Monthly Indicators

September 2010 Contents

Closed Sales 2
Median Sales Price 3
Average Sales Price 4
New Listings 5
Pending Sales 6
Days on Market Until Sale 7
Percent of Original List Price Received at Sale 8
Housing Affordability Index 9
Inventory of Homes Available 10
Months Supply of Inventory 11
Market Overview 12
Explanation Page 13

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 1
 Closed Sales
A Monthly Indicator from the Honolulu Board of REALTORS®
A count of the sales that have closed in a given month.

September Year to Date 2008 2009 2010

2008 2009 2010
3,312
354 2,937
317
298 2,420
274 2,251
253 2,134
213 1,869

+ 18.8% + 8.3% + 11.7% - 15.8% - 12.4% + 20.4% - 26.9% + 21.4%

Single-Family Condo Single-Family Condo

Historical Closed Sales

1,800

Single-Family
1,600
Condo
1,400

1,200

1,000

800

600

400

200

Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 2
 Median Sales Price
A Monthly Indicator from the Honolulu Board of REALTORS®
Tthe median sales price for all closed sales in a given month, sold properties only.

September Year to Date

2008 2009 2010
2008 2009 2010

$625,000
$611,450 $605,000 $622,450 $575,000
$599,000

$335,000 $327,500
$300,000 $309,500 $305,000 $305,000

- 1.1% + 2.9% + 3.2% + 8.2% - 8.0% + 4.2% - 6.9% - 0.0%

Single-Family Condo Single-Family Condo

Historical Median Sales Price

$700,000

$625,000 Single-Family Condo

$550,000

$475,000

$400,000

$325,000

$250,000

$175,000

$100,000

Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 3
Average Sales Price
A Monthly Indicator from the Honolulu Board of REALTORS®
Tthe average sales price for all closed sales in a given month, sold properties only.

September Year to Date

2008 2009 2010
2008 2009 2010

$840,138 $790,739
$786,441
$752,651 $718,571
$685,881

$403,104 $386,357
$353,184 $358,856 $347,886 $355,872

- 4.3% + 11.6% + 1.6% + 12.3% - 13.3% + 4.8% - 10.0% + 2.3%

Single-Family Condo Single-Family Condo

Historical Average Sales Price

$950,000

$875,000 Single-Family Condo

$800,000

$725,000

$650,000

$575,000

$500,000

$425,000

$350,000

$275,000

$200,000

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 4
 New Listings
A Monthly Indicator from the Honolulu Board of REALTORS®
A count of the properties that have been newly listed on the market in a given month, regardless of what status they're currently in.

September 2008 2009 2010 Year to Date 2008 2009 2010

644 6,897
610
562
524
5,408 5,499
5,157
435
390 4,220
3,965

- 25.6% + 11.5% - 5.3% - 7.9% - 23.1% + 6.4% - 21.6% + 1.7%

Single-Family Condo Single-Family Condo

Historical New Listings

2,250

Single-Family
2,000
Condo
1,750

1,500

1,250

1,000

750

500

250

Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 5
 Pending Sales
A Monthly Indicator from the Honolulu Board of REALTORS®
A count of the properties that have offers accepted on them in a given month, regardless of whether or not the sale closes.

September Year to Date 2008 2009 2010

2008 2009 2010

3,272
423 3,134
386 2,836
2,473
315
287 281 2,176 2,162

230

+ 24.8% + 9.8% + 50.5% - 8.7% - 0.6% + 14.4% - 13.3% + 10.5%

Single-Family Condo Single-Family Condo

Historical Pending Sales

1,750

Single-Family
1,500
Condo

1,250

1,000

750

500

250

Jan-97 Jan-98 Jan-99 Jan-00 Jan-01 Jan-02 Jan-03 Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 6
 Days on Market Until Sale
A Monthly Indicator from the Honolulu Board of REALTORS®
The median number of days between when a property is first listed and when it is pended.

September Year to Date

2008 2009 2010 2008 2009 2010

52 53
59 50
54 53
41
44
39 32 33
32

- 8.5% - 40.7% - 17.9% - 11.5% + 4.0% - 38.5% + 29.3% - 37.7%

Single-Family Condo Single-Family Condo

Historical Days on Market Until Sale

100
Single-Family
90
Condo
80

70

60

50

40

30

20

10

Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04 Jan-06 Jan-08 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 7
 Percent of Original List Price Received at Sale
A Monthly Indicator from the Honolulu Board of REALTORS®
The average percentage found when dividing a property's sales price by the original list price, sold properties only.

September Year to Date 2008 2009 2010

2008 2009 2010

95.2% 95.2% 95.5% 94.6% 95.0%

93.1% 94.1% 93.7% 93.5% 92.6% 92.2%
92.6%

- 0.6% + 2.9% - 0.4% + 1.6% - 0.9% + 3.2% - 2.6% + 3.1%

Single-Family Condo Single-Family Condo

Historical Pct. Of Original List Price Received at Sale

100.0%

Single-Family Condo

98.0%

96.0%

94.0%

92.0%

90.0%

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 8
Housing Affordability Index
A Monthly Indicator from the Honolulu Board of REALTORS®
A measure of affordability, the higher the number the more affordable housing is relative to income. Detailed explanation below.

September Year to Date 2008 2009 2010

2008 2009 2010

113 112
101 122
115

93

61 63
52 64 66
51

+ 17.5% + 3.9% + 12.4% - 0.9% + 25.8% + 2.6% + 23.3% + 6.3%

Single-Family Condo Single-Family Condo

The HAI formula measures affordability for the Honolulu market. An HAI of 120 means the median family income is 120% of
Historical Housing Affordability Index the necessary income to qualify for the median priced home using a 20% down, 30-year fixed rate mortgage.

