Second Quarter - 2013Market Report

Executive SummaryThe housing market continues to grow in Rhode Island and across the United States. Across the state, specifically in Providence, Bristol, Newport and Kent counties, inventory is declining while pending sales (commitments to purchase a home at a specified price and terms, typically closing within 60 to 90 days) are up compared to the same period last year.

This increased demand for housing has shortened the time it takes for a property to sell. At a statewide level, and in the majority of individual counties, Rhode Island is experiencing a decline in the average days on market (DOM) for a new listing. The most dramatic declines for DOM occurred in Bristol in Providence counties, compared to Q2 2012.

Additionally, the median sales price has increased statewide, with an increase of 10% over Q2 2012. Newport and Kent counties experienced the most dramatic rise in median price with 23% and 13% increases respectively over the same time period last year.

In the luxury market, properties priced at $1,000,000 or higher, the median sales price has increased statewide, with an increase of 12% over Q2 2012. However, this improvement has been buffered by a 17% increase in available properties statewide, accompanied by a 19% decline in pending sales for the same time period.

Rhode Island Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 2,457 2,129 15% 796 727 9% AVERAGE SALE PRICE $270,417 $252,412 7% $318,958 $305,338 4% MEDIAN SALE PRICE $209,500 $191,000 10% $253,900 $232,900 9%

AVERAGE DOM 97 106 -8% 114 124 -8% % SALE TO LIST PRICE 94.9% 92.9% 2% 94.2% 92.6% 2%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 10,963 1,485 7 9,008 1,801 5 $250,000 - $500,000 6,903 722 10 6,506 1,057 6 $500,000 - $750,000 1,773 129 14 1,718 159 11 $750,000 - $1,000,000 779 49 16 825 51 16 $1,000,000 - $2,000,000 722 34 21 852 31 27 $2,000,000 - $5,000,000 413 12 34 504 10 50 $5,000,000 and up 101 5 20 89 0 N/A Market Total 21,654 2,436 9 19,502 3,109 6

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $333,424 $389,114 $414,966 $422,796 $434,410 $379,631 $309,118 $329,368 $326,435 $333,754

Days on Market 62 65 75 89 98 104 108 101 109 108

% Sale Price to

List Price 96 96.1 95.8 95.8 93.9 93.4 92.7 92.4 92.1 92.7

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Newport County Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 232 183 27% 345 300 15% AVERAGE SALE PRICE $466,109 $414,020 13% $450,751 $426,519 6% MEDIAN SALE PRICE $367,500 $300,000 23% $335,000 $294,000 14%

AVERAGE DOM 154 165 -7% 162 187 -13% % SALE TO LIST PRICE 92.9% 92.3% 1% 91.4% 91.6% 0%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 651 61 11 487 70 7 $250,000 - $500,000 903 87 10 843 124 7 $500,000 - $750,000 371 25 15 430 36 12 $750,000 - $1,000,000 185 12 15 279 18 16 $1,000,000 - $2,000,000 232 13 18 240 6 40 $2,000,000 - $5,000,000 178 4 45 254 5 51 $5,000,000 and up 53 3 18 53 0 N/A Market Total 2,573 205 13 2,586 259 10

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $444,350 $525,471 $562,745 $591,833 $662,348 $565,318 $448,523 $489,019 $508,967 $540,348

Days on Market 86 89 96 106 119 123 130 129 150 151

% Sale Price to

List Price 93.6 94.3 94.3 93.7 93.6 91.7 89.3 91.3 90.9 92.3

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Washington County Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 399 361 11% 637 620 3% AVERAGE SALE PRICE $371,300 $360,330 3% $365,929 $376,924 -3% MEDIAN SALE PRICE $290,000 $292,500 -1% $285,000 $290,00 -2%

AVERAGE DOM 123 128 -4% 129 133 -3% % SALE TO LIST PRICE 93.5% 90.2% 4% 93.9% 90.7% 4%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 1,234 149 8 1,049 160 7 $250,000 - $500,000 2,038 195 10 1,884 241 8 $500,000 - $750,000 528 32 17 501 36 14 $750,000 - $1,000,000 287 11 26 249 13 19 $1,000,000 - $2,000,000 293 11 27 380 15 25 $2,000,000 - $5,000,000 160 4 40 175 3 58 $5,000,000 and up 42 2 21 34 0 N/A Market Total 4,582 404 11 4,272 227 19

