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Quarterly Real Estate Report Q3 2015


Table of Contents

Most Bay Area All-Cash Buyers Are Putting Down Roots 4 Contra Costa County/Tri-Valley 6 East Bay 10 Marin County 14 Napa County 18 San Francisco 22 Silicon Valley 30 Sonoma County 36 Sonoma Valley 40 Lake Tahoe/Truckee 44


Most Bay Area All-Cash Buyers Are Putting Down Roots Two-thirds of Pacific Union’s all-cash buyers are purchasing homes as primary residences, while a smaller than expected percentage is employed by a tech company. Those are among the key findings from an internal analysis of Pacific Union all-cash sales from Feb. 1 to June 30 of this year. We looked at 323 all-cash deals in eight of nine Bay Area counties (excluding Solano County) in an effort to learn more about this crucial segment of the market, which makes up about 30 percent of our firm’s business.

Primary Homebuyers Sixty-six percent of our firm’s all-cash buyers purchased a home in the Bay Area as a primary residence. The overwhelming majority of these buyers are domestic, with foreign citizens accounting for just 6 percent of all-cash sales. Eighty percent of buyers in the tech industry purchased a home for a primary residence, a testament to the region’s economic bread and butter. The majority of these tech buyers purchased homes in San Francisco and Silicon Valley. However, of those 323 all-cash transactions, only 40 – 12 percent – were made by tech workers. Two-dozen of those sales occurred in the ultracompetitive San Francisco market, where all-cash buyers have a distinct edge over those who will require financing. The other 82 percent of all-cash buyers were basically split in half between domestic white-collar professionals and those categorized as other.

Long- and Short-Term Investors Investors were responsible for 34 percent of all-cash deals. These buyers purchased property with three strategies in mind: a long-term hold plan, a source of rental income, and flipping. Twenty-four percent of all-cash investors purchased a property as a secondary home. Domestic investors accounted for 20 percent of these sales, while international and tech buyers represented the other 4 percent. Seven percent of investors plan to take advantage of the high-dollar world of Bay Area rents by buying income-generating properties. These buyers are all wealthy Americans, and not a single one hailed from overseas. Flippers accounted for the final 3 percent of cash investors, an unsurprisingly small number given that the Bay Area’s hefty home prices can make for relatively slim profit margins.

Tech and International Buyers Paying More As a final note of interest, our analysis shows that although international and tech-industry buyers accounted for just 18 percent of Pacific Union’s all-cash sales, these buyer groups tend to spend substantially more on homes. Domestic other and professional buyers paid average sales prices of $1.32 million and $1.68 million, respectively. For all international buyers, the average sales price was $2.26 million, with Chinese buyers spending $2.66 million. Techies had the highest average sales price of any of the buyer groups, at $2.78 million. Editor’s Note: Pacific Union has an approximate market share of 10 percent in the Bay Area, with much larger market share in certain areas (like San Francisco’s Marina neighborhood) and lower market share in other areas (such as the Mission District), so the results of this analysis might differ if a 100 percent sample size were taken.


Bay Area 10-Year Overview Here’s a look at home sales in the Bay Area’s real estate markets in the third quarter of 2015, with a glance back at the 10 preceding third quarters.

Bay Area: 10-Year Overview of Q3 Homes Sold Q3 '05

Q3 '06

Q3 '07

Q3 '08

Q3 '09

Q3 '10

Q3 '11

Q3 '12

Q3 '13

Q3 '14

Q3 '15

3,790

2,444

1,513

3,420

3,366

2,831

3,110

3,087

2,965

2,958

3,137

EAST BAY

901

784

660

647

582

594

627

785

822

838

775

MARIN COUNTY

726

588

496

492

483

466

525

662

691

617

624

NAPA COUNTY

437

282

187

296

340

330

338

382

375

306

378

SAN FRANCISCO (SFH)

784

673

556

619

651

578

626

638

706

638

581

SAN FRANCISCO (CONDOS)

660

537

488

491

480

462

510

682

697

644

524

SILICON VALLEY

853

663

572

514

585

637

657

670

668

594

600

1,762

1,165

901

1,271

1,236

1,150

1,274

1,452

1,401

1,401

1,406

SONOMA VALLEY

170

116

103

112

109

123

138

168

164

156

147

LAKE TAHOE/TRUCKEE (SFH)

380

259

173

197

234

259

278

334

365

294

346

LAKE TAHOE/TRUCKEE (CONDOS)

105

69

50

57

77

64

67

84

100

96

87

REGION CONTRA COSTA COUNTY

SONOMA COUNTY

Copyright © Pacific Union. Source: BrokerMetrics / Terradatum, Inc. using data from SFARMLS, EBRD, BAREIS, MLSLSTINGS, TSIERRA, October 6, 2015.

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


Contra Costa County/Tri-Valley Quarterly Real Estate Report Q3 2015

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


Contra Costa County/Tri-Valley pacificunion.com

Contra Costa County/Tri-Valley: Q3 Results After a phenomenal second quarter, real estate activity in Pacific Union’s Contra Costa County/Tri-Valley region settled down in the third quarter, with sales prices holding steady, an extremely tight supply of available homes, and sales volume rising moderately from levels recorded one year ago. The region remains a seller’s market, with buyers having to act fast and pay premium prices for the most attractive homes in desirable communities. Stabilizing prices followed an aggressive run-up during the summer months, suggesting that sellers may have set the bar a bit too high. Buyers were more cautious than we’ve seen in previous quarters, even amid the competitive sales climate. Still, new buyers continued to enter the market, encouraged by the booming Bay Area economy and tempted by extremely low interest rates – and the threat that they may start rising soon. Looking Forward: Sales typically increase during the fall months as buyers try to make a move before the end of the year, and the upcoming fourth quarter looks to be business as usual in that regard. Similarly, real estate activity will taper off as the holiday season approaches. We anticipate flat price appreciation and continued tight inventory for the remainder of the year. Defining Contra Costa County/Tri-Valley: Our real estate markets in Contra Costa County include the cities of Alamo, Blackhawk, Danville, Diablo, Lafayette, Moraga, Orinda, Pleasant Hill, San Ramon, and Walnut Creek. Sales data in the charts below includes single-family homes in these communities.

Median Sales Price $1,300,000 $1,100,000

$1,185,000 $965,000

$995,000

$1,007,500 $1,000,000

$970,000

$1,092,000 $1,010,000

$1,100,000 $1,110,000

$1,100,000

$1,069,000

$1,052,500

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.

Months’ Supply of Inventory 2.6

2.1

2.3 2.0

1.9 1.7

1.8 1.5

1.6

1.2

1.4

1.4

Apr-15

May-15

1.5 1.3

1.3

1.3

Jun-15

Jul-15

Aug-15

1.1

0.6

0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Sep-15

Source: Terradatum, October 6, 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.


Contra Costa County/Tri-Valley pacificunion.com

Average Days on the Market 45

40

40 35 30

27

29

31

31

29 25

25 20

19

19

18

Apr-15

May-15

Jun-15

23

24

Jul-15

Aug-15

26

15 10 5 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Sep-15

Source: Terradatum, October 6, 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.

Percentage of Properties Under Contract 50%

45.5%

45% 40% 35% 30%

32.2%

31.8%

Oct-14

Nov-14

29.2%

29.5%

33.6%

42.7% 40.4%

35.7%

38.3%

37.6%

Jun-15

Jul-15

36.7%

36.7%

Aug-15

Sep-15

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

Sep-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Source: Terradatum, October 6, 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.

