72

Q42014 quarterlyreport ezine asian

Embed Size (px)

DESCRIPTION

Pacific Union Q4 Quartery Report magazine

Citation preview

Page 1: Q42014 quarterlyreport ezine asian
Page 2: Q42014 quarterlyreport ezine asian
Page 3: Q42014 quarterlyreport ezine asian

4

6

12

18

24

30

40

52

58

64

Page 5: Q42014 quarterlyreport ezine asian

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

REGION Q4 '04 Q4 '05 Q4 '06 Q4 '07 Q4 '08 Q4 '09 Q4 '10 Q4 '11 Q4 '12 Q4 '13 Q4 '14

CONTRA COSTA COUNTY 3,165 2,929 2,153 1,248 3,343 3,063 2,657 2,757 2,814 2,463 2,367

EAST BAY 813 831 708 510 515 601 595 634 807 757 671

MARIN COUNTY 661 580 541 390 303 522 454 453 593 558 519

NAPA COUNTY 414 316 266 161 281 325 282 324 376 313 268

SAN FRANCISCO (SFH) 856 807 652 488 481 649 615 665 737 712 659

SAN FRANCISCO (CONDOS) 575 563 548 490 353 516 447 466 625 690 607

SILICON VALLEY 763 661 618 467 335 573 584 500 686 589 544

SONOMA COUNTY 1,614 1,295 1,090 667 1,303 1,154 1,014 1,230 1,300 1,143 1,131

SONOMA VALLEY 175 127 108 63 94 110 97 127 142 126 145

LAKE TAHOE/TRUCKEE (SFH) 377 272 220 178 167 297 249 293 356 283 317

LAKE TAHOE/TRUCKEE (CONDOS) 93 84 70 60 45 74 87 73 97 95 88Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, MLSLSTINGS, TSIERRA, January 7, 2015.

Bay Area: 10-Year Overview of Q4 Homes Sold

Page 6: Q42014 quarterlyreport ezine asian

Ellen AndersonSenior Vice President, Contra Costa [email protected] Sycamore Valley Road West | Danville, CA 94526

Page 7: Q42014 quarterlyreport ezine asian

pacificunion.com

$920,000 $860,000

$931,500

$1,036,975 $1,004,000

$1,050,000 $975,000

$1,040,000 $1,060,000

$965,000 $997,500 $1,015,000

$995,000

$100,000

$300,000

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Median sales price for single-family homes in these Contra Costa County communities:

Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

1.4

2.2 2.4

1.8 1.7

1.6 1.5 1.5 1.5

1.9

1.6 1.6

0.9

0.1

0.6

1.1

1.6

2.1

2.6

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

Page 8: Q42014 quarterlyreport ezine asian

pacificunion.com

37 38

30

23

18 19

23 21

25 27

29 31 30

0

5

10

15

20

25

30

35

40

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

97.3% 97.4%

100.2% 99.9%

101.8% 102.0%

100.2% 100.6%

99.1% 99.3%

98.2% 98.6%

98.4%

94%

95%

96%

97%

98%

99%

100%

101%

102%

103%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

23.9%

30.2%

34.4%

39.7% 37.9% 38.2%

37.8% 33.0%

32.0% 29.9%

33.2% 33.5% 34.1%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in these Contra Costa County communities: Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek.

Page 9: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Alamo 55,910,233$ 68,901,781$ 23% 38 43 13% 56 43 -23% 1,370,000$ 1,500,000$ 9%

Blackhawk 34,962,300$ 33,101,888$ -5% 22 21 -5% 63 50 -21% 1,240,000$ 1,378,000$ 11%

Danville 170,474,711$ 141,348,273$ -17% 145 114 -21% 27 30 11% 1,045,000$ 1,160,000$ 11%

Diablo 7,174,000$ 7,737,025$ 8% 3 4 33% 188 43 -77% 2,500,000$ 1,350,000$ -46%

Lafayette 79,361,550$ 87,211,524$ 10% 59 64 8% 49 23 -53% 1,155,000$ 1,180,000$ 2%

Moraga 28,761,000$ 31,051,500$ 8% 26 27 4% 26 26 0% 1,108,500$ 1,060,000$ -4%

Orinda 70,786,565$ 82,696,340$ 17% 59 61 3% 38 35 -8% 1,010,000$ 1,200,000$ 19%

PleasantHill 54,200,265$ 47,021,699$ -13% 91 69 -24% 24 30 25% 580,000$ 650,000$ 12%

San Ramon 144,377,550$ 149,268,427$ 3% 161 158 -2% 23 26 13% 830,000$ 891,240$ 7%

Walnut Creek 113,469,950$ 128,550,065$ 13% 136 133 -2% 24 30 25% 786,500$ 888,420$ 13%

Source: Terradatum, January 7, 2015. Data is for single-family homes in selected Contra Costa County cities.

Contra Costa County Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

pacificunion.com

Page 10: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 325,900 316,500 317,300 325,800 335,100 340,900 349,200 357,300 362,300 365,500 Change -17,300 -9,400 800 8,500 9,300 5,800 8,300 8,100 5,000 3,200 Change Rate -5.0% -2.9% 0.3% 2.7% 2.9% 1.7% 2.4% 2.3% 1.4% 0.9%Median Income $75,700 $74,100 $73,200 $74,300 $78,300 $81,200 $84,800 $88,700 $92,600 $96,000 Change Rate -4.0% -2.1% -1.2% 1.5% 5.4% 3.7% 4.4% 4.6% 4.4% 3.7%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Contra Costa County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 1,037,900 1,052,700 1,065,900 1,078,300 1,095,100 1,103,400 1,102,500 1,109,500 1,118,000 1,127,600 1,137,800 Change 14,500 14,800 13,200 12,300 16,900 5,200 7,400 7,000 8,500 9,700 10,200 Change Rate 1.4% 1.4% 1.3% 1.2% 1.6% 0.5% 0.7% 0.6% 0.8% 0.9% 0.9%Household Total 372,100 377,000 380,100 382,900 385,400 389,600 388,800 393,000 397,200 401,200 405,100 Change 4,800 4,900 3,100 2,800 2,500 3,600 3,400 4,200 4,200 4,100 3,900 Change Rate 1.3% 1.3% 0.8% 0.7% 0.7% 0.9% 0.9% 1.1% 1.1% 1.0% 1.0%

Population and Households Trends and Projections - Contra Costa County

Source: Moody Analytics

Page 11: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 110.97 105.46 99.51 115.21 139.63 148.79 149.41 156.88 160.01 161.61 161.61 Change Rate -3.1% -5.0% -5.6% 15.8% 21.2% 8.7% 7.0% 5.0% 2.0% 1.0% 0.0%Affordability Index 1.9 1.7 0.7 0.5 3.3 4.8 4.7 5.3 5.6 5.7 5.7

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - East Bay MSA

Page 12: Q42014 quarterlyreport ezine asian

Pam HoffmanSenior Vice President, Managing Broker, East Bay [email protected] Mountain Boulevard | Oakland, CA 94611

Page 13: Q42014 quarterlyreport ezine asian

pacificunion.com

$700,000 $713,750 $725,000 $758,500

$813,500 $817,000 $842,500

$790,000 $834,000

$778,000 $835,000 $826,500 $820,000

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes in the East Bay.

1.0

2.0 2.1

1.4 1.3

1.2 1.2 1.0

1.1

1.6

1.0 0.8

0.6

0.1

0.6

1.1

1.6

2.1

2.6

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in the East Bay.

Page 14: Q42014 quarterlyreport ezine asian

pacificunion.com

32 33

28 25

20 22 21 20

23 23 21 20

27

0

5

10

15

20

25

30

35

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in the East Bay.

104.1%

100.8%

106.2%

109.4%

113.2% 111.8%

109.2% 110.3%

109.3% 107.7%

111.6% 112.1%

109.3%

94%

96%

98%

100%

102%

104%

106%

108%

110%

112%

114%

116%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.

27.9% 31.1%

36.1%

42.8% 43.2% 45.6%

43.7% 45.6%

39.6% 36.2%

45.6% 46.2%

39.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in the East Bay.

