 $181 $156 $154 $133 $135 $143 $131 $134 Average Price/SqFt

Days On Market 154 170 157 180 189 219 216 188 176 195 Days On Market

%Sale Price to List Price 96.6 95.4 94.3 93.0 94.2 93.7 96.0 93.7 95.4 94.0 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

NORTHWEST DUTCHESSSINGLE FAMILY HOMES

DUTCHESS COUNTY

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HOMES SOLD

TOWN/CITYQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

CLINTON 8 24 -67% 28 55 -49%

HYDE PARK 46 41 12% 163 117 39%

MILAN 6 8 -25% 19 26 -27%

PLEASANT VALLEY 21 25 -16% 81 73 11%

RED HOOK 23 30 -23% 91 82 11%

RHINEBECK 7 18 -61% 60 67 -10%

Northwest Dutchess 111 146 -24% 442 420 5%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

CLINTON HYDE PARK

MILAN PLEASANT VALLEY

RED HOOK RHINEBECK

HOMESSOLD

2015 VS. 2014 5%AVERAGESALE PRICE

2015 VS. 2014 5%

AVERAGE SALE PRICE

TOWN/CITYQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

CLINTON $264,500 $380,250 -30%  $273,975 $350,000 -22%

HYDE PARK $205,000 $150,500 36%  $183,000 $173,500 6%

MILAN $389,705 $298,750 30%  $365,000 $247,450 48%

PLEASANT VALLEY $235,500 $219,000 8%  $225,000 $219,000 3%

RED HOOK $269,000 $247,750 9%  $255,000 $262,225 -3%

RHINEBECK $245,000 $395,000 -38%  $347,500 $330,000 5%

Northwest Dutchess $239,500 $231,979 3%  $226,200 $239,000 -5%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

NORTHWEST DUTCHESSSINGLE FAMILY HOMES

CLINTON, HYDE PARK, MILAN, PLEASANT VALLEY, RED HOOK, RHINEBECKClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 222 50 4 252 44 6 -11.9% 13.6%

$300,000  -$399,999 37 11 3 58 8 7 -36.2% 37.5%

$400,000 - $499,999 17 7 2 37 3 12 -54.1% 133.3%

$500,000 - $599,999 17 4 4 15 1 15 13.3% 300.0%

$600,000 - $799,999 34 4 9 30 5 6 13.3% -20.0%

$800,000 - $999,999 7 0 Not Valid 14 3 5 -50.0% -100.0%

$1,000,000 - $1,999,999 21 0 Not Valid 18 1 18 16.7% -100.0%

$2,000,000 and up 9 0 Not Valid 8 0 Not Valid 12.5% 0.0%

Market Totals 364 76 5 432 65 7 -15.7% 16.9%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $397,290 $369,052 $331,664 $283,071 $308,343 $292,439 $298,652 $297,311 $305,623 $279,405 Average Sale Price

Average Price/SqFt $193 $179 $165 $145 $151 $145 $140 $138 $144 $132 Average Price/SqFt

Days On Market 155 159 172 166 167 175 199 181 177 169 Days On Market

%Sale Price to List Price 93.6 93.8 93.5 93.1 92.8 92.9 90.9 93.6 93.2 94.1 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

NORTHEAST DUTCHESSSINGLE FAMILY HOMES

DUTCHESS COUNTY

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HOMES SOLD

TOWN/CITYQ4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGE

AMENIA 7 9 -22% 23 21 10%

NORTH EAST 3 1 200% 14 9 56%

PINE PLAINS 4 6 -33% 16 14 14%

STANFORD 13 11 18% 40 36 11%

WASHINGTON 17 5 240% 34 22 55%

Northeast Dutchess 44 32 38% 127 102 25%

CLICK TO OBTAIN A SPECIFICTOWN/CITY MONTHLY MARKET REPORT.

AMENIA NORTH EAST

PINE PLAINS STANFORD

WASHINGTON

HOMESSOLD

2015 VS. 2014 25%AVERAGESALE PRICE

2015 VS. 2014 6%

AVERAGE SALE PRICE

TOWN/CITYQ4

2015Q4

2014%

CHANGE FULL YEAR

2015FULL YEAR

2014%

CHANGE

AMENIA $165,000 $140,000 18%  $159,000 $145,000 10%

NORTH EAST $236,500 $1,457,500 -84%  $230,750 $399,000 -42%

PINE PLAINS $227,000 $193,000 18%  $205,500 $193,000 7%

STANFORD $284,000 $240,000 18%  $307,500 $265,000 16%

WASHINGTON $590,000 $400,000 48%  $430,000 $425,000 1%

Northeast Dutchess $267,500 $208,300 28%  $265,000 $250,000 6%

Source: Mid-Hudson Multiple Listing Service reports the Average Sale Price.

NORTHEAST DUTCHESSSINGLE FAMILY HOMES

AMENIA, NORTH EAST, PINE PLAINS, STANFORD, WASHINGTONClick to obtain a specific town/city monthly market report.