Sales Price as a Percentage of Original Price 103%

102.4% 101.6%

102%

101.0%

101% 100%

101.3% 99.8%

99.3%

99%

98.6% 98.1%

98.3%

98%

99.3%

98.8%

99.0%

97.2%

97% 96% 95% 94%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.


Contra Costa County/Tri-Valley pacificunion.com

A Closer Look at Contra Costa County/Tri-Valley

Contra Costa County Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Alamo

$ 141,247,292

$

83,892,427

-41%

86

51

-41%

35

41

17%

$ 1,584,500

$ 1,510,000

-5%

Blackhawk

$

$

37,195,500

147%

9

22

144%

53

43

-19%

$ 1,785,000

$ 1,450,000

-19%

Danville

$ 261,983,203

$ 286,529,902

9%

212

218

3%

23

24

4%

$ 1,116,500

$ 1,175,000

5%

Diablo

$

7,260,000

$

10,375,000

43%

3

3

0%

41

7

-83%

$ 1,935,000

$ 3,850,000

99%

Lafayette

$

115,191,347

$ 134,584,259

17%

88

92

5%

22

24

9%

$ 1,187,500

$ 1,312,500

11%

Moraga

$

62,747,780

$

0%

53

49

-8%

23

14

-39%

$ 1,150,000

$ 1,275,000

11%

Orinda

$ 133,439,698

$ 104,942,383

-21%

93

69

-26%

29

33

14%

$ 1,325,000

$ 1,420,000

7%

Pleasant Hill

$

$

63,118,577

7%

89

93

4%

24

22

-8%

$

640,000

$

685,000

7%

San Ramon

$ 198,590,075

$ 249,780,741

26%

208

237

14%

19

20

5%

$

885,500

$ 1,000,000

13%

Walnut Creek

$ 157,134,371

$ 175,197,416

11%

166

178

7%

22

24

9%

$

885,000

$

4%

15,065,000

59,237,646

62,814,888

917,500

Source: Terradatum, October 6, 2015. Data is for single-family homes in selected Contra Costa County cities.


East Bay Quarterly Real Estate Report Q3 2015

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


East Bay pacificunion.com

East Bay: Q3 Results Extremely scarce inventory conditions throughout the summer finally eased after Labor Day in Pacific Union’s East Bay region, to the relief of homebuyers. Still, there were more buyers than listings throughout the third quarter, and multiple offers remained the norm for desirable homes that were fairly priced. Overall, sellers continued to receive healthy premiums above list prices. Sales prices continued to rise during the quarter, in part because of the limited supply of homes on the market. There was no shortage of buyers, however, many of them looking for an East Bay home after being priced out of San Francisco. Low interest rates, high rental prices, and a strong local economy also helped swell the ranks of buyers. The most popular neighborhoods were those that score high on walkability ratings and are close to BART stations and retail and dining districts. Looking Forward: We expect the uptick in available homes to continue through October before the inevitable year-end slowdown as the holiday season approaches. Political and economic developments – including a possible rise in interest rates – could affect sales momentum, but there will be no shortage of buyers. Defining the East Bay: Our real estate markets in the East Bay region include Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705; Alameda; Albany; Berkeley; El Cerrito; Kensington; and Piedmont. Sales data in the charts below includes single-family homes in these communities.

Median Sales Price $1,000,000

$900,000

$900,000 $800,000

$835,000

$826,500

$820,000

Oct-14

Nov-14

Dec-14

$775,000

$792,500

$805,100

Jan-15

Feb-15

$925,000

$915,000

$910,000

$920,000 $850,000

$865,000

Aug-15

Sep-15

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

Sep-14

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Source: Terradatum, October 6, 2015. Median sales price for single-family homes in the East Bay.

Months’ Supply of Inventory 2.6 2.1

2.1

1.6

1.9 1.6 1.4 1.1

1.1

1.1 0.9

0.9

0.7

1.0 0.8

0.9

0.9

Jul-15

Aug-15

0.6

0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for single-family homes in the East Bay.


East Bay pacificunion.com

Average Days on the Market 40

37

35 30 25

27 23

24 21

20

20

23

22

20 16

17

17

Jun-15

Jul-15

20

15 10 5 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Average days on market for single-family homes sold in the East Bay.

Â

Percentage of Properties Under Contract 60%

40%

51.1%

50.2%

50%

45.3%

44.8%

36.0%

50.3%

51.0%

47.0%

42.9% 34.4%

43.7%

42.8%

Aug-15

Sep-15

32.4%

30% 20% 10% 0%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Source: Terradatum, October 6, 2015. Percentage of single-family homes under contract in the East Bay. Â

Sales Price as a Percentage of Original Price 118%

115.7%

116% 114%

111.6%

112%

115.2%

115.8%

114.9% 112.7%

111.9%

110.9%

110.4% 109.0%

110% 108%

115.6%

107.7%

106%

104.2%

104% 102% 100% 98%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in the East Bay.


East Bay pacificunion.com

A Closer Look at the East Bay

East Bay Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Q3 '15

% change

Alameda

$

85,936,187

$

92,224,670

7%

99

103

4%

17

22

29%

$

822,222

$

842,000

2%

Albany

$

27,171,000

$

27,826,556

2%

33

32

-3%

14

13

-7%

$

790,000

$

850,000

8%

Berkeley

$ 157,726,145

$ 161,559,896

2%

161

135

-16%

23

18

-22%

$

849,000

$ 1,038,000

22%

El Cerrito

$

52,754,793

$

51,923,300

-2%

75

68

-9%

20

18

-10%

$

670,000

$

750,000

12%

Kensington

$

13,291,500

$

21,279,000

60%

16

18

13%

27

19

-30%

$

797,500

$ 1,062,500

33%

Oakland*

$ 356,283,391

$ 370,650,703

4%

416

393

-6%

22

20

-9%

$

789,000

$

850,000

8%

Piedmont

$

$

-30%

38

26

-32%

26

17

-35%

$ 1,762,500

$ 2,002,906

14%

74,490,500

52,346,374

Source: Terradatum, October 6, 2015. Data is for single-family homes in selected East Bay cities; *Oakland ZIP codes 94602, 94609, 94610, 94611, 94618, 94619, and 94705.

East Bay Price Range Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Under $500,000

$

Q3 '15

27,691,000

$

12,442,620

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

-55%

70

30

-57%

31

38

23%

$

410,000

$

430,000

5%

Over $500,000 $ 739,962,516

$ 765,367,879

3%

768

745

-3%

21

19

-10%

$

829,500

$

900,000

8%

$500,000 $1 million

$ 409,427,207

$ 360,789,912

-12%

546

468

-14%

20

19

-5%

$

750,000

$

782,000

4%

Over $1 million $ 330,535,309

$ 404,577,967

22%

222

277

25%

22

19

-14%

$ 1,337,000

$ 1,300,000

-3%

Source: Terradatum, October 6, 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.