Page 15: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Alameda 71,203,231$ 67,657,950$ -5% 95 82 -14% 23 22 -4% 730,000$ 813,000$ 11%

Albany 26,781,750$ 14,772,000$ -45% 40 17 -58% 24 20 -17% 680,500$ 845,000$ 24%

Berkeley 154,139,234$ 153,259,580$ -1% 166 145 -13% 31 23 -26% 810,000$ 960,087$ 19%

El Cerrito 36,339,755$ 39,314,551$ 8% 57 55 -4% 20 23 15% 595,000$ 685,000$ 15%

Kensington 21,572,105$ 23,635,720$ 10% 24 25 4% 30 27 -10% 790,000$ 786,720$ 0%

Oakland* 262,849,498$ 274,316,079$ 4% 355 321 -10% 25 23 -8% 704,000$ 801,000$ 14%

Piedmont 33,603,000$ 50,060,776$ 49% 20 26 30% 23 13 -43% 1,327,500$ 1,725,000$ 30%

East Bay Snapshot: Q4 2014 vs. Q4 2013

Source: Terradatum, January 7, 2015. Data is for single-family homes in selected East Bay cities; *Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Under $500,000 48,526,620$ 26,069,700$ -46% 121 66 -45% 30 36 20% 415,000$ 405,000$ -2%

Over $500,000 557,961,953$ 596,946,956$ 7% 636 605 -5% 25 21 -16% 771,750$ 852,000$ 10%

$500,000 - $1 million 360,408,549$ 313,319,237$ -13% 499 412 -17% 26 23 -12% 718,000$ 760,000$ 6%

Over $1 million 197,553,404$ 283,627,719$ 44% 137 193 41% 22 17 -23% 1,260,000$ 1,328,000$ 5%

Source: Terradatum, January 7, 2015. Data is for SFH in the East Bay: Alameda, Albany, Berkeley, El Cerrito, Kensington, Piedmont, and Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.

East Bay Price Range Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Montclair / Joaquin Miller 73 73 0% $850,834 $980,696 15%

Crocker Highlands / Grand Lake 39 34 -13% $865,568 $1,062,770 23%

Rockridge / Claremont 49 33 -33% $1,074,012 $1,266,553 18%

Glenview / Oakmore 48 49 2% $710,296 $843,316 19%

Laurel / Dimond 28 22 -21% $497,041 $640,159 29%

Redwood Heights / Lincoln Heights 24 18 -25% $634,777 $672,777 6%

Crestmont / Ridgemont / Skyline 12 10 -17% $875,750 $1,110,700 27%

Temescal / Piedmont Ave. 13 5 -62% $655,615 $680,600 4%

Oakland Snapshot: Q4 2014 vs. Q4 2013

NeighborhoodHomes Sold Average Price

Source: EBRD, January 7, 2015. Data is for single-family homes in selected Oakland neighborhoods.

pacificunion.com

Page 16: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 657,800 646,400 653,600 674,200 698,700 728,100 745,000 755,500 762,300 1,638,111 Change -43,600 -11,400 7,200 20,600 24,500 17,200 16,900 10,500 6,800 14,900 Change Rate -6.2% -1.7% 1.1% 3.2% 3.6% 2.4% 2.3% 1.4% 0.9% 0.9%Median Income $68,300 $67,000 $66,200 $67,500 $70,900 $73,200 $76,100 $79,500 $82,900 $86,000 Change Rate 2.9% -1.9% -1.2% 2.0% 5.0% 3.2% 4.0% 4.5% 4.3% 3.7%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Alameda County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 1,498,539 1,513,527 1,531,324 1,553,960 1,577,988 1,589,600 1,588,246 1,598,110 1,609,872 1,623,231 1,638,111 Change 21,300 15,000 17,800 22,600 24,000 7,600 10,300 9,900 11,800 13,400 14,900 Change Rate 1.4% 1.0% 1.2% 1.5% 1.5% 0.5% 0.7% 0.6% 0.7% 0.8% 0.9%Household Total 541,900 547,500 551,600 557,400 561,000 566,900 565,800 571,800 577,700 583,400 589,100 Change 7,700 5,600 4,100 5,800 3,600 5,300 4,800 6,000 5,900 5,700 5,800 Change Rate 1.4% 1.0% 0.8% 1.1% 0.6% 0.9% 0.8% 1.1% 1.0% 1.0% 1.0%

Population and Households Trends and Projections - Alameda County

Source: Moody Analytics

Page 17: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 110.97 105.46 99.51 115.21 139.63 148.79 149.41 156.88 160.01 161.61 161.61 Change Rate -3.1% -5.0% -5.6% 15.8% 21.2% 8.7% 7.0% 5.0% 2.0% 1.0% 0.0%Affordability Index 1.9 1.7 0.7 0.5 3.3 4.8 4.7 5.3 5.6 5.7 5.7

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - East Bay MSA

Page 18: Q42014 quarterlyreport ezine asian

Brent ThomsonPresident, Marin [email protected] Redwood Highway, Suite 150 | Mill Valley, CA 94941

Page 19: Q42014 quarterlyreport ezine asian

pacificunion.com

$852,000

$935,000 $995,000 $1,001,500 $1,030,000

$1,100,000 $1,054,100 $1,051,500

$952,500

$1,175,000

$991,000

$1,100,000 $1,020,000

$100,000

$300,000

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

1.8

2.6 2.6

1.8 1.8

1.5 1.5

1.8 1.9

2.6

1.8 1.8

1.4

0.1

0.6

1.1

1.6

2.1

2.6

3.1

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

Page 20: Q42014 quarterlyreport ezine asian

pacificunion.com

75

84

73

56

45 53

46 53 50 52 55

60

70

0

10

20

30

40

50

60

70

80

90

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

18.6%

32.0% 31.3%

40.0%

33.8%

38.2% 35.2%

30.2% 28.0% 29.5%

30.7%

26.5% 23.3%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

93.8% 94.5%

98.0%

95.8%

100.7%

99.3% 98.2%

97.4% 97.0% 97.5%

98.0%

95.8%

93.5%

88%

90%

92%

94%

96%

98%

100%

102%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these Marin County communities: Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon.

Page 21: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Belvedere 7,033,000$ 22,940,000$ 226% 3 6 100% 115 120 4% 2,292,000$ 3,775,000$ 65%

Corte Madera 24,757,734$ 16,418,250$ -34% 21 11 -48% 36 58 61% 1,012,000$ 1,350,000$ 33%

Fairfax 17,935,302$ 15,627,000$ -13% 26 17 -35% 52 37 -29% 619,000$ 860,000$ 39%

Greenbrae 7,215,600$ 10,132,225$ 40% 7 8 14% 139 39 -72% 1,006,600$ 1,320,000$ 31%

Kentfield 38,607,049$ 29,566,500$ -23% 18 15 -17% 71 65 -8% 1,800,000$ 1,850,000$ 3%

Larkspur 17,989,375$ 29,270,750$ 63% 12 18 50% 53 53 0% 1,487,000$ 1,447,000$ -3%

Mill Valley 128,202,550$ 106,939,125$ -17% 91 68 -25% 53 46 -13% 1,180,000$ 1,316,500$ 12%

Novato 84,043,369$ 91,854,627$ 9% 113 113 0% 62 62 0% 666,600$ 751,000$ 13%

Ross 38,181,500$ 48,625,000$ 27% 9 13 44% 113 85 -25% 2,725,000$ 3,000,000$ 10%

San Anselmo 59,020,925$ 52,663,600$ -11% 56 44 -21% 69 56 -19% 902,500$ 1,070,000$ 19%

San Rafael 118,472,140$ 115,587,310$ -2% 122 118 -3% 59 59 0% 827,500$ 899,500$ 9%

Sausalito 28,348,500$ 26,640,000$ -6% 21 18 -14% 63 70 11% 1,300,000$ 1,392,500$ 7%

Tiburon 56,838,000$ 98,722,887$ 74% 24 34 42% 75 81 8% 1,865,000$ 2,385,500$ 28%

Source: Terradatum, January 7, 2015. Data is for single-family homes in selected Marin County cities.

