CHART 2 - N. Kona Residential Median Price vs Number Sold Since 1997 Number Sold 12 Month Period $624,900 $635,000 $606,300 $700,000

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1 GRIGGS REPORT #23 - JANUARY 15, 216 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 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 1/15/1997 no data no data no data PRICE LOW >>>>>>>>>>>> >>>>>>>>>>> 251 $ 271,1 $ 68. $ 225, 23 1/15/ BUYER'S 243 $ 281,1 $ 68.3 $ 235, 19 1/15/ PRICE LOW >>>>>>>>>>>> >>>>>>>>>>> 33 $ 27,3 $ 89.2 $ 225, 27 1/15/ SELLER'S 434 $ 314,8 $ $ 244, 45 1/15/ NEUTRAL 435 $ 36, $ $ 279, 28 1/15/22 no data no data no data no data 514 $ 351, $ 18.4 $ 27, 51 1/15/ SELLER'S 535 $ 375,1 $ 2.7 $ 32, 36 1/15/ DEMAND PEAK 644 $ 441,4 $ $ 395, 62 1/15/ SELLER'S 696 $ 578,7 $ 42.8 $ 49, 48 1/15/ NEUTRAL 641 $ 732,6 $ $ 624,9 36 1/15/ PRICE PEAK >>>>>>>>>>>> >>>>>>>>>>> 468 $ 755,1 $ $ 635, 24 1/15/ BUYER'S 4 $ 73, $ 292. $ 66,3 24 1/15/ DEMAND LOW 238 $ 664,4 $ $ 529, 1 1/15/ BUYER'S 277 $ 4, $ $ 42, 24 1/15/ NEUTRAL 358 $ 47,2 $ $ 399, 25 1/15/ PRICE LOW >>>>>>>>>>>> >>>>>>>>>>> 43 $ 453,3 $ $ 366, 26 1/15/ SELLER'S 419 $ 488,7 $ 24.8 $ 393, 26 1/15/ NEUTRAL 467 $ 562,3 $ $ 44, 29 1/15/ NEUTRAL 417 $ 655,4 $ $ 545, 4 1/15/ BUYER'S 437 $ 677,2 $ $ 5, 33 15' vs 16' 24% -26% -4% 5% 3% 8% 1% -18% TABLE 1 & Chart 1- The moving 12 month Median Price remains at $5, level for the 1th straight month. Escrows are off from this time last year. The good news is in the sales numbers and volume. It does appear that the new median price level of $5, represents an affordability cap in the current market with current economic conditions. We might expect the improving mainland market activity to trickle down and stimulate our market. $6 $44 $4 $465 $475 $489 $ $4 $3 $2 $1 Chart 1 - Kona Residential Median Price (thous) & Pending Ratio - Past 2 Years Res-Median Price Res Pending Ratio $518 $545 $545 $5 $5 $5 $5 $5 $5 $5 $ $225, $235, $225, $244, $279, $27, $32, CHART 2 - N. Kona Residential Median Price vs Number Sold Since 1997 Median Price Number Sold 12 Month Period $624,9 $635, $66,3 $7, $529, $545, $6, $42, $399, $366, $393, $44, $, $49, $395, $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 65 $17,9 $1, $68,372 $74, $84,9 Number PRICE RANGE ACTIVE PRICE PENDING PRICE MILLIONS RATIO GAIN or LOSS TO $ 4, 7 $ 322,7 11 $349,1 $ $ 41, $, 16 $ 467,6 13 $ 448,3 $ $ 1, $ 7, 68 $ 584,6 21 $592,3 $ $71, $ 9, 45 $798,2 7 $749,6 $ $ 91, $ 1,, 74 $ 1,21,3 1 $ 1,167,6 $ $1.5M $ 4.M 43 $ 2,141,4 2 $ 3,49, $ $4.1 M or GREATER 36 $ 8,769,3 3 $ 5,43, $ Table 2, The number of sales under $4, seems to be leveling off at 15% of all sales. The bulk of the increase in sales comes from the $K to $9K range. In the $9, and higher price levels we see just a slight drop from 2% of all sales in 214 to 18% in 215. The decline there is caused by a decrease in the number of sales in the over $4.M price range. 214 Percentage Sold by Price Range 215 Percentage Sold by Price Range 12% 11% 4% 5% 15% 26% TO $4, $41, $, $1, $7, $71, $9, $91, $1,, $1.5M $ 4.M $4.1 M or GREATER 14% 1% 4% 4% 15% 21% TO $4, $41, $, $1, $7, $71, $9, $91, $1,, $1.5M $ 4.M 27% 32% $4.1 M or GREATER 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 638 $23, $5,2, $411,667 $289,9 N/A $ 263 RATIO ALL EAST HI PENDING 243 $32, $1,, $27,246 $239, $219, $ 66 RESIDENTIAL SOLD YTD 32 $62, $6,8, $433,295 $241, N/A $ TO 3-9 ACTIVE 683 $25, $35,, $1,638,717 $735, $599, ALL WEST HI PENDING 183 $17,9 $6,8, $712,162 $469, N/A $ 13 RESIDENTIAL SOLD YTD 31 $35, $9,, $1,219,894 $425, N/A ALL HI ISLE ACTIVE 132 $23, $35,, $1,46,786 $475, $599, $ 1,382 ALL HI ISLE PENDING 426 $17,9 $6,8, $46,83 $299,7 $399, $ ALL HI ISLE SOLD YTD 63 $35, $9,, $82,352 $265, $44, 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 - East side Pending Ratio is up and West side down. Price and affordability are likely a key factors. The Median East side 215 price of $229, and West side $48,. Several sources are showing U.S. Median Price for 215 around $22,.

