Yeah, the new tax bill will not be friendly to homeowners in the Bay Area, and we haven t even added in sales tax paid.

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1 2017 Annual Real Estate Report Santa Clara County Pam Blackman Santa Clara County Home Sales Up Slightly, Jump in 2017 for single-family homes and condos/townhomes reached new highs in The median prices for homes gained 15.2% compared to This is the largest gain since The median price for condos/townhomes rose.6% from (See tables on next page for details.) Home sales, surprisingly, were up last year. Single-family, re-sale home sales rose 3.3% year-over-year. Condo/townhome sales were off 1.5%. The sales price to list price ratios jumped to their highest point ever. The ratio for homes was 6.0%, while it was 5.8% for condos. C.A.R s Analysis for 2016 SFH Resales (000s) SFH Resales % Change Median Price ($000s) Median Price % Change 2017 Forecast 2018 Projected % -0.9% 1.3% $502.3 $525.6 $ % 4.3% 7.2% How Will the Tax Cut Affect Real Estate? The real estate market will be among the sectors most impacted by the tax bill. The legislation calls for reduced tax rates for individuals with higher standard deductions but institutes caps on mortgage interest deductions and the deduction of state and local taxes. The individual cuts expire in How it will shake out is still unknown, but many real estate experts have been up in arms about the changes, with the National Association of Realtors (NAR) initially warning that it could lower home prices by up to % in every state. Tax Deductions The new $,000 cap on how much local and state tax can be deducted from federal income taxes will have an outsized impact on the Bay Area. Take couples with enough adjusted gross income to put them in the state s 9.3% category, that s income between $5,258 and $537,499, the state income tax ranges from $9,786 to $49,987. Now, let s get to property taxes. In Santa Clara County, the effective tax rate is about 1.21%. Let s apply that to the median price of homes sold in 2017, which was about $1,200,000. Property taxes on homes that were sold for that amount, or assessed for that amount, equals $14,520. Yeah, the new tax bill will not be friendly to homeowners in the Bay Area, and we haven t even added in sales tax paid. Mortgage Deductions In another blow to future homeowners, the deduction for mortgage interest has been lowered from $1,000,000 to $750,000. Existing mortgages will be grandfathered in. That might give people less incentive to move. Interest on home equity debt is no longer deductible, unless the proceeds are used in a trade or business acquisition or to improve rentals. Home equity debt includes refinances on your primary or secondary residences as well as HELOCs. If the tax bill does result in fewer people moving, inventory will continue to by abysmal. On the other hand, the loss of the tax deduction and the lowering of the mortgage interest deduction will probably curtail demand. At this point, all we can do is keep a watch on the market to see how this all plays out. Although we have gleaned this information from reliable sources, the IRS and CPAs have only had a few weeks to go through the tax bill. They re still trying to figure out all the nuances. Please discuss the new rules with your tax advisor to determine how the changes will impact your personal circumstances. This article may not be relied upon as tax or legal advice. Pam Blackman

2 Santa Clara County Homes - & Sales 2017 Santa Clara County Annual Real Estate Report Santa Clara County Year Sales Median Average SP/LP DOI Sales Med Ave ,281 $ 739,000 $ 897, % ,843 $ 773,000 $ 940, % % 4.6% 4.8% ,165 $ 838,000 $ 1,044, % % 8.4% 11.0% ,120 $ 660,000 $ 837, % % -21.2% -19.8% ,878 $ 525,000 $ 660, % % -20.5% -21.1% 20 11,382 $ 596,000 $ 746, % % 13.5% 13.0% ,175 $ 567,000 $ 741, % % -4.9% -0.7% ,990 $ 640,000 $ 833, % % 12.9% 12.5% 2013,981 $ 780,000 $ 993, % % 21.9% 19.1% 2014,230 $ 855,000 $ 1,120,7 4.1% % 9.6% 12.8% 2015,574 $ 950,000 $ 1,246, % % 11.1% 11.2% 2016,001 $ 1,020,000 $ 1,284, % % 7.4% 3.1% 2017,327 $ 1,175,000 $ 1,446, % 3.3% 15.2% 12.6% 16,000 11,000 6,000 1,000 Santa Clara County Condos - & Sales $900 7,000 5,000 3,000 1,000 Santa Clara County Year Sales Median Average SP/LP DOI Sales Med Ave ,501 $ 475,000 $ 499, % ,156 $ 500,000 $ 525, % % 5.3% 5.1% ,851 $ 529,888 $ 557, % % 6.0% 6.0% ,913 $ 435,000 $ 472, % % -17.9% -15.3% ,943 $ 320,000 $ 363, % % -26.4% -22.9% 20 3,956 $ 345,000 $ 382, % % 7.8% 5.0% ,393 $ 300,000 $ 355, % % -13.0% -7.0% ,517 $ 365,000 $ 414,8 2.1% % 21.7% 16.4% ,754 $ 477,000 $ 520,9 4.8% % 30.7% 25.8% ,462 $ 530,000 $ 583, % 8-6.1% 11.1% 12.0% ,240 $ 6,000 $ 668, % % 15.1% 14.6% ,218 $ 660,000 $ 730, % % 8.2% 9.2% ,156 $ 730,000 $ 802, % 2-1.5%.6%.0%