Oakland Snapshot: Q3 2015 vs. Q3 2014 Neighborhood

Homes Sold Q3 '14

Average Price

Q3 '15

% change

Q3 '14

Q3 '15

% change

Montclair / Joaquin Miller

87

103

18%

$993,600

$1,096,737

10%

Crocker Highlands / Grand Lake

43

31

-28%

$998,714

$1,130,470

13%

Rockridge / Claremont

65

38

-42%

$1,246,495

$1,364,740

9%

Glenview/Oakmore

34

30

-12%

$769,791

$941,666

22%

Laurel / Dimond

36

26

-28%

$560,520

$612,421

9%

Redwood Heights / Lincoln Heights

33

36

9%

$725,454

$789,791

9%

Crestmont / Ridgemont / Skyline

12

13

8%

$921,208

$1,052,857

14%

Temescal / Piedmont Ave.

17

18

6%

$813,953

$984,056

21%

Source: EBRD, October 6, 2015. Data is for single-family homes in selected Oakland neighborhoods.


Marin County Quarterly Real Estate Report Q3 2015

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


Marin County pacificunion.com

Marin County: Q3 Results The frenetic pace of real estate activity in Pacific Union’s Marin County region began slowing in the third quarter, even as sales prices continued to rise. We saw more price reductions in the quarter than we’ve seen all year, and several instances where homes didn’t sell. Buyers seemed less eager to jump through the hoops some sellers demanded, suggesting that they are either doing more market research or are perhaps simply exhausted after repeatedly losing out on bidding wars. Nonetheless, open houses were well-attended and homebuyers were plentiful. Attractive homes in desirable neighborhoods sold quickly, often at prices well above list. Inventory levels remained exceptionally slim, although we saw an uptick in new listings starting after Labor Day. The market for high-priced homes – those in the neighborhood of $10 million and above – was particularly strong. Looking Forward: Marin County is a desirable place to live and increasingly attractive to buyers with highpaying tech jobs in San Francisco and Silicon Valley. We expect strong sales in the fourth quarter, with many qualified buyers looking to get into new homes before the holidays. Defining Marin County: Our real estate markets in Marin County include the cities of Belvedere, Corte Madera, Fairfax, Greenbrae, Kentfield, Larkspur, Mill Valley, Novato, Ross, San Anselmo, San Rafael, Sausalito, and Tiburon. Sales data in the charts below includes single-family homes in these communities.

Median Sales Price $1,300,000

$1,175,000

$1,100,000

$1,100,000

$991,000

$1,160,000 $1,008,000 $990,000

$980,000

Dec-14

Feb-15

$1,175,000

$1,175,000 $1,112,000

$1,060,000

$1,095,000

$1,062,500

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

Sep-14

Oct-14

Nov-14

Jan-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.

Months’ Supply of Inventory 3.1 2.6

2.7

2.6

2.3

2.1

1.9

1.9

2.3

1.8 1.5

1.6

1.3

1.4

1.5

1.4

1.5

1.1 0.6 0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.


Marin County pacificunion.com

Average Days on the Market 80

74

70 60

52

55

62

60

59

58

58

56

51

47

50 40

38

38

Jun-15

Jul-15

30 20 10 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.

Percentage of Properties Under Contract 50% 43.8%

45% 40% 35% 30%

42.7% 37.5%

35.3% 29.5%

30.7%

39.6%

37.1%

30.1%

31.5%

32.2%

Aug-15

Sep-15

25.5% 21.8%

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Source: Terradatum, October 6, 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.

Sales Price as a Percentage of Original Price 104%

102.5%

102%

100.8%

100% 98%

97.5%

98.1%

98.0%

97.8%

95.7%

96%

100.2%

99.2%

95.7%

95.0%

94.8%

93.7%

94% 92% 90% 88%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.


Marin County pacificunion.com

A Closer Look at Marin County

Marin County Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Belvedere

$

36,717,690

$

118,750,000

223%

12

15

25%

112

200

79%

$ 2,625,000

$ 4,100,000

56%

Corte Madera

$

32,481,000

$

36,165,500

11%

26

24

-8%

43

39

-9%

$ 1,097,500

$ 1,400,000

28%

Fairfax

$

21,153,418

$

31,168,700

47%

23

30

30%

48

35

-27%

$

$

840,000

-5%

Greenbrae

$

24,895,656

$

19,658,000

-21%

18

14

-22%

30

26

-13%

$ 1,370,000

$ 1,355,000

-1%

Kentfield

$

77,854,211

$

45,306,640

-42%

27

15

-44%

84

81

-4%

$ 2,200,000

$ 2,175,000

-1%

Larkspur

$

40,610,964

$

20,046,000

-51%

24

12

-50%

41

59

44%

$ 1,625,000

$ 1,615,000

-1%

Mill Valley

$ 140,721,450

$ 140,948,780

0%

87

85

-2%

46

36

-22%

$ 1,325,000

$ 1,400,000

6%

Novato

$ 123,097,260

$

118,682,377

-4%

141

139

-1%

52

43

-17%

$

$

2%

Ross

$

23,265,000

$

22,010,000

-5%

8

10

25%

58

30

-48%

$ 2,372,500

$ 2,000,000

-16%

San Anselmo

$

49,744,235

$

53,351,625

7%

46

44

-4%

57

41

-28%

$

925,000

$ 1,054,000

14%

San Rafael

$

119,986,250

$ 155,860,715

30%

118

153

30%

46

41

-11%

$

850,000

$

945,000

11%

Sausalito

$

36,863,500

$

29,044,000

-21%

21

14

-33%

54

66

22%

$ 1,499,000

$ 2,075,000

38%

Tiburon

$

72,263,500

$

89,016,500

23%

28

30

7%

58

78

34%

$ 2,350,000

$ 2,375,000

1%

884,000

775,000

790,000

Source: Terradatum, October 6, 2015. Data is for single-family homes in selected Marin County cities.


Napa County Quarterly Real Estate Report Q3 2015

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


Napa County pacificunion.com

Napa County: Q3 Results After a cyclical slowdown in August, home sales In Pacific Union’s Napa County region rebounded in September. Demand for homes at the highest price points was red-hot, and wineries and land with grapevines also attracted great interest. At the low end of the market, the short-sale and REO properties that were so plentiful in recent years were nowhere to be found. Across the region, buyers enjoyed a relatively robust supply of available homes, and multiple offers were down considerably from a year earlier as real estate activity in the region returned to a more normal pace. As a result, buyers were more selective and more likely to push back on prices they considered too high. Sellers who didn’t price their homes competitively were probably surprised at how long they sat on the market – another change from the recent past. Looking Forward: Homebuyers are plentiful, and we expect September’s strong sales activity to continue through October and perhaps the holidays, fueled by low interest rates and a thriving regional economy. Napa County home prices will likely hold steady in the fourth quarter and into 2016. Defining Napa County: Our real estate markets in Napa County include the cities of American Canyon, Angwin, Calistoga, Napa, Oakville, Rutherford, St. Helena, and Yountville. Sales data in the charts below includes all single-family homes in Napa County.

Median Sales Price $700,000 $602,500 $600,000

$633,000

$610,000

$586,250

$559,750

$535,000

$522,500

$500,000

$497,000

$600,000

$630,250 $571,316

$620,000

$492,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for single-family homes in Napa County.

Months’ Supply of Inventory 5.1 4.6

4.3

4.1

4.5 4.1

3.8 3.4

3.6

3.6

3.4

3.1

3.2 2.6

2.6

2.9

3.1

2.9 2.3

2.1 1.6 1.1 0.6 0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for single-family homes in Napa County.


Napa County pacificunion.com

Average Days on the Market 114

120 100

99 90

87

80

100 91

93

81 71

71

73

72 61

60 40 20 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Average days on market for single-family homes sold in Napa County.