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price

$364,420 $414,162 $459,224 $473,068 $451,686 $436,509 $351,124 $383,789 $377,122 $415,679

Days on Market 68 68 80 97 107 111 112 112 113 117

% Sale Price to

List Price 95.9 95.9 95.2 98.1 89.6 92.6 92.4 92.0 91.9 92.0

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Providence County Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 1,149 966 19% 1,895 1,674 13% AVERAGE SALE PRICE $210,098 $195,597 7% $198,276 $184,279 8% MEDIAN SALE PRICE $175,000 $159,900 9% $165,500 $153,000 8%

AVERAGE DOM 85 95 -11% 87 94 -7% % SALE TO LIST PRICE 96.1% 94.5% 2% 95.5% 94.3% 1%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 5,903 806 7 4,903 1,043 5 $250,000 - $500,000 2,077 207 10 1,851 371 5 $500,000 - $750,000 372 23 16 336 32 11 $750,000 - $1,000,000 118 7 17 107 7 15 $1,000,000 - $2,000,000 72 7 10 68 3 23 $2,000,000 - $5,000,000 10 1 10 18 1 18 $5,000,000 and up 3 0 N/A 0 0 N/A Market Total 8,555 1,051 8 7,283 1,425 5

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $233,254 $276,027 $295,505 $296,675 $283,043 $237,389 $182,516 $210,629 $194,388 $192,094

Days on Market 47 50 59 74 81 89 90 80 91 92

% Sale Price to

List Price 97.5 97.2 97.1 96.5 95.6 94.6 94.3 94.7 94.5 94.4

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Bristol County Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 136 139 -2% 205 203 1% AVERAGE SALE PRICE $365,528 $359,745 2% $365,101 $350,965 4% MEDIAN SALE PRICE $297,000 $295,000 1% $310,000 $275,000 13%

AVERAGE DOM 92 110 -16% 104 115 -10% % SALE TO LIST PRICE 95.3% 91.8% 4% 94.8% 91.4% 4%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 547 88 6 405 87 5 $250,000 - $500,000 936 112 8 915 160 6 $500,000 - $750,000 295 27 11 258 29 9 $750,000 - $1,000,000 100 10 10 104 9 12 $1,000,000 - $2,000,000 84 3 28 117 4 29 $2,000,000 - $5,000,000 55 3 18 44 1 44 $5,000,000 and up 3 0 N/A 2 0 N/A Market Total 2,020 243 8 1,845 290 6

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $384,574 $445,163 $465,290 $452,418 $486,501 $418,182 $362,096 $350,232 $352,537 $325,240

Days on Market 63 70 88 96 106 110 121 105 108 104

% Sale Price to

List Price 95.4 95.5 95 94.7 94.6 93.7 92.7 89.3 88.8 89.8

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Kent County Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 539 479 13% 895 839 7% AVERAGE SALE PRICE $216,590 $192,765 12% $214,734 $188,001 14% MEDIAN SALE PRICE $172,500 $152,500 13% $174,000 $152,500 14%

AVERAGE DOM 80 87 -8% 88 91 -3% % SALE TO LIST PRICE 96% 95% 1% 95.6% 94.8% 1%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 2,625 381 7 2,134 449 5 $250,000 - $500,000 973 121 8 990 161 6 $500,000 - $750,000 207 22 10 196 27 7 $750,000 - $1,000,000 89 9 10 86 4 22 $1,000,000 - $2,000,000 41 0 N/A 47 3 16 $2,000,000 - $5,000,000 10 0 N/A 13 0 N/A $5,000,000 and up 0 0 N/A 0 0 N/A Market Total 3,945 533 7 3,466 644 5

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price

$240,522 $284,748 $292,064 $299,988 $288,473 $240,757 $201,329 $213,170 $199,162 $195,407

Days on Market 46 49 54 70 76 85 85 77 85 78

% Sale Price to

List Price 97.6 97.6 97.6 96.3 96.2 94.8 95.0 94.9 94.4 95.2

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Newport Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 57 50 12% 76 83 8% AVERAGE SALE PRICE $537,972 $562,501 -4% $512,741 $530,495 3% MEDIAN SALE PRICE $398,000 $345,100 15% $399,000 $349,000 -14%