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% N. KONA 3-7 WAIKOLOA WAIMEA 3-6-4,5,6 S HILO 3-2 PUNA 3-1 5% % 1/15/15 2/15/15 3/15/15 4/15/15 5/15/15 6/15/15 7/15/15 8/15/15 9/15/15 1/15/15 11/15/15 12/15/15 1/15/16 TABLE 4 COMPARES THE PERCENTAGE OF DISTRESSED MLS LISTINGS YEAR OVER YEAR AVERAGE N. KONA WAIKOLOA WAIMEA S. HILO PUNA HI ISLE 214 8% 3% 23% 13% 19% 13% 215 9% 5% 1% 9% 17% 1% % CHANGE % 2% -12% -4% -2% -3% CHART 5: The percentage of MLS listings that are Short Sales or REO is probably the best illustration of the distressed property trend. Better than the REO count in Chart 5 below. Most area's are consistently around the 1% level while Puna remains in the 15% to 2% range. The percentages are still relatively modest compared with the extraordinary peak levels near 4% in late 211. Chart 6 - REO Properties By District, Total Number Held by: FANNIE MAE -- Deutsche Bank -- Wells Fargo -- Bank of America # of 7 REO Properties 6 4 S Kona, Kau N Kona S Kohala S Hilo Puna TABLE 5 COMPARES THE NUMBER OF REO PROPERTIES YEAR OVER YEAR S. KONA,KAU N. KONA S. KOHALA N. KOHALANHILO,HAMAKUA S. HILO PUNA TOTAL INCREASE ISLAND WIDE CHANGE >>>>> -9 CHART 6: The REO count for the Lenders tracked hasn't changed much over the year. Keep in mind this does NOT represent the TOTAL REO counts around the island. This is merely a sampling of the TMK data for four lending institutions collected every two weeks to try define the Trend. Year over year numbers are down by 9 properties or around (-12%) with Puna showing the greatest change will 6 fewer REO properties.

