Q3-2014415,000

Q3-2011459,500

%-10

Change-44,500

Q3-2011 vs Q3-2014: The median sold price is down -10%Median Sold Price by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

Median Sold Price by quarterQ3-2011 vs Q3-2014: The median sold price is down -10%

Accurate Valuations GroupWilliam Cobb

Sold Median Price Units Avg DOMTime Period

Q3 2014 415,000 7 47

Q2 2014 559,900 7 88

Q1 2014 568,500 8 100

Q4 2013 425,500 2 48

Q3 2013 1,055,000 5 111

Q2 2013 460,000 10 75

Q1 2013 380,000 7 116

Q4 2012 450,000 11 101

Q3 2012 372,500 9 164

Q2 2012 472,300 5 25

Q1 2012 481,750 6 81

Q4 2011 511,500 6 140

Q3 2011 459,500 7 112

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-20147

Q3-20117

%0

Change0

Q3-2011 vs Q3-2014: The number of Sold properties has not changedSold Properties by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

Sold Properties by quarterQ3-2011 vs Q3-2014: The number of Sold properties has not changed

Accurate Valuations GroupWilliam Cobb

Time Period

Full Market

Units Median Price Avg DOM

Bank Properties

Units % Bank Median Price

Non-Bank Properties

Units % Non-Bank Median Price

Q3 2014 415,0007 47 0 0.0 7 100.0 415,000

Q2 2014 559,9007 88 1 14.3 405,000 6 85.7 584,950

Q1 2014 568,5008 100 1 12.5 412,000 7 87.5 570,000

Q4 2013 425,5002 48 0 0.0 2 100.0 425,500

Q3 2013 1,055,0005 111 0 0.0 5 100.0 1,055,000

Q2 2013 460,00010 75 1 10.0 720,305 9 90.0 455,000

Q1 2013 380,0007 116 0 0.0 7 100.0 380,000

Q4 2012 450,00011 101 0 0.0 11 100.0 450,000

Q3 2012 372,5009 164 2 22.2 492,606 7 77.8 360,000

Q2 2012 472,3005 25 1 20.0 580,000 4 80.0 448,650

Q1 2012 481,7506 81 0 0.0 6 100.0 481,750

Q4 2011 511,5006 140 0 0.0 6 100.0 511,500

Q3 2011 459,5007 112 3 42.9 459,500 4 57.1 566,000

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-201411

Q3-20117

%57

Change4

Q3-2011 vs Q3-2014: The number of Under Contract properties is up 57%Under Contract Properties by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

AllBathrooms: SqFt:All

: Residential

All Square FootageConstruction Type: Lot Size:GBRAR

Santa Maria

Period: 3 Year QuarterlyPrice:MLS:

All AllAll

Property Types:

Bedrooms:

Subdivision:

Under Contract Properties by quarterQ3-2011 vs Q3-2014: The number of Under Contract properties is up 57%

Accurate Valuations GroupWilliam Cobb

Median Price UnitsUnits Median Price% Non-Bank

Full Market

% BankAvg DOMMedian Price

Bank Properties

Units

Non-Bank Properties

Time PeriodQ3 2014 517,00011 69 447,45072.78565,00027.33Q2 2014 579,0005 86 618,50080.04424,00020.01Q1 2014 579,0009 93 592,00088.98424,73111.11Q4 2013 542,4504 96 542,450100.040.00Q3 2013 1,370,0002 214 1,370,000100.020.00Q2 2013 591,2508 68 591,250100.080.00Q1 2013 444,9008 98 429,90087.57735,00012.51Q4 2012 479,0007 82 479,000100.070.00Q3 2012 420,00013 122 422,50092.312384,9007.71Q2 2012 500,0009 102 445,30077.87613,86522.22Q1 2012 501,4506 81 501,450100.060.00Q4 2011 476,0004 88 476,000100.040.00Q3 2011 619,0007 164 722,45057.14484,90042.93

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-20146

Q3-20119

%-33

Change-3

Q3-2011 vs Q3-2014: The number of Expired properties is down -33%Expired Properties by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

10/26/2014Clarus MarketMetrics® 1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