Marin County Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

pacificunion.com

Page 22: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 102,900 101,400 102,800 105,700 109,200 111,800 113,800 115,600 117,100 118,100 Change -6,800 -1,500 1,400 2,900 3,500 2,600 2,000 1,800 1,500 1,000 Change Rate -6.2% -1.5% 1.4% 2.8% 3.3% 2.3% 1.8% 1.6% 1.3% 0.9%Median Income $85,800 $84,500 $83,400 $85,600 $87,800 $91,200 $96,300 $101,600 $106,500 $111,200 Change Rate -2.4% -1.5% -1.3% 2.6% 2.6% 3.9% 5.6% 5.5% 4.8% 4.4%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Marin County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 250,900 252,900 255,300 255,800 258,000 259,700 259,500 260,900 262,500 264,200 265,700 Change 2,500 2,000 2,400 600 2,100 1,200 1,500 1,500 1,600 1,700 1,500 Change Rate 1.0% 0.8% 0.9% 0.2% 0.8% 0.5% 0.6% 0.6% 0.6% 0.6% 0.6%Household Total 102,400 103,300 103,900 103,600 104,200 105,100 105,000 106,000 107,100 108,200 109,100 Change 1,100 900 500 -200 600 700 700 1,000 1,100 1,100 900 Change Rate 1.0% 0.9% 0.5% -0.2% 0.6% 0.7% 0.7% 0.9% 1.1% 1.0% 0.9%

Source: Moody Analytics

Population and Households Trends and Projections - Marin County

Page 23: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 130.71 125.49 122.68 141.35 163.68 171.69 171.86 180.28 181.54 182.81 183.55 Change Rate -1.0% -4.0% -2.2% 15.2% 15.8% 7.8% 5.0% 4.9% 0.7% 0.7% 0.4%Affordability Index 4.3 4.1 3.2 3.0 5.0 6.1 6.1 6.7 7.0 7.1 7.2

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - San Francisco MSA

Page 24: Q42014 quarterlyreport ezine asian

Linda CarrollRegional Executive, Napa [email protected] Main Street | Napa, CA 94559

Page 25: Q42014 quarterlyreport ezine asian

pacificunion.com

$475,000 $528,000

$471,000

$563,250 $510,022

$575,000 $527,000

$592,000

$510,000

$602,500

$535,000

$610,000

$530,000

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes in Napa County.

3.0

4.3 4.7

4.9

3.5 3.6 3.4 3.7

5.3

4.2 4.0 4.2

3.0

0.1

1.1

2.1

3.1

4.1

5.1

6.1

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in Napa County.

Page 26: Q42014 quarterlyreport ezine asian

pacificunion.com

91

127

110 100

65 71

77 81 71

90 87 81

95

0

20

40

60

80

100

120

140

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in Napa County.

14.5%

20.3%

17.5%

24.8%

19.3%

23.3%

19.3%

16.0% 16.3% 16.9% 17.7% 19.6%

17.7%

0%

5%

10%

15%

20%

25%

30%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in Napa County.

94.1%

90.0% 90.7%

93.7%

96.4% 95.4% 95.8%

88.6%

93.5% 93.4% 92.5%

95.1%

91.6%

84%

86%

88%

90%

92%

94%

96%

98%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.

Page 27: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

American Canyon 18,567,150$ 11,826,350$ -36% 48 28 -42% 75 53 -29% 373,000$ 407,500$ 9%

Angwin 5,779,000$ 6,720,000$ 16% 7 3 -57% 138 294 113% 629,000$ 2,100,000$ 234%

Calistoga 14,311,250$ 6,587,900$ -54% 18 8 -56% 142 122 -14% 644,500$ 565,000$ -12%

Napa 121,901,482$ 130,286,684$ 7% 206 189 -8% 78 78 0% 479,500$ 559,000$ 17%

St. Helena 36,437,582$ 35,820,500$ -2% 25 34 36% 155 141 -9% 1,110,000$ 778,000$ -30%

Yountville 4,572,500$ 6,060,088$ 33% 6 6 0% 96 86 -10% 715,000$ 790,000$ 10%

Source: Terradatum, January 7, 2015. Data is for single-family homes in selected Napa County cities.

Napa County Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Under $500,000 61,609,432$ 41,492,263$ -33% 164 104 -37% 66 62 -6% 385,000$ 418,250$ 9%

$500,000 - $999,999 72,312,532$ 83,112,171$ 15% 111 124 12% 93 96 3% 627,000$ 650,000$ 4%

$1 million - $3 million 57,852,000$ 61,992,088$ 7% 35 37 6% 144 126 -13% 1,550,000$ 1,614,000$ 4%

Over $3 million 21,820,000$ 10,705,000$ -51% 3 3 0% 340 158 -54% 7,175,000$ 3,505,000$ -51%

Median Price

Source: Terradatum, January 7, 2015. Data is for single-family homes in Napa County.

Napa County Price Range Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market

pacificunion.com

Page 28: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 61,400 60,600 61,200 63,600 66,600 69,100 71,600 73,100 74,100 74,600 Change -4,000 -800 600 2,400 3,000 2,500 2,500 1,500 1,000 500 Change Rate -6.1% -1.3% 1.0% 3.9% 4.7% 3.8% 3.6% 2.1% 1.4% 0.7%Median Income $63,900 $63,500 $62,600 $63,400 $66,100 $68,100 $70,600 $72,800 $74,900 $76,700 Change Rate -2.7% -0.6% -1.4% 1.3% 4.3% 3.0% 3.7% 3.1% 2.9% 2.4%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Napa County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 135,300 136,800 137,900 138,900 140,300 141,200 141,100 141,700 142,600 143,700 144,800 Change 1,200 1,500 1,100 1,000 1,400 600 800 600 900 1,100 1,100 Change Rate 0.9% 1.1% 0.8% 0.7% 1.0% 0.4% 0.6% 0.4% 0.6% 0.8% 0.8%Household Total 48,500 49,000 49,300 49,600 49,800 50,100 50,100 50,500 51,000 51,500 52,100 Change 300 500 300 400 200 300 300 400 500 600 500 Change Rate 0.6% 1.0% 0.6% 0.7% 0.3% 0.6% 0.5% 0.8% 1.0% 1.1% 1.0%

Source: Moody Analytics

Population and Households Trends and Projections - Napa County

Page 29: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 110.96 102.86 98.71 110.41 129.57 137.97 138.64 146.13 151.97 156.84 159.97 Change Rate -9.2% -7.3% -4.0% 11.9% 17.4% 8.0% 7.0% 5.4% 4.0% 3.2% 2.0%Affordability Index 3.6 2.1 1.0 0.6 3.3 4.8 4.7 5.3 5.6 5.9 6.1

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - Napa County

Page 30: Q42014 quarterlyreport ezine asian

Patrick [email protected] Letterman Drive, Building C, Suite 500 | San Francisco, CA 94129

Page 31: Q42014 quarterlyreport ezine asian

pacificunion.com

$947,000 $925,000

$1,050,000

$985,000

$1,100,000 $1,090,500 $1,175,000

$1,082,000 $964,000

$1,040,000

$1,180,000 $1,150,000 $1,082,000

$100,000

$300,000

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes in San Francisco.

$770,000

$950,000 $945,000 $977,000

$920,000 $970,000

$1,050,000

$957,500 $980,000 $950,000

$1,006,500 $1,025,000

$970,000

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

$1,100,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for condominiums in San Francisco.

Page 32: Q42014 quarterlyreport ezine asian

pacificunion.com

1.1

2.1

1.7 1.5

1.4 1.4

1.8 1.6 1.6

2.1

1.2 1.1

0.7

0.1

0.6

1.1

1.6

2.1

2.6

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in San Francisco.

42 41 38

32 35

26 27 30 29

27 31 31

40

0

5

10

15

20

25

30

35

40

45

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in San Francisco.

1.0

2.0

1.7

1.3 1.2

1.4

1.6 1.7

1.4

1.8

1.3 1.3

0.7

0.1

0.3

0.5

0.7

0.9

1.1

1.3

1.5

1.7

1.9

2.1

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for condominiums in San Francisco.

