CHART 2 - N. Kona Residential Median Price vs Number Sold Since 1997

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1 GRIGGS REPORT #193 - August 15, 215 A TWICE MONTHLY REAL ESTATE MARKET PERSPECTIVE FOR NORTH KONA AND HAWAII ISLAND PAGE 1 NORTH KONA RESIDENTIAL DATA ABOUT THE PENDING RATIO:: The Pending Ratio is used throughout the report to serve as an indicator of Market Strength and Market Trend.. PENDING RATIO = NUMBER OF PENDING SALES DIVIDED BY ACTIVE LISTING TIMES 1. THE HIGHER RATIO = STRONGER MARKET DEMAND vs. SUPPLY. Why it is a useful indicator: 1) It is a current leading indicator of market Demand vs. Supply Dynamics based on Pending Sales (Ac & U) and Active listings (A) from MLS Data. 2) It is a readily available useful indication or market strength when tracked over time it shows market trend. 3) It can be used as a "Litmus Test" of market strength for any market niche with sufficient MLS active listing and pending sales data. The following Color Codes describe what the ratio numbers mean in terms of the type of market. PEAK MARKET - Signals the End of the Real Estate Cycle is eminent PENDING RATIO 1 or GREATER PEAK SELLERS MARKET - PENDING RATIO FROM 51 TO 99 SELLER'S NEUTRAL OR STABLE MARKET - PENDING RATIO FROM 3 TO 5 NEUTRAL BUYERS MARKET - PENDING RATIO BELOW 3 BUYER'S NORTH KONA RESIDENTIAL DATA TABLE TABLE 1 ACTIVE PENDING PENDING TYPE OF Number Sold Average VOLUME Median # SOLD to $4M LISTINGS SALES RATIO MARKET 12 Month Period Price MILLIONS Price Last 3 days 8/15/ no data no data no data 247 $ 277,8 $ 68.6 $ 23, 33 8/15/ PRICE LOW >>>>>>>>> >>>>>>>> 262 $ 267,6 $ 7.1 $ 227,8 27 8/15/ NEUTRAL 45 $ 297,4 $ 12.4 $ 235, 3 8/15/ NEUTRAL 444 $ 351,7 $ $ 27, 4 8/15/21 no data no data no data no data 49 $ 347,9 $ 17.5 $ 267,8 35 8/15/ SELLER'S 544 $ 36,3 $ 196. $ 295, 53 8/15/ SELLER'S 544 $ 416,4 $ $ 365, 65 8/15/ DEMAND PEAK 74 $ 527,8 $ $ 445, 49 8/15/ PEAK 666 $ 679,8 $ $ 615, 59 8/15/ PRICE PEAK >>>>>>>>> >>>>>>>> 574 $ 75,4 $ 43.7 $ 63, 42 8/15/ BUYER'S 424 $ 736,8 $ $ 62,5 36 8/15/ DEMAND LOW 299 $ 687,3 $ 25.5 $ 575, 12 8/15/ BUYER'S 225 $ 559,4 $ $ 455, 26 8/15/ NEUTRAL 343 $ 478,37 $ $ 399,9 26 8/15/ PRICE LOW >>>>>>>>> >>>>>>>> 387 $ 454,7 $ 176. $ 37,3 31 8/15/ SELLER'S 41 $ 465,5 $ $ 375, 32 8/15/ SELLER'S 451 $ 523,4 $ $ 425, 43 8/15/ NEUTRAL 432 $ 65,3 $ $ 481,1 42 8/15/ NEUTRAL 429 $ 657, $ $ 549, ' vs 15' 23% 15% -6% -1% 9% 8% 14% % TABLE 1 & Chart 1- Median Price remain flat right $55,. The Pending Ratio is not showing much improvement which suggest the Median Price will likely remain flat for the near term. This healthy balance in the market is producing good inventory turnover. Median Days On Market for the last 9 days sales was