Â

Percentage of Properties Under Contract 30%

26.1%

25%

28.2% 25.5%

23.2%

20% 16.4%

17.3%

17.8%

Oct-14

Nov-14

25.1%

23.8%

25.0% 22.6% 17.7%

15.9%

15% 10% 5% 0%

Sep-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Percentage of single-family homes under contract in Napa County. Â

Sales Price as a Percentage of Original Price 97% 96%

95.1%

95.8%

96.3%

94.7%

94.5%

95% 94%

96.5%

95.9%

94.2%

93.4% 92.5%

93%

92.0%

92%

91.2%

91.2%

Dec-14

Jan-15

91% 90% 89% 88%

Sep-14

Oct-14

Nov-14

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in Napa County.


Napa County pacificunion.com

A Closer Look at Napa County

Napa County Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

78%

35

56

60%

49

49

0%

$

438,500

$

n/a

13

0

n/a

136

0

n/a

$

610,000

$

22,196,000

-4%

27

16

-41%

146

113

-23%

$

705,000

$

920,000

30%

American Canyon

$

15,234,242

$

Angwin

$

9,646,900

$

Calistoga

$

23,056,527

$

Napa

$ 128,191,941

$ 212,572,615

66%

185

261

41%

65

62

-5%

$

536,000

$

615,000

15%

St. Helena

$

66,880,554

$

41,552,050

-38%

38

33

-13%

123

135

10%

$ 1,125,000

$

965,000

-14%

Yountville

$

5,319,000

$

7,154,350

35%

6

8

33%

93

88

-5%

$

$

844,675

1%

27,064,500 -

839,500

490,750 -

12% n/a

Source: Terradatum, October 6, 2015. Data is for single-family homes in selected Napa County cities.

Napa County Price Range Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Q3 '15

% change

Under $500,000

$

49,194,816

$

41,437,150

-16%

120

104

-13%

58

55

-5%

$

432,000

$

413,825

-4%

$500,000 $999,999

$

86,431,222

$ 135,959,365

57%

127

201

58%

82

69

-16%

$

649,500

$

639,000

-2%

$1 million - $3 million

$

81,259,570

$

98,367,000

21%

53

66

25%

113

93

-18%

$ 1,435,000

$ 1,345,000

-6%

Over $3 million $

34,333,556

$

42,485,000

24%

6

7

17%

254

72

-72%

$ 4,050,000

$ 4,260,000

5%

Source: Terradatum, October 6, 2015. Data is for single-family homes in Napa County.


San Francisco Quarterly Real Estate Report Q3 2015

Patrick Barber President 415.929.7100 patrick.barber@pacunion.com 1699 Van Ness Avenue | San Francisco, CA 94109


San Francisco pacificunion.com

San Francisco: Q3 Results The third quarter ended on a strong note in San Francisco, with a substantial increase in available homes hitting the market after Labor Day. That was welcome news for buyers, who had endured exceptionally tight inventory levels all year long, and they took advantage of it. With more homes to choose from, sales jumped moderately, and bidding wars declined – along with buyer stress levels. Buyers were active at all price points and across all neighborhoods. An uptick in sales in the city’s Bayview neighborhood was of particular note, as residents fed up with the spike in rental costs opted to buy homes and build equity. The city’s booming economy and high-paying jobs coupled with historically low interest rates made buying a home affordable even as sales prices continued to rise. Looking Forward: As a world-class global city and a U.S. economic hub, San Francisco will see no shortage of homebuyers for the foreseeable future. Early signs suggest that the late-third-quarter boost in inventory and sales will continue well into the fourth quarter, keeping buyers and sellers busy right up to the holiday season. The winter months typically see a slowdown in sales, presenting an opportunity for savvy buyers and sellers to get a jump on the competition.

Single-Family Homes – Median Sales Price $1,500,000 $1,300,000 $1,100,000

$1,190,000 $1,040,000

$1,250,000 $1,128,500

$1,075,000

$1,320,000

$1,393,500

$1,300,000 $1,280,000

$1,225,444

$1,200,000

$1,124,000

$975,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for single-family homes in San Francisco.

Condominiums – Median Sales Price $1,300,000 $1,100,000 $950,000

$1,004,000

$1,100,000

$1,025,000

$1,105,000

$1,138,000 $1,069,000

$1,125,000

$960,012

$1,100,063 $1,050,000

$1,080,000

$885,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for condominiums in San Francisco.


San Francisco pacificunion.com

Single-Family Homes – Months’ Supply of Inventory 3.1 2.6

2.6 2.1

2.3

2.1

2.3

1.7 1.6

1.3

1.4

1.5

1.6

1.6

May-15

Jun-15

1.7 1.4

1.0

1.1 0.6 0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for single-family homes in San Francisco.

Condominiums – Months’ Supply of Inventory 3.1

2.9

2.6 2.2 2.1

2.2

1.8

1.6

1.3

1.5

1.3

1.3

1.3

1.3

Mar-15

Apr-15

May-15

Jun-15

1.4

1.6

1.0

1.1 0.6 0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for condominiums in San Francisco.

Single-Family Homes – Average Days on the Market 50

47

45

39

40 35 30

31

31

30

27

27

26

Mar-15

Apr-15

25

29

28

28

28

Jun-15

Jul-15

Aug-15

Sep-15

24

20 15 10 5 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

May-15

Source: Terradatum, October 6, 2015. Average days on market for single-family homes sold in San Francisco.


San Francisco pacificunion.com

Condominiums – Average Days on the Market 60 50

50 40

39

37

54

36 29

30

31

34

32

35 28

29

Jun-15

Jul-15

27

20 10 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Average days on market for condominiums sold in San Francisco.

Single-Family Homes – Percentage of Properties Under Contract

45% 40% 35%

38.6%

41.5%

38.5%

34.6%

37.4%

39.0%

32.5% 28.1%

30%

36.0%

36.5%

29.3%

32.3%

33.4%

Aug-15

Sep-15

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Source: Terradatum, October 6, 2015. Percentage of single-family homes under contract in San Francisco.

Condominiums – Percentage of Properties Under Contract 50%

44.5%

45% 40%

36.4%

35.4%

35%

40.5%

38.8%

39.0% 31.1%

40.7%

41.6%

39.4% 32.2%

30.9%

28.3%

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Percentage of condominiums under contract in San Francisco.


San Francisco pacificunion.com

Single-Family Homes – Sales Price as a Percentage of Original Price 118%

116.5%

116%

113.9%

114% 112% 110%

112.7% 109.8%

111.0%

109.7%

112.2% 110.6%

109.9%

109.6% 107.2%

108%

105.3%

106%

104.8%

104% 102% 100% 98%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in San Francisco.

Condominiums – Sales Price as a Percentage of Original Price 112% 110% 108% 105.9%

106% 104%

109.3%

108.4% 107.2%

106.8%

105.6%

103.9%

109.7%

108.7%

108.2% 106.8%

103.3% 101.4%

102% 100% 98% 96%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for condominiums under contract in San Francisco.