AVERAGE DOM 181 53 242% 118 126 6% % SALE TO LIST PRICE 93.3% 91.7% 1.7% 92.3% 92.1% -0.2%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 42 7 6 53 7 8 $250,000 - $500,000 176 28 6 154 33 5 $500,000 - $750,000 72 9 8 85 10 9 $750,000 - $1,000,000 35 3 12 58 5 12 $1,000,000 - $2,000,000 64 6 11 56 2 28 $2,000,000 - $5,000,000 49 3 16 54 1 54 $5,000,000 and up 17 3 6 22 0 N/A Market Total 455 59 8 482 58 8

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $487,683 $702,122 $716,878 $703,720 $724090 $648,709 $566,218 $658,372 $570,117 $835,059

Days on Market 96 105 101 123 113 143 143 133 160 162

% Sale Price to

List Price 92.4 93.0 92.6 93.8 92.9 90.2 84.7 88.9 91.0 94.5

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Narragansett Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 52 67 -29% 88 110 -25% AVERAGE SALE PRICE $611,000 $515,000 16% $533,500 $468,167 12% MEDIAN SALE PRICE $334,000 $371,000 -11% $351,333 $380,000 -8%

AVERAGE DOM 159 144 9% 155 142 8% % SALE TO LIST PRICE 91.4% 84.2% 8% 91.5% 86.5% 5%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 58 5 12 51 11 5 $250,000 - $500,000 273 35 8 284 44 6 $500,000 - $750,000 133 8 17 93 7 13 $750,000 - $1,000,000 54 1 54 52 3 17 $1,000,000 - $2,000,000 46 3 15 61 4 15 $2,000,000 - $5,000,000 58 2 29 49 2 25 $5,000,000 and up 5 1 5 3 0 N/A Market Total 627 55 11 593 71 8

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $450,507 $504,075 $578,643 $574,506 $491,788 $533,271 $391,910 $533,508 $477,349 $529,761

Days on Market 82 71 79 114 123 125 124 135 139 141

% Sale Price to

List Price 93.5 95.4 95.4 92.2 93.1 91.3 92.3 92.2 91.0 88.2

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

East Side of Providence Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 66 60 10% 88 79 11% AVERAGE SALE PRICE $556,667 $519,000 7% $516,667 $511,000 1% MEDIAN SALE PRICE $417,000 $447,000 -7% $458,667 $448,500 2%

AVERAGE DOM 99 105 -6% 101 117 -14% % SALE TO LIST PRICE 96.9% 93.2% 4% 95.5% 93.3% 2%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 69 4 17 31 6 5 $250,000 - $500,000 137 32 4 99 33 3 $500,000 - $750,000 92 14 7 73 17 4 $750,000 - $1,000,000 57 6 10 38 7 5 $1,000,000 - $2,000,000 44 5 9 38 2 19 $2,000,000 - $5,000,000 7 1 7 7 1 7 $5,000,000 and up 3 0 N/A 0 0 N/A Market Total 409 62 7 286 66 4

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $453,980 $540,210 $578,834 $600,197 $575,976 $592,702 $506,981 $507,147 $480,436 $521,866

Days on Market 63 57 64 70 67 83 82 79 85 102

% Sale Price to

List Price 95.9 94.4 95.6 95.3 94.5 95.5 93.5 94.5 94.1 93.4

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Jamestown Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 29 15 93% 38 27 41% AVERAGE SALE PRICE $674,089 $505,400 33% $742,860 $524,922 42% MEDIAN SALE PRICE $499,333 $477,333 5% $525,167 $464,667 13%

AVERAGE DOM 157 185 -15% 157 220 -29% % SALE TO LIST PRICE 92.5% 94% -2% 92.5% 91.5% 1%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 6 1 6 2 1 2 $250,000 - $500,000 82 8 10 79 14 6 $500,000 - $750,000 49 2 25 46 5 9 $750,000 - $1,000,000 38 3 13 39 5 8 $1,000,000 - $2,000,000 26 0 N/A 20 2 10 $2,000,000 - $5,000,000 45 0 N/A 67 1 67 $5,000,000 and up 12 0 N/A 13 0 N/A Market Total 258 14 18 266 28 10

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $547,260 $600,400 $844,450 $820,028 $1,051,125 $1,114,325 $863,452 $751,075 $733,908 $669,222

Days on Market 74 110 109 126 140 125 159 148 196 197

% Sale Price to

List Price 93.4 94.0 94.0 92.9 92.8 94.2 91.9 92.0 91.3 91.8

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Westerly Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 56 60 -7% 93 100 -7% AVERAGE SALE PRICE $469,570 $382,098 23% $400,609 $486,144 -18% MEDIAN SALE PRICE $290,333 $284,000 2% $254,667 $299,333 -15%

