Marin Sales Meeting, August 24, 2021 Selected Angles on the Market
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Marin Sales Meeting, August 24, 2021
Selected Angles on the Market
Presented by Patrick Carlisle
Compass Chief Market Analyst, Bay Area
1989 2021: agent, sales manager, designated broker, director of training, VP of
business development, chief market analyst Pacific Union, Paragon, Compass
1st Half, Dollar-Volume Home Sales House, condo, co-op, townhouse, TIC,
halfplex sales reported to NorCal Regional
Marin County, Sales Reported to MLS since 2015* MLS, January 1 through June 30 of each year.
In the first 6 months of 2021, almost
$3.5 billion in home sales were
Of Bay Area Counties, Marin County reported to MLS in Marin County, 65%
saw the highest percentage increase in above the previous peak in 2018.
2021 over its previous peak in sales.
Covid hits in
Spring 2020
$1,876,400,000 $1,899,000,000 $1,973,000,000 $2,123,100,000 $2,014,500,000 $1,593,900,000 $3,493,500,000
1st Half 2015 1st Half 2016 1st Half 2017 1st Half 2018 1st Half 2019 1st Half 2020 1st Half 2021
* As reported to NorCal Regional MLS. Data from sources deemed reliable but may contain errors and
subject to revision. All numbers are approximate and rounded. We estimate, very approximately, that
10% - 12% of sales are not reported to MLS and thus not reflected in this analysis.
New Listing & Sales Volumes, Longer-Term Trends since 2005
Marin County, 12-Month Rolling Data*
Updated through July 2021
5,000
4,500
12-month rolling data delivers Highest 12-Month New Listing Volume since 2010
broad, clear, long-term trend
lines, but may disguise and Highest 12-Month Sales Volume since 2005
4,000 lag shorter term changes.
3,500
12-Month-Rolling New Listing Volume
12-Month-Rolling Sales Volume
3,000
2,500
▲ Market recovery begins Pandemic strikes ▲
2,000
Financial markets crash ▲
The smaller the gap between new listings and sales, the tighter
the supply of homes for sale as compared to buyer demand.
1,500
Jul-17
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-12
Jul-13
Jan-14
Jul-14
Jul-15
Jul-16
Jul-18
Jul-19
Jul-20
Jul-21
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
* Each data point reflects the total of 12 months of activity for houses, condos, co-ops and townhouses.
1/12 of these numbers = an average month within the 12 month period. Sales reported to MLS, per NorCal
Regional MLS, per Infosparks. Last month data estimated from data available in early August. Data from
sources deemed reliable, but may contain errors and subject to revision. Numbers are approximate.
Marin County Home Price Trends since 2005
Monthly Median House Sales Prices, 3-Month Rolling
2021 $1,800,000
$1,700,000
Median sales price is that price at which half the
$1,600,000
sales occurred for more and half for less. It is a
very general statistic, often affected by other
factors besides changes in fair market value. $1,500,000
2018
Monthly and seasonal fluctuations are common. $1,400,000
Longer-term trends are more meaningful than
short-term changes. $1,300,000
$1,200,000
Pandemic hits ▲
$1,100,000
$1,000,000
$900,000
2009 - 2012
$800,000
$700,000
Financial Market Crash ▲
$600,000
Jul-12
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Jul-11
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Jan-05
Jan-06
Jan-07
Jan-08
Jan-09
Jan-10
Jan-11
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Jan-21
3-month rolling sales reported to NorCal Regional MLS, per Infosparks. Analysis
may contain errors and subject to revision. All numbers are approximate.
San Francisco Bay Area Real Estate Market Cycles
Home Price Increases & Declines, by Percentage, 1984 2021*
https://www.spglobal.com/spdji/en/indices/indicators/sp-corelogic-case-shiller-san-francisco-home-price-nsa-index/#overview
Updated through
Market Peaks & Bottoms April 2021
Approximate Percentage Changes
A simplified, smoothed-out graph*
Financial
markets crash 2012 4/2021
Per CoreLogic S&P Case-Shiller + 143%
Aggregate Index for Bay Area Houses
Seasonally adjusted. Not adjusted for inflation.