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 1/15/1997 no data no data no data no data 39 $ 14, $ 43 $ 126, 24 1/15/1998 no data no data no data PRICE LOW >>>>>>>>>> >>>>>>>>> 314 $ 128,9 $ 4 $ 18, 2 1/15/ BUYER'S 379 $ 132,2 $ $ 115, 41 1/15/ NEUTRAL 447 $ 148, $ 66 $ 131, 39 1/15/ NEUTRAL 3 $ 168,6 $ 85 $ 137, 3 1/15/22 no data no data no data no data 391 $ 185,2 $ 72 $ 1, 24 1/15/ PEAK 472 $ 28,9 $ 99 $ 183, 52 1/15/ DEMAND PEAK 62 $ 232,7 $ 144 $ 25, 58 1/15/ SELLER 61 $ 31,9 $ 19 $ 29, 34 1/15/ NEUTRAL 666 $ 431,9 $ 288 $ 395, 44 1/15/ PRICE PEAK >>>>>>>>>> >>>>>>>>> 398 $ 441,8 $ 176 $ 4, 29 1/15/ DEMAND LOW 255 $ 41, $ 15 $ 36, 12 1/15/ BUYER'S 182 $ 3,4 $ 64 $ 33, 1 1/15/ BUYER'S 164 $ 278,3 $ 46 $ 242, 21 1/15/ BUYER'S 289 $ 228, $ 66 $ 199, 23 1/15/ PRICE LOW >>>>>>>>>> >>>>>>>>> 312 $ 22,7 $ 63 $ 163, 33 1/15/ NEUTRAL 312 $ 222, $ 69 $ 183,1 23 1/15/ NEUTRAL 355 $ 244,4 $ 87 $ 225, 3 1/15/ NEUTRAL 355 $ 277,4 $ 98 $ 252,1 3 1/15/ BUYER'S 356 $ 281,9 $ 1 $ 258, 39 15' vs 16' 46% -8% -37% % 2% 2% 2% 3% CHART 7 - The North Kona Condo data shows quite an increase in inventory from a year ago. increase and reverse the trend as most of us expect? Will this declining Pending Ratio trend continue or will escrows $225 $228 $229 Chart 7 - Kona Condo Median Price( thous) & Pending Ratio - Past 2 Years Median Price Condo Pending Ratio $235 $24 $245 $245 $2 $2 $244 $249 $248 $2 $27 $259 $258 $26 $2 $24 $23 2. $22 1. $21. $2 CHART 8 - Median Price has continues on an increasing trend in this annualized view. two years. The number of sales has been quite stable at around for the past $1, $126, $131, $137, $18, $115, 2 1 CHART 8 - NORTH KONA CONDO MEDIAN PRICE vs NUMBER SOLD Number Sold 12 Month Period $25, $183, $29, $395, $4, MEDIAN Price $36, $33, $242, $199, $163, $183,1 $4, $4, $3, $3, $252,1 $225, $2, $2, $1, $1, $,

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 1/15/1997 no data no data no data no data 88 $ 21,2 $ 18.5 $ 134, 4 1/15/1998 no data no data no data no data 142 $ 195,6 $ 27.8 $ 125, 16 1/15/ PRICE LOW >>>>>>>>>>>>>>>>>>>>>>> 14 $ 147,9 $ 2.7 $ 11, 15 1/15/ BUYER'S 228 $ 155,3 $ 35.4 $ 115,8 25 1/15/ Neutral 284 $ 21,8 $ 59.9 $ 16, 23 1/15/22 no data no data no data no data 21 $ 196,7 $ 41.3 $ 17, 13 1/15/ Neutral 289 $ 198,2 $ 57.3 $ 153, 21 1/15/ DEMAND PEAK 269 $ 261,8 $ 7.4 $ 223, 26 1/15/ Seller's 285 $ 358,8 $ 12.3 $ 31, 2 1/15/ BUYER'S 151 $ 497,9 $ 75.2 $ 425, 6 1/15/ PRICE PEAK >>>>>>>>>>>>>>>>>>>>>>> 99 $ 537,3 $ 53.2 $, 1 1/15/ BUYER'S 56 $ 473,9 $ 26.5 $ 427, 9 1/15/ DEMAND LOW 46 $ 398,8 $ 18.3 $ 3, 2 1/15/ BUYER'S 49 $ 292,3 $ 14.3 $ 275, 4 1/15/ BUYER'S 55 $ 255,7 $ 14.1 $ 2, 7 1/15/ PRICE LOW >>>>>>>>>>>>>>>>>>>>>>> 68 $ 277,2 $ 18.8 $ 18, 4 1/15/ BUYER'S 9 $ 217,1 $ 19.5 $ 188,3 9 1/15/ BUYER'S 147 $ 246,4 $ 36.2 $ 175, 9 1/15/ BUYER'S 156 $ 414,1 $ 64.6 $ 255,8 16 1/15/ BUYER'S 111 $ 427,6 $ 47.5 $ 275, 7 15' vs 16' 2% 2% 17% -29% 3% -27% 8% -56% CHART 9 Land data in this report shows sales numbers continue to trail the previous 12 month count. Median Price appreciation is a sustainable 8%. Just as we have seen in the residential and condo markets the median price has been relatively flat in 215. Chart 9 - Kona Land Median Price (thous) & Pending Ratio Past 2 Years $232 LAND-Median Price $249 $251 $257 LAND Ratio $269 $279 $279 $277 $3 $273 $275 $275 $2 2. $176 $178 $19 $2 15. $1 1. $1 5. $. CHART 1 - NORTH KONA LAND MEDIAN PRICE vs NUMBER SOLD 3 $6, Median Price Number Sold $, 3 $, $425, $427, 2 $4, 2 $31, $3, $275, $255,8 $3, 1 $223, $16, $17, $2, $18, $188,3 $175, $153, $2, 1 $134, $125, $11, $115,8 $1, CHART 1 - The number sold has turned lower probably due to the lack of inventory in the more affordable price ranges.