San Francisco pacificunion.com

Delving into San Francisco’s Districts

San Francisco is defined by 10 separate districts, each of which encompasses several neighborhoods. District 1:

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

District 2: Outer Sunset, Central Sunset, Inner Sunset, Outer Parkside, Parkside, Inner Parkside, Golden Gate Heights. District 3: Pine Lake Park, Merced Manor, Lake Shore, Lakeside, Stonestown, Merced Heights, Ingleside, Ingleside Heights, Oceanview. District 4: Balboa Terrace, Diamond Heights, Forest Hill, Forest Hill Extension, Forest Knolls, Ingleside Terrace, Midtown Terrace, Miraloma Park, Monterey Heights, Mount Davidson Manor, Sherwood Forest, St. Francis Wood, Sunnyside, West Portal, Westwood Highlands, Westwood Park. District 5: Buena Vista/Ashbury Heights, Clarendon Heights, Cole Valley/Parnassus Heights, Corona Heights, Duboce Triangle, Eureka Valley/Dolores Heights, Glen Park, Haight-Ashbury, Mission Dolores, Noe Valley, Twin Peaks. District 6: Alamo Square, Anza Vista, Hayes Valley, Lower Pacific Heights, North Panhandle, Western Addition. District 7: Cow Hollow, Marina, Pacific Heights, Presidio Heights. District 8: Downtown, Financial District/Barbary Coast, Nob Hill, North Beach, North Waterfront, Russian Hill, Telegraph Hill,

Tenderloin, Van Ness/Civic Center.

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

South of Market, Yerba Buena.

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

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


San Francisco pacificunion.com

San Francisco Snapshot: SFH, Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

-13%

61

49

-20%

27

25

-7%

$

1,380,000

5%

122

108

-11%

26

21

-19%

$

District 1

$

99,889,105

$

86,516,788

District 2

$

131,108,231

$

137,403,050

District 3

$

46,416,411

$

32,767,500

-29%

56

35

-38%

32

36

13%

$

District 4

$

95,580,168

$

137,872,000

44%

72

82

14%

23

28

22%

District 5

$

151,317,050

$

152,432,312

1%

75

69

-8%

27

23

District 6

$

17,779,000

$

39,635,000

123%

7

15

114%

15

District 7

$

121,320,000

$

64,170,000

-47%

27

11

-59%

District 8

$

12,808,888

$

29,763,000

132%

5

6

District 9

$

88,296,300

$

102,022,925

16%

71

District 10

$

101,871,929

$

115,665,094

14%

142

Q3 '15

% change

1,612,000

17%

975,000

$ 1,223,500

25%

800,000

$

900,000

13%

$ 1,150,000

$ 1,500,000

30%

-15%

$

$

2,155,000

16%

25

67%

$ 2,750,000

$ 3,025,000

10%

39

58

49%

$

$

52%

20%

24

107

346%

66

-7%

28

27

140

-1%

34

30

1,856,000

3,750,000

$

5,700,000

124%

$ 1,810,000

$ 4,062,500

-4%

$

1,150,000

$

1,300,000

13%

-12%

$

700,000

$

812,944

16%

Source: Terradatum, October 6, 2015. Data is for single-family homes in San Francisco districts.

San Francisco Snapshot: Condos, Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Q3 '15

% change

District 1

$

46,954,223

$

45,324,171

-3%

47

41

-13%

33

28

-15%

$

975,000

$

975,000

0%

District 2

$

6,058,000

$

5,578,000

-8%

7

6

-14%

19

24

26%

$

880,000

$

957,500

9%

District 3

$

3,594,500

$

7,396,000

106%

7

11

57%

33

19

-42%

$

481,000

$

635,000

32%

District 4

$

7,458,650

$

12,732,319

71%

11

17

55%

40

44

10%

$

585,000

$

730,000

25%

District 5

$

103,185,241

$

110,607,480

7%

82

76

-7%

29

25

-14%

$

1,242,000

$

1,377,500

11%

District 6

$

59,589,000

$

52,609,000

-12%

65

47

-28%

28

22

-21%

$

903,000

$ 1,050,000

16%

District 7

$

100,246,500

$

84,271,500

-16%

66

60

-9%

30

27

-10%

$

1,395,500

$

1,252,500

-10%

District 8

$

129,822,804

$

101,818,675

-22%

114

81

-29%

40

33

-18%

$

890,000

$ 1,095,000

23%

District 9

$

240,626,362

$

193,434,602

-20%

223

165

-26%

37

31

-16%

$

925,000

$

1,150,000

24%

District 10

$

11,342,659

$

12,562,050

11%

22

20

-9%

55

49

-11%

$

542,500

$

637,500

18%

Source: Terradatum, October 6, 2015. Data is for condominiums in San Francisco districts.


San Francisco pacificunion.com

San Francisco Price Range Snapshot: SFH, Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Under $1 million

$

226,468,355

$

151,731,920

-33%

297

188

-37%

31

30

-3%

$1 million - $3 million

$

465,628,727

$

558,232,749

20%

303

353

17%

26

23

-12%

Over $3 million $

174,290,000

$

188,283,000

8%

38

40

5%

36

60

67%

Median Price Q3 '14

Q3 '15

% change

830,000

8%

$ 1,400,000

$ 1,450,000

4%

$

$

-3%

$

765,110

3,875,000

$

3,750,000

Source: Terradatum, October 6, 2015. Data is for single-family homes in San Francisco County.

San Francisco Price Range Snapshot: Condos, Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Under $1 million

$

243,918,479

$

174,208,908

-29%

341

234

-31%

37

33

-11%

$

$1 million - $2 million

$

345,207,460

$

353,279,889

2%

259

253

-2%

31

26

-16%

Over $2 million $

119,752,000

$

98,845,000

-17%

44

37

-16%

36

34

-6%

Q3 '15

% change

775,000

5%

$ 1,295,000

$ 1,350,000

4%

$

$

0%

735,000

2,500,000

$

2,500,000

Source: Terradatum, October 6, 2015. Data is for condominiums in San Francisco County.


Silicon Valley Quarterly Real Estate Report Q3 2015

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


Silicon Valley pacificunion.com

Silicon Valley: Q3 Results The supply of available homes rose modestly in September in Pacific Union’s Silicon Valley region, but it didn’t do much to ease the inventory shortage that bedeviled buyers throughout the third quarter – and indeed, all year long. The scarcity resulted in many homes being sold before they even reached the market, with sellers accepting pre-emptive offers. Almost 30 percent of homes sold during the quarter were never listed on the local MLS. Among the homes coming on the market was an increased supply of properties priced from $1.5 million to $2.5 million, normally in short supply in the region, and also those priced from $13 million to $30 million-plus. Buyers were plentiful at all price points, but unlike in previous quarters they tended to be more cautious with their offers. Similarly, fewer properties generated multiple offers than in the recent past. Sellers who priced their homes inappropriately saw them linger on the market longer. Looking Forward: The recent increase in inventory bodes well for the fall season. Sales could slow if mortgage rates start rising, but generally we expect strong sales until both buyers and sellers turn their thoughts to the holiday season. Defining Silicon Valley: Our real estate markets in the Silicon Valley region include the cities and towns of Atherton, Los Altos (excluding county area), Los Altos Hills, Menlo Park (excluding east of U.S. 101), Palo Alto, Portola Valley, and Woodside. Sales data in the charts below includes all single-family homes in these communities. Defining the Mid-Peninsula: Our real estate markets in the Mid-Peninsula subregion include the cities of Burlingame (excluding Ingold Millsdale Industrial Center), Hillsborough, and San Mateo (excluding the North Shoreview/Dore Cavanaugh area). Sales data in the charts below includes all single-family homes in these communities.

