Market Dynamics

Prepared For

EBRP 2/2012 vs 2/2013, East Baton Rouge NEW HOMES

William Cobb Accurate Valuations Group

Clarus MarketMetrics
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03/26/2013

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William Cobb

Accurate Valuations Group

Median Sold Price by Month

Feb-12 vs. Feb-13: The median sold price is up 5%

Feb-12 vs. Feb-13

Feb-12 217,300
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price:

Feb-13 227,500
All Construction Type:

Change 10,200
New Bedrooms: All

% +5%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

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03/26/2013

2 of 21

William Cobb

Accurate Valuations Group

Median Sold Price by Month

Feb-12 vs. Feb-13: The median sold price is up 5%

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

Median Price 227,500 225,900 230,445 214,000 212,937 233,374 223,750 216,800 219,600 204,450 205,000 237,000 217,300

# Units 40 51 39 51 55 47 56 54 51 50 38 30 29

Average DOM 169 108 112 109 119 152 110 115 115 109 161 126 137

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Feb-12 vs. Feb-13: The median price of for sale properties is up 0% and the median price of sold properties is up 5%

Feb-12 vs. Feb-13

Feb-12 224,900
MLS: GBRAR Property Types: County:

Feb-12 vs. Feb-13

% +0%
All Construction Type: New Bedrooms:

Feb-13 225,900
Period: 1 year (monthly)

Change 1,000
Price:

Feb-12 217,300
All

Feb-13 227,500
Bathrooms: All

Change 10,200
Lot Size: All Sq Ft: All

% +5%

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

Median For Sale vs. Median Sold

Feb-12 vs. Feb-13: The median price of for sale properties is up 0% and the median price of sold properties is up 5%
For Sale Median 225,900 224,900 235,450 229,950 235,000 235,000 234,300 230,000 220,000 217,200 224,900 225,525 224,900 # Properties For Sale 361 375 354 376 401 362 391 433 434 416 409 422 425 Sold Median 227,500 225,900 230,445 214,000 212,937 233,374 223,750 216,800 219,600 204,450 205,000 237,000 217,300 # Properties Sold 40 51 39 51 55 47 56 54 51 50 38 30 29 Price Difference 1,600 1,000 -5,005 -15,950 -22,063 -1,626 -10,550 -13,200 -400 -12,750 -19,900 11,475 -7,600

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

Sold Properties by Month

Feb-12 vs. Feb-13: The number of Sold properties is up 38%

Feb-12 vs. Feb-13

Feb-12 29
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 40
Construction Type:

Change 11
New Bedrooms: All

% +38%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
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03/26/2013

6 of 21

William Cobb

Accurate Valuations Group

Sold Properties by Month

Feb-12 vs. Feb-13: The number of Sold properties is up 38%

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

# Properties 40 51 39 51 55 47 56 54 51 50 38 30 29

Median Price 227,500 225,900 230,445 214,000 212,937 233,374 223,750 216,800 219,600 204,450 205,000 237,000 217,300

Average DOM 169 108 112 109 119 152 110 115 115 109 161 126 137

Clarus MarketMetrics

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03/26/2013

7 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Feb-12 vs. Feb-13: The number of Under Contract properties is up 17%

Feb-12 vs. Feb-13

Feb-12 46
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 54
Construction Type:

Change 8
New Bedrooms: All

% +17%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
Information not guaranteed. 2013 - 2014 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

03/26/2013

8 of 21

William Cobb

Accurate Valuations Group

Under Contract Properties by Month

Feb-12 vs. Feb-13: The number of Under Contract properties is up 17%

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

# Properties 54 46 43 46 49 39 48 73 50 60 64 56 46

Median Price 214,200 233,900 220,150 228,312 230,900 225,500 214,450 209,900 205,550 203,450 231,900 215,500 218,600

Average DOM 159 173 117 127 117 103 142 96 96 102 102 143 104

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

New Properties by Month

Feb-12 vs. Feb-13: The number of New properties is down 16%

Feb-12 vs. Feb-13

Feb-12 68
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 57
Construction Type:

Change -11
New Bedrooms: All

% -16%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
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03/26/2013

10 of 21

William Cobb

Accurate Valuations Group

New Properties by Month

Feb-12 vs. Feb-13: The number of New properties is down 16%

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

# Properties 57 86 38 48 91 40 58 83 84 79 57 57 68

Median Price 229,900 206,015 310,238 204,750 225,160 214,400 227,785 245,900 232,400 203,900 219,600 219,900 206,950

Clarus MarketMetrics

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03/26/2013

11 of 21

William Cobb

Accurate Valuations Group

For Sale Properties by Month

Feb-12 vs. Feb-13: The number of For Sale properties is down 15%

Feb-12 vs. Feb-13

Feb-12 425
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 361
Construction Type:

