MLSListings Inc Confidential Copyright 2015 11

Single Family Market Outlook - Santa Clara County Jul ’14 vs. Jul ’15

MLSListings Inc Confidential Copyright 2015 22

Condo/Townhouse Market Outlook – Santa Clara CountyJul ’14 – Jul ’15

MLSListings Inc Confidential Copyright 2015 33

Inventory, Closed Sales, New Listings – Santa Clara County

Jan ’03 – Jul ’15

MLSListings Inc Confidential Copyright 2015 44

Inventory Trends - Santa Clara CountyJan ’03 – Jul ’15

MLSListings Inc Confidential Copyright 2015 55

Inventory Trends - Santa Clara CountyJan ’98 – Jul ’15

MLSListings Inc Confidential Copyright 2015 66

Closed Sale Trends – Santa Clara CountyJan ’03 – Jul ’15

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Closed Sale Trends – Santa Clara CountyJan ’98 – Jul ’15

MLSListings Inc Confidential Copyright 2015 88

Median Price Trends – Santa Clara CountyJan ’98 – Jul ’15

MLSListings Inc Confidential Copyright 2015 99

Average Price Trends – Santa Clara CountyJan ’98 – Jul ’15

MLSListings Inc Confidential Copyright 2015 1010

Average & Median Pricing Trends – Santa Clara CountyJan ’98 – Jul ’15

MLSListings Inc Confidential Copyright 2015 1111

% Sale Price vs. List Price - Santa Clara County Jan ’03 – Jul ’15

MLSListings Inc Confidential Copyright 2015 1212

Months of Inventory – Santa Clara CountyMar ’03 – Jul ’15 (Rolling Three Month Average)

MLSListings Inc Confidential Copyright 2015 1313

Single Family Days On Market – Santa Clara CountyJan ’98 – Jul ’15

MLSListings Inc Confidential Copyright 2015 1414

Condo/Townhouse Days On Market – Santa Clara CountyJan ’98 – Jul ’15