3 Campbell Homes - & Sales $1, Santa Clara County Annual Real Estate Report Campbell $ 798,825 $ 736, % $ 828,778 $ 777, % % 3.7% 5.4% $ 856,076 $ 800, % % 3.3% 3.0% $ 798,025 $ 759, % % -6.8% -5.1% $ 700,641 $ 670, % % -12.2% -11.7% $ 7,399 $ 675, % % 1.4% 0.7% $ 705,053 $ 670, % % -0.8% -0.7% $ 738,462 $ 700, % % 4.7% 4.6% $ 816,500 $ 881, % %.6% 25.8% $ 945,000 $ 1,008,6 5.3% % 15.7% 14.4% $ 1,082,250 $ 1,149, % % 14.5% 14.0% $ 1,231,430 $ 1,162, % % 13.8% 1.1% $ 1,404,5 $ 1,337, % % 14.1% 15.0% 4 $1,300 $ Campbell Condos - & Sales $ Campbell Year Sales Average Median SP/LP DOM Column Column Column $ 552,485 $ 549, % $ 536,294 $ 528, % % -2.9% -4.0% $ 563,685 $ 547, % % 5.1% 3.6% $ 507,411 $ 5, % % -.0% -6.8% $ 446,695 $ 450, % % -12.0% -11.8% $ 430,068 $ 427, % % -3.7% -5.0% $ 403,406 $ 395, % % -6.2% -7.6% $ 414,218 $ 395, % % 2.7% 0.0% $ 520,709 $ 523, % % 25.7% 32.4% $ 604,606 $ 600, % % 16.1% 14.7% $ 703,147 $ 716, % % 16.3% 19.3% $ 724,280 $ 735, % % 3.0% 2.7% $ 822,156 $ 830, % % 13.5% 12.9%

4 Cupertino $ 1,9,7 $ 1,020, % $ 1,166,750 $ 1,1, % % 5.1% 7.9% $ 1,281,250 $ 1,194,5 2.2% % 9.8% 8.4% $ 1,232,649 $ 1,187, % % -3.8% -0.6% $ 1,121,641 $ 1,070, % % -9.0% -9.9% $ 1,112,847 $ 1,077, % % -0.8% 0.7% $ 1,142,256 $ 1,115, % % 2.6% 3.4% $ 1,252,051 $ 1,250, % % 9.6% 12.1% $ 1,488,657 $ 1,425, % % 18.9% 14.0% $ 1,725,888 $ 1,680, % % 15.9% 17.9% $ 1,907,468 $ 1,845, % %.5% 9.8% $ 1,981,640 $ 1,880, % % 3.9% 1.9% $ 2,127,260 $ 2,0, % % 7.3% 11.7% Cupertino Homes- & Sales $2,600 5 $2, Cupertino Condos- & Sales Cupertino $ 679,676 $ 630, % $ 690,922 $ 669, % % 1.7% 6.2% $ 701,775 $ 656, % % 1.6% -1.9% $ 735,864 $ 690, % % 4.9% 5.2% $ 682,317 $ 655, % % -7.3% -5.1% $ 640,878 $ 625, % % -6.1% -4.6% $ 676,668 $ 675, % % 5.6% 8.0% $ 672,457 $ 627, % % -0.6% -7.0% $ 799,890 $ 760, % % 19.0% 21.1% $ 920,699 $ 895, % % 15.1% 17.8% $ 1,064,333 $ 998, % % 15.6% 11.5% $ 1,135,590 $ 1,128, % % 6.7% 12.9% $ 1,246,7 $ 1,200, % % 9.8% 6.4%