Change -64
New Bedrooms: All

% -15%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
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03/26/2013

12 of 21

William Cobb

Accurate Valuations Group

For Sale Properties by Month

Feb-12 vs. Feb-13: The number of For Sale properties is down 15%

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

# Properties 361 375 354 376 401 362 391 433 434 416 409 422 425

Median Price 225,900 224,900 235,450 229,950 235,000 235,000 234,300 230,000 220,000 217,200 224,900 225,525 224,900

Average DOM 216 224 242 230 227 242 234 231 245 246 242 238 228

Clarus MarketMetrics

2 of 2
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03/26/2013

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William Cobb

Accurate Valuations Group

Expired Properties by Month

Feb-12 vs. Feb-13: The number of Expired properties has not changed

Feb-12 vs. Feb-13

Feb-12 14
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 14
Construction Type:

Change 0
New Bedrooms: All

% 0%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
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03/26/2013

14 of 21

William Cobb

Accurate Valuations Group

Expired Properties by Month

Feb-12 vs. Feb-13: The number of Expired properties has not changed

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

# Properties 14 25 22 14 24 13 21 26 35 5 9 14 14

Median Price 231,400 188,900 402,400 274,400 234,900 213,116 209,900 214,565 199,900 359,900 147,900 302,400 188,200

Average DOM 252 271 269 312 369 201 325 496 344 117 115 258 223

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

Supply & Demand by Month

Feb-12 vs. Feb-13: The number of for sale properties is down 15% and the number of sold properties is up 38%

Feb-12 vs. Feb-13

Feb-12 425
MLS: GBRAR Property Types: County:

Feb-12 vs. Feb-13

% -15%
All Construction Type: New Bedrooms:

Feb-13 361
Period: 1 year (monthly)

Change -64
Price:

Feb-12 29
All

Feb-13 40
Bathrooms: All

Change 11
Lot Size: All Sq Ft: All

% +38%

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
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03/26/2013

16 of 21

William Cobb

Accurate Valuations Group

Supply & Demand by Month

Feb-12 vs. Feb-13: The number of for sale properties is down 15% and the number of sold properties is up 38%
# Properties For Sale 361 375 354 376 401 362 391 433 434 416 409 422 425 Average DOM For Sale 216 224 242 230 227 242 234 231 245 246 242 238 228 # Properties Sold 40 51 39 51 55 47 56 54 51 50 38 30 29 Average DOM Sold 169 108 112 109 119 152 110 115 115 109 161 126 137

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Feb-12 vs. Feb-13: The average days on market is up 53%

Feb-12 vs. Feb-13

Feb-12 104
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 159
Construction Type:

Change 55
New Bedrooms: All

% +53%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
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03/26/2013

18 of 21

William Cobb

Accurate Valuations Group

The Average Days on Market by Month

Feb-12 vs. Feb-13: The average days on market is up 53%

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

Average DOM 159 173 117 127 117 103 142 96 96 102 102 143 104

# UC Units 54 46 43 46 49 39 48 73 50 60 64 56 46

Clarus MarketMetrics

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03/26/2013

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William Cobb

Accurate Valuations Group

Months Supply of Inventory

Feb-12 vs. Feb-13: The average months supply of inventory is down 32%

Feb-12 vs. Feb-13

Feb-12 7.9
MLS: GBRAR Property Types: County: Period: 1 year (monthly) Price: All

Feb-13 5.4
Construction Type:

Change -2.5
New Bedrooms: All

% -32%
Bathrooms: All Lot Size: All Sq Ft: All

Residential: (Detached Single Family, Residential Attached, Manufactured/Mobile, Preconstruction DSF, Preconstruction ASF) East Baton Rouge

Clarus MarketMetrics

1 of 2
Information not guaranteed. 2013 - 2014 Terradatum and its suppliers and licensors (www.terradatum.com/about/licensors.td).

03/26/2013

20 of 21

William Cobb

Accurate Valuations Group

Months Supply of Inventory

Feb-12 vs. Feb-13: The average months supply of inventory is down 32%
# Units For Sale Last Day of Month 293 304 289 316 328 310 322 334 350 351 337 352 365 # UC Units During Month 54 46 43 46 49 39 48 73 50 60 64 56 46 UC Average DOM 159 173 117 127 117 103 142 96 96 102 102 143 104

Time Period Feb-13 Jan-13 Dec-12 Nov-12 Oct-12 Sep-12 Aug-12 Jul-12 Jun-12 May-12 Apr-12 Mar-12 Feb-12

MSI 5.4 6.6 6.7 6.9 6.7 7.9 6.7 4.6 7.0 5.8 5.3 6.3 7.9

Clarus MarketMetrics

2 of 2
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03/26/2013

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