OVERALL MARKET ST, 2ND & 3RD QUARTERS AVALON

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1 OVERALL MARKET ST, 2ND & 3RD QUARTERS AVALON $140,000,000 $130,000,000 $120,000,000 $110,000,000 $100,000,000 $90,000,000 $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0 $97,700, $2,035,500 $103,500, $1,725,000 $135,144, $1,732, STONE HARBOR $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $0 $39,400,000 $65,500,000 $55,094, $1,713,000 $1,983,000 $2,040, TOTAL SALES VOLUME TOTAL NUMBER OF SALES AVG SALE PRICE

2 TRENDS 2018 (vs) 2017 (THIRD QUARTER 2017) SALES Avalon > 11% increase in number of transactions > 29% increase in total sales volume > 15% increase in average sale price > 1% increase in the average % sale prices were discounted from listed prices. > Many buyers remain very interested in purchasing a second home at the shore. Stone Harbor > 19% decrease in number of transactions. > 15% increase in total sales volume > 41% increase in average sale price > 1% decrease in the average % sale prices were discounted from listed prices. > Many buyers remain very interested in purchasing a second home at the shore. Avalon > 5% decrease in current listings. > 14% increase in new listings > There wasa (1.12 to 1) ratio of new listings (88) to sale transactions (78)(vs) (1.1 to 1) -(77 to 70) ratio. Stone Harbor > 25% decrease in current listings. > 27% increase in new listings > There was a (1.55to 1) ratio of new listings(42) to sale transactions (27)(vs) (1 to 1) -(33 to 33) ratio. SUMMARY There was a 39% increase in the Total Sales Volume ($190,238,649 (vs) $136,500,000) and a 1% increase in the number of transactions (105(vs) 103) for the Third Quarter of 2018 (vs) 2017 in the overall marketplace for Seven Mile Beach Island. Buyer activity is very strong and we expect it to continue for the remainder of 2018 as the mortgage interest rates remain extremely low, excellent mortgage programs are available, and there remains a strong pent up Buyer demand to purchase at the Shore. Buyers are still looking for the Best Buy in each market segment; however, they understand the long term benefits of acquiring seashore property for family enjoyment and as an investment.

3 OVERALL MARKET SEGMENT Number Total Sales Volume $135,144,649 $55,094,000 $104,500,000 $47,500,000 $265,000 $340,000 $265,000 $245,500 to to $7,700,000 $5,925,000 $5,300,000 $3,450,000 Average Sale Price $1,732,500 $2,040,500 $1,500,000 $1,439,500 Prices 5.00% 5.00% 4.00% 6.00% Current New TOTAL Number Total Sales Volume $336,586,773 $159,926,500 $150,000 $207,000 $10,500,000 $8,600,000 Average Sale Price $1,809,606 $1,926, % 7.50% Current (*) New (Cumulative)

4 OCEANFRONT HOMES MARKET SEGMENT Number Total Sales Volume $3,200,000 $0 $7,830,125 $0 $2,530,125 Price Range $3,200,000 $0 to $0 $5,300,000 Average Sale Price $3,200,000 $0 $3,915,062 $0 Prices 15.00% 0.00% 6.50% 0.00% Current New TOTAL Number 6 3 Total Sales Volume $32,700,000 $19,325,000 $2,175,000 $4,950,000 $8,625,000 $8,600,000 Average Sale Price $5,450,000 $6,446, % 7.00% Current (*) 14 4 New (Cumulative) 6 4 Even though there has been limited Buyer activity in this Market Segment, Buyer demand remains very strong.

5 BEACHBLOCK HOMES MARKET SEGMENT Number Total Sales Volume $17,150,000 $4,775,000 $1,947,500 $3,450,000 $2,000,000 $2,000,000 $1,700,000 $1,947,500 to $3,950,000 $2,775,000 $1,750,000 Average Sale Price $2,858,333 $3,418,333 $1,947,500 $1,725,006 Prices 4.50% 3.50% 2.50% 10.00% Current New TOTAL Number 16 5 Total Sales Volume $44,195,000 $1,375,000 $1,750,000 $1,700,000 $3,950,000 $3,500,000 Average Sale Price $2,762,187 $2,475, % 7.00% Current (*) 17 8 New (Cumulative) 26 9 Even though there has been limited Buyer activity in this Market Segment, Buyer demand remains very strong.