5 Gilroy Homes - & Sales $ Santa Clara County Annual Real Estate Report Gilroy $ 793,528 $ 7, % $ 798,126 $ 720, % % 0.6% 1.4% $ 795,623 $ 705, % % -0.3% -2.1% $ 513,913 $ 453, % % -35.4% -35.7% $ 419,228 $ 375, % % -18.4% -17.2% $ 447,748 $ 405, % % 6.8% 8.0% $ 435,594 $ 390, % % -2.7% -3.7% $ 447,018 $ 406, % % 2.6% 4.1% $ 592,251 $ 525, % % 32.5% 29.3% $ 644,788 $ 585, % % 8.9% 11.4% $ 700,857 $ 631, % % 8.7% 7.9% $ 728,507 $ 669, % % 3.9% 6.1% $ 776,3 $ 705, % % 6.5% 5.3% Gilroy Condos- & Sales 70 $400 $ Gilroy $ 398,080 $ 390, % $ 401,867 $ 372, % % 1.0% -4.5% $ 426,815 $ 417, % % 6.2% 12.1% $ 262,567 $ 265, % % -38.5% -36.5% $ 185,070 $ 181, % % -29.5% -31.5% $ 185,970 $ 186, % % 0.5% 2.5% $ 183,300 $ 187, % % -1.4% 0.5% $ 183,197 $ 186, % % -0.1% 0.0% $ 280,488 $ 275, % % 53.1% 47.2% $ 335,0 $ 363, % % 19.5% 32.1% $ 357,452 $ 352, % % 6.7% -3.0% $ 411,689 $ 422, % % 15.2% 19.9% $ 420,824 $ 449, % % 2.2% 6.4%

6 Los Altos $ 1,687,890 $ 1,585, % $ 1,782,880 $ 1,621, % % 5.6% 2.3% $ 1,880,5 $ 1,749, % % 5.5% 7.9% $ 1,960,647 $ 1,797, % % 4.3% 2.8% $ 1,654,914 $ 1,5, % % -15.6% -16.0% $ 1,688,322 $ 1,550, % % 2.0% 2.6% $ 1,769,435 $ 1,647, % % 4.8% 6.3% $ 1,975,216 $ 1,825, % % 11.6%.8% $ 2,161,519 $ 2,0, % % 9.4% 15.1% $ 2,536,402 $ 2,370, % % 17.3% 12.9% $ 2,952,859 $ 2,750, % % 16.4% 16.0% $ 2,852,1 $ 2,705, % % -3.4% -1.6% $ 3,262,470 $ 3,0, % % 14.4% 11.3% Los Altos Homes - & Sales $4,0 4 $3,0 $2, Los Altos Condos- & Sales $2, Los Altos $ 751,262 $ 747, % $ 769,576 $ 696, % % 2.4% -6.8% $ 904,119 $ 889, % % 17.5% 27.7% $ 852,121 $ 864, % % -5.8% -2.8% $ 746,702 $ 760, % % -12.4% -12.0% $ 736,438 $ 760, % 2 5.1% -1.4% 0.0% $ 8,094 $ 792, % %.0% 4.3% $ 874,083 $ 864, % % 7.9% 9.1% $ 1,044,142 $ 952, % % 19.5%.1% $ 1,329,290 $ 1,200, % % 27.3% 26.1% $ 1,386,967 $ 1,421, % % 4.3% 18.4% $ 1,503,050 $ 1,425, % % 8.4% 0.3% $ 1,640,840 $ 1,565, % % 9.2% 9.8%