Page 33: Q42014 quarterlyreport ezine asian

pacificunion.com

43 47

40

30 30 28

35 33 33

40 37 36

51

0

10

20

30

40

50

60

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for condominiums sold in San Francisco.

33.0% 33.4%

38.9%

46.1%

41.2% 40.2% 37.8%

33.4% 37.8% 37.0% 36.3%

40.5%

34.6%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of condominiums under contract in San Francisco.

27.9%

32.3%

37.5% 42.0%

40.6% 36.7%

36.1% 35.5% 32.9%

35.6%

40.8% 42.0%

34.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in San Francisco.

Page 34: Q42014 quarterlyreport ezine asian

pacificunion.com

99.5%

103.6%

106.9%

109.3% 109.8%

113.4%

110.3% 109.7% 109.1% 109.7% 109.6%

107.2% 105.3%

90%

95%

100%

105%

110%

115%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

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

101.3% 99.9%

105.5%

108.2% 106.9%

107.9% 106.7%

107.6%

105.2% 104.0%

106.0% 105.7%

101.3%

94%

96%

98%

100%

102%

104%

106%

108%

110%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.

Page 35: Q42014 quarterlyreport ezine asian

pacificunion.com

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

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

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

Oceanview.

4: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown

Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood,

Sunnyside, West Portal, Westwood Highlands, Westwood Park.

5: Buena Vista/Ashbury Heights, Clarendon Heights, Cole Valley/Parnassus Heights, Corona Heights,

Duboce Triangle, Eureka Valley/Dolores Heights, Glen Park, Haight-Ashbury, Mission Dolores, Noe Valley, Twin Peaks.

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

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

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

Tenderloin, Van Ness/Civic Center.

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

South of Market, Yerba Buena.

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

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

Page 36: Q42014 quarterlyreport ezine asian

pacificunion.com

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

District 1 92,234,628$ 110,106,919$ 19% 58 61 5% 33 29 -12% 1,317,500$ 1,540,000$ 17%

District 2 126,791,192$ 130,112,434$ 3% 147 124 -16% 38 36 -5% 835,000$ 950,000$ 14%

District 3 41,161,209$ 33,420,388$ -19% 51 40 -22% 42 55 31% 750,000$ 810,000$ 8%

District 4 114,459,024$ 130,304,745$ 14% 96 95 -1% 36 25 -31% 1,053,500$ 1,250,000$ 19%

District 5 175,942,526$ 198,591,899$ 13% 94 93 -1% 35 27 -23% 1,662,500$ 1,785,000$ 7%

District 6 24,549,000$ 36,463,000$ 49% 13 15 15% 27 27 0% 1,550,000$ 2,195,000$ 42%

District 7 184,407,998$ 187,752,971$ 2% 40 39 -3% 41 40 -2% 3,812,500$ 3,800,000$ 0%

District 8 24,075,000$ 11,465,000$ -52% 7 5 -29% 78 36 -54% 2,500,000$ 2,050,000$ -18%

District 9 91,895,075$ 87,884,000$ -4% 72 66 -8% 28 27 -4% 1,151,000$ 1,267,500$ 10%

District 10 83,794,800$ 89,792,698$ 7% 134 121 -10% 36 39 8% 603,750$ 716,000$ 19%

Source: Terradatum, January 7, 2015. Data is for single-family homes in San Francisco districts.

San Francisco Snapshot: SFH, Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

District 1 29,463,066$ 41,384,500$ 40% 32 33 3% 42 35 -17% 894,000$ 1,300,000$ 45%

District 2 10,478,422$ 7,725,000$ -26% 14 9 -36% 45 31 -31% 729,500$ 875,000$ 20%

District 3 4,364,000$ 3,900,000$ -11% 8 8 0% 34 41 21% 491,500$ 471,000$ -4%

District 4 7,106,338$ 8,909,948$ 25% 15 15 0% 52 35 -33% 485,000$ 589,000$ 21%

District 5 111,543,546$ 97,644,500$ -12% 95 83 -13% 35 34 -3% 1,150,000$ 1,175,000$ 2%

District 6 67,704,500$ 70,989,281$ 5% 82 69 -16% 30 52 73% 760,000$ 1,090,000$ 43%

District 7 107,400,475$ 125,422,667$ 17% 78 81 4% 35 32 -9% 1,212,500$ 1,350,000$ 11%

District 8 120,686,114$ 88,968,651$ -26% 120 83 -31% 44 40 -9% 760,000$ 860,000$ 13%

District 9 232,961,163$ 222,187,415$ -5% 228 210 -8% 39 41 5% 852,750$ 954,444$ 12%

District 10 9,735,807$ 8,337,673$ -14% 18 16 -11% 49 80 63% 530,000$ 535,500$ 1%

Source: Terradatum, January 7, 2015. Data is for condominiums in San Francisco districts.

San Francisco Snapshot: Condos, Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Page 37: Q42014 quarterlyreport ezine asian

pacificunion.com

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Under $1 million 288,661,726$ 208,293,634$ -28% 392 270 -31% 38 41 8% 745,000$ 782,500$ 5%

$1 million - $3 million 416,746,728$ 529,734,450$ 27% 267 333 25% 32 28 -13% 1,420,000$ 1,425,000$ 0%

Over $3 million 253,901,998$ 277,865,970$ 9% 53 56 6% 42 32 -24% 3,800,000$ 3,883,500$ 2%

San Francisco Price Range Snapshot: SFH, Q4 2014 vs. Q4 2013

Source: Terradatum, January 7, 2015. Data is for single-family homes in San Francisco County.

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Under $1 million 284,974,430$ 208,752,740$ -27% 422 298 -29% 41 48 17% 681,250$ 730,750$ 7%

$1 million - $2 million 309,390,300$ 371,196,395$ 20% 230 272 18% 31 32 3% 1,267,500$ 1,310,000$ 3%

Over $2 million 107,078,701$ 95,520,500$ -11% 38 37 -3% 61 43 -30% 2,583,050$ 2,475,000$ -4%

Source: Terradatum, January 7, 2015. Data is for condominiums in San Francisco County.

San Francisco Price Range Snapshot: Condos, Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Page 38: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 539,800 538,200 552,000 581,600 608,500 622,700 634,100 644,300 652,800 658,500 Change -24,600 -1,600 13,800 29,600 26,900 14,200 11,400 10,200 8,500 5,700 Change Rate -4.4% -0.3% 2.6% 5.4% 4.6% 2.3% 1.8% 1.6% 1.3% 0.9%Median Income $69,600 $69,900 $71,000 $74,000 $76,100 $78,100 $81,300 $84,900 $88,200 $91,000 Change Rate -2.0% 0.4% 1.6% 4.2% 2.8% 2.6% 4.1% 4.4% 3.9% 3.2%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - San Francisco County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 801,900 805,700 815,000 827,400 838,200 848,300 846,700 855,000 863,600 872,300 881,500 Change 10,800 3,800 9,300 12,400 10,800 8,200 8,500 8,300 8,600 8,800 9,200 Change Rate 1.4% 0.5% 1.2% 1.5% 1.3% 1.0% 1.0% 1.0% 1.0% 1.0% 1.1%Household Total 345,600 346,000 348,700 352,500 356,200 361,200 360,200 365,100 370,300 375,400 380,400 Change 3,000 400 2,700 3,800 3,700 4,200 4,100 4,800 5,200 5,100 5,000 Change Rate 0.9% 0.1% 0.8% 1.1% 1.0% 1.2% 1.1% 1.3% 1.4% 1.4% 1.3%

Source: Moody Analytics

Population and Households Trends and Projections - San Francisco County

Page 39: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 130.71 125.49 122.68 141.35 163.68 171.69 171.86 180.28 181.54 182.81 183.55 Change Rate -1.0% -4.0% -2.2% 15.2% 15.8% 7.8% 5.0% 4.9% 0.7% 0.7% 0.4%Affordability Index 4.3 4.1 3.2 3.0 5.0 6.1 6.1 6.7 7.0 7.1 7.2

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - San Francisco MSA

Page 40: Q42014 quarterlyreport ezine asian

David BarcaVice President, Silicon [email protected] El Camino Real, Suite 220 | Menlo Park CA 94025