Median Sales Price $3,600,000

$3,280,000

$3,100,000 $2,600,000

$2,558,000

$2,450,000

$2,751,000 $2,498,000 $2,399,100

$2,850,000

$2,800,000

$2,700,000

$2,700,000

$2,750,000

$2,665,000 $2,625,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.

Months’ Supply of Inventory 2.6

2.4 2.2

2.2

2.1

1.9

1.6 1.2

1.4

1.3

1.2

Nov-14

Dec-14

1.3

1.2

1.3

1.4 1.2

1.1

0.6

0.1

Sep-14

Oct-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.


Silicon Valley pacificunion.com

Average Days on the Market 45 40 35

40

37 31

30

28

25

25

25

26 19

20

21

22

20

23

24

15 10 5 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.

Percentage of Properties Under Contract 50%

40% 35%

44.3%

45.4%

45%

39.5%

38.6%

34.1%

36.4% 30.5%

31.0%

30.3%

30%

42.0%

42.2%

25.7%

29.6%

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.

Sales Price as a Percentage of Original Price 108% 106.1%

106.5% 104.0%

103.2%

104% 102%

106.0%

105.5%

106%

104.9%

104.2%

105.1%

103.0%

101.9%

100%

99.1%

99.5%

98% 96% 94%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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.


Silicon Valley pacificunion.com

A Closer Look at Silicon Valley

Silicon Valley Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Q3 '15

% change

Atherton

$

110,298,888

$

142,871,000

30%

21

23

10%

53

36

-32%

Los Altos*

$

175,363,891

$

238,733,250

36%

70

82

17%

20

21

5%

Los Altos Hills

$

91,674,447

$

82,588,000

-10%

24

22

-8%

39

27

-31%

Menlo Park**

$

194,991,900

$

221,098,801

13%

89

84

-6%

20

21

5%

$ 2,010,000

$ 2,312,500

15%

Palo Alto

$

275,617,615

$

278,865,224

1%

91

90

-1%

16

16

0%

$

$

2,735,000

11%

Portola Valley

$

61,395,500

$

47,025,000

-23%

17

15

-12%

87

27

-69%

$ 2,998,000

$ 2,700,000

-10%

Woodside

$

115,923,000

$

88,054,888

-24%

33

24

-27%

84

36

-57%

$ 2,475,000

$ 2,612,500

6%

5,500,000

24%

$ 2,312,500

$ 2,805,000

21%

$

$

$

4,420,000

3,289,000

2,465,000

$

3,413,000

4%

Source: Terradatum, October 6, 2015. Data is for single-family homes in selected Silicon Valley cities. *Excludes County area **Excludes east of U.S. 101


Mid-Peninsula pacificunion.com

Median Sales Price $1,900,000

$1,500,000

$1,350,000

$1,300,000

$1,307,500

$1,462,500 $1,350,000

$1,800,000

$1,688,000

$1,675,700

$1,700,000

$1,490,000

$1,590,000

$1,590,000

$1,501,000

$1,400,000

$1,600,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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).

Months’ Supply of Inventory 2.6

2.3 2.0

2.1

1.6

1.4

1.4

1.3 1.1

1.0

1.1

0.9

0.7

1.1

1.0 0.8

0.9

0.6

0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

21

21

May-15

Jun-15

Jul-15

20

21

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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).

Average Days on the Market 50

47

45 40 35 30

28

32

30 25

25

28

20

19

22

14

15 10 5 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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).


Mid-Peninsula pacificunion.com

Percentage of Properties Under Contract 60%

53.9%

50%

47.7%

44.9%

40%

50.8%

47.6%

42.4%

42.0%

39.0%

51.3%

44.9% 38.5%

32.3% 26.3%

30% 20% 10% 0%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

105.3%

105.3%

Sep-15

Source: Terradatum, October 6, 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).

Sales Price as a Percentage of Original Price 115% 110.6% 110%

107.8%

105% 99.8%

100%

100.7%

101.1%

107.3%

106.6%

102.7%

101.2%

100.7% 97.5%

95%

90%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 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).

A Closer Look at the Mid-Peninsula Mid-Peninsula Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Burlingame*

$

93,070,466

$

106,168,898

14%

56

52

-7%

18

13

-28%

$ 1,525,000

$ 1,939,000

27%

Hillsborough

$

180,010,888

$

190,434,888

6%

38

44

16%

67

44

-34%

$ 3,142,500

$ 3,848,444

22%

San Mateo**

$

190,148,507

$

237,501,966

25%

155

164

6%

23

17

-26%

$ 1,120,000

$ 1,318,000

18%

Source: Terradatum, October 6, 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


Sonoma County Quarterly Real Estate Report Q3 2015

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


Sonoma County pacificunion.com

Sonoma County: Q3 Results The supply of available homes fell in Pacific Union’s Sonoma County region during the third quarter even as sales rose, presenting continued challenges for homebuyers. Sales prices increased moderately, while the supply of homes priced under $400,000 grew increasingly scarce – replaced by those selling for $500,000 and higher. The region saw brisk sales for homes priced above $850,000, and an increased number of sales for $3 million and above. Sales were particularly strong in Healdsburg, Sebastopol, and Sonoma. Multiple offers were common in the region but not ubiquitous as they were a year earlier – and not the 10 and 20 bids that previously piled up on a seller’s doorstep. Sonoma County remains a seller’s market, but over the past year, the region has been moving closer to a more balanced state. Buyers were more cautious than in previous quarters, and some sellers learned an unpleasant lesson on the perils of pricing their homes beyond reasonable levels. Looking Forward: We expect demand for homes to remain strong through the end of the year and into 2016, with no shortage of eager buyers. Home prices will likely remain at current levels through the end of the year before rising again in the spring. Defining Sonoma County: Our real estate markets in Sonoma County include the cities of Cotati, Healdsburg, Penngrove, Petaluma, Rohnert Park, Santa Rosa, Sebastopol, and Windsor. Sales data in the charts below includes all single-family homes and farms and ranches in Sonoma County.

Median Sales Price $600,000 $550,000 $500,000

$496,000

$490,000

$515,000 $481,250

$479,000

$492,000

$536,000

$545,000

Apr-15

May-15

$546,000

$545,000

$541,000

Jul-15

Aug-15

$540,500

$507,500

$450,000 $400,000 $350,000 $300,000 $250,000 $200,000 $150,000 $100,000

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Jun-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for single-family homes and farms/ranches in Sonoma County.

Months’ Supply of Inventory 3.1 2.6

2.3

2.3

2.1

2.6

2.5

2.3

2.1

2.3 1.8

1.6

1.9

2.0 1.7

1.7

Jun-15

Jul-15

1.6 1.1 0.6 0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for single-family homes and farms/ranches in Sonoma County.


Sonoma County pacificunion.com

Average Days on the Market 100

89

90 80 70

89

80 67

73

68

65

63 56

60

56

59

60

61

Jul-15

Aug-15

Sep-15

50 40 30 20 10 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Source: Terradatum, October 6, 2015. Average days on market for single-family homes and farms/ranches sold in Sonoma County.