2002 2006/07
+ 72%
2007 2011
1995 2001 High-tech boom,
- 40% then pandemic
1989 SF + 100% Dotcom
earthquake Pop/ 9-11 Subprime
- 5% bubble
1984 1990 Approximate % value changes based upon S&P Case-
Dotcom
+ 100% 1991 1994 Shiller Home-Price Index for 5-county metro area
boom
- 11% (aggregate sales index, seasonally adjusted). Different
Junk bond price segments were affected very differently in the
boom scale of their subprime bubbles and resulting crashes.
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
* The years between market peaks and bottoms are not accurately represented, but entered as straight
lines between high and low points to illustrate percentage changes over time. Shorter-term fluctuations
are not reflected on this chart. All numbers are very approximate and subject to revision.
Percentage of Off-MLS Sales by Price Segment House, condo, townhouse, sales
reported to NorCal Regional
Marin County, Sales Reported to MLS, 2021 YTD MLS, 1/1/21 8/10/21
40%
11% of Marin County home sales reported
to MLS were marketed off-MLS. As the sales 35%
price increased, the percentage of sales
occurring off-MLS soared.
30%
Of off-MLS sales of $5 million & above, 43%
were listed by Compass agents.
25%
20%
15%
10%
5%
8% 15% 18% 32% 42%
0%
Under $2,000,000 $2,000,000 - $3,000,000 - $5,000,000 - $8,000,000+
$2,999,999 $4,999,999 $7,999,999
* As reported to NorCal Regional MLS. Data from sources deemed reliable but may
contain errors and subject to revision. Not all off-MLS sales are reported to MLS.
New Listings Coming on Market
Marin County Market Dynamics & Seasonality by Month
May Oct.
2018 2020
May Sept. June
2019 2019 June 2021
350 2020
300
Feb.
250
2020
Mid-
200 Mid- Summer
Summer
150
The ebb and flow of new listings coming on
market is deeply affected by market seasonality.
100 Pandemic
Hits
December
50
December
December
0
Nov-20
Feb-18
Apr-18
Jul-18
Nov-18
Jul-19
Jul-20
Apr-21
Jul-21
Jun-18
Sep-18
Feb-19
Apr-19
Sep-19
Nov-19
Feb-20
Apr-20
Oct-18
Jun-19
Oct-19
Jun-20
Sep-20
Feb-21
Oct-20
Jun-21
May-18
May-21
Jan-18
Dec-18
May-19
Jan-19
Dec-19
May-20
Jan-20
Dec-20
Jan-21
Mar-18
Aug-18
Mar-19
Aug-19
Mar-20
Aug-20
Mar-21
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources
deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate.
Active Listings on Market
Marin County Real Estate Market Dynamics & Seasonality
For houses and condos
June
2019
Oct. 600
2018
June
May 2018 June Oct. 500
2017
2020 2020
Pandemic hits
400
July
2021
300
200
This is a snapshot measure of how many active listings can be
expected on any given day of the specified month. This number 100
is affected by 2 major dynamics: 1) how many new listings come
on market, and 2) how quickly buyers snap them up.
0
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Sep-17
Nov-17
Sep-18
Nov-18
Sep-19
Nov-19
Sep-20
Nov-20
Jan-21
May-19
Mar-20
May-20
Jan-17
Mar-17
May-17
Jan-18
Mar-18
May-18
Jan-19
Mar-19
Jan-20
Mar-21
May-21
Per Realtor.com Research: https://www.realtor.com/research/data/, listings posted on site. Data from sources
deemed reliable, but may contain errors and subject to revision. All numbers should be considered approximate.