7 Los Altos Hills $ 2,789,040 $ 2,395, % $ 2,745,090 $ 2,405, % % -1.6% 0.4% $ 3,028,270 $ 2,575, % %.3% 7.1% $ 2,889,133 $ 2,420, % %.3% 7.1% $ 2,614,368 $ 2,435, % % -9.5% 0.6% $ 2,590,416 $ 2,315, % % -0.9% -4.9% $ 2,705,218 $ 2,300, % % 4.4% -0.6% $ 2,916,770 $ 2,600, % % 7.8% 13.0% $ 3,069,500 $ 2,796, % % 5.2% 7.6% $ 3,498,817 $ 3,250, % % 14.0% 16.2% $ 4,370,163 $ 3,612, % % 24.9% 11.2% $ 4,434,090 $ 3,850, % % 1.5% 6.6% $ 4,449,680 $ 3,790, % % 0.4% -1.6% Los Altos Hills Homes - & Sales $5,0 160 $4,0 $3,0 $2, Monte Sereno Homes - & Sales $4,0 70 $3,0 $2, Morgan Hill $ 881,969 $ 802, % $ 945,000 $ 856, % % 7.1% 6.7% $ 902,493 $ 843, % % -4.5% -1.5% $ 743,303 $ 682, % % -17.6% -19.1% $ 606,986 $ 550, % % -18.3% -19.4% $ 634,581 $ 590, % % 4.5% 7.3% $ 597,378 $ 520, % % -5.9% -11.9% $ 616,151 $ 566, % % 3.1% 8.8% $ 722,419 $ 689, % % 17.2% 21.9% $ 805,346 $ 742, % % 11.5% 7.5% $ 908,329 $ 820, % % 12.8%.5% $ 949,615 $ 859, % % 4.5% 4.8% $ 992,465 $ 920, % % 4.5% 7.1%

8 Los Gatos Homes - & Sales $2, Santa Clara County Annual Real Estate Report Los Gatos $ 1,346,330 $ 1,240, % $ 1,495,4 $ 1,355, % % 11.1% 9.3% $ 1,624,290 $ 1,450, % % 8.6% 7.0% $ 1,616,054 $ 1,360, % % -0.5% -6.2% $ 1,239,990 $ 1,150, % % -23.3% -15.4% $ 1,321,628 $ 1,175, % % 6.6% 2.2% $ 1,390,203 $ 1,250, % % 5.2% 6.4% $ 1,535,5 $ 1,303, % %.4% 4.3% $ 1,480,000 $ 1,621, % % -3.6% 24.4% $ 1,702,500 $ 1,886, % % 15.0% 16.4% $ 1,672,500 $ 1,844, % % -1.8% -2.3% $ 1,809,630 $ 1,566, % % 8.2% -15.1% $ 2,030,880 $ 1,857, % % 12.2% 18.6% 5 $2, Los Gatos Condos- & Sales Los Gatos $ 664,408 $ 635, % $ 675,868 $ 650, % % 1.7% 2.4% $ 741,004 $ 740, % % 9.6% 13.8% $ 725,351 $ 725, % % -2.1% -2.0% $ 629,955 $ 640, % % -13.2% -11.7% $ 590,434 $ 611, % % -6.3% -4.5% $ 579,934 $ 585, % % -1.8% -4.3% $ 637,122 $ 650, % % 9.9% 11.1% $ 696,637 $ 705, % % 9.3% 8.5% $ 839,580 $ 840, % % 20.5% 19.1% $ 925,283 $ 967, % %.2% 15.2% $ 1,042,140 $ 1,048, % % 12.6% 8.4% $ 1,066,290 $ 1,0, % % 2.3% 5.0%