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 78 18 4 70 14 5 11.4% 28.6%

$300,000  -$399,999 24 0 Not Valid 19 3 6 26.3% -100.0%

$400,000 - $499,999 10 1 10 15 0 Not Valid -33.3% 0.0%

$500,000 - $599,999 10 0 Not Valid 6 0 Not Valid 66.7% 0.0%

$600,000 - $799,999 10 1 10 12 1 12 -16.7% 0.0%

$800,000 - $999,999 7 0 Not Valid 13 2 7 -46.2% -100.0%

$1,000,000 - $1,999,999 16 3 5 25 3 8 -36.0% 0.0%

$2,000,000 and up 26 1 26 32 0 Not Valid -18.8% 0.0%

Market Totals 181 24 8 192 23 8 -5.7% 4.3%

*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $644,016 $645,731 $462,148 $531,786 $520,955 $1,012,500 $591,015 $567,693 $463,158 $472,708 Average Sale Price

Average Price/SqFt $244 $254 $207 $198 $204 $252 $226 $190 $167 $185 Average Price/SqFt

Days On Market 184 205 217 177 219 234 241 197 208 212 Days On Market

%Sale Price to List Price 94.5 91.1 91.5 85.5 88.9 80.9 90.5 87.9 80.5 88.9 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-detached homes.

DUTCHESS COUNTYCONDOMINIUMS

QUARTERLY MARKET OVERVIEW  Q4

2015Q4

2014%

CHANGEFULL YEAR

2015FULL YEAR

2014%

CHANGEUNITS SOLD 136 107 27.1% 445 407 9.3%

AVERAGE SALE PRICE $217,801 $195,639 11.3% $191,303 $205,677 -7.0%

MEDIAN SALE PRICE $207,302 $172,500 20.2% $162,000 $190,000 -14.7%

AVERAGE PRICE PER SQUARE FOOT $2,564 $128 1903.1% $863 $135 539.3%

AVERAGE DAYS ON MARKET 189 158 19.6% 175 178 -1.7%

% SALE PRICE TO LIST PRICE 98.2 97.4 0.8% 96.8 97.3 -0.5%

SUPPLY DEMAND ANALYSISAS OF DECEMBER 31, 2015 AS OF DECEMBER 31, 2014 2015 vs. 2014

PRICE RANGESUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

SUPPLY:ACTIVELISTINGS

DEMAND:PENDINGSALES

SUPPLY/DEMANDRATIO*

%CHANGE INLISTINGS

%CHANGE INPENDINGS

$0 - $299,999 205 66 3 239 50 5 -14.2% 32.0%

$300,000  -$399,999 31 16 2 44 25 2 -29.5% -36.0%

$400,000 - $499,999 16 12 1 11 8 1 45.5% 50.0%

$500,000 - $599,999 3 0 Not Valid 0 1 0 0.0% -100.0%

$600,000 - $799,999 0 1 0 0 1 0 0.0% 0.0%

$800,000 - $999,999 1 0 Not Valid 0 0 0 0.0% 0.0%

$1,000,000 - $1,999,999 2 0 Not Valid 0 0 0 0.0% 0.0%

$2,000,000 and up 0 0 0 0 0 0 0.0% 0.0%

Market Totals 258 95 3 294 85 3 -12.2% 11.8%*Supply Demand Ratio Key   1-4: High Demand   5-6: Balanced   7-9: Low Demand   10+: Very Low Demand

TEN-YEAR MARKET HISTORY

Average Sale Price $213,092 $229,891 $218,228 $203,034 $202,319 $199,877 $192,054 $205,732 $205,677 $191,303 Average Sale Price

Average Price/SqFt $173 $175 $163 $152 $146 $135 $134 $142 $135 $868 Average Price/SqFt

Days On Market 132 143 172 162 163 209 209 209 178 175 Days On Market

%Sale Price to List Price 97.0 97.2 96.1 95.2 95.1 95.5 95.5 96.7 97.3 96.8 %Sale Price to List Price

Source: Mid-Hudson Multiple Listing Service, Residential-attached homes.

A SELECTION OF OUR NOTABLE���� SALES

547 Lake Avenue Greenwich, CTLast Offered at $16,250,000

31 Masterton Road Bronxville, NY Last Offered at $10,000,000

131 Kirby Lane Rye, NYLast Offered at $10,499,000

2 Bay Avenue Larchmont, NY Last Offered at $5,850,000

2 Hollow Ridge Road Armonk, NY Last Offered at $4,950,000

25 Hampton Road Scarsdale, NY Last Offered at $5,295,000

1 E Ardsley Avenue Irvington, NY Last Offered at $4,600,000

3 Stone Bridge Road Purchase, NY Last Offered at $ 3,895,000

384 Pine Brook Road Bedford, NY Last Offered at $3,995,000

160 Milan Hill Road Red Hook, NY Last Offered at $2,950,000

55 Lovell Lane Garrison, NYLast Offered at $1,895,000

125 Stratton Road New Rochelle, NY Last Offered at $2,650,000

5 GLOBAL NETWORKS – REACHING 56 COUNTRIES & 6 CONTINENTS

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