145

Single-Family Condo Current Median Family Income = $79,300

130
Current Interest Rate = 4.76%

115

100

85

70

55

40

25

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 9
 Inventory of Homes Available
A Monthly Indicator from the Honolulu Board of REALTORS®
The number of properties available for sale in active status at the end of the month.

September 2008 2009 2010

2,948

2,389
2,251
2,098
1,711
1,515

- 28.4% - 11.5% - 23.6% - 6.8%

Single-Family Condo

Historical Inventory of Homes Available

3,200

3,000 Single-Family Condo

2,800

2,600

2,400

2,200

2,000

1,800

1,600

1,400

1,200

1,000

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 10
Months Supply of Inventory
A Monthly Indicator from the Honolulu Board of REALTORS®
Compares the number of active listings available to the average monthly pending sales for the last twelve months.

September 2008 2009 2010

10.1

8.6 8.6
7.9

6.3 6.5

- 15.0% - 26.9% + 8.8% - 24.5%

Single-Family Condo

Historical Months Supply of Inventory

12

Single-Family Condo

10

Jan-04 Jan-05 Jan-06 Jan-07 Jan-08 Jan-09 Jan-10

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 11
Market Overview
A Monthly Indicator from the Honolulu Board of REALTORS®

Single-Family Condo
Percent Percent
Current Year Prior Year Current Year Prior Year
Change Change
New Listings Jul 2010 487 446 + 9.2% 645 586 + 10.1%
Aug 2010 452 384 + 17.7% 631 565 + 11.7%
Sep 2010 435 390 + 11.5% 562 610 - 7.9%
Pending Sales Jul 2010 267 286 - 6.6% 337 359 - 6.1%
Aug 2010 300 249 + 20.5% 335 363 - 7.7%
Sep 2010 315 287 + 9.8% 386 423 - 8.7%
Closed Sales Jul 2010 269 266 + 1.1% 326 343 - 5.0%
Aug 2010 229 239 - 4.2% 293 348 - 15.8%
Sep 2010 274 253 + 8.3% 298 354 - 15.8%
Days on Market Until Sale Jul 2010 39 45 - 13.3% 37 56 - 34.8%
Aug 2010 33 49 - 32.7% 33 53 - 37.1%
Sep 2010 32 54 - 40.7% 39 44 - 11.5%
Median Sales Price Jul 2010 $604,500 $595,000 + 1.6% $300,000 $307,250 - 2.4%
Aug 2010 $640,000 $560,000 + 14.3% $305,000 $290,000 + 5.2%
Sep 2010 $622,450 $605,000 + 2.9% $335,000 $309,500 + 8.2%
Average Sales Price Jul 2010 $730,763 $664,867 + 9.9% $359,783 $357,619 + 0.6%
Aug 2010 $797,441 $688,125 + 15.9% $351,699 $342,844 + 2.6%
Sep 2010 $840,138 $752,651 + 11.6% $403,104 $358,856 + 12.3%
Total Active Listings Available Jul 2010 1,708 1,929 - 11.5% 2,175 2,480 - 12.3%
at Month End Aug 2010 1,635 1,849 - 11.6% 2,211 2,358 - 6.2%
Sep 2010 1,515 1,711 - 11.5% 2,098 2,251 - 6.8%
Percent of Original List Price Jul 2010 95.8% 93.5% + 2.5% 95.0% 92.9% + 2.3%
Aug 2010 94.8% 93.6% + 1.3% 94.6% 92.3% + 2.4%
Sep 2010 95.2% 92.6% + 2.9% 95.2% 93.7% + 1.6%
Housing Affordability Index Jul 2010 64 60 + 6.8% 122 110 + 10.3%
Aug 2010 62 65 - 5.2% 122 119 + 2.4%
Sep 2010 63 61 + 3.9% 112 113 - 0.9%
Months Supply of Inventory Jul 2010 6.5 9.6 - 32.4% 6.2 9.3 - 33.4%
Aug 2010 6.7 9.1 - 26.8% 6.3 9.1 - 30.5%
Sep 2010 6.3 8.6 - 26.9% 6.5 8.6 - 24.5%

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 12
 Explanation of Methodology
From the Honolulu Board of REALTORS®

A count of the properties that have been newly listed on the market in a given month, regardless of what status
New Listings
they're currently in.

A count of the properties that have offers accepted on them in a given month, regardless of whether or not the
Pending Sales
sale closes.

Closed Sales A count of the properties that have closed in a given month.

Days on Market Until Sale The average number of days between when a property is first listed and when it is pended.

Median Sales Price The median sales price for all closed sales in a given month, sold properties only.

Average Sales Price The average sales price for all closed sales in a given month, sold properties only.

Total Active Listings Available At

The number of properties available for sale in active status at the end of the month.
Month End

Percent of Original List Price The average percentage found when dividing a property's sales price by the original list price, sold properties
Received At Sale only.

Measures affordability in the Honolulu region. An index of 120 would mean that the median family income in the
Housing Affordability Index
region is 120% of what's necessary to qualify for the median priced home.

Months Supply of Inventory Compares the number of active listings available to the average monthly pending sales for the last twelve months.

All data from the HiCentral MLS, Ltd. Powered by 10K Research and Marketing. 13