Marin County Short-Term Market Dynamics & Seasonality
Listings Accepting Offers (Going into Contract) by Month Houses, condos, co-ops,
townhouses as listed in MLS
Typically, market activity ebbs and flows by season, though the pandemic
upended normal trends in 2020. In summer 2021, activity began to decline July
(a little) from spring peaks, an apparent reversion to seasonal norms 2020 Spring
October
400 though activity remained much higher than in pre-pandemic summers. 2020 2021
May
350 May 2019
2018
June-
300 October Fires July
2019 2021
250
Summer
Summer 2019
200
December
- January
150
100 December
December
- January Pandemic
- January
hits
50
0
Nov-19
Feb-18
Feb-19
Feb-20
Feb-21
Apr-18
Jul-18
Oct-18
Apr-19
Jul-19
Oct-19
Apr-20
Jul-20
Oct-20
Jun-18
Sep-18
Nov-18
Jun-19
Sep-19
May-20
Nov-20
Apr-21
Jul-21
Jun-20
Sep-20
Jun-21
May-18
Jan-18
Dec-18
May-19
Jan-19
Dec-19
Jan-20
Dec-20
May-21
Jan-21
Mar-18
Aug-18
Mar-19
Aug-19
Mar-20
Aug-20
Mar-21
As reported to NorCal Regional MLS, per Infosparks. Does not include activity unreported to MLS. Last month’s
number estimated from data available in early August. Data from sources deemed reliable but may contain errors
and subject to revision. All numbers to be considered approximate.Months Supply of Inventory (MSI)
Marin County Real Estate Market since 2011 Based upon accepted-offer activity for
Marin houses, condos and townhouses
reported to Bareis MLS per Broker Metrics
5
4.5 MSI = the number of months it would take
to sell the existing inventory of homes for
sale at current rates of market activity.
4
Fluctuations occur due to market
Market recovery begins in conditions (demand vs. supply) and typical
3.5 market seasonality. Pandemic
hits
3
2.5
2
1.5
1
Spring
2018
0.5 Spring
2021
0
Jul-21
Jul-12
Jul-13
Jul-14
Jul-15
Jul-16
Jul-17
Jul-18
Jul-19
Jul-20
Oct-11
Apr-12
Oct-12
Apr-13
Oct-13
Apr-14
Oct-14
Apr-15
Oct-15
Apr-16
Oct-16
Apr-17
Oct-17
Apr-18
Oct-18
Apr-19
Oct-19
Apr-20
Oct-20
Jan-21
Apr-21
Jan-12
Jan-13
Jan-14
Jan-15
Jan-16
Jan-17
Jan-18
Jan-19
Jan-20
Data from sources deemed reliable, but may contain errors and subject to revision.
All numbers approximate. Late reported activity may alter last month’s reading.Price Reductions on Active Listings
Marin County Real Estate Market Dynamics
For houses and condos
Sept.
Oct. 2019
2018 250
June
The number of price reductions
2019
remains far below seasonal norms, 225
another indication of a market
characterized by extremely high 200
demand.
175
Sept.
2017 June
2018 Oct. 150
June 2020
2017 June
2020 125
Pandemic hits
100
May-July
2021
75
50
25
0
Jul-17
Jul-18
Jul-19
Jul-20
Jul-21
Sep-17
Nov-17
Sep-18
Nov-18
Sep-19
Nov-19
Sep-20
Nov-20
Jan-21
May-17
May-18
May-19
Mar-20
May-20
Jan-17
Mar-17
Jan-18
Mar-18
Jan-19
Mar-19
Jan-20
Mar-21
May-21
Per Realtor.com Research: https://www.realtor.com/research/data/, activity on website. Data from sources
deemed reliable, but may contain errors and subject to revision. All numbers to be considered approximate.Luxury Homes Listings Accepting Offers by Month
Marin County: Homes Priced $3,000,000+ Going into Contract
Residential listings posted in
MLS, per Infosparks
Short-Term Trends By Month May
2021
Typically, luxury market activity ebbs and flows by July-Aug.
season, peaking in spring, hitting its nadir in mid-winter, 2020
though the pandemic upended normal trends in 2020. In 50
summer 2021, activity declined from spring peaks, an Oct.
2020
apparent reversion to seasonal norms though activity
was much higher than in typical summers (2018, 2019)
40
June-
May July
Fires
May 2019 2021
2018 30
Sept.