only 5 days for the 119 homes sold (priced up to $4.M). Chart 1 - Kona Residential Median Price (thous) & Pending Ratio - Past 2 Years Res-Median Price Res Pending Ratio $6 $53 $545 $545 $55 $55 $55 $55 $55 9 $425 $437 $437 $446 $455 $468 $481 $499 8 $5 7 $4 6 $3 5 4 $2 3 $ $23, $227,8 $235, CHART 2 - N. Kona Residential Median Price vs Number Sold Since 1997 $445, $365, $27, $267,8 $295, Median Price Number Sold 12 Month Period $615, $63, $62,5 $7, $575, $549,5 $455, $399,9 $425, $481,1 $6, $37,3 $375, $5, $4, $3, $2, $1,

2 PAGE 2 TABLE 2 NORTH NORTH KONA KONA RESIDENTIAL RESIDENTIAL PRICE PRICE RANGE RANGE DATA DATA KONA RESIDENTIAL NUMBER AVERAGE NUMBER AVERAGE PENDING VOL PENDING KONA RES # SOLD Number PRICE RANGE ACTIVE PRICE PENDING PRICE MILLIONS RATIO GAIN or LOSS TO $ 4, 14 $ 286, 18 $323,1 $ (35) $ 41, $ 5, 22 $ 453,8 14 $ 441,6 $ (26) $ 51, $ 7, 64 $ 594,9 3 $64,6 $ $71, $ 9, 31 $777,2 11 $84,2 $ $ 91, $ 1,5, 52 $ 1,19,9 8 $ 1,61,1 $ $1.5M $ 4.M 32 $ 2,174,9 11 $ 2,988,1 $ $4.1 M or GREATER 32 $ 7,149 4 $ 6,6, $ (3) Table 2, The pie charts clearly illustrate how rapidly the number of sales has shift in different price ranges. The most dramatic change is seen in decline in sales numbers for homes under $5, and the increase in the $5, to $9, Price Range. Another sign of the balance in the market is the Pending Ratio by Price Range. Now we only see two rowprice ranges that are Pink (Buyers Markets). Two years ago four were Pink. 214 Percentage Sold by Price Range 215 Percentage Sold by Price Range 1% 9% 4% 4% 22% TO $4, $41, $5, $51, $7, $71, $9, $91, $1,5, $1.5M $ 4.M $4.1 M or GREATER 15% 9% 4% 4% 14% 25% TO $4, $41, $5, $51, $7, $71, $9, $91, $1,5, 22% 29% $1.5M $ 4.M $4.1 M or GREATER 29% BIG ISLAND LISTING, PENDING SALES AND SALES YEAR TO DATE NORTH KONA RESIDENTIAL PRICE RANGE DATA TABLE 3 HI ISLE RES NUMBER LOW HIGH AVERAGE MEDIAN MODE VOLUME (M) PENDING 3-1 TO 3-4 ACTIVE 647 $23, $8,2, $449,846 $289, $299, $ 291 RATIO ALL EAST HI PENDING 218 $44,9 $1,68, $264,562 $231,393 $175, $ 58 RESIDENTIAL SOLD YTD 616 $5,2 $3,291,667 $264,455 $23, $25, $ TO 3-9 ACTIVE 629 $15,5 $24,5, $1,511,87 $639,5 N/A $ 951 ALL WEST HI PENDING 193 $81,9 $8,4, $828,189 $52, $65, $ 16 RESIDENTIAL SOLD YTD 637 $13, $25,, $686,975 $47, $45, $ ALL HI ISLE ACTIVE 1276 $15,5 $24,5, $975,61 $424,9 $599, $ 1,245 ALL HI ISLE PENDING 411 $44,9 $8,4, $529,41 $325, $425, $ ALL HI ISLE SOLD YTD 1253 $5,2 $25,, $479,256 $33, $25, $ CHART 4 - West HI, East HI and Hawaii Island - Residential Pending Ratio over the Past Two Years West Hawaii Ratio East Hawaii Ratio Big Isle Res Ratio CHART 4 - Hawaii Islands Pending Ratio shows a leveling off. In this report we see the West HI ratio trending lower.