Expired Properties by quarterQ3-2011 vs Q3-2014: The number of Expired properties is down -33%

Accurate Valuations GroupWilliam Cobb

Median Price Units% BankAvg DOMUnits Median Price

Bank Properties

Units

Non-Bank Properties

% Non-Bank Median Price

Full Market

Q3 2014 474,2506 185 0 0.0 6 100.0 474,250Q2 2014 475,0003 139 1 33.3 424,000 2 66.7 522,450Q1 2014 0 0 0Q4 2013 542,5005 195 1 20.0 474,900 4 80.0 561,000Q3 2013 522,4004 132 0 0.0 4 100.0 522,400Q2 2013 700,0001 187 0 0.0 1 100.0 700,000Q1 2013 472,4004 138 0 0.0 4 100.0 472,400Q4 2012 680,0007 160 1 14.3 770,000 6 85.7 650,975Q3 2012 725,0009 186 2 22.2 899,900 7 77.8 634,900Q2 2012 527,0009 139 2 22.2 619,950 7 77.8 510,000Q1 2012 881,7502 230 0 0.0 2 100.0 881,750Q4 2011 525,0009 264 1 11.1 999,900 8 88.9 508,750Q3 2011 560,0009 179 0 0.0 9 100.0 560,000

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-201469

Q3-2011164

%-58

Change-94

Q3-2011 vs Q3-2014: The average days on market is down -58%The Average Days on Market by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

Santa MariaAll 3 Year Quarterly

Subdivision:Period:Price:

Property Types: : Residential

10/26/20141/2Clarus MarketMetrics®

All Square FootageBedrooms: All AllSqFt:

All Lot Size:Bathrooms:AllConstruction Type:MLS: GBRAR

The Average Days on Market by quarterQ3-2011 vs Q3-2014: The average days on market is down -58%

Accurate Valuations GroupWilliam Cobb

# UC UnitsAvg DOMTime PeriodQ3 2014 1169Q2 2014 586Q1 2014 993Q4 2013 496Q3 2013 2214Q2 2013 868Q1 2013 898Q4 2012 782Q3 2012 13122Q2 2012 9102Q1 2012 681Q4 2011 488Q3 2011 7164

Clarus MarketMetrics® 2/2 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

Q3-201410

Q3-201110

%0

Change0

Q3-2011 vs Q3-2014: The number of New properties has not changedNew Properties by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

New Properties by quarterQ3-2011 vs Q3-2014: The number of New properties has not changed

Accurate Valuations GroupWilliam Cobb

Median Price UnitsUnits Median Price% Non-Bank

Full Market

% BankMedian Price

Bank Properties

Units

Non-Bank Properties

Time PeriodQ3 2014 514,50010 1 10.0 815,000 9 90.0 512,000Q2 2014 547,90011 2 18.2 485,950 9 81.8 658,000Q1 2014 575,00011 0 0.0 11 100.0 575,000Q4 2013 519,50011 3 27.3 424,731 8 72.7 562,250Q3 2013 451,9508 1 12.5 474,900 7 87.5 429,000Q2 2013 580,75010 0 0.0 10 100.0 580,750Q1 2013 687,4508 0 0.0 8 100.0 687,450Q4 2012 592,45010 1 10.0 735,000 9 90.0 550,000Q3 2012 479,00019 3 15.8 770,000 16 84.2 469,450Q2 2012 612,73111 2 18.2 613,865 9 81.8 500,000Q1 2012 537,50020 2 10.0 762,400 18 90.0 506,450Q4 2011 497,5006 0 0.0 6 100.0 497,500Q3 2011 521,00010 1 10.0 615,000 9 90.0 515,000

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-201429

Q3-201138

%-24

Change-9

Q3-2011 vs Q3-2014: The number of For Sale properties is down -24%For Sale Properties by quarter

Accurate Valuations Group

Q3-2011 vs. Q3-2014

William Cobb

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

For Sale Properties by quarterQ3-2011 vs Q3-2014: The number of For Sale properties is down -24%