6 BAYFRONT HOMES MARKET SEGMENT Number Total Sales Volume $33,480,000 $20,510,000 $20,000,000 $9,000,000 $2,380,000 $1,650,000 $1,452,875 $1,250,000 to to $7,700,000 $5,925,000 $3,500,000 $3,295,000 Average Sale Price $3,720,000 $3,418,333 $2,222,500 $2,250,000 Prices 7.50% 7.00% 4.50% 4.00% Current New TOTAL Number Total Sales Volume $66,257,125 $35,664,875 $1,550,000 $1,500,000 $7,700,000 $5,925,000 Average Sale Price $3,155,101 $2,972, % 8.00% Current (*) 19 5 New (Cumulative) Buyer activity in this Market Segment has been strong and we expect it to continue.

7 MID-ISLAND HOMES MARKET SEGMENT Number Total Sales Volume $48,523,649 $24,643,000 $46,500,000 $22,000,000 $700,000 $705,000 $725,000 $799,000 to to $2,950,000 $2,825,000 $3,150,000 $2,950,000 Average Sale Price $1,732,987 $1,760,214 $1,788,500 $1,692,500 Prices 5.00% 4.50% 2.00% 4.50% Current New TOTAL Number Total Sales Volume $105,354,649 $74,523,500 $675,000 $705,000 $3,308,510 $4,200,000 Average Sale Price $1,785,672 $1,910, % 4.00% Current (*) New (Cumulative) Buyer activity in this Market Segment has been strong and we expect it to continue.

8 CONDOMINIUM/TOWNHOMES MARKET SEGMENT Number Total Sales Volume $23,391,000 $2,466,000 $23,600,000 $4,700,000 $265,000 $340,000 $265,000 $245,500 to to $1,895,000 $857,000 $1,735,000 $802,250 Average Sale Price $806,586 $616,500 $786,500 $522,000 Prices 3.00% 3.50% 4.00% 5.50% Current New TOTAL YEAR TO DATE Number Total Sales Volume $55,459,399 $10,994,000 $150,000 $207,000 $2,012,499 $975,000 Average Sale Price $770,269 $549, % 4.00% Current (*) New (Cumulative) Buyer activity in this MarketSegment has been strong and we expect it to continue.

9 MULTI-FAMILY MARKET SEGMENT Number Total Sales Volume $2,025,000 $0 $1,650,000 $3,775,000 $1,300,000 Price Range $2,025,000 $0 $1,650,000 to $2,475,000 Average Sale Price $2,025,000 $0 $1,650,000 $1,887,500 Prices 3.50% 0.00% 17.46% 5.00% Current New TOTAL Number 3 2 Total Sales Volume $3,609,000 $2,495,000 $585,000 $1,195,000 $2,025,000 $1,300,000 Average Sale Price $1,203,000 $1,247, % 10.50% Current (*) 3 1 New (Cumulative) 5 3 There is limited buyer activity in this market segment. However, due to the Buyer demand to purchase a Second Home at the Shore and the extremely low mortgage interest rates and numerous mortgage programs, we expectstrong buyer activity throughout the remainder of the year in the overall marketplace.

10 LOTS MARKET SEGMENT Number Total Sales Volume $7,375,000 $2,700,000 $2,537,500 $3,950,000 $1,275,000 $500,000 Price Range to 2,700,000 $2,537,500 to $3,500,000 $3,450,000 Average Sale Price $1,843,750 $2,700,000 $2,537,500 $1,975,000 Prices 8.50% 2.00% 9.50% 13.00% Current New TOTAL Number 8 2 Total Sales Volume $25,226,500 $4,535,000 $625,000 $1,835,000 $10,500,000 $2,700,000 Average Sale Price $3,153,312 $2,267, % 2.00% Current (*) 11 5 New (Cumulative) 15 7 There is limited buyer activity in this market segment. However, due to the Buyer demand to purchase a Second Home at the Shore and the extremely low mortgage interest rates and numerous mortgage programs, we expectstrong buyer activity throughout the remainder of the year in the overall marketplace.

11 COMMERCIAL MARKET SEGMENT Number Total Sales Volume $0 $0 $0 $557,750 Price Range $0 $0 $0 $557,750 Average Sale Price $0 $0 $0 $557,750 Prices 0.00% 0.00% 0.00% 7.00% Current New TOTAL Number 1 0 Total Sales Volume $2,700,000 $0 Price Range $2,700,000 $0 Average Sale Price $2,700,000 $ % 0.00% Current (*) 0 4 New (Cumulative) 1 1 There is limited buyer activity in this market segment. However, due to the Buyer demand to purchase a Second Home at the Shore and the extremely low mortgage interest rates and numerous mortgage programs, we expectstrong buyer activity throughout the remainder of the year in the overall marketplace.