Page 41: Q42014 quarterlyreport ezine asian

pacificunion.com

$2,330,000 $2,350,000 $2,316,000

$2,600,000 $2,466,000 $2,415,000

$2,430,000 $2,400,000 $2,450,000

$2,566,000 $2,450,000 $2,500,000

$2,399,100

$100,000

$600,000

$1,100,000

$1,600,000

$2,100,000

$2,600,000

$3,100,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Median sales price for single-family homes in these Silicon Valley communities:

Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

1.6

2.9 3.1

1.8 1.8 1.7

1.5 1.6 1.6

2.2

1.1 1.2 0.9

0.1

0.6

1.1

1.6

2.1

2.6

3.1

3.6

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in these SIlicon Valley communities:

Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

Page 42: Q42014 quarterlyreport ezine asian

pacificunion.com

37

52

29 24

20 18 23

27

37

31

25 27

37

0

10

20

30

40

50

60

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in these Silicon Valley communities:

Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

102.0% 100.7%

104.5%

102.9%

106.4%

104.8% 103.8%

102.2% 101.0%

101.8%

105.5%

103.3%

99.0%

94%

96%

98%

100%

102%

104%

106%

108%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these Silicon Valley communities:

Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

18.8%

25.1%

29.6%

39.2%

33.9%

39.5%

34.2% 30.7%

33.5% 34.7%

40.7%

32.0% 29.5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in these Silicon Valley communities:

Atherton, Los Altos (excluding County area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside.

Page 43: Q42014 quarterlyreport ezine asian

pacificunion.com

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Atherton 110,637,776$ 137,600,000$ 24% 26 23 -12% 81 43 -47% 4,075,000$ 5,375,000$ 32%

Los Altos* 144,078,240$ 166,856,601$ 16% 66 60 -9% 31 17 -45% 2,190,000$ 2,505,001$ 14%

Los Altos Hills 100,599,688$ 112,881,125$ 12% 31 28 -10% 51 37 -27% 3,050,000$ 3,575,000$ 17%

Menlo Park** 132,346,388$ 175,732,000$ 33% 72 83 15% 23 26 13% 1,690,000$ 2,000,000$ 18%

Palo Alto 272,342,758$ 230,223,110$ -15% 109 85 -22% 15 18 20% 2,300,000$ 2,500,000$ 9%

Portola Valley 40,220,000$ 42,021,000$ 4% 15 18 20% 58 47 -19% 2,300,000$ 2,292,500$ 0%

Woodside 50,423,050$ 58,755,000$ 17% 17 19 12% 56 70 25% 2,350,000$ 2,100,000$ -11%

Source: Terradatum, January 7, 2015. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes east of U.S. 101

Silicon Valley Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Page 44: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 855,600 853,100 873,500 908,200 948,200 982,700 1,012,300 1,039,900 1,053,500 1,063,000 Change -5,600 -2,500 20,400 34,700 40,000 34,500 29,600 27,600 13,600 9,500 Change Rate -6.1% -0.3% 2.4% 4.0% 4.4% 3.6% 3.0% 2.7% 1.3% 0.9%Median Income $85,200 $84,200 $86,900 $92,600 $100,500 $106,100 $111,200 $116,500 $121,200 $125,400 Change Rate -3.1% -1.2% 3.2% 6.6% 8.5% 5.6% 4.8% 4.8% 4.0% 3.5%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Santa Clara County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 1,765,100 1,786,500 1,811,300 1,836,000 1,862,400 1,873,000 1,871,900 1,881,700 1,893,600 1,907,400 1,922,400 Change 24,200 21,400 24,800 24,700 26,300 6,300 9,600 9,700 11,900 13,800 15,000 Change Rate 1.4% 1.2% 1.4% 1.4% 1.4% 0.3% 0.5% 0.5% 0.6% 0.7% 0.8%Household Total 597,300 605,300 610,400 616,600 620,300 626,100 624,900 631,100 638,100 645,100 652,000 Change 8,700 8,100 5,100 6,200 3,700 5,100 4,600 6,200 7,000 7,000 6,900 Change Rate 1.5% 1.3% 0.8% 1.0% 0.6% 0.8% 0.7% 1.0% 1.1% 1.1% 1.1%

Source: Moody Analytics

Population and Households Trends and Projections - Santa Clara County

Page 45: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 119.01 117.03 115.18 134.79 153.03 162.34 163.74 171.27 175.90 179.42 181.21 Change Rate -1.8% -1.7% -1.6% 17.0% 13.5% 7.5% 7.0% 4.6% 2.7% 2.0% 1.0%Affordability Index 3.7 4.1 3.0 2.6 4.3 4.9 4.9 5.3 5.6 5.9 6.0

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Source: John Burns Real Estate Consulting

Burns Home Value Index Trends and Projections - San Jose MSA

Page 46: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 321,300 315,300 323,900 337,500 352,500 360,700 367,300 373,200 378,100 381,400 Change -18,200 -6,000 8,600 13,600 15,000 8,200 6,600 5,900 4,900 3,300 Change Rate -5.4% -1.9% 2.7% 4.2% 4.4% 2.3% 1.8% 1.6% 1.3% 0.9%Median Income $83,500 $82,200 $82,100 $82,700 $85,400 $87,500 $91,300 $95,400 $99,000 $102,200 Change Rate -2.1% -1.6% -0.1% 0.7% 3.3% 2.5% 4.3% 4.5% 3.8% 3.2%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - San Mateo County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 713,600 719,800 728,300 738,700 747,000 755,300 753,800 761,200 768,900 776,800 784,600 Change 9,800 6,100 8,500 10,400 8,300 6,700 6,800 7,300 7,700 7,900 7,900 Change Rate 1.4% 0.9% 1.2% 1.4% 1.1% 0.9% 0.9% 1.0% 1.0% 1.0% 1.0%Household Total 255,900 258,200 260,000 262,400 264,500 268,100 267,400 271,100 275,300 279,300 283,000 Change 3,500 2,300 1,800 2,400 2,200 3,100 2,900 3,800 4,100 4,000 3,800 Change Rate 1.4% 0.9% 0.7% 0.9% 0.8% 1.2% 1.1% 1.4% 1.5% 1.5% 1.3%

Source: Moody Analytics

Population and Households Trends and Projections - San Mateo County

Page 47: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 130.71 125.49 122.68 141.35 163.68 171.69 171.86 180.28 181.54 182.81 183.55 Change Rate -1.0% -4.0% -2.2% 15.2% 15.8% 7.8% 5.0% 4.9% 0.7% 0.7% 0.4%Affordability Index 4.3 4.1 3.2 3.0 5.0 6.1 6.1 6.7 7.0 7.1 7.2

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - San Francisco MSA

Page 48: Q42014 quarterlyreport ezine asian

pacificunion.com

$1,556,250

$1,352,500 $1,300,000 $1,300,500 $1,434,000

$1,500,000 $1,436,500

$1,341,000 $1,328,000 $1,350,000 $1,305,000

$1,357,500 $1,450,000

$100,000

$300,000

$500,000

$700,000

$900,000

$1,100,000

$1,300,000

$1,500,000

$1,700,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Median sales price for single-family homes in these San Mateo County communities:

Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

32

49

32

25

19

33

16

33

26 28 30 25 26

0

10

20

30

40

50

60

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in these San Mateo County communities:

Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

1.2

2.3

3.1

1.7

1.3 1.3 1.4 1.5 1.2 1.3

0.9 1.1

0.5

0.1

0.6

1.1

1.6

2.1

2.6

3.1

3.6

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in these San Mateo County communities:

Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

Page 49: Q42014 quarterlyreport ezine asian

pacificunion.com

22.5% 24.2%

29.7%

45.5% 42.3%

39.0%

31.7%

42.1% 39.0% 39.9%

46.6% 44.9%

35.7%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in these San Mateo County communities:

Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Burlingame* 107,649,373$ 88,794,888$ -18% 67 50 -25% 18 26 44% 1,550,000$ 1,700,000$ 10%

Hillsborough 129,405,800$ 117,599,500$ -9% 35 31 -11% 54 64 19% 3,350,000$ 3,050,000$ -9%

San Mateo** 170,521,535$ 186,581,451$ 9% 151 147 -3% 20 21 5% 997,425$ 1,101,000$ 10%

Source: Terradatum, January 7, 2015. Data is for single-family homes in selected San Mateo County cities. * Excludes Ingold Millsdale Industrial Center ** Excludes the North Shoreview/Dore Cavanaugh area

Mid-Peninsula Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

98.1%

99.0%

103.2% 103.2% 103.6%

102.5%

103.9%

101.2% 101.4%

99.8%

101.1% 100.7%

101.4%

95%

96%

97%

98%

99%

100%

101%

102%

103%

104%

105%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in these San Mateo County communities:

Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area).