9 Milpitas $ 723,158 $ 695, % $ 754,898 $ 7, % % 4.4% 2.2% $ 735,069 $ 690, % % -2.6% -2.7% $ 583,880 $ 550, % % -20.6% -20.3% $ 516,305 $ 460, % % -11.6% -16.4% $ 541,571 $ 500, % % 4.9% 8.7% $ 521,592 $ 470, % % -3.7% -6.0% $ 590,128 $ 530, % % 13.1% 12.8% $ 702,359 $ 672, % % 19.0% 26.8% $ 763,531 $ 715, % % 8.7% 6.4% $ 893,851 $ 842, % % 17.1% 17.8% $ 932,295 $ 873, % % 4.3% 3.7% $ 1,044,260 $ 995, % % 12.0% 14.0% Milpitas Homes - & Sales $ Milpitas Condos- & Sales $ Milpitas $ 537,246 $ 550, % $ 524,882 $ 520, % % -2.3% -5.5% $ 539,122 $ 546, % % 2.7% 5.0% $ 456,384 $ 475, % % -15.3% -13.0% $ 325,988 $ 280, % % -28.6% -41.1% $ 334,316 $ 343, % % 2.6% 22.8% $ 302,271 $ 282, % % -9.6% -18.0% $ 319,166 $ 317, % % 5.6% 12.6% $ 467,492 $ 460, % % 46.5% 44.9% $ 547,478 $ 550, % % 17.1% 19.6% $ 604,116 $ 600, % %.3% 9.1% $ 654,751 $ 665, % % 8.4% 11.0% $ 758,487 $ 790, % % 15.8% 18.7%

10 Morgan Hill Homes- & Sales 2017 Santa Clara County Annual Real Estate Report Monte Sereno $ 1,884,090 $ 1,800, % $ 2,028,0 $ 1,875, % % 7.6% 4.2% $ 2,192,170 $ 2,024, % % 8.1% 8.0% $ 2,240,774 $ 1,860, % % 2.2% -8.1% $ 1,909,684 $ 1,699, % % -14.8% -8.7% $ 2,160,031 $ 1,817, % % 13.1% 7.0% $ 1,722,729 $ 1,660, % % -20.2% -8.6% $ 2,031,453 $ 1,890, % % 17.9% 13.8% $ 2,220,216 $ 1,980, % % 9.3% 4.8% $ 2,611,569 $ 2,345, % % 17.6% 18.5% $ 2,953,563 $ 2,775, % % 13.1% 18.3% $ 2,860,730 $ 2,500, % % -3.1% -9.9% $ 2,989,530 $ 2,917, % % 4.5% 16.7% 6 $ Morgan Hill Condos- & Sales

11 Mountain View $ 932,039 $ 870, % $ 990,795 $ 9, % % 6.3% 4.7% $ 1,085,900 $ 1,060, % % 9.6% 16.4% $ 1,067,009 $ 982, % % -1.7% -7.4% $ 946,438 $ 874, % % -11.3% -.9% $ 956,709 $ 902, % % 1.1% 3.2% $ 1,002,662 $ 965, % % 4.8% 6.9% $ 1,128,912 $ 1,0, % % 12.6% 14.0% $ 1,346,474 $ 1,275, % % 19.3% 15.9% $ 1,504,320 $ 1,467, % % 11.7% 15.1% $ 1,774,932 $ 1,700, % % 18.0% 15.8% $ 1,840,330 $ 1,745, % % 3.7% 2.6% $ 2,057,470 $ 1,989, % % 11.8% 14.0% Mountain View Homes- & Sales $2,600 4 $2, Mountain View Condos- & Sales Mountain View $ 566,451 $ 541, % $ 563,953 $ 559, % % -0.4% 3.4% $ 601,603 $ 606, % % 6.7% 8.4% $ 587,7 $ 596, % % -2.3% -1.7% $ 538,987 $ 540, % % -8.3% -9.4% $ 539,266 $ 549, % % 0.1% 1.8% $ 484,307 $ 470, % % -.2% -14.5% $ 589,060 $ 612, % % 21.6% 30.3% $ 653,350 $ 650, % %.9% 6.1% $ 792,429 $ 779,0 8.0% % 21.3% 19.9% $ 942,612 $ 905, % % 19.0% 16.2% $ 1,046,7 $ 1,050, % % 11.0% 16.0% $ 1,119,690 $ 1,148, % % 7.0% 9.3%