Accurate Valuations GroupWilliam Cobb

Median Price UnitsUnits Median Price% Non-Bank

Full Market

% BankAvg DOMMedian Price

Bank Properties

Units

Non-Bank Properties

Time Period

Q3 2014 525,00029 127 3 10.3 565,000 26 89.7 518,500Q2 2014 565,00027 113 4 14.8 485,950 23 85.2 575,000Q1 2014 569,90025 97 3 12.0 424,731 22 88.0 577,000Q4 2013 542,50023 107 4 17.4 449,815 19 82.6 579,000Q3 2013 579,25018 126 1 5.6 474,900 17 94.4 579,500Q2 2013 634,90019 100 0 0.0 19 100.0 634,900Q1 2013 549,90021 113 1 4.8 735,000 20 95.2 544,950Q4 2012 550,00027 109 2 7.4 752,500 25 92.6 549,900Q3 2012 499,00039 122 4 10.3 834,950 35 89.7 479,000Q2 2012 517,50038 130 5 13.2 615,000 33 86.8 499,000Q1 2012 515,00035 114 3 8.6 624,900 32 91.4 498,950Q4 2011 501,25028 175 2 7.1 807,450 26 92.9 488,750Q3 2011 520,00038 158 5 13.2 615,000 33 86.8 515,000

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-2011 vs Q3-2014: The number of for sale properties is down -24% and the number of sold properties has not changed

Accurate Valuations Group

Q3-2011 vs. Q3-2014

38 -24

William Cobb

29Q3-2014

Supply & Demand by quarter

ChangeQ3-2011 %-9

Q3-2011 Q3-2014 %7 0

Q3-2011 vs. Q3-2014

7Change

0

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

Supply & Demand by quarterQ3-2011 vs Q3-2014: The number of for sale properties is down -24% and the number of sold properties has not changed

William Cobb Accurate Valuations Group

For Sale Sold# Properties

Avg DOM Avg DOM# Properties

Time Period

Q3 2014 127 4729 7Q2 2014 113 8827 7Q1 2014 97 10025 8Q4 2013 107 4823 2Q3 2013 126 11118 5Q2 2013 100 7519 10Q1 2013 113 11621 7Q4 2012 109 10127 11Q3 2012 122 16439 9Q2 2012 130 2538 5Q1 2012 114 8135 6Q4 2011 175 14028 6Q3 2011 158 11238 7

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

22/

Q3-2011 vs Q3-2014: The median price of for sale properties is up 1% and the median price of sold properties is down -10%

Accurate Valuations Group

Q3-2011 vs. Q3-2014

520,000 1

William Cobb

525,000Q3-2014

Median For Sale vs Median Sold

ChangeQ3-2011 %5,000

Q3-2011 Q3-2014 %459,500 -10

Q3-2011 vs. Q3-2014

415,000Change-44,500

Clarus MarketMetrics® 10/26/2014Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

1/2

MLS: GBRAR Bedrooms:AllAll

Construction Type:All3 Year Quarterly SqFt:

Bathrooms: Lot Size:All All Square FootagePeriod:All

Subdivision:Property Types: : Residential

Santa MariaPrice:

Median For Sale vs Median SoldQ3-2011 vs Q3-2014: The median price of for sale properties is up 1% and the median price of sold properties is down -10%

Accurate Valuations GroupWilliam Cobb

For SaleMedian SoldMedianFor Sale # Properties # PropertiesSold Price Difference

Time Period

Q3 2014 29 7525,000 415,000 -110,000Q2 2014 27 7565,000 559,900 -5,100Q1 2014 25 8569,900 568,500 -1,400Q4 2013 23 2542,500 425,500 -117,000Q3 2013 18 5579,250 1,055,000 475,750Q2 2013 19 10634,900 460,000 -174,900Q1 2013 21 7549,900 380,000 -169,900Q4 2012 27 11550,000 450,000 -100,000Q3 2012 39 9499,000 372,500 -126,500Q2 2012 38 5517,500 472,300 -45,200Q1 2012 35 6515,000 481,750 -33,250Q4 2011 28 6501,250 511,500 10,250Q3 2011 38 7520,000 459,500 -60,500

Clarus MarketMetrics®Information not guaranteed. © 2014 - 2015 Terradatum and its suppliers and licensors (www.terradatum.com/about/partners).

10/26/201422/