Â

Percentage of Properties Under Contract 40%

36.5%

35% 30%

29.0%

29.7%

28.7%

26.1%

37.0% 34.5%

34.7%

31.1%

32.0% 28.8%

31.7%

23.8%

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Percentage of single-family homes and farms/ranches under contract in Sonoma County. Â

Sales Price as a Percentage of Original Price 99.6%

100%

97.9%

98% 97%

99.5%

98.5%

99%

96.6%

96.5% 95.4%

96%

97.7%

96.9% 95.0%

95%

95.3%

95.1%

93.8%

94% 93% 92% 91% 90%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for single-family homes and farms/ranches under contract in Sonoma County.


Sonoma County pacificunion.com

A Closer Look at Sonoma County

Sonoma County Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Q3 '15

% change

Cloverdale

$

22,430,000

$

18,732,980

-16%

48

42

-13%

81

78

-4%

$

399,000

$

437,000

10%

Healdsburg

$

52,866,350

$

51,958,790

-2%

52

45

-13%

73

62

-15%

$

658,000

$

892,040

36%

Petaluma

$ 120,130,658

$ 126,414,398

5%

188

186

-1%

53

57

8%

$

551,500

$

582,500

6%

Rohnert Park

$

$

40,498,600

44%

65

85

31%

60

40

-33%

$

438,000

$

474,000

8%

Santa Rosa

$ 308,046,544

$ 337,125,291

9%

564

567

1%

58

58

0%

$

455,000

$

496,000

9%

Sebastopol

$

53,099,391

$

50,958,131

-4%

77

60

-22%

60

69

15%

$

617,000

$

775,000

26%

Windsor

$

40,840,650

$

49,653,050

22%

80

89

11%

44

51

16%

$

485,000

$

545,000

12%

28,065,000

Source: Terradatum, October 6, 2015. Data is for single-family homes and farms/ranches in selected Sonoma County cities.

Sonoma County Price Range Snapshot: Q3 2015 vs. Q3 2014 Sales Volume

Homes Sold

Avg. Days on Market

Median Price

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

Under $1 million

$ 657,420,958

$ 679,401,315

3%

1285

1,248

-3%

60

57

-5%

$

$1 million and over

$ 197,888,093

$ 281,872,420

42%

116

158

36%

96

85

-11%

$ 1,357,500

470,000

Q3 '15

% change

515,000

10%

$ 1,323,500

-3%

$

Source: Terradatum, October 6, 2015. Data is for single-family homes and farms/ranches in selected Sonoma County cities excluding Cloverdale.


Sonoma Valley Quarterly Real Estate Report Q3 2015

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


Sonoma Valley pacificunion.com

Sonoma Valley: Q3 Results The third quarter was a combination of positives and negatives in Pacific Union’s Sonoma Valley region. July was typically robust, with homebuyers bringing multiple offers and prices that seemed to go higher every week. And then there was August. As we predicted, late-summer vacations, back-to-school activities, and an early harvest in the Wine Country caught the attention of buyers, and a fewer-than-normal number of properties went into escrow. Then again, there might have been other factors in play. Buyers may have grown weary of the ongoing multiple-offer frenzy, as well as rising prices and the demands of sellers still trying to capitalize on the strong market. A volatile stock market didn’t assuage buyers’ concerns, either. Looking Forward: We may see homes remain on the market a bit longer than in past quarters, as well as price reductions from motivated sellers. The upcoming holiday season may prompt sellers to keep their properties off the market until early 2016 or even into the spring, diminishing an already lean inventory. Defining Sonoma Valley: Our real estate markets in Sonoma Valley include the cities of Glen Ellen, Kenwood, and Sonoma. Sales data in the charts below refers to all residential properties – including single-family homes, condominiums, and farms and ranches – in these communities.

Median Sales Price $800,000

$756,000

$750,000

$600,000

$712,500 $665,000

$700,000 $580,250 $606,250

$589,500

$545,000

$540,000

$640,000

$637,000

$575,000

$572,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for single-family homes, condominiums, and farms/ranches in Sonoma Valley.

Months’ Supply of Inventory 4.1

3.1

3.7

3.6

3.6

3.3

3.2

2.8

2.6 2.1

2.1

2.4

2.3

2.3

2.4 2.1

2.0 1.6

1.6 1.1 0.6 0.1

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for single-family homes, condominiums, and farms/ranches in Sonoma Valley.


Sonoma Valley pacificunion.com

Average Days on the Market 120 100

96 83

80

77

89

82

76 66

64 60

65 53

60

58

Aug-15

Sep-15

47

40 20 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Source: Terradatum, October 6, 2015. Average days on market for single-family homes, condominiums, and farms/ranches sold in Sonoma Valley.

Â

Percentage of Properties Under Contract 35% 30%

30.4%

29.9%

31.6%

32.2%

25%

25.0%

23.4%

22.4%

20%

28.9%

27.7%

27.2%

26.4%

27.3%

16.8%

15% 10% 5% 0%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Percentage of single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley. Â

Sales Price as a Percentage of Original Price 104% 102%

101.4%

100.5%

100%

98.8%

98% 96% 94%

94.7% 93.5%

93.5%

Oct-14

Nov-14

95.2%

96.3%

98.5%

96.7%

96.7% 95.4%

92.5%

92% 90% 88%

Sep-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for single-family homes, condominiums, and farms/ranches under contract in Sonoma Valley.


Sonoma Valley pacificunion.com

A Closer Look at Sonoma Valley

Sonoma Valley Snapshot: Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Median Price Q3 '14

Q3 '15

% change

Glen Ellen

$

16,107,110

$

10,596,520

-34%

15

12

-20%

117

65

-44%

$

829,500

$

761,500

-8%

Kenwood

$

6,862,000

$

6,090,000

-11%

5

6

20%

97

122

26%

$

789,000

$

960,000

22%

Sonoma

$ 109,368,425

$ 134,310,501

23%

136

128

-6%

72

58

-19%

$

552,600

$

627,500

14%

Source: Terradatum, October 6, 2015. Data is for single-family homes, condominiums, and farms/ranches in selected Sonoma Valley cities.


Lake Tahoe/Truckee Quarterly Real Estate Report Q3 2015

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


Lake Tahoe/Truckee pacificunion.com

Lake Tahoe/Truckee: Q3 Results Visitors to the Lake Tahoe/Truckee region were captivated by the gorgeous weather and breathtaking Sierra backcountry this summer, but that also caused home sales to slow, as it was simply too beautiful to conduct business. Homebuyers got busy after Labor Day, however, providing a strong sales boost at the end of the third quarter. Sales remained robust in the Truckee area and jumped much higher in the Tahoe City area. Unlike the Bay Area, Lake Tahoe/Truckee is a buyer’s market, and multiple offers were rare in the third quarter. Buyers leveraged home prices that still haven’t reached their prerecession peaks to score some exceptional bargains. In fact, many buyers already owned property in the region and took advantage of the value pricing to upgrade their vacation homes. Looking Forward: The vigorous sales that we saw at the end of the third quarter will almost certainly continue until the holiday season arrives. The final quarter of the year is always busy, with buyers eager to close a sale before ski season arrives. This winter, forecasts of a strong El Niño and the copious snow that it could bring will further pique buyers’ interest. We expect home prices to hold steady during the quarter. Defining Lake Tahoe/Truckee: Our real estate markets in Tahoe/Truckee include the communities of Alpine Meadows, Donner Lake, Donner Summit, Lahontan, Martis Valley, North Shore Lake Tahoe, Northstar, Squaw Valley, Tahoe City, Tahoe Donner, Truckee, and the West Shore of Lake Tahoe. Sales data in the charts below includes single-family homes and condominiums in these communities.