2018 Oct.
2019
20
January
Summer July 10
Winter
▲ Pandemic hits
Winter
0
Jul-18
Mar-18
Apr-18
Oct-18
Mar-19
Mar-20
Mar-21
Aug-18
Nov-18
Jul-19
Oct-19
Aug-19
Nov-19
Jul-20
Oct-20
Aug-20
Nov-20
Jul-21
Feb-18
Dec-18
Feb-19
Apr-19
Dec-19
Feb-20
Apr-20
Dec-20
Feb-21
Apr-21
Jan-18
May-18
Jun-18
Sep-18
Jan-19
May-19
Jun-19
Sep-19
Jan-20
May-20
Jun-20
Sep-20
Jan-21
May-21
Jun-21
House, condo, co-op, townhouse activity reported to NorCal Regional MLS, per Infosparks. Does not include
activity unreported to MLS. Last month’s number estimated from data available in early August. Data from
sources deemed reliable but may contain errors and subject to revision. All numbers are approximate.Year-over-Year Median House Sales Price Increases
by Bay Area County, Q2 2021 vs. Q2 2020 Per CAR Housing Affordability
Index calculations
San Mateo $2,117,500
$1,700,000
San Francisco $1,900,000
$1,710,000
Santa Clara $1,699,500
$1,380,000
Marin $1,650,000
$1,460,000
SF Bay Area $1,345,000
$989,000
Alameda $1,300,000 Q2 2021
$990,000
Santa Cruz $1,250,000 Q2 2020
$905,000
Contra Costa $1,000,000
$725,000
Napa $905,000
$720,000
$860,000 Median price is that price at which half the sales
Monterey $680,000 occurred for more and half for less. It is a very general
$817,950 statistic that typically disguises an enormous range of
California $611,000 sales prices in the individual underlying sales. It may
$795,000 fluctuate for reasons other than changes in fair market
Sonoma $680,000 value, and should not be considered an exact
$570,000 measurement of changes in fair market value. Seasonal
Solano $485,000 fluctuations in median sales prices are very common.
United States $357,900
$291,300
Data per California Association of Realtors: “C.A.R.'s Traditional Housing Affordability Index (HAI). Methodology
can be found on www.CAR.org, Market Data section. “SF Bay Area includes 9 counties, Napa to Santa Clara.Percentage of Households Able to Afford Median Priced House
by San Francisco Bay Area County, Q2 2020 to Q2 2021 Per CAR Housing
Affordability Index
This statistic is calculated using Q2 median house sales 46%
prices, county household income figures, the prevailing
fixed 30-year interest rate, assuming a 20% Q2 2020 Q2 2021
downpayment, and including tax and insurance costs. 40%
37%
According to the CAR Index, the 4 most expensive
counties on the left side of the chart saw no or very 33% 33%
small changes in affordability percentages, while more 31%
affordable counties saw large or very large declines.*
26% 26%
25% 25%
23% 23% 23%
22% 22%
21% 21%
19% 19%19%
18% 18%
17%
15%
San SF Santa Marin Santa Monterey Alameda Napa CA Sonoma Contra Solano
Mateo Clara Cruz Costa
Calculation per California Association of Realtors: C.A.R.'s Traditional Housing Affordability
Index (HAI). Methodology can be found on www.CAR.org, Market Data section.Estimated Migration of Bay Area Households in 2020
Bay Area County # Households # Households Change in # Total # of % Change in
Moving In (2020) Moving Out (2020) Households Households Households
Alameda 50,000 67,000 - 17,000 577,177 - 2.9%
Contra Costa 35,000 32,000 + 3,000 394,769 + .8%
Marin 9,050 7,000 + 2,050 105,432 + 1.9%
Monterey 5,400 5,050 + 350 127,155 + .3%
Napa 3,300 2,550 + 750 48,705 + 1.5%
San Francisco 27,500 68,000 - 40,500 362,354 - 11%
San Mateo 24,000 34,000 - 10,000 263,543 - 3.8%
Santa Clara 42,000 67,000 - 25,000 640,215 - 3.9%
Santa Cruz 6,050 6,000 + 50 95,818 -
Solano 12,000 10,650 + 1,350 149,865 + .9%
Sonoma 10,900 8,800 + 2,100 189,374 + 1.1%
Household numbers are estimates extrapolated from The Wall Street Journal article, “Americans Up & Moved During
the Pandemic, based on “permanent, change-of-address filings in 2020. The term “household can signify one or
many persons. The general dynamic in the Bay Area was net out-migration from more urban regions, and net in-
migration into more suburban/rural areas. Of counties seeing negative changes, relocating tenants (paying very high
rents) the newly unemployed, office employees changed to work-from-home, or students at closed universities
were almost certainly the dominant component in out-migration. Trends may change with the opening of offices,
universities, urban amenities. Even in non-pandemic years, significant population movements are normal.
