MARKET AREA UPDATE Year: 2018 Report as of: 1Q 2Q 3Q 4Q

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1 arket Area (City, State): Palm Beach, Florida ARKET AREA UPDATE Year: 2 Report as of: 1Q 2Q 3Q 4Q Provided by (Company / Companies): Provided by RDC ember(s): What are the most significant trends in your current real estate market? (Attach addenda, charts, graphs, etc. as appropriate) *arket Action Reports included Define arket Area: Urban (city limit area only) etro Area (as defined by SA) Other: Please explain: * Single Family (detached) **Sales Price (current) Choose one: Average edian $ 673,961 $ 29,59 **Sales Price (same time prior year) Choose one: Average edian $ 524,114 $ 273,496 Average Days on arket list to contract (current) Absorption onths of Inventory (last 3 months) Number of active listings divided by the average # of sales per month (for the last 3 months) = # of months needed to sell existing inventory Example: Active Listings = 45 Closed sales in the past 3 months = 4 RIGHT: 4,/3 (months)=1,333 (sales per month) 4,5/1,333=3.37 months of inventory WRONG: 4,5/4,=1 month of inventory # 74 Increase Decreasing Stable # 5.95 # 6.35 Absorption onths of Inventory (same time prior year) # 5.56 # 5.74 Active Listings # 7,5 # 6,413 Closed ( total last 3 months) # 3,79 # 3,3 Expired Listings ( total last 3 months if available) # n/a # n/a Change in Home Values REAL ESTATE ARKET DATA 9.5 % Increase in past 3 months Stable Decreasing in past 3 months Sold LP/SP Ratio (last 3 months) 93.3% 92.3% Condominiums / Townhomes (attached) # 85 Increase Decreasing Stable 6.6 % Increase in past 3 months Stable Decreasing in past 3 months **Average = the result by adding all sales prices and dividing by the number of units sold edian = denoting the middle of the range of values GENERAL ECONOY How would you rate the overall economic conditions in area as defined above: ixed Stable Healthy Shrinking Depressed Supply of Listings: (Single family) Shortage Oversupply Balanced ~ (Condo/Town home) Shortage Oversupply Balanced Overall arket Conditions: Active Stable Sluggish Flat Depressed Unemployment Rate: % % 3.6 Average Please check trend: Increasing Decreasing Same Please describe local economic conditions/climate: (draw upon newspaper articles concerning the coming and going of corporations, layoffs, etc.) * PalmBeach continues to be a steady performer and has finally entered job market expansion. One of the area s top employers, Florida Atlantic University, is emerging as an economic pillar for the local metro area. The metro is expected to continue seeing one of the strongest in-migration trends in the region. RENTAL INFORATION Is There a Charge for Rental Assistance: Yes No Outsourced Is Home/Condo Rental Information Available in Your LS: Yes No Single Family Housing Availability: (3+Bedrooms) Shortage Oversupply Balanced Average Rent Condo/Townhome Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent 55. Apartment Availability: (2+Bedrooms) Shortage Oversupply Balanced Average Rent 84.

2 arket Action Report April 2 Price Range: All Properties: Condo - Twn arket Profile & Trends Overview onth L L3 PY LY YTD Prior YTD Prior Year edian List Price of all Current Listings $229,9 % 5% Average List Price of all Current Listings $456,78 -% -1% April edian Sales Price $1,75 3% 4% 12% 9% $5, 12% 4% April Average Sales Price $29,59 6% 7% 6% % $271,324 8% 9% Total Properties Currently for Sale (Inventory) 6,413-1% -5% April Number of Properties Sold 8-36% -35% 3,936-11% April Average Days on arket (Solds) 85 2% 12% 2% 1% 76-3% -1% Asking Price per Square Foot (based on New Listings) $21-1% -3% 5% 1% $27 3% 4% April Sold Price per Square Foot $7 4% 5% 9% 13% $7 8% 7% April onth's Supply of Inventory % % 46% 3% 6.8 3% 13% April Sale Price vs List Price Ratio 91.2% -1.3% -1.% -.5% -.8% 92.1% % % * L=Last onth / L3=Last 3 onths / PY=Same onth Prior Year / LY=Last Year (2) / YTD = Year-to-date Property Sales April Property sales were 8, down 35.4% from in April of 2 and 36.4% lower than the 1,286 sales last month. April 2 sales were at their lowest level compared to April of 2 and 2. April YTD sales of 3,936 are running 1.5% behind last year's year-to-date sales of 4,398. Prices The edian Sales Price in April was $1,75, up 12.2% from $2, in April of 2 and up 3.3% from $6, last month. The Average Sales Price in April was $29,59, up 6.3% from $273,496 in April of 2 and up 5.5% from $275,319 last month. April 2 ASP was at the highest level compared to April of 2 and 2. 1,6 1,4 1,2 1, Number of Properties Sold 1,265 1,341 1,261 1,85 1,141 1, , ,259 1,373 1,2 1,211 1,83 1,95 1, ,339 1,396 1,278 1,17 1, , ,286 8 edian Sales Price and Average Sales Price Inventory & SI The Total Inventory of Properties available for sale as of April was 6,413, down.9% from 6,469 last month and down 5.5% from 6,786 in April of last year. April 2 Inventory was at its lowest level compared with April of 2 and 2. A comparatively lower SI is more beneficial for sellers while a higher SI is better for buyers. The April 2 SI of 7.8 months was at its highest level compared with April of 2 and 2. 8, 7, 6, 5, 4, 3, 2, 1, Total Inventory & onth's Supply of Inventory (SI) 6,134 5,851 5,758 5,554 5,66 5,852 6,4 6,124 6,623 6,919 6,85 6,733 6,474 6,263 6,51 5,894 5,926 6,91 6,411 6,512 7,48 7,58 6,939 6,786 6,521 6,273 6,12 5,942 5,833 6,76 6,334 6,236 6,525 6,621 6,469 6, Copyright Price Range: All Property Types: Condo - Twn