Page 50: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 321,300 315,300 323,900 337,500 352,500 360,700 367,300 373,200 378,100 381,400 Change -18,200 -6,000 8,600 13,600 15,000 8,200 6,600 5,900 4,900 3,300 Change Rate -5.4% -1.9% 2.7% 4.2% 4.4% 2.3% 1.8% 1.6% 1.3% 0.9%Median Income $83,500 $82,200 $82,100 $82,700 $85,400 $87,500 $91,300 $95,400 $99,000 $102,200 Change Rate -2.1% -1.6% -0.1% 0.7% 3.3% 2.5% 4.3% 4.5% 3.8% 3.2%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - San Mateo County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 713,600 719,800 728,300 738,700 747,000 755,300 753,800 761,200 768,900 776,800 784,600 Change 9,800 6,100 8,500 10,400 8,300 6,700 6,800 7,300 7,700 7,900 7,900 Change Rate 1.4% 0.9% 1.2% 1.4% 1.1% 0.9% 0.9% 1.0% 1.0% 1.0% 1.0%Household Total 255,900 258,200 260,000 262,400 264,500 268,100 267,400 271,100 275,300 279,300 283,000 Change 3,500 2,300 1,800 2,400 2,200 3,100 2,900 3,800 4,100 4,000 3,800 Change Rate 1.4% 0.9% 0.7% 0.9% 0.8% 1.2% 1.1% 1.4% 1.5% 1.5% 1.3%

Source: Moody Analytics

Population and Households Trends and Projections - San Mateo County

Page 51: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 130.71 125.49 122.68 141.35 163.68 171.69 171.86 180.28 181.54 182.81 183.55 Change Rate -1.0% -4.0% -2.2% 15.2% 15.8% 7.8% 5.0% 4.9% 0.7% 0.7% 0.4%Affordability Index 4.3 4.1 3.2 3.0 5.0 6.1 6.1 6.7 7.0 7.1 7.2

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Burns Home Value Index Trends and Projections - San Francisco MSA

Page 52: Q42014 quarterlyreport ezine asian

Rick LawsSenior Vice President, Sonoma [email protected] Mendocino Avenue, Suite 210 | Santa Rosa, CA 95403

Page 53: Q42014 quarterlyreport ezine asian

pacificunion.com

$465,000 $460,000 $449,325

$491,500 $468,950 $487,500

$495,000 $507,000 $475,000

$496,000 $489,950 $482,000 $516,500

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

$550,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes and farms/ranches in Sonoma County.

2.0

2.5 2.5 2.1

2.4 2.2 2.2 2.1

2.4 2.2 2.2

1.9

1.3

0.1

0.6

1.1

1.6

2.1

2.6

3.1

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.

Page 54: Q42014 quarterlyreport ezine asian

pacificunion.com

79 81

72 73 74

59 57 62 61

67 68 74

80

0

10

20

30

40

50

60

70

80

90

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes and farms/ranches sold in Sonoma County.

96.9%

93.7%

95.9% 96.0% 96.8%

98.9% 98.4%

96.9% 97.6%

96.6% 96.6%

95.5%

93.9%

91%

92%

93%

94%

95%

96%

97%

98%

99%

100%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.

21.9%

27.3%

33.4% 31.7% 31.7% 31.4%

30.0% 29.3% 28.0% 26.6%

29.8% 30.1% 29.0%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes and farms/ranches under contract in Sonoma County.

Page 55: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Healdsburg 39,869,556$ 37,209,095$ -7% 42 41 -2% 111 102 -8% 755,500$ 579,000$ -23%

Petaluma 85,186,684$ 71,316,473$ -16% 151 117 -23% 63 61 -3% 508,000$ 540,050$ 6%

Rohnert Park 19,322,183$ 30,559,900$ 58% 48 69 44% 63 47 -25% 399,500$ 430,000$ 8%

Santa Rosa 238,480,612$ 256,728,269$ 8% 459 457 0% 65 65 0% 416,000$ 456,000$ 10%

Sebastopol 39,702,740$ 56,962,833$ 43% 59 63 7% 76 67 -12% 626,000$ 720,000$ 15%

Windsor 40,148,673$ 34,807,450$ -13% 83 66 -20% 68 66 -3% 459,000$ 482,000$ 5%

Source: Terradatum, January 7, 2015. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

Sonoma County Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Under $1 million 511,914,258$ 525,060,409$ 3% 1065 1,028 -3% 69 71 3% 440,000$ 470,000$ 7%

$1 million and over 133,555,905$ 173,003,890$ 30% 78 103 32% 137 99 -28% 1,370,000$ 1,320,000$ -4%

Source: Terradatum, January 7, 2015. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

Sonoma County Price Range Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

pacificunion.com

Page 56: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 173,500 169,800 171,700 175,000 182,400 186,400 190,900 195,900 197,900 198,900 Change -14,700 -3,700 1,900 3,300 7,400 4,000 4,500 5,000 2,000 1,000 Change Rate -7.8% -2.1% 1.1% 1.9% 4.2% 2.2% 2.4% 2.6% 1.0% 0.5%Median Income $61,600 $59,700 $58,300 $58,200 $59,500 $61,000 $62,900 $64,800 $66,700 $68,300 Change Rate -3.9% -3.1% -2.3% -0.2% 2.2% 2.5% 3.1% 3.0% 2.9% 2.4%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Sonoma County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 479,500 484,700 487,500 490,600 495,000 499,800 499,000 503,000 507,300 511,600 516,000 Change 6,400 5,200 2,900 3,000 4,400 3,800 4,000 4,000 4,400 4,300 4,400 Change Rate 1.4% 1.1% 0.6% 0.6% 0.9% 0.8% 0.8% 0.8% 0.9% 0.8% 0.9%Household Total 183,800 186,500 188,500 191,100 192,900 195,600 195,100 197,800 200,500 203,000 205,400 Change 2,900 2,700 2,000 2,600 1,800 2,400 2,200 2,700 2,800 2,500 2,300 Change Rate 1.6% 1.5% 1.0% 1.4% 1.0% 1.2% 1.1% 1.4% 1.4% 1.2% 1.2%

Source: Moody Analytics

Population and Households Trends and Projections - Sonoma County

Page 57: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 110.74 102.14 95.18 109.15 127.63 136.27 139.11 144.68 149.02 152.00 153.52 Change Rate -2.0% -7.8% -6.8% 14.7% 16.9% 8.4% 9.0% 4.0% 3.0% 2.0% 1.0%Affordability Index 2.7 2.4 1.1 1.1 3.9 5.3 5.3 5.8 6.1 6.4 6.5

Burns Home Value Index Trends and Projections - Sonoma County

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Page 58: Q42014 quarterlyreport ezine asian

Jill SilvasRegional Executive, Sonoma [email protected] West Napa Street, Suite 200 | Sonoma, CA 95476

Page 59: Q42014 quarterlyreport ezine asian

pacificunion.com

$477,000

$608,500 $610,672

$500,000

$645,000

$540,000 $555,000

$697,500

$525,000 $580,250 $587,500

$750,000

$589,500

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

3.0

2.3

3.0 3.3

3.0

2.3

3.3

2.2

3.0 2.7

2.1 2.1

1.3

0.1

0.6

1.1

1.6

2.1

2.6

3.1

3.6

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

Page 60: Q42014 quarterlyreport ezine asian

pacificunion.com

69

80 77

105

78

50

61

77

56

96

82 77

82

0

20

40

60

80

100

120

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.

