The Slifer Report 2023.5 | Front Range

THE SLIFER REPORT

SOURCE Soldresidential andlandpropertieswithinrespectivemarkets January1,2023- July1,2023 Sourceof areamarket datainthis report isREColorado.Informationdeemedreliablebut not guaranteed Consult your Slifer Smith&FramptonBroker for moreinformation.

A LETTER FROM OUR PRESIDENT

MIDYEAR REFLECTION

Assummer finally arrives on the Front Rage, we're excited to share our mid-year reflection on the real estate trends in our beloved region As predicted in early 2023, the market experienced a notable shift, with a 25%decline from its peak, but now, the summer marks a turning point with impressive showing traffic from May to July The Front Range stands out as an ideal market for real estate investment, surpassing many comparable markets in our recovery, creating a more balanced, healthy, and sustainable environment, making it highly sought-after for bothbuyersandsellers

Driving this resilience is our region's robust and diverse employment base, keeping our communities vibrant and flourishing Beyond just work opportunities, it's the unbeatable quality of life? encompassing safety, top-notch education, and abundant outdoor activities? that makestheFront Rangeanirresistibleplaceto call home.

As we celebrate the anniversary of Colorado Landmark joining Slifer Smith & Frampton, we take pride in solidifying our position as the #1 Independent Real Estate Brokerage in Colorado. With five offices strategically positioned acrossthe Front Range and supported by more than 30 offices in our Mountain Markets and a dedicated team of community-minded brokers, we're not only fully equipped to serve our clients with unmatched expertise and care, but also as trusted guides andprofessional advisorsthroughthisever-evolvingeconomy.

Even amid challenging economic times, Slifer Smith & Frampton continues to outperform prior year We remain committed to guiding our clients with confidence and assurance, embracing the spirit of resilience that defines our beloved Front Range community Our focus goes beyond just transactions; we are dedicated to building lasting relationships and ensuring that our clients make well-informed decisionsto securetheir financial futures

Front Range Market President

WE ARE SLIFER SMITH & FRAMPTON

COLORADO'S REAL ESTAT

COLORADO MARKET OVERVIEW

Aswereachthemidwaypoint of 2023,wearepleasedto report that Colorado'sreal estatemarket continuesto demonstratestabilityand consistent appreciation This positivetrend canbeattributedto several keyfactors:

- Strong Job Market:Colorado'sdiverseand robust economyhasmaintainedalow unemployment rate,providingsolidsupport to thehousingmarket.

- Population Growth:Thestate'ssignificant populationincreasehasdrivenasurge indemand for housing,leadingto stablehomeprices

- Limited Supply: Colorado'scontrolledland development haseffectivelybalanced thereal estatemarket bylimitingthenumber of newhomesbuilt.

- Desirable Location:Withitsreputationasasought-after tourist destinationand highqualityof life,Colorado remainsanattractiveplaceto liveand invest.

- Strong Economy:Theoverall strengthof thestate'seconomy,characterized by steadyjobgrowthand athrivingbusinessclimate,continuesto reinforcethe stabilityof thereal estatemarket

Incontrast to thehousingcrashof 2008/2009,it isimportant to highlight that thecurrent real estatelandscapeisnot aleadingfactor inanimpendingrecession Notably,three variableshavesignificantlyimproved:

- Weanticipatea25-30%declinefrompeak-to-trough,markingasubstantial 1,500 bpsimprovement compared to theGFC's45%decline.

- Encouragingly,manymarketsmayhavealreadyreached thetrough,anotable improvement fromtheGFC'suncertainties

- Stronghousehold liquidityempowersbuyersand alignsseller expectations, fosteringahealthier market environment.

TheUS (and Front Range) employment market remainsrobust,signifyingeconomic healthand maintainingthepotential for astrongbuyer pool. Asweprogressinto the second half of 2023,wemaintainacautiousyet optimistic outlook for Colorado'sreal estatemarket.Thecombinationof asolideconomy,increasingdemand,and balanced market dynamicsbodeswell for bothbuyersand sellersintheFront Range

COLORADO POPULATION

JOBS

COLORADO

SOURCE | US CensusBureau&Colorado Department of Labor andUnemployment

COLORADO ACCUMULATED REAL ESTATE APPRECIATION

+195.5%

Since 2002

NEW DEVELOPMENT ACROSS COLORADO

SOURCE| FHFAHouse Price Index and FOCUS1ST

ARBORY

City Park West | Denver ArboryDenver com

9 Projects launched in 20 22

IN

Downtown | Silverthorne LiveAtInhabitance com

$1B+

Division historic closed + pending sales

20 0 + New homes delivered

Withstrongeconomic activityacrossthestatenewdevelopment wasakeydriver of growthin2022,andwebelievethe creationof newhigh-qualityhomeswill continueto becritical asColorado settlesinto aneweconomic equilibrium Slifer Smith&Framptonisproudto betheonlybrokerageinColorado withafull divisiondedicatedto bringingnewdevelopmentsto market Our end-to-endservicecontinued to deliver in2022,creatingmorenewhomesinour communitiesthanever before Thisyear thedivisioncelebrated over $1billioninclosed&pendingsalessinceit started in2020

CIRQUE X VICEROY Snowmass Base Village CirqueViceroy com

2023 ECONOMIC FORECAST STILL THE YEAR OF TRUTH

As we assess the economic landscape of 2023, the real estate market's trajectory presents a compelling story, both on a national scale and within Colorado's Front Range. In 2021, the industry achieved an impressive milestone with over 6 million existing home sales across the U S, representing a near 20-year high However, as projected, 2022 experienced a market normalization with approximately 4 million sales, marking a significant 30% decline and returning to the long-term historical average dating back to 1968.

This normalization was influenced by a combination of factors which still remain largely unresolved half way through the year, including uncertainties stemming from aggressive monetary policies, geopolitical tensions, pending elections and regional natural disasters. Additionally, soaring home prices throughout the prio cycle, coupled with more recent interest rate increases, created notable affordability challenges, particularly for first-time homebuyers.

Despite these challenges, our outlook remains cautiously optimistic for the remainder of 2023 and beyond The real estate market is poised for a steady and progressive recovery, aligning with long-term historical trends and reflecting its resilience. On the Front Range, we anticipate measured yet robust growth, driven by solid economic fundamentals and prudent market dynamics

At Slifer Smith & Frampton, we take pride in our extensive experience since 1962, successfully navigating numerous market cycles. As we move forward into the second half of 2023, we are committed to serving your housing needs with expertise and innovation.

Fundamentally, the significance of partnering with a qualified professional cannot be understated Now more than ever, over 90% of homebuyers and sellers choose to leverage the expertise of agents, recognizing the substantial value they bring in navigating complex market conditions Emerging research suggests that even millennials view working with agents as a smart and strategic choice, further reinforcing the strength of the real estate industry.

In this ever-evolving economic landscape, we are well-positioned to capitalize on opportunities As we chart the course for the rest of 2023, Colorado's Front Range promises to be on the forefront of economic prowess and a favored destination for real estate investors and homeowners alike.

May 2023 serve your housing wants and needs in Colorado?s Front Range well

U S EXISTING HOME SALES (SAAR