3 arket Action Report April 2 Price Range: All Properties: Condo - Twn arket Time The average Days On arket (DO) shows how many days the average Property is on the market before it sells. An upward trend in DO tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DO for April was 85, up 19.7% from 71 days last month and up 2.4% from 83 days in April of last year. The April 2 DO was at a mid level compared with April of 2 and 2. The is a great indicator for the direction of Property values. Since edian Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The April 2 of $7 was up 3.9% from $ last month and up 8.5% from 2 in April of last year. Selling Price vs Original Listings Price The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 1% the more of a Buyer's market exists, a ratio at or above 1% indicates more of a Seller's market. The April 2 Selling Price vs Original List Price of 91.2% was down from 92.4% last month and down from 91.7% in April of last year % 91% 91% Days On arket for Sold Properties 74 J J A S O N D J F A J J A S O N D J F A J J A S O N D J F A 8 Selling Price versus Listing Price Ratio Avg Selling Price divided by Avg Listing Price for sold properties during the month 91.8% % % This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in April 2 was 1,479, down 23.7% from 1,939 last month and down.7% from 1,798 in April of last year. 9% 8, 7, 6, 5, 4, 3, 2, 1, 6,134 5,851 5,758 5,554 5,66 5,852 6,4 6,124 6,623 6,919 6,85 6,733 6,474 6,263 6,51 5,894 5,926 6,91 6,411 6,512 7,48 7,58 6,939 6,786 6,521 6,273 6,12 5,942 5,833 6,76 6,334 6,236 6,525 6,621 6,469 6,413 Copyright Price Range: All Property Types: Condo - Twn

4 Inventory / Listings / Sales April 2 Price Range: All Properties: Condo - Twn This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in April 2 was 1,479, down 23.7% from 1,939 last month and down.7% from 1,798 in April of last year. 8, Inventory New Listings Sales 1,265 1,341 1,261 1,85 1,141 1, , ,259 1,373 1,2 1,211 1,83 1,95 1, ,339 1,396 1,278 1,17 1, , , , ,654 1,492 1,52 1,446 1,628 1,866 1,633 1,469 1,593 1,531 1,358 1,548 1,658 1,57 2,6 2,26 1,99 1,914 1,76 1,545 1,856 2,245 2,29 1,798 1,727 1,697 1,563 1,72 1,474 1,479 1,931 1,867 2,222 1,968 1,939 6,134 5,851 5,758 5,554 5,66 5,852 6,4 6,124 6,623 6,919 6,85 6,733 6,474 6,263 6,51 5,894 5,926 6,91 6,411 6,512 7,48 7,58 6,939 6,786 6,521 6,273 6,12 5,942 5,833 6,76 6,334 6,236 6,525 6,621 6,469 6,413 7, 6, 5, 4, 3, 2, 1, J J A S O N D J F A J J A S O N D J F A J J A S O N D J F A Copyright Price Range: All Property Types: Condo - Twn