94.6%

92.2% 91.8% 92.5%

96.8%

99.5%

96.7%

95.1%

97.5%

92.5%

93.7% 93.5% 94.7%

86%

88%

90%

92%

94%

96%

98%

100%

102%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.

22.7% 23.9%

26.6% 28.3% 30.5%

22.7%

27.0%

22.0% 25.3%

26.7%

31.1% 28.7%

20.8%

0%

5%

10%

15%

20%

25%

30%

35%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.

Page 61: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Glen Ellen 9,087,000$ 16,995,192$ 87% 8 18 125% 64 91 42% 726,750$ 787,000$ 8%

Kenwood 1,458,200$ 9,758,500$ 569% 3 8 167% 37 128 246% 480,000$ 1,081,250$ 125%

Sonoma 81,605,075$ 92,991,303$ 14% 115 119 3% 60 76 27% 510,000$ 580,000$ 14%

Source: Terradatum, January 7, 2015. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.

Sonoma Valley Snapshot: Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

pacificunion.com

Page 62: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 2014P 2015P 2016P 2017P 2018PJobs Total 173,500 169,800 171,700 175,000 182,400 186,400 190,900 195,900 197,900 198,900 Change -14,700 -3,700 1,900 3,300 7,400 4,000 4,500 5,000 2,000 1,000 Change Rate -7.8% -2.1% 1.1% 1.9% 4.2% 2.2% 2.4% 2.6% 1.0% 0.5%Median Income $61,600 $59,700 $58,300 $58,200 $59,500 $61,000 $62,900 $64,800 $66,700 $68,300 Change Rate -3.9% -3.1% -2.3% -0.2% 2.2% 2.5% 3.1% 3.0% 2.9% 2.4%

Source: Moody Analytics

Jobs and Median Income Trends and Projections - Sonoma County

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PPopulation Total 479,500 484,700 487,500 490,600 495,000 499,800 499,000 503,000 507,300 511,600 516,000 Change 6,400 5,200 2,900 3,000 4,400 3,800 4,000 4,000 4,400 4,300 4,400 Change Rate 1.4% 1.1% 0.6% 0.6% 0.9% 0.8% 0.8% 0.8% 0.9% 0.8% 0.9%Household Total 183,800 186,500 188,500 191,100 192,900 195,600 195,100 197,800 200,500 203,000 205,400 Change 2,900 2,700 2,000 2,600 1,800 2,400 2,200 2,700 2,800 2,500 2,300 Change Rate 1.6% 1.5% 1.0% 1.4% 1.0% 1.2% 1.1% 1.4% 1.4% 1.2% 1.2%

Source: Moody Analytics

Population and Households Trends and Projections - Sonoma County

Page 63: Q42014 quarterlyreport ezine asian

pacificunion.com

2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PBurns Home Value Index 110.74 102.14 95.18 109.15 127.63 136.27 139.11 144.68 149.02 152.00 153.52 Change Rate -2.0% -7.8% -6.8% 14.7% 16.9% 8.4% 9.0% 4.0% 3.0% 2.0% 1.0%Affordability Index 2.7 2.4 1.1 1.1 3.9 5.3 5.3 5.8 6.1 6.4 6.5

Burns Home Value Index Trends and Projections - Sonoma County

Source: John Burns Real Estate Consulting

Note: The Burns Affordability Index is scaled from 1 to 10, with 5 set to the long-term norm for a given market, 0 indicating excellent affordability and 10 indicating excellent affordability poor affordability compared to that market’s norm.

Page 64: Q42014 quarterlyreport ezine asian

Sally GardnerRegional Executive, Tahoe/TruckeeTahoe City 530.581.1882 | Truckee 530.587.7098 | Squaw Valley [email protected]

Page 65: Q42014 quarterlyreport ezine asian

pacificunion.com

$614,605 $605,000

$699,000

$610,000

$530,000

$629,000

$529,277

$595,000

$665,000

$589,000 $607,342

$740,000

$574,500

$100,000

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for single-family homes in the Lake Tahoe/Truckee region.

$345,000

$262,000

$390,000

$290,000

$334,000

$387,500 $350,000

$445,000

$345,000

$385,000

$416,000 $392,500

$370,250

$100,000

$150,000

$200,000

$250,000

$300,000

$350,000

$400,000

$450,000

$500,000

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Median sales price for condominiums in the Lake Tahoe/Truckee region.

Page 66: Q42014 quarterlyreport ezine asian

pacificunion.com

6.3

8.7

6.7

7.5 7.0

5.8

8.7

10.8

7.3 7.0

5.8

4.7 4.3

0.1

2.1

4.1

6.1

8.1

10.1

12.1

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for single-family homes in the Lake Tahoe/Truckee region.

107 93

100

140

101 95

72 66

54

89 88

127 118

0

20

40

60

80

100

120

140

160

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for single-family homes sold in the Lake Tahoe/Truckee region.

7.2

8.8

12.9

11.4

8.9 7.8

10.6

8.6

6.9 6.5 6.1 6.0

9.6

0.1

2.1

4.1

6.1

8.1

10.1

12.1

14.1

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Months' supply of inventory for condominiums in the Lake Tahoe/Truckee region.

Page 67: Q42014 quarterlyreport ezine asian

pacificunion.com

122

150 150 137

54

114

83

127

53

197

154

101 120

0

50

100

150

200

250

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Average days on market for condominiums sold in the Lake Tahoe/Truckee region.

9.1%

7.1%

11.5% 10.5%

8.9% 8.2% 9.6%

13.7%

11.9%

9.1%

14.6%

6.0%

9.5%

0%

2%

4%

6%

8%

10%

12%

14%

16%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of condominiums under contract in the Lake Tahoe/Truckee region.

8.7%

13.5%

11.1%

17.2%

14.9%

9.1% 8.6%

11.1% 12.4% 12.5%

14.1% 13.3%

11.6%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Percentage of single-family homes under contract in the Lake Tahoe/Truckee region.

Page 68: Q42014 quarterlyreport ezine asian

92.8% 92.1% 91.3%

89.2%

95.4%

94.1%

95.6% 96.2%

95.2%

93.3% 91.9%

89.8% 91.1%

84%

86%

88%

90%

92%

94%

96%

98%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in the Lake Tahoe/Truckee region.

93.0% 92.5%

96.1%

89.5%

94.6% 94.8%

96.7%

94.1%

96.0% 96.4%

89.0%

87.6% 87.3%

82%

84%

86%

88%

90%

92%

94%

96%

98%

Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14

Source: Terradatum, January 7, 2015. Sales price as % of original price (including adjustments) for condominiums under contract in the Lake Tahoe/Truckee region.

pacificunion.com

Page 69: Q42014 quarterlyreport ezine asian

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Alpine Meadows 3,745,500$ 4,222,500$ 13% 5 6 20% 66 49 -26% 675,000$ 567,500$ -16%

Donner Lake 6,669,400$ 4,384,900$ -34% 13 5 -62% 125 74 -41% 415,000$ 1,150,000$ 177%

Donner Summit 5,346,250$ 8,875,700$ 66% 12 15 25% 82 95 16% 377,250$ 445,000$ 18%

Martis Valley 38,819,606$ 70,394,159$ 81% 28 36 29% 91 136 49% 612,803$ 1,133,750$ 85%

North Lake Tahoe 39,035,601$ 57,122,000$ 46% 52 58 12% 123 110 -11% 520,000$ 558,500$ 7%

Northstar 7,592,000$ 5,690,000$ -25% 9 7 -22% 114 305 168% 815,000$ 695,000$ -15%

Squaw Valley 10,052,800$ 5,185,000$ -48% 5 3 -40% 259 348 34% 2,125,000$ 2,070,000$ -3%

Tahoe City 8,549,500$ 28,611,500$ 235% 14 24 71% 94 82 -13% 507,500$ 830,000$ 64%

Tahoe Donner 49,836,525$ 46,102,909$ -7% 80 63 -21% 68 96 41% 583,750$ 630,000$ 8%

Truckee 43,799,606$ 84,453,159$ 93% 39 59 51% 78 101 29% 545,000$ 597,813$ 10%

West Shore 21,045,810$ 40,291,500$ 91% 26 41 58% 117 135 15% 545,000$ 529,000$ -3%

Source: Terradatum, January 7, 2015. Data is for single-family homes in the Lake Tahoe/Truckee region.