12 Palo Alto $ 1,488,740 $ 1,250, % $ 1,515,830 $ 1,340, % % 1.8% 7.2% $ 1,870,640 $ 1,552,0 6.4% % 23.4% 15.8% $ 1,760,925 $ 1,550, % % -5.9% -0.1% $ 1,516,480 $ 1,334, % % -13.9% -13.9% $ 1,557,004 $ 1,385, % % 2.7% 3.8% $ 1,722,006 $ 1,431, % %.6% 3.4% $ 2,009,780 $ 1,727, % % 16.7% 20.7% $ 2,362,424 $ 2,0, % % 17.5% 21.6% $ 2,705,599 $ 2,4, % % 14.5% 14.8% $ 3,137,741 $ 2,699, % % 16.0% 12.0% $ 2,941,7 $ 2,540, % % -6.2% -5.9% $ 3,543,770 $ 3,000, % % 20.5% 18.1% Palo Alto Homes- & Sales $4,0 6 $3,0 $2,0 4 2 Palo Alto Condos - & Sales $2, Palo Alto $ 651,944 $ 6, % $ 745,148 $ 675, % % 14.3%.7% $ 816,744 $ 760, % % 9.6% 12.5% $ 865,040 $ 801, % % 5.9% 5.4% $ 768,583 $ 675, % % -11.2% -15.7% $ 778,745 $ 717, % % 1.3% 6.3% $ 776,807 $ 760, % % -0.2% 5.9% $ 916,456 $ 890, % % 18.0% 17.1% $ 1,011,236 $ 947, % %.3% 6.5% $ 1,248,082 $ 1,250, % % 23.4% 31.9% $ 1,490,334 $ 1,458, % % 19.4% 16.7% $ 1,502,320 $ 1,505, % % 0.8% 3.2% $ 1,571,420 $ 1,5, % % 4.6% 0.3%

13 San Jose ,119 $ 754,902 $ 690, % ,525 $ 787,913 $ 715, % % 4.4% 3.6% ,451 $ 823,847 $ 741, % % 4.6% 3.6% ,083 $ 628,855 $ 560, % % -23.7% -24.4% ,046 $ 506,205 $ 450, % % -19.5% -19.6% 20 6,333 $ 564,663 $ 5, % % 11.5% 13.3% ,182 $ 545,463 $ 482, % % -3.4% -5.5% ,488 $ 603,981 $ 543, % %.7% 12.9% ,990 $ 755,144 $ 693, % % 25.0% 27.4% ,583 $ 842,228 $ 755, % % 11.5% 8.9% ,797 $ 926,699 $ 835, % %.0%.6% ,355 $ 984,837 $ 890, % % 6.3% 6.6% ,386 $ 1,2,8 $ 1,000, % % 12.0% 12.4% San Jose Homes - & Sales 9,000 7,000 5,000 3,000 1,000 San Jose Condos - & Sales 3,500 3,000 2,500 2,000 1,500 1,000 San Jose ,386 $ 474,888 $ 450, % ,991 $ 489,898 $ 469, % % 3.2% 4.4% ,002 $ 502,739 $ 485, % % 2.6% 3.2% ,651 $ 380,592 $ 355, % % -24.3% -26.8% ,416 $ 288,316 $ 250, % % -24.2% -29.6% 20 2,371 $ 3,780 $ 280, % % 7.8% 12.0% ,635 $ 283,329 $ 250, % % -8.8% -.7% ,592 $ 329,448 $ 300, % % 16.3% 20.0% ,639 $ 441,193 $ 420, % % 33.9% 40.0% ,636 $ 485,523 $ 460, % %.0% 9.5% ,557 $ 557,151 $ 530, % % 14.8% 15.2% ,436 $ 596,473 $ 575, % % 7.1% 8.5% ,434 $ 662,744 $ 635, % % 11.1%.4%

14 Santa Clara $ 722,136 $ 705, % $ 743,526 $ 717, % % 3.0% 1.8% $ 782,209 $ 749, % % 5.2% 4.4% $ 693,892 $ 650, % % -11.3% -13.3% $ 600,789 $ 580, % % -13.4% -.8% $ 606,094 $ 580, % % 0.9% 0.0% $ 599,678 $ 577, % % -1.1% -0.4% $ 652,138 $ 626, % % 8.7% 8.4% $ 777,646 $ 739, % % 19.2% 18.1% $ 893,559 $ 847, % % 14.9% 14.5% $ 1,019,237 $ 975, % % 14.1% 15.1% $ 1,129,290 $ 1,075, % %.8%.3% $ 1,302,930 $ 1,260, % % 15.4% 17.2% Santa Clara Homes - & Sales Santa Clara Condos - & Sales $ Santa Clara $ 493,451 $ 484, % $ 490,678 $ 455, % % -0.6% -6.2% $ 507,832 $ 478, % % 3.5% 5.1% $ 482,239 $ 435, % % -5.0% -9.0% $ 411,531 $ 380, % % -14.7% -12.6% $ 395,894 $ 370, % % -3.8% -2.6% $ 353,418 $ 315, % % -.7% -14.9% $ 405,272 $ 375, % % 14.7% 19.0% $ 498,896 $ 472, % % 23.1% 26.0% $ 565,675 $ 538, % % 13.4% 13.9% $ 676,496 $ 650, % 17.2% 19.6% 20.8% $ 721,081 $ 695, % % 6.6% 6.9% $ 809,360 $ 768, % % 12.2%.5%