All numbers are approximate. WSJ article published 5/11/21: Methodology/data not validated by Compass.
Other sources have published different conclusions on migration. Total household data per U.S. Census 2019 ACS
survey estimates. Compiled in good faith, but may contain errors, and subject to revision.Steep U.S. Decline in Foreign National Homebuyers
Estimated Dollar Volume Sales in Billions, Top 5 Countries National Association
of Realtors estimates
International Homebuyer Purchases in Billions of Dollars
30
2013 2014 2015 2016 2017 2018 2019 2020 2021
Years designated reflect estimated sales 25
from April of the previous year through
March of the year specified: Purchases by
resident and non-resident foreign nationals.
20
Billions of Dollars
15
10
| 86% decline, | 78% decline,
2017 - 2021 | 2017 - 2021 | | 60% decline, | 69% decline, | 72% decline,
2017 - 2021 | 2017 - 2021 | 2017 - 2021 | 5
$12.8
$28.1
$27.3
$31.7
$30.4
$13.4
$11.5
$11.8
$13.8
$11.4
$10.5
$4.5
$8.9
$9.5
$4.2
$3.9
$5.8
$7.9
$6.1
$7.8
$7.2
$6.9
$5.4
$3.1
$3.6
$4.5
$4.9
$4.8
$9.3
$4.2
$2.3
$5.8
$2.9
$4.2
$5.8
$3.9
$5.5
$9.6
$7.3
$3.8
$1.4
$2.7
$22
$19
$8
0
China Canada India Mexico United Kingdom
Estimates from the “2021 Profile of International Transactions in U.S. Residential Real Estate published by the National
Association of Realtors in July 2021, based upon a survey of Realtors. Data from sources deemed reliable, but may contain
errors and subject to revision. All numbers to be considered approximate, good-faith estimates. China includes the People’s
Republic, Hong Kong and Taiwan.Mortgage Interest Rate Trends, November 2018 Present
30-Year & 15-Year Conforming Fixed Rate Loans, Weekly Average Readings Rates published
by the FHLMC
4.75%
4.50% 30-Year Fixed Rate Per Freddie Mac, on August 5, 2021, the
weekly average interest rate for a 30-year
4.25% 15-Year Fixed Rate fixed-rate mortgage was 2.77%, slightly
above its nadir in January (2.65%), and the
4.00% 15-year rate was at a historic low at 2.1%.
3.75% In November 2018, the 30-year rate hit
4.94%, and in 2007, it was 6.3%.
3.50%
3.25%
3.00%
2.75%
2.50%
2.25%
2.00%
Nov. Interest rates may fluctuate suddenly and dramatically, and it is very difficult to predict rate Aug
2018 changes. Data from sources deemed reliable but not guaranteed. Anyone interested in residential 2021
home loans should consult with a qualified mortgage professional and their accountant.Consumer Price Index
12-Month Percentage Change, Past 20 Years
As the economic recovery from the pandemic has
accelerated, the Consumer Price Index, a
measurement of inflation, has seen large increases.
Historically, the standard remedy for surging inflation is to raise interest rates, however there are many opinions as
to whether higher-than-normal inflation rates will persist and become a significant economic issue requiring
response by the Federal Reserve Bank in the near future. Predicting interest rate changes is extremely difficult.
Certainly, this is an economic indicator to watch in coming months.
Chart from U.S. Bureau of Labor Statistics, published mid-August 2021:
https://www.bls.gov/charts/consumer-price-index/consumer-price-index-by-category-line-chart.htm.
Data from sources deemed reliable, but may contain errors and subject to revision.S&P 500 Stock Index, 1995 2021 S&P +34%, Feb.
