MARKET ACTION REPORT

October 2012

City: Rancho Santa Fe Coldwell Banker Residential Brokerage

Price Range: ALL | Properties: Single Family Home, Townhome, Condo

Based on information from SANDICOR, Inc. for the period 11/1/2009 through 10/31/2012. Due to MLS reporting methods and allowable reporting policy, this data isonly informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintainedby the MLS's may not reflect all real estate activity in the market.

Trending Versus*: Trending Versus*:Market Profile & Trends Overview Month LM L3M PYM LY YTD PriorYTD PriorYear

Median List Price of all Current Listings $3,235,000 5% � 25% � � � �Average List Price of all Current Listings $4,269,163 1% � 24% � � � �October Median Sales Price $2,200,000 11% 2% 5% 19% $2,125,000 15% 15%October Average Sales Price $2,621,029 32% 2% 21% 21% $2,381,870 12% 10%Total Properties Currently for Sale (Inventory) 214 -2% � -28% � � � �October Number of Properties Sold 17 -6% � 31% � 216 15% �October Average Days on Market (Solds) 207 21% 51% 80% 31% 145 -7% -8%Asking Price per Square Foot (based on New Listings) $552 9% -11% 23% 2% $559 3% 3%October Sold Price per Square Foot $433 -5% -4% -16% 5% $427 2% 3%October Month's Supply of Inventory 12.6 4% 21% -45% -26% 11.6 -31% -32%October Sale Price vs List Price Ratio 90.1% -1.6% 0% 0% 91.2% 1.5% 1.3%

* LM=Last Month / L3M=Last 3 Months / PYM=Same Month Prior Year / LY=Last Year / YTD = Year-to-date

Property Sales October Property sales were 17, up 30.8% from 13 in October of 2011 and -5.6% lower than the 18 sales last month. October 2012 sales wereat a mid level compared to October of 2011 and 2010. October YTD sales of 216 are running 14.9% ahead of last year's year-to-date sales of188.

Prices The Median Sales Price in October was $2,200,000, up 4.8% from $2,100,000 in October of 2011 and up 11.4% from $1,975,000 last month. The Average Sales Price in October was $2,621,029, up 21.4% from $2,159,195 in October of 2011 and up 32.2% from $1,983,333 last month.October 2012 ASP was at highest level compared to October of 2011 and 2010.

MARKET ACTION REPORT

October 2012

City: Rancho Santa Fe Coldwell Banker Residential Brokerage

Price Range: ALL | Properties: Single Family Home, Townhome, Condo

Based on information from SANDICOR, Inc. for the period 11/1/2009 through 10/31/2012. Due to MLS reporting methods and allowable reporting policy, this data isonly informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintainedby the MLS's may not reflect all real estate activity in the market.

Inventory & MSI The Total Inventory of Properties available for sale as of October was 214, down -1.8% from 218 last month and down -28.4% from 299 inOctober of last year. October 2012 Inventory was at the lowest level compared to October of 2011 and 2010. A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The October 2012 MSI of 12.6 months wasat its lowest level compared with October of 2011 and 2010.

Market Time The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOMtends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM forOctober was 207, up 21.1% from 171 days last month and up 80.0% from 115 days in October of last year. The October 2012 DOM was at itshighest level compared with October of 2011 and 2010.

Selling Price per Square Foot The Selling Price per Square Foot is a great indicator for the direction of Property values. Since Median Sales Price and Average Sales pricecan 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 thedirection of Property values. The October 2012 Selling Price per Square Foot of $433 was down -4.8% from $455 last month and down -16.1%from $516 in October of last year.

MARKET ACTION REPORT

October 2012

City: Rancho Santa Fe Coldwell Banker Residential Brokerage

Price Range: ALL | Properties: Single Family Home, Townhome, Condo

Based on information from SANDICOR, Inc. for the period 11/1/2009 through 10/31/2012. Due to MLS reporting methods and allowable reporting policy, this data isonly informational and may not be completely accurate. Therefore, Coldwell Banker Residential Brokerage does not guarantee the data accuracy. Data maintainedby the MLS's may not reflect all real estate activity in the market.

Selling Price vs Listing Price The Selling Price vs Listing Price reveals the average amount that Sellers are agreeing to come down from their list price. The lower the ratiois below 100% the more of a Buyer's market exists, a ratio at or above 100% indicates more of a Seller's market. The October 2012 SellingPrice vs List Price of 90.1% was down from 91.6% last month and down from 90.2% in October of last year.

Inventory / New Listings / Sales 'This last view of the market combines monthly inventory of Properties for sale along with New Listings and Sales. The graph shows the basicannual seasonality of the market as well as the relationship between these items. The number of New Listings in October 2012 was 29, down -34.1% from 44 last month and down -23.7% from 38 in October of last year.