15 Saratoga $ 1,692,050 $ 1,505, % $ 1,707,970 $ 1,550, % % 0.9% 3.0% $ 1,852,780 $ 1,650, % % 8.5% 6.5% $ 1,803,537 $ 1,650, % % -2.7% 0.0% $ 1,557,682 $ 1,400, % % -13.6% -15.2% $ 1,646,386 $ 1,501, % % 5.7% 7.3% $ 1,634,822 $ 1,480, % % -0.7% -1.4% $ 1,770,940 $ 1,639, % % 8.3%.7% $ 1,984,635 $ 1,821, % % 12.1% 11.1% $ 2,233,380 $ 2,017, % % 12.5%.8% $ 2,447,895 $ 2,300, % % 9.6% 14.0% $ 2,500,330 $ 2,351, % % 2.1% 2.2% $ 2,678,360 $ 2,500, % % 7.1% 6.3% Saratoga Homes - & Sales $3,0 400 $2, Saratoga Condos - & Sales Saratoga $ 707,714 $ 630, % $ 713,671 $ 650, % % 0.8% 3.2% $ 788,208 $ 644, % %.4% -0.9% $ 742,982 $ 647, % % -5.7% 0.5% $ 573,513 $ 572, % % -22.8% -11.7% $ 640,895 $ 612, % % 11.7% 7.1% $ 684,499 $ 660, % % 6.8% 7.8% $ 723,646 $ 625, % % 5.7% -5.2% $ 774,969 $ 685, % % 7.1% 9.5% $ 820,0 $ 768, % % 5.8% 12.1% $ 1,073,496 $ 1,050, % % 30.9% 36.7% $ 1,021,720 $ 925, % % -4.8% -11.9% $ 1,247,540 $ 1,160, % % 22.1% 25.4%

16 Sunnyvale Homes - & Sales $2, Santa Clara County Annual Real Estate Report Sunnyvale $ 796,356 $ 775, % $ 863,662 $ 836, % % 8.5% 7.9% $ 917,962 $ 905, % % 6.3% 8.2% $ 845,184 $ 865, % % -7.9% -4.4% $ 714,442 $ 749, % % -15.5% -13.4% $ 760,772 $ 799, % % 6.5% 6.6% $ 755,620 $ 785, % % -0.7% -1.8% $ 838,456 $ 865, % % 11.0%.2% $ 1,006,317 $ 1,022, % % 20.0% 18.2% $ 1,176,188 $ 1,218, % % 16.9% 19.1% $ 1,374,763 $ 1,400, % % 16.9% 14.9% $ 1,455,870 $ 1,480, % % 5.9% 5.7% $ 1,713,6 $ 1,735, % % 17.7% 17.2% Sunnyvale Condos- & Sales Sunnyvale $ 557,733 $ 545, % $ 563,705 $ 555, % % 1.1% 1.8% $ 579,496 $ 573, % % 2.8% 3.4% $ 545,636 $ 550, % % -5.8% -4.2% $ 486,484 $ 495, % % -.8% -.0% $ 477,628 $ 475, % % -1.8% -4.0% $ 447,885 $ 457, % % -6.2% -3.7% $ 506,403 $ 518, % % 13.1% 13.2% $ 631,692 $ 640, % % 24.7% 23.6% $ 714,757 $ 745, % % 13.1% 16.4% $ 859,280 $ 860, % % 20.2% 15.4% $ 905,182 $ 9, % % 5.3% 5.8% $ 1,067,220 $ 1,086, % 2.6% 17.9% 19.4%