PALO ALTO MARKET TREND

Curnt vs. Prev Month Curnt vs. Prev 6 Months Feb. 12 Jan. 12 % Change Feb. 12 Sep. 11 % Change For Sale 27 31 -12.9%  27 56 -51.8%  Sold 24 20 20%  24 34 -29.4%  Pended 39 21 85.7%  39 32 21.9%

Date 9/11 10/11 11/11 12/11 1/12 2/12 For Sale 56 45 34 19 31 27 New Listing 43 28 29 8 36 42 Sold 34 23 39 20 20 24 Pended 32 29 30 15 21 39 Months of Inventory (Closed Sales) 1.6 2 0.9 1 1.6 1.1 Months of Inventory (Pended Sales) 1.8 1.6 1.1 1.3 1.5 0.7 Absorption Rate (Closed Sales) % 60.7 51.1 114.7 105.3 64.5 88.9 Absorption Rate (Pended Sales) % 57.1 64.4 88.2 78.9 67.7 144.4 Avg. Active Price 2491 2354 2433 3123 2659 2828 Avg. Sold Price 1627 1455 1758 1899 1657 2081 Avg. Sq. Ft. Price 782 787 867 866 863 877 Sold/List Diff. % 102 101 102 101 103 104 Sold/Orig LP Diff. % 101 99 98 99 101 104 Days on Market 28 37 31 30 35 29 Avg CDOM 30 40 35 30 42 39 Median 1378 1400 1390 1476 1507 1945

* All reports are published March 2012, based on data available at the end of February 2012. All reports presented are based on data supplied by Contra Costa, Bay East, MLSListings, San Fransisco MLS, Metrolist and BAREIS MLS. Neither the Associations nor their MLSs guarantee or are in anyway responsible for their accuracy. Data maintained by the Associations or their MLSs may not reflect all real estate activities in the market. Information deemed reliable but not guaranteed.