3 PAGE 3 BIG ISLAND DISTRESSED RESIDENTIAL PROPERTIES TREND CHART 5 - Percentage of Total MLS Active, Pending or 9 sales Listings that are Short Sales or REO 25% 2% 15% 1% WAIKOLOA WAIMEA 3-6-4,5,6 S HILO 3-2 PUNA 3-1 N. KONA 3-7 5% % 8/15/14 9/15/14 1/15/14 11/15/14 12/15/14 1/15/15 2/15/15 3/15/15 4/15/15 5/15/15 6/15/15 7/15/15 8/15/15 TABLE 4 COMPARES THE PERCENTAGE OF DISTRESSED MLS LISTINGS YEAR OVER YEAR AVERAGE N. KONA WAIKOLOA WAIMEA S. HILO PUNA HI ISLE % 11% 2% 11% 14% 14% % 8% 7% 8% 17% 1% % CHANGE -2% -3% -13% -3% 3% -4% CHART 5: The percentage of MLS listings that are Short Sales or REO has declined since last year in all market areas but Puna. Waimea show the greatest decline. To help put the current Island wide average in perspective, in August 211 the MLS Average HI Island percentage stood at 38.4%. Chart 6 - REO Properties By District, Total Number Held by: FANNIE MAE -- Deutsche Bank -- Wells Fargo -- Bank of America # of 7 REO Properties Puna S Hilo S Kohala N Kona S Kona, Kau TABLE 5 COMPARES THE NUMBER OF REO PROPERTIES YEAR OVER YEAR PUNA S. HILO NHILO,HAMAKUA N. KOHALA S. KOHALA N. KONA S. KONA,KAU TOTAL INCREASE ISLAND WIDE CHANGE >>>>> CHART 6: The REO count for the Lenders tracked hasn't changed much over the year. Keep in mind this in no way represents the total REO counts around the island. This is merely a sampling of the same TMK data for four lending institutions every two weeks to try and arrive at a reliable indicator of Trend.

4 PAGE 4 NORTH KONA CONDO DATA TABLE 6 ACTIVE PENDING PENDING TYPE OF Number Sold AVERAGE VOLUME MEDIAN # SOLD to $1.5M RATIO MARKET 12 Month Period Price MILLIONS Price 3 days 8/15/1997 no data no data no data PRICE LOW >>>>>>>>>> >>>>>>>>> 285 $ 131,4 $ 37 $ 11, 15 8/15/1998 no data no data no data no data 363 $ 129,1 $ 47 $ 112,4 45 8/15/ BUYER'S 416 $ 144,5 $ 6 $ 131,5 41 8/15/ SELLER'S 488 $ 16,8 $ 78 $ 132,7 42 8/15/21 no data no data no data no data 43 $ 183,7 $ 79 $ 145, 27 8/15/ SELLER'S 383 $ 2, $ 77 $ 17, 42 8/15/ PEAK 618 $ 21, $ 13 $ 186, 61 8/15/ DEMAND PEAK 57 $ 274,1 $ 156 $ 251, 47 8/15/ SELLER'S 686 $ 383,5 $ 263 $ 35, 65 8/15/ PRICE PEAK >>>>>>>>>> >>>>>>>>> 518 $ 464,8 $ 241 $ 425, 29 8/15/ BUYER'S 298 $ 48,1 $ 122 $ 375, 22 8/15/ DEMAND LOW 22 $ 389, $ 86 $ 35, 15 8/15/ BUYER'S 146 $ 295,4 $ 43 $ 265, 13 8/15/ NEUTRAL 252 $ 238,3 $ 6 $ 216, 2 8/15/ PRICE LOW >>>>>>>>>> >>>>>>>>> 39 $ 26,1 $ 64 $ 168, 28 8/15/ NEUTRAL 312 $ 213,3 $ 67 $ 174, 31 8/15/ SELLLER'S 327 $ 237,7 $ 78 $ 213, 4 8/15/ NEUTRAL 366 $ 27,9 $ 99 $ 239,9 8/15/ BUYER'S 36 $ 274,1 $ 99 $ 248, ' vs 15' 18% 1% -7% -2% 1% % 4% TABLE 6 - NORTH KONA CONDO INVENTORY IS UP FROM A YEAR AGO. NO TICE THE TOTAL SALES VOLUME IS THE SAME AS THIS DATE LAST YEAR. IT IS INTERESTING TO NOTE THAT THE MEDIAN DAYS ON MARKET FOR CONDO