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 $41K-$K $1K-$7K $71K-$9K $91-$1.5M $1.5M-$4M KONA RES KONA CND KONA LND All Three HI Isle RES 1/15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ /15/ ' vs 16' -4% -37% 17% -3% 15% -21% -2% -21% -57% -11% -75% TABLE 8 - PENDING RATIO - Higher Ratio = Stronger Market. The Pending Ratio's for the last few months have been soft across the board when comparing to 214. The Hawaii Island ratio has been relatively flat all year. The ratio's in general illustrates the balanced state of the market with modest price increases, good sales numbers coupled with increased inventory and modest Pending Sale numbers. 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 $41K-$K $1K-$7K $71K-$9K $91-$1.5M $1.5M-$4M 1/15/215 2/15/215 3/15/215 4/15/215 5/15/215 6/15/215 7/15/215 8/15/215 9/15/215 1/15/215 11/15/215 12/15/215 1/15/216 Chart 7 -

7 PAGE 7 KEEP YOUR EYE ON THE BALL - KONA RESIDENTIAL PRICE TREND FROM 22 SUBDIVISIONS DEVELOPED IN THE LATE 196'S TO 2. THESE $7, $6, KAILUA - KONA AVERAGE PRICE TREND 1972 TO 12/31/ PEAK $ $538,1 $, $4, $3, $2, $1, PEAK Bottom $113, PEAK bottom $23, Bottom $41, AVG PRICE Poly. (AVG PRICE) Comments: The basic pattern of residential real estate cycles in Kona seems to be in the process of repeating again. You can see that the market corrected quite quickly to the extreme bubble. I believe the huge bubble and following deluge of distressed properties will extend what might have been a normal 12 year cycle by 2 to 3 additional years. You can see from the POLYNOMIAL TENDLINE that the current price level is below the peak levels of previous MARKET PEAKS suggesting there is still much upside to this current cycle. You can also see that the bubble of the last market peak was over the top by a substantial amount. Perhaps as much as $1, or more due to what some refer too as "funny money " from broken lending programs and lack of government oversite? Then the following plunge of prices due to unprecedented amount of distressed properties probably caused Prices to over shoot the historical market bottom by something in the range of (-$6,)? You can see in earlier market cycles the Peak Prices normally double from previous Peak and bottom Prices did the same. Times change and every cycle will be different but the cyclical pattern should continue in West Hawaii and Hawaii Island as long as the demographic growth pattern continues. Demographics are the key knowing current and future trends. The Trend line suggests that the price Trend over the next several years should push prices toward the next market peak. The sales data for the Chart is from 22 subdivisions with combined total of over 3,9 lots. These homes generally are similar in lot and home size. The price range in 215 was from $26, to $679,8. The data totals over 7117 new and resales over 44 years. Historical record suggest we have several more years of upward price trend before the cycle peak.