AVERAGE DOM 130 144 -10% 133 143 -7% % SALE TO LIST PRICE 92.1% 90.9% 1% 90.4% 89.5% 1%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 215 27 8 167 25 7 $250,000 - $500,000 436 32 14 341 30 11 $500,000 - $750,000 74 4 19 110 8 14 $750,000 - $1,000,000 77 4 19 44 2 22 $1,000,000 - $2,000,000 77 2 39 80 4 20 $2,000,000 - $5,000,000 50 1 50 51 0 N/A $5,000,000 and up 28 1 28 27 0 N/A Market Total 957 71 13 820 69 12

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $361,890 $422,991 $480,102 $580,597 $543,149 $511,132 $422,925 $391,002 $468,075 $584,259

Days on Market 61 69 93 109 124 128 134 124 120 147

% Sale Price to

List Price 94.7 93.7 93.1 92.3 91.4 91.9 89.1 88.7 88.8 91.4

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Block Island Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 3 4 33% 5 7 -40% AVERAGE SALE PRICE $755,000 $1,522,000 -102% $918,000 $1,609,000 -75% MEDIAN SALE PRICE $509,333 $1,107,667 -117% $642,167 $1,052,500 -64%

AVERAGE DOM 441 331 33% 509 270 89% % SALE TO LIST PRICE 88.3% 81.3% 8% 87% 83.3% 4%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$0 - $250,000 0 0 N/A 0 0 N/A $250,000 - $500,000 0 0 N/A 0 0 N/A $500,000 - $750,000 6 0 N/A 8 1 8 $750,000 - $1,000,000 24 0 N/A 35 2 18 $1,000,000 - $2,000,000 65 2 33 121 1 121 $2,000,000 - $5,000,000 13 1 13 29 1 29 $5,000,000 and up 3 0 N/A 1 0 N/A Market Total 111 3 37 194 5 39

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average

Sale Price $453,980 $540,210 $578,834 $600,197 $575,976 $592,702 $506,981 $507,147 $480,436 $521,866

Days on Market 63 57 64 70 67 83 82 79 85 102

% Sale Price to

List Price 95.9 94.4 95.6 95.3 94.5 95.5 93.5 94.5 94.1 93.4

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2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Median Sale Price

# Of Homes Sold

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).

Rhode Island Luxury Single-Family Homes – Q2 2012 v Q2 2013

OVERVIEW Q2 2013 Q2 2012 % CHANGE YTD 2013 YTD 2012 % CHANGE

HOMES SOLD 44 39 13% 62 66 -6% AVERAGE SALE PRICE $1,672,989 $1,570,756 7% $1,749,686 $1,678,962 4% MEDIAN SALE PRICE $1,425,000 $1,270,000 12% $1,425,000 $1,300,000 10%

AVERAGE DOM 224 268 -16% 220 236 -7% % SALE TO LIST PRICE 90.2% 81.6% 11% 88.7% 83.4% 6%

SUPPLY/DEMAND SNAPSHOT Q2 2012 Q2 2013

SUPPLY DEMAND RATIO* SUPPLY DEMAND RATIO*

PRICE RANGE Active Listings Pending

Listings Active Listings

Pending Listings

$1,000,000 - $2,000,000 722 34 21 857 31 28 $2,000,000 - $5,000,000 413 12 34 500 10 50 $5,000,000 and up 101 5 20 89 0 N/A Market Total 1,236 51 24 1,446 41 35

*Supply Demand Ratio Key 1-7: High Demand 8-14: Balanced 15-21: Low Demand 22+: Very Low Demand

Ten Year Market History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Av. Sale

Price $1,670,091 $1,790,002 $1,751,252 $1,842,918 $2,014,631 $1,963,550 $1,868,310 $1,865,684 $2,095,917 $2,164,867

Days on Market 148 162 142 156 151 145 175 170 184 191

% Sale Price to

List Price 88.8 90.1 90.4 90.1 91.5 90.1 84.8 80.0 79.9 83.7

This representation is based in whole or in part on data supplied by the State-Wide Multiple Listing Service. The MLS does not guarantee and is not in any way responsible for its accuracy. Data maintained by the MLS may not reflect all real estate activity in the market. Based on information from Statewide Multiple Listing Service, Inc. for the period of (4/1/13) through (6/30/13).