Lake Tahoe/Truckee Snapshot: SFH, Q4 2014 vs. Q4 2013

Sales Volume Homes Sold Avg. Days on Market Median Price

Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change Q4 '13 Q4 '14 % change

Alpine Meadows 315,000$ 905,000$ 187% 1 2 100% 6 18 200% 315,000$ 452,500$ 44%

Donner Lake 60,000$ n/a 1 0 n/a 190 n/a 60,000$ n/a

Donner Summit 210,000$ n/a 0 1 n/a 290 n/a 210,000$ n/a

North Lake Tahoe 10,844,520$ 12,556,500$ 16% 22 23 5% 176 148 -16% 335,000$ 367,500$ 10%

NorthStar 5,417,500$ 7,549,150$ 39% 11 12 9% 112 116 4% 375,000$ 405,000$ 8%

Squaw Valley 5,991,400$ 5,946,500$ -1% 11 7 -36% 283 164 -42% 520,000$ 670,000$ 29%

Tahoe City 5,519,270$ 5,475,500$ -1% 12 9 -25% 99 135 36% 320,001$ 315,000$ -2%

Tahoe Donner 3,014,500$ 3,748,500$ 24% 11 13 18% 125 94 -25% 292,500$ 295,000$ 1%

Truckee 12,646,400$ 11,860,500$ -6% 20 18 -10% 129 98 -24% 437,500$ 448,500$ 3%

West Shore 6,522,000$ 5,760,000$ -12% 6 3 -50% 84 307 265% 980,000$ 2,275,000$ 132%

Lake Tahoe/Truckee Snapshot: Condos, Q4 2014 vs. Q4 2013

Source: Terradatum, January 7, 2015. Data is for condominiums in the Lake Tahoe/Truckee region.

Sales Volume Homes Sold Avg. Days on Market Median Price

pacificunion.com

Page 70: Q42014 quarterlyreport ezine asian

pacificunion.com

MSA 2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018P

East Bay MSA 983,500 962,900 971,000 999,900 1,033,900 1,058,900 1,051,900 1,077,400 1,102,400 1,117,900 1,127,900San Francisco MSA 964,000 955,000 978,700 1,024,800 1,070,100 1,111,200 1,095,100 1,115,100 1,133,100 1,148,100 1,158,100San Jose MSA 868,300 865,600 886,100 921,100 961,800 998,800 996,800 1,026,800 1,054,800 1,068,600 1,078,200Aggregate Total 2,815,800 2,783,500 2,835,800 2,945,800 3,065,800 3,168,900 3,143,800 3,219,300 3,290,300 3,334,600 3,364,200

Aggregate Change -167,600 -32,300 52,300 110,000 120,000 88,700 78,000 75,500 71,000 44,300 29,600Aggregate Change Rate -5.6% -1.1% 1.9% 3.9% 4.1% 2.9% 2.5% 2.4% 2.3% 1.4% 0.9%

Source: U.S. Department of Labor

Employment Trends and Projections - Bay Area

Sales 2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PEast Bay MSA 34,036 30,652 31,000 33,750 32,392 31,046 31,000 34,200 36,900 35,190 33,660San Francisco MSA 13,120 13,629 14,587 17,635 17,873 17,010 16,900 17,800 18,400 17,600 16,800San Jose MSA 19,146 18,058 18,209 20,273 20,053 18,662 18,900 20,500 21,870 20,790 19,710Aggregate Total 66,302 62,339 63,796 71,658 70,318 66,718 66,800 72,500 77,170 73,580 70,170

Aggregate Change 10,954 -3,963 1,457 7,862 -1,340 -4,369 -3,518 5,700 4,670 -3,590 -3,410Aggregate Change Rate 19.8% -6.0% 2.3% 12.3% -1.9% -6.1% -5.0% 8.5% 6.4% -4.7% -4.6%

Median Pricing 2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PEast Bay MSA $290,424 $337,723 $318,057 $352,634 $467,309 $585,000 7.0% 5.0% 2.0% 1.0% 0.0%San Francisco MSA $669,548 $705,562 $669,212 $718,174 $851,747 $912,000 5.0% 4.9% 0.7% 0.7% 0.4%San Jose MSA $486,217 $544,453 $524,921 $582,690 $709,190 $787,000 7.0% 4.6% 2.7% 2.0% 1.0%

Source: DataQuick

Existing Home Sales Trends and Projections - Bay Area

Source: DataQuick

Existing Home Pricing Trends and BHVI Projections - Bay Area

Sales 2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PEast Bay MSA 34,036 30,652 31,000 33,750 32,392 31,046 31,000 34,200 36,900 35,190 33,660San Francisco MSA 13,120 13,629 14,587 17,635 17,873 17,010 16,900 17,800 18,400 17,600 16,800San Jose MSA 19,146 18,058 18,209 20,273 20,053 18,662 18,900 20,500 21,870 20,790 19,710Aggregate Total 66,302 62,339 63,796 71,658 70,318 66,718 66,800 72,500 77,170 73,580 70,170

Aggregate Change 10,954 -3,963 1,457 7,862 -1,340 -4,369 -3,518 5,700 4,670 -3,590 -3,410Aggregate Change Rate 19.8% -6.0% 2.3% 12.3% -1.9% -6.1% -5.0% 8.5% 6.4% -4.7% -4.6%

Median Pricing 2009 2010 2011 2012 2013 Current 2014P 2015P 2016P 2017P 2018PEast Bay MSA $290,424 $337,723 $318,057 $352,634 $467,309 $585,000 7.0% 5.0% 2.0% 1.0% 0.0%San Francisco MSA $669,548 $705,562 $669,212 $718,174 $851,747 $912,000 5.0% 4.9% 0.7% 0.7% 0.4%San Jose MSA $486,217 $544,453 $524,921 $582,690 $709,190 $787,000 7.0% 4.6% 2.7% 2.0% 1.0%

Source: DataQuick

Existing Home Sales Trends and Projections - Bay Area

Source: DataQuick

Existing Home Pricing Trends and BHVI Projections - Bay Area

Page 71: Q42014 quarterlyreport ezine asian

pacificunion.com

2000 2010 2014 2019PPopulation Total 39,436 35,531 37,328 39,402 Annualized Change Rate - -1.0% 1.3% 1.1%Household Total 15,491 14,758 15,647 16,619 Avg. HH Size 2.53 2.37 2.35 2.34

Source: ESRI. The Lake Tahoe area is defined as the following eight California ZIP codes: 96140, 96141, 96142, 96143, 96145, 96146, 96148, and 96150.

Population and Households Trends and Projections - Lake Tahoe Area, California

Median Sales Price 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 YoY % Single-Family Homes $550,000 $545,000 $560,000 $614,605 $605,000 $699,000 $610,000 $530,000 $629,000 $529,277 $595,000 $665,000 $585,000 6.4% Condominiums $350,250 $381,500 $374,500 $345,000 $262,000 $390,000 $290,000 $334,000 $387,500 $350,000 $445,000 $345,000 $382,500 9.2%Months of Supply Single-Family Homes 4.9 5.1 5.3 6.2 8.5 6.6 7.3 6.8 5.7 8.5 10.6 7.1 6.8 38.8% Condominiums 5.5 5.2 7.0 7.2 8.8 12.9 11.4 8.9 7.8 10.6 8.5 6.8 6.8 23.6%Avg Days on the Market Single-Family Homes 97 101 94 107 93 100 140 101 95 72 66 54 87 -10.3% Condominiums 159 113 159 122 150 150 137 54 114 83 127 53 200 25.8%

Existing Home Pricing and Supply Trends - Lake Tahoe / Truckee

Source: Pacific Union. The Lake Tahoe / Truckee region includes 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. YOY figures measure September 2014 against September 2013.