2020 July 2021 ► July 30,
By Month through July 2021 2021
▼
4,250
4,000
3,750
S&P 18% drop, Sept. Dec. 2018
Interest rates +20% in 2018 ► 2018 3,500
peak 3,250
▼
3,000
S&P 12% decline, July 2,750
2015 Feb. 2016 ► 2015
◄ Post dotcom & 9/11 low
peak 2,500
◄ Post-bubble crash low
Pandemic crash ►
▼ 2,250
2000 2007 2,000
peak peak
▼ 1,750
▼ ▲
Mid-2015 Mid-2016 1,500
Chinese stock market 1,250
crash; IPO activity crash;
oil price crash; Brexit 1,000
750
500
250
0
1-Jan-04
1-Jan-15
1-Jan-95
1-Jan-96
1-Jan-97
1-Jan-98
1-Jan-99
1-Jan-00
1-Jan-01
1-Jan-02
1-Jan-03
1-Jan-05
1-Jan-06
1-Jan-07
1-Jan-08
1-Jan-09
1-Jan-10
1-Jan-11
1-Jan-12
1-Jan-13
1-Jan-14
1-Jan-16
1-Jan-17
1-Jan-18
1-Jan-19
1-Jan-20
1-Jan-21
Data from multpl.com and Yahoo! Finance. An approximate illustration only. Data from sources
deemed reliable but may contain errors and subject to revision. Financial markets can be prone to
significant volatility even on a short-term basis. For general illustration purposes only.Editable email newsletters in Marketing Center/
Market Data section
Newsletters in Flippingbook format published
monthly
Newsletter pdfs and jpgs (by month, then region):
https://drive.google.com/drive/folders/1kSMZJP6ZPWnFF2
3ZTrqMMvzzkSjkLjAU?usp=sharing
Market share charts (by region):
https://drive.google.com/drive/folders/1RX6mZKYdQOwB-
AthmA0_ox43MbFo2RIU?usp=sharing
Online: https://www.bayareamarketreports.com/
CAR Mid-Year Forecast:
https://www.car.org/en/marketdata
/marketforecastStatistics are generalities, essentially summaries of widely disparate data generated by dozens or hundreds of unique, individual sales occurring within different time periods. They are best seen not as precise measurements, but as broad, comparative indicators, with reasonable margins of error. Anomalous fluctuations in statistics are not uncommon, especially in smaller, expensive market segments. Data from sources deemed reliable, but may contain errors and subject to revision. All numbers are approximate. Data from MLS, but not all listings or sales are reported to MLS. Median Sales Price is that price at which half the properties sold for more and half for less. It may be affected by seasonality, n al events, or changes in inventory and buying trends, as well as by changes in fair market value. The median sales price for an area will often conceal an enormous variety of sales prices in the underlying individual sales. Dollar per Square Foot is based upon the home interior living space and does not include garages, unfinished attics and basements, rooms built without permit, patios, decks or yards (though all those can add value to a home). These figures are usually derived from appraisals or tax records, but are sometimes unreliable (especially for older homes) or unreported altogether. The calculation can only be made on those home sales that reported square footage. Many aspects of value cannot be adequately reflected in median and average statistics: curb appeal, age, condition, amenities, views, lot size, quality of outdoor space, bon rooms, additional parking, quality of location within the neighborhood, and so forth. How these statistics apply to any particular home is unknown without a specific comparative market analysis. Compass is a real estate broker licensed by the State of California, DRE 01527235. Equal Housing Opportunity. This report has been prepared solely for information purposes. The information herein is based on or derived from information generally available to the public and/or from sources believed to be reliable. No representation or warranty can be given with respect to the accuracy or completeness of the information. Compass disclaims any and all liability relating to this report, including without limitation any express or implied representations or warranties for statements contained in, and omissions from, the report. Nothing contained herein is intended to be or should be read as any regulatory, legal, tax, accounting or other advice and Compass does not provide such advice. All opinions are subject to change without notice. Compass makes no representation regarding the accuracy of any statements regarding any references to the laws, statutes or regulations of any state are those of the author(s). Past performance is no guarantee of future results.
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