SALES IN THE LAST 9 WAS THE SAME AS RESIDENTIAL AT 5 DAYS. THIS WAS FOR THE 91 CONDO'S SOLD WITH PRICES UP TO $1.5M. SO HERE AGAIN WE SEE THE FAIRLY STABLE MEDIAN PRICE HELPING TO MAINTAIN GOOD MARKET ACTIVE WITH RAPID INVENTORY TURNOVER AND FAIRLY STRONG SALES NUMBERS $213 $ $222 Chart 7 - Kona Condo Median Price( thous) & Pending Ratio - Past 2 Years Median Price Condo Pending Ratio $225 $226 $23 $235 $237 $243 $252 $254 $245 $244 $246 $26 $249 $25 $24 $23 $22 $21 $2. $19 CHART 8 - MEDIAN PRICE IS STILL WELL BELOW THE PREVIOUS BUBBLE PEAK WHICH SUGGESTS THAT AT THIS CURRENT CYCLE PRICE STILL HAS MUCH ROOM TO TRAVEL UPWARD. 8 CHART 8 - NORTH KONA CONDO MEDIAN PRICE vs NUMBER SOLD Number Sold 12 Month Period MEDIAN Price $425, $45, 7 6 $35, $375, $35, $4, $35, 5 4 $17, $186, 3 $145, $131,5 $132,7 $11, $112,4 2 $251, $265, $216, $168, $174, $3, $25, $2, $15, $1, 1 $5,

5 PAGE 5 NORTH KONA LAND DATA TABLE 7 PENDING PENDING TYPE OF Number Sold Average VOLUME Median # SOLD to $1.5M ACTIVE SALES RATIO MARKET 12 Month Period Price MILLIONS Price Last 3 days 8/15/1997 no data no data no data no data 17 $ 196,1 $ 21. $ 14, 13 8/15/1998 no data no data no data PRICE BOTTOM >>>>>>>>>>>>>>>>>>>>> 145 $ 156,3 $ 22.7 $ 111, 11 8/15/1999 no data no data no data no data 162 $ 15,8 $ 24.4 $ 117,5 18 8/15/ BUYER'S 295 $ 182,9 $ 54. $ 13, 21 8/15/21 no data no data no data no data 246 $ 215,4 $ 53. $ 181,5 22 8/15/ NEUTRAL 244 $ 186,7 $ 45.6 $ 15, 22 8/15/ SELLLER'S 274 $ 236,4 $ 64.8 $ 19,5 19 8/15/ SELLLER'S 315 $ 322,6 $ 11.6 $ 285, 27 8/15/ DEMAND PEAK 173 $ 4, $ 69.2 $ 375, 14 8/15/ PRICE PEAK >>>>>>>>>>>>>>>>>>>>> 127 $ 584,1 $ 74.2 $ 5, 8 8/15/ BUYER'S 72 $ 445,3 $ 32.1 $ 418,5 6 8/15/ BUYER'S 53 $ 469,8 $ 24.9 $ 37, 3 8/15/ BUYER'S 38 $ 328,6 $ 12.5 $ 3, 6 8/15/ DEMAND LOW 58 $ 271,5 $ 15.7 $ 227,5 3 8/15/ BUYER'S 64 $ 222,6 $ 14.2 $ 177,6 4 8/15/ BUYER'S 64 $ 314,7 $ 2.14 $ 22,5 8 8/15/ PRICE BOTTOM >>>>>>>>>>>>>>>>>>>>> 134 $ 199,7 $ $ 177, 16 8/15/ BUYER'S 16 $ 338, $ 54.1 $ 225, 14 8/15/ BUYER'S 128 $ 465,3 $ 59.6 $ 279, 2 14' vs 15' -17% 59% 92% -2% 38% 1% 24% -86% CHART 9 Inventory has been in decline since 29. Pending Sales are up a robust 59% from a year ago. Median Price, at $279,, has been unchanged since May. Chart 9 - Kona Land Median Price (thous) & Pending Ratio Past 2 Years LAND-Median Price $215 $239 LAND Ratio $25 $256 $272 $275 $279 $279 $279 $3 $25 2. $17 $175 $175 $176 $185 $2 15. $15 1. $1 5. $5. CHART 1 - NORTH KONA LAND MEDIAN PRICE vs NUMBER SOLD 35 $6, Median Price Number Sold $5, 3 $5, 25 $375, $418,5 $37, $4, 2 $285, $3, $279, $3, 15 $227,5 $181,5 $19,5 $177,6 $22,5 $225, $177, 1 $14, $15, $111, $117,5 $13, $2, 5 $1, CHART 1 - The number sold has turned lower probably due to the lack of inventory of desireable for the dominant mid-level home buyer.

6 PAGE 6 SUMMARY TABLE OF PENDING RATIO TRENDS FOR NORTH KONA RESIDENTIAL, CONDO AND LAND, BIG ISLAND RESIDENTIAL AND COLOR GUIDE FOR MARKET TYPE: PEAK SELLERS NEUTRAL BUYERS KONA RES, CONDO, LND & BIG IS PENDING RATIO TRENDS KONA RESIDENTIAL PRICE RANGE PENDING RATIO'S TABLE 8 Average TO $4K $41K-$5K $51K-$7K $71K-$9K $91-$1.5M $1.51M-$4.M KONA RES KONA CND KONA LND All Three HI Isle RES 8/15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ ' vs 15' -5% -7% 81% 6% 2% -57% -5% 9% 6% -54% 433% TABLE 8 - PENDING RATIO - Higher Ratio = Stronger Market. LOOKING AT THE PAST TWELVE MONTHS IN JUST ABOUT EVERY MARKET CATEGORY WE SEE LITTLE CHANGE IN TREND. AS NOTED EARLIER THE $1.5 TO $4.M SURGE IS PRIMARILY DUE TO NEW INVENTORY AT KOHANAIKI RESORT. SIX HOMES ARE IN ESCROW WITH PRICES BETWEEN $3.3M AND $4.M. THERE ARE NO ACTIVE LISTING IN THE MLS. 6 CHART 6 - Kona Residential and Condo Pending Ratios for the past 12 Months KONA RES KONA CND KONA LND Chart 7 - North Kona Residential Pending Ratio by Price Range 12 Month Trend TO $4K $41K-$5K $51K-$7K $71K-$9K $91-$1.5M $1.51M-$4.M 8/15/214 9/15/214 1/15/214 11/15/214 12/15/214 1/15/215 2/15/215 3/15/215 4/15/215 5/15/215 6/15/215 7/15/215 8/15/215 Chart 7 -

7 PAGE 7 KONA RESIDENTIAL PRICE TREND FROM 22 SUBDIVISIONS DEVELOPED IN THE LATE 196'S TO 2. THESE HOMES WITH SIMILARITIES IN North Kona Residential Average Price since 1972 based on Price data from 22 Mid Price Range Subdivisions AVG PRICE 26 PEAK $651,3 214 PRICE $517, PEAK $128, $111, LOW 1991 PEAK PRICE $257,7 $23, LOW $41,1 211 LOW Comments: The basic pattern of residential real estate cycles in Kona seems to be in the process of repeating again. We are still dealing with the effects of the bubble, but the market seems to be in step with the basic cyclical pattern. I believe the huge bubble and following deluge of distressed properties will extend what might have been a normal 12 year cycle by 2 additional years in the recovery phase of this current cycle. One difference in the current cycle is the sharp price growth soon after market bottom in 211. the last few years before peak. Previous cycles did not exhibit this sharp price growth trend until This trend we see now may be due to the fact unprecedented BUBBLE followed by equally sharp decline, Just as the BUBBLE overshot the top of the normal cyclical trend the following contraction in price overshot the bottom. The Fed stepped in holding interest rates low, offering tax credits and the bargain prices caused a rush of investors and first time home buyers. Prices shot up as the distressed properties sold off the median price rose quickly with the absence of low priced inventory and increasing activity in the higher price levels. Now we seem to be back to a more normal market and cyclical trend. Historical trends suggests that this unique BUBBLE effect may lengthen the time period for this current cycle by a couple of years. It is likely that when the 215 data is added we will see a relatively flat year of price appreciation, under 1%.

8 TABLE 1 - KONA & WEST COAST CITIES RESIDENTIAL INVENTORY - AUGUST 15, 215 COUNTY KONA LA VEGAS SAN DIEGO SAN FRAN PORTLAND,O SANTA FE, NM POPULATION 21 33, M 1.95M 3.95M 85, 2.26M 144,17 Realtor.com - Market Area KONA LA VEGAS SAN DIEGO SAN FRAN PORTLAND SANTA FE, NM Peak Inventory Date Mar-9 Aug-7 Oct-7 Sep-7 Oct-8 Aug-8 Aug-8 Inventory PEAK Inventory 2 YEARS ago to date CURRENT INVENTORY % Change 2 YEARS 21% 17% 2% 1% -4% -29% -13% % CHANGE FROM PEAK TO CURRENT -55% -58% -37% -59% -62% -69% -36% TABLE 1 - INVENTORY PERCENT OF CHANGE FROM PEAK LEVELS SEEMS TO BE ONE RELI INDICATOR REGARDING THE STRENGTH OF HOUSING MARKETS AND THE HEALTH OF THEIR LOCAL ECONOMYS. PORTLAND FOR EXAMPLE WITH (-69%) DECLINE FROM PEAK LEVELS IS A RED HOT REAL ESTATE MARKET WITH VERY STRONG LOCAL GREEN AND GROWING ECONOMY. Inventory Data is from: Realtor.com / Kona data from: Hawaii information Service PAGE 8 CHART 1 - This chart shows the price appreciation trend since 25. The most recent May, 215 West Coast data shows the price appreciation trend has started to increase at the beginning of 215. Previously it had been showing modest increase in the +4% per year range. Looking back 12 months we see that leveling of price appreciation similar to what we are seeing in Kona this year. The Kona market price trend has been flat for the first 8 Months of 215, just +2%. Will this follow the West Coast trend and begin increasing again in 6 more Months? Time will tell. We know from historical trends that Kona activity does trail the West Coast Markets. It is the purpose of this page of the report to try and determine the data points that accurately predict what that time delay is? The mainland price data is from the highly respected Case Shiller Home Price Index. Kona Price data is from Hawaii Information Service. INDEX 3. Chart 1- Price Trend 2/26 to 2/215 L A San Diego San Francisco KONA KONA PRICE $7, 25. $6, 2. $5, $4, 15. $3, 1. $2, 5. $1,. 5/1/6 7/1/6 9/1/6 11/1/6 1/1/7 3/1/7 5/1/7 7/1/7 9/1/7 11/1/7 1/1/8 3/1/8 5/1/8 7/1/8 9/1/8 11/1/8 1/1/9 3/1/9 5/1/9 7/1/9 9/1/9 11/1/9 1/1/1 3/1/1 5/1/1 7/1/1 9/1/1 11/1/1 1/1/11 3/1/11 5/1/11 7/1/11 9/1/11 11/1/11 1/1/12 3/1/12 5/1/12 7/1/12 9/1/12 11/1/12 1/1/13 3/1/13 5/1/13 7/1/13 9/1/13 11/1/13 1/1/14 3/1/14 5/1/14 7/1/14 9/1/14 11/1/14 1/1215 3/1/15 5/1/15

9 PAGE 9 USEFUL WEBSITES: COPY AND PASTE INTO YOUR BROWSER B. - Listing inventory and average list prices for 52 large cities. C. www. nahb.org - National Association of Home Builders. D. - You can sign up for their monthly Economic & Finance forecasts. They are very good. E. - Federal Housing Finance Agency - GOVERNMENT DATA ON HOUSING MARKET F. Google search - "Case-Shiller Home Price Indices" G. - Real Estate Agents perspective of local markets. H. - NAR - Select "News Media" and look for "Economic Housing Indicators". I. - Dept. of Business and Economic Development J. K. - Energy Information Agency - Oil and Gas prices and forecasts. L. Very good Hawaii State Economic reports DATA TABULATED BY: MICHAEL B. GRIGGS, R, CRA, GRI, Clark Realty Corporation THANK YOU FOR YOUR WORDS OF ENCOURAGEMENT, SUGGESTIONS AND COMMENTS THAT CONTINUE TO IMPROVE THE REPORT- Mike Griggs - mikegriggs@hawaiiantel.net cell ph ALL HAWAII DATA HAS BEEN COLLECTED FROM MLS HAWAII, HAWAII INFORMATION SERVICE, REALTORS.COM AND OTHER SOURCES NAMED IN THE REPORT. NOTES: 1) PAGE 1- TABLE 1 - RESIDENTIAL DATA IS LIMITED TO $4M AND UNDER PRICE RANGE IN ORDER TO SCREEN OUT HIGH END ACTIVITY AT KUKIO AND HUALALAI RESORT AREA'S. SIMILARLY THE CONDO AND LAND DATA HAS AN UPPER LIMIT OF $1.5M. 2) NUMBER SOLD, AVERAGE PRICE AND MEDIAN PRICE IS DATA IS FROM A MOVING 12 MONTH PERIOD. UPDATED EVERY TWO WEEKS THIS IS A VERY ACCURATE METHOD OF TRACKING THE SALES PRICE TRENDS. 3) THE PENDING RATIO MAYBE A GOOD LEADING INDICATOR OF MARKET STRENGTH AND PRICE DIRECTION. THE MARKET TYPE DESIGNATION, EG. SELLER, BUYER MARKET, NEUTRAL AND PEAK IS BASED ON CALIBRATION IS USING PENDING RATIO DATA IN THE PAST MARKET CYCLE. 3) DATA REPRESENTS THE ENTIRE NORTH KONA MARKET. IT SHOULD NOT BE CONSTRUED TO BE AN INDICATOR OF THE MARKET CONDITION IN ALL SUBMARKETS WITHIN THE MARKET AREA. EXAMPLE: MARKET CONDITIONS IN SUPPLY AND DEMAND MIGHT BE VERY TIGHT IN LOWER PRICE RANGES WHILE UPPER PRICE RANGE ARE STILL RELATIVELY SOFT MARKETS.