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

$740,000

$725,000

$700,000 $600,000

$650,000 $587,000

$607,342

$611,250

$572,000

$535,000

$530,500

Apr-15

May-15

$560,000

$585,000

$580,000

Jul-15

Aug-15

$612,500

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Jun-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for single-family homes in the Lake Tahoe/Truckee region.

Condominiums – Median Sales Price $450,000 $400,000

$416,000 $385,000

$427,500 $392,500 $370,250

$359,500

$385,000

$362,500

$290,000

$300,000

$356,000

$339,000

$350,000

$353,000

$281,000

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

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Median sales price for condominiums in the Lake Tahoe/Truckee region.


Lake Tahoe/Truckee pacificunion.com

Single-Family Homes – Months’ Supply of Inventory 9.1 8.1 7.1

8.5

8.4 7.2

6.6

6.0

6.1 5.1

5.2

4.7

Nov-14

Dec-14

7.8 7.0

6.8

6.2

6.7 5.2

4.1 3.1 2.1 1.1 0.1

Sep-14

Oct-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for single-family homes in the Lake Tahoe/Truckee region.

Condominiums – Months’ Supply of Inventory 25.1 19.2

20.1 14.5

15.1

10.1 6.5

6.2

6.2

Sep-14

Oct-14

Nov-14

12.5

11.3

9.9

9.3

9.3

12.5 8.8

8.2

5.1

0.1

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Months' supply of inventory for condominiums in the Lake Tahoe/Truckee region.

Single-Family Homes – Average Days on the Market 200

183

180 160

143

140

127

120 100

86

118

110

102

91

96

83

80

81

80

Jul-15

Aug-15

60

60 40 20 0

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Sep-15

Source: Terradatum, October 6, 2015. Average days on market for single-family homes sold in the Lake Tahoe/Truckee region.


Lake Tahoe/Truckee pacificunion.com

Condominiums – Average Days on the Market 250

200

197 154

150

120

122

138 112

101

100

73 55

42

50

0

109

107

100

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Average days on market for condominiums sold in the Lake Tahoe/Truckee region.

Single-Family Homes – Percentage of Properties Under Contract 16% 14%

13.7% 12.3%

15.1%

14.5% 12.6%

12%

12.2%

12.6%

12.3%

10.0%

10%

14.0%

13.4%

12.6% 10.0%

8% 6% 4% 2% 0%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Percentage of single-family homes under contract in the Lake Tahoe/Truckee region.

Condominiums – Percentage of Properties Under Contract 16%

14.5% 12.9%

14% 11.7%

12% 10%

11.3% 9.7%

9.3%

9.1%

7.9%

7.0%

8%

6.3%

4.7%

6%

7.9%

7.3%

4% 2% 0%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Percentage of condominiums under contract in the Lake Tahoe/Truckee region.


Lake Tahoe/Truckee pacificunion.com

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

96.3%

96% 94%

95.0% 93.3%

92.1%

91.8%

92%

89.8%

90.9%

90%

88.6%

88%

92.8% 91.5%

90.5%

88.2%

86.8%

86% 84% 82%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for single-family homes under contract in the Lake Tahoe/Truckee region.

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

96.5%

96.4%

96%

94.3%

94%

94.3%

95.9%

95.6%

94.1%

92.7% 91.3%

92%

90.2%

90%

89.0%

87.6%

88%

87.3%

86% 84% 82%

Sep-14

Oct-14

Nov-14

Dec-14

Jan-15

Feb-15

Mar-15

Apr-15

May-15

Jun-15

Jul-15

Aug-15

Sep-15

Source: Terradatum, October 6, 2015. Sales price as % of original price (including adjustments) for condominiums under contract in the Lake Tahoe/Truckee region.


Lake Tahoe/Truckee pacificunion.com

A Closer Look at Lake Tahoe/Truckee Lake Tahoe/Truckee Snapshot: SFH, Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

n/a

6

0

n/a

64

0

n/a

$

921,500

$

Q3 '15

% change

Alpine Meadows

$

5,833,000

$

Donner Lake

$

9,438,000

$

5,798,255

-39%

12

11

-8%

79

63

-20%

$

485,000

$

549,000

13%

Donner Summit

$

5,918,000

$

7,429,400

26%

8

12

50%

141

39

-72%

$

495,000

$

599,250

21%

Martis Valley

$

51,201,940

$

49,527,078

-3%

29

36

24%

92

96

4%

$

775,000

$

596,570

-23%

North Lake Tahoe

$

71,202,500

$

61,704,625

-13%

60

70

17%

75

83

11%

$

575,000

$

525,000

-9%

Northstar

$

9,502,000

$

7,540,500

-21%

11

5

-55%

61

255

318%

$

830,000

$

837,500

1%

Squaw Valley

$

1,312,000

$

2,801,000

113%

1

2

100%

46

628

1265%

$

1,312,000

$

1,400,500

7%

Tahoe City

$

24,217,500

$

39,489,225

63%

17

30

76%

56

103

84%

$

670,000

$

635,000

-5%

Tahoe Donner

$

39,951,650

$

43,237,002

8%

59

64

8%

51

61

20%

$

615,000

$

630,000

2%

Truckee

$

64,662,940

$

73,515,478

14%

50

66

32%

79

85

8%

$

592,000

$

572,000

-3%

West Shore

$

39,605,400

$

70,855,499

79%

41

50

22%

77

99

29%

$

596,600

$

654,600

10%

-

-

n/a

Source: Terradatum, October 6, 2015. Data is for single-family homes in the Lake Tahoe/Truckee region.

Lake Tahoe/Truckee Snapshot: Condos, Q3 2015 vs. Q3 2014 Sales Volume Q3 '14

Q3 '15

Homes Sold

Avg. Days on Market

Median Price

% change

Q3 '14

Q3 '15

% change

Q3 '14

Q3 '15

% change

Q3 '14

-11%

1

1

0%

13

4

-69%

$

375,000

$

Q3 '15

% change

Alpine Meadows

$

375,000

$

Donner Lake

$

388,000

$

-

n/a

5

0

n/a

864

0

n/a

$

80,000

$

-

n/a

Donner Summit

$

165,000

$

-

n/a

2

0

n/a

239

0

n/a

$

82,500

$

-

n/a

North Lake Tahoe

$

9,444,500

$

12,446,500

32%

24

27

13%

79

70

-11%

$

294,000

$

375,000

28%

Northstar

$

4,100,250

$

4,802,500

17%

9

10

11%

102

96

-6%

$

385,000

$

371,500

-4%

Squaw Valley

$

2,348,350

$

4,345,000

85%

4

8

100%

40

110

175%

$

587,900

$

532,500

-9%

Tahoe City

$

6,767,000

$

7,834,000

16%

13

14

8%

84

62

-26%

$

382,500

$

423,000

11%

Tahoe Donner

$

3,365,350

$

1,822,250

-46%

12

10

-17%

104

91

-13%

$

276,925

$

187,000

-32%

Truckee

$

11,112,375

$

7,315,000

-34%

20

12

-40%

89

66

-26%

$

444,000

$

410,000

-8%

West Shore

$

7,820,000

$

7,453,000

-5%

6

5

-17%

131

209

60%

$

552,500

$

684,000

24%

335,000

335,000

-11%

Source: Terradatum, October 6, 2015. Data is for condominiums in the Lake Tahoe/Truckee region.


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