8 PAGE 8 TABLE 1 - KONA & WEST COAST CITIES RESIDENTIAL INVENTORY & SALE PRICE TRENDS - JANUARY 15, 216 NOTE: It has been the goal of this Kona vs. West Coast section of the Griggs Report to find a reliable data presentation that illustrates the time lag between the N. Kona Residential market (by association the Hawaii Island real estate market) and the West Coast. Originally the inventory data was the only data studied. The only notable Realtor.com inventory data that clearly showed the peak inventory dates were well in advance of Kona's. This is shown in Table!, "Peak Inventory Date". Many different chart formats showing inventory trends over time were not effective. A new emphasis being put on Sales Price data which was readily available from Case Shiller Home Price Index and Hawaii Information Service. After years of 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 27% 15% 15% -13% 7% -36% -19% % CHANGE FROM PEAK TO CURRENT -47% -65% -28% -72% -77% -82% -53% TABLE 1 - Realtor.com continues to upgrade it's websites search capabilities. Most changes seem quite beneficial but it does change the data trend everytime they make major changes. The above Table still seems to reflect the actual status of inventory trends for the markets followed. We know from other reports that the Portland, OR market is the hottest market of the group. That is supported by Portland's declining inventory data. On the flip side of this we see Kona with the greatest inventory increase over the past two years? Inventory Data is from: Realtor.com / Kona data from: Hawaii information Service CHART 1 - This chart shows the price recorded every quarter. Throughout most of this time Kona Peaks and lows followed San Diego by approximately ONE YEAR. San Diego price data is from Case Shiller Home Price Index. It is the index value that represents monthly price change but is not actual sale price, but an index number. Kona prices are from moving 12 moth price data from MLS/HI Information Service and represents actual median price. Chart shows San Diego price started to increase again in 215 after fairly flat period late 213 and 214. If Kona prices seem to lag by about a year. The Chart suggests we should start to see our median prices start to head higher in 216. INDEX 3. CHART 1- Kona vs. San Diego Price Trend Past 15 Years San Diego Price KONA PRICE $7, KONA PRICE Kona Peak 11/26 2. Peak 11/25 Kona Pause after steep increase 1/215 $6, 2. Kona Mid Trough 5/211 Pause after steep increase 8/213 $, $4, 1. Mid Trough 8/21 $3, 1. $2,. $1,. 1/1/ 1/1/1 4/1/1 7/1/1 1/1/1 1/1/2 4/1/2 7/1/2 1/1/2 1/1/3 4/1/3 7/1/3 1/1/3 1/1/4 4/1/4 7/1/4 1/1/4 1/1/5 4/1/5 7/1/5 1/1/5 1/1/6 4/1/6 7/1/6 1/1/6 1/1/7 4/1/7 7/1/7 1/1/7 1/1/8 4/1/8 7/1/8 1/1/8 1/1/9 4/1/9 7/1/9 1/1/9 1/1/1 4/1/1 7/1/1 1/1/1 1/1/11 4/1/11 7/1/11 1/1/11 1/1/12 4/1/12 7/1/12 1/1/12 1/1/13 4/1/13 7/1/13 1/1/13 1/1/14 4/1/14 7/1/14 1/1/14 1/1215 4/1/15 7/1/15 1/1/15

9 PAGE 9 CHART 2: THE PURPOSE IS TO ILLUSTRATE THAT SAN DIEGO HOME PRICE PERFORMANCE IS A SOLID LEADING INDICATOR FOR KONA PRICE TREND (and HI Island by association). The data in the Chart is based on the moving year over year price appreciation rate. It clearly shows the changes in price momentum with Kona lagging behind San Diego almost exactly ONE YEAR at major shifts in Price momentum. IT IS IMPORTANT TO REMEMBER THAT JUST BECAUSE THE CHART LINE IS DESENDING PRICES CAN STILL BE APPRECIATING AS LONG AS IT IS ABOVE THE BLUE AXIS LINE. Kona's current year over year price change is now down to +8. % from the previous year's +17% (unsustainable). The San Diego is up around + 5% and just starting to trending higher. We see the San Diego declining trend ended 1/14 and then leveled off. This suggests that the current declining trend in Kona year over year appreciation should level off in coming months. San Diego price data is from Case Shiller Home Price Index. Kona prices are from moving 12 moth price data from MLS/HI Information Service. Case Shiller data is usually 2 months behing current time. Therefore the Chart Date is two month behind. CHART 2- Kona vs. San Diego YEAR /YEAR Price Appreciation Trend Past 15 Years.% Kona 12MN % San Diego 12MN % 4.% 7/4 8/5 3.% 2.% 1.% 8/3 8/4 5/1 11/13 12/14.% 5/11 1/14-1.% 9/1/1 WTC Attack -2.% -3.% 1/1/ 1/1/1 4/1/1 7/1/1 1/1/1 1/1/2 4/1/2 7/1/2 1/1/2 1/1/3 4/1/3 7/1/3 1/1/3 1/1/4 4/1/4 7/1/4 1/1/4 1/1/5 4/1/5 7/1/5 1/1/5 1/1/6 4/1/6 7/1/6 1/1/6 1/1/7 4/1/7 7/1/7 1/1/7 1/1/8 4/1/8 7/1/8 1/1/8 1/1/9 4/1/9 7/1/9 1/1/9 1/1/1 4/1/1 7/1/1 1/1/1 1/1/11 4/1/11 7/1/11 1/1/11 1/1/12 4/1/12 7/1/12 1/1/12 1/1/13 4/1/13 7/1/13 1/1/13 1/1/14 4/1/14 7/1/14 1/1/14 1/1215 4/1/15 7/1/15 1/1/15 1/8 11/9 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. 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.