5 arket Action Report April 2 Price Range: All Properties: S arket Profile & Trends Overview onth L L3 PY LY YTD Prior YTD Prior Year edian List Price of all Current Listings $499,9 % 4% Average List Price of all Current Listings $1,258,48-1% 9% April edian Sales Price $355, 1% 4% 8% 8% $34, 6% 3% April Average Sales Price $673,961 1% 11% 29% 35% $68,351 % 21% Total Properties Currently for Sale (Inventory) 7,5 1% -9% April Number of Properties Sold 984-4% -39% 4,872-13% April Average Days on arket (Solds) 74-4% -1% 3% 3% 75 % 4% Asking Price per Square Foot (based on New Listings) $246-2% -3% 11% 5% $254 9% 8% April Sold Price per Square Foot $23 1% 3% % % $222 13% 13% April onth's Supply of Inventory % 23% 48% 39% 6.4 3% % April Sale Price vs List Price Ratio 92.9% -.3% -.3% -.2% -.5% 93.2% % -% * L=Last onth / L3=Last 3 onths / PY=Same onth Prior Year / LY=Last Year (2) / YTD = Year-to-date Property Sales April Property sales were 984, down 39.% from 1,613 in April of 2 and 39.5% lower than the 1,627 sales last month. April 2 sales were at their lowest level compared to April of 2 and 2. April YTD sales of 4,872 are running 13.2% behind last year's year-to-date sales of 5,6. 2,5 2, 1, Number of Properties Sold 1, 5 Prices The edian Sales Price in April was $355,, up 7.9% from $329, in April of 2 and up 1.4% from $35, last month. The Average Sales Price in April was $673,961, up 28.6% from $524,114 in April of 2 and up 1.4% from $61,47 last month. April 2 ASP was at the highest level compared to April of 2 and ,747 1,886 1,825 1,522 1,527 1,455 1, 1,55 1,98 1,3 1,555 1,6 1,655 1,829 1,526 1,668 1,486 1,31 1,241 1,41 1,134 1,9 1,7 1,613 1,76 1,99 1,571 1,621 1,132 1,253 1,394 1,82 1,9 1, edian Sales Price and Average Sales Price Inventory & SI The Total Inventory of Properties available for sale as of April was 7,5, up 1.% from 7,439 last month and down 9.5% from 8,34 in April of last year. April 2 Inventory was at its lowest level compared with April of 2 and 2. A comparatively lower SI is more beneficial for sellers while a higher SI is better for buyers. The April 2 SI of 7.6 months was at its highest level compared with April of 2 and 2. 9, 8,5 8, 7,5 7, 6,5 6, Total Inventory & onth's Supply of Inventory (SI) 7,712 7,511 7,493 7,392 7,456 7,673 7,786 7,568 8,126 8,453 8,449 8,269 8,99 7,898 7,744 7,552 7,819 7,844 8,58 7,856 8,386 8,464 8,371 8,34 7,967 7,798 7,69 7,419 7,28 7,45 7,396 7,148 7,512 7,5 7,439 7, Copyright Price Range: All Property Types: S

6 arket Action Report April 2 Price Range: All Properties: S arket Time The average Days On arket (DO) shows how many days the average Property is on the market before it sells. An upward trend in DO tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DO for April was 74, down 3.9% from 77 days last month and up 2.8% from 72 days in April of last year. The April 2 DO was at a mid level compared with April of 2 and 2. The is a great indicator for the direction of Property values. Since edian Sales Price and Average Sales price can be impacted by the 'mix' of high or low end Properties in the market, the selling price per square foot is a more normalized indicator on the direction of Property values. The April 2 of $23 was up.7% from $228 last month and up.6% from 199 in April of last year. Selling Price vs Original Listings Price The Selling Price vs Original Listing Price reveals the average amount that Sellers are agreeing to come down from their original list price. The lower the ratio is below 1% the more of a Buyer's market exists, a ratio at or above 1% indicates more of a Seller's market. The April 2 Selling Price vs Original List Price of 92.9% was down from 93.2% last month and down from 93.1% in April of last year % 94% 94% Days On arket for Sold Properties J J A S O N D J F A J J A S O N D J F A J J A S O N D J F A Selling Price versus Listing Price Ratio Avg Selling Price divided by Avg Listing Price for sold properties during the month 93.7% 93.1% % This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in April 2 was 1,846, down 25.5% from 2,478 last month and down 21.2% from 2,343 in April of last year. 9, 8, 7, 6, 5, 4, 3, 2, 1, 7,712 7,511 7,493 7,392 7,456 7,673 7,786 7,568 8,126 8,453 8,449 8,269 8,99 7,898 7,744 7,552 7,819 7,844 8,58 7,856 8,386 8,464 8,371 8,34 7,967 7,798 7,69 7,419 7,28 7,45 7,396 7,148 7,512 7,5 7,439 7,5 Copyright Price Range: All Property Types: S

7 Inventory / Listings / Sales April 2 Price Range: All Properties: S This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basic annual seasonality of the market as well as the relationship between these items. The number of New Listings in April 2 was 1,846, down 25.5% from 2,478 last month and down 21.2% from 2,343 in April of last year. 9, Inventory New Listings Sales 1,747 1,886 1,825 1,522 1,527 1,455 1, 1,55 1,98 1,3 1,555 1,6 1,655 1,829 1,526 1,668 1,486 1,31 1,241 1,41 1,134 1,9 1,7 1,613 1,76 1,99 1,571 1,621 1,132 1,33 1,253 1,394 1,82 1,9 1, ,696 2,27 2,28 2,286 2,1 2,1 2,26 2,41 2,633 2,547 2,56 2,441 2,388 2,228 2,37 1,934 1,71 1,672 2,251 2,263 2,28 2,373 2,343 2,72 2,631 2,42 2,351 2,8 2,276 2,78 1,846 2,384 2,35 2,643 2,478 7,712 7,511 7,493 7,392 7,456 7,673 7,786 7,568 8,126 8,453 8,449 8,269 8,99 7,898 7,744 7,552 7,819 7,844 8,58 7,856 8,386 8,464 8,371 8,34 7,967 7,798 7,69 7,419 7,28 7,45 7,396 7,148 7,512 7,5 7,439 7,5 8, 7, 6, 5, 4, 3, 2, 1, J J A S O N D J F A J J A S O N D J F A J J A S O N D J F A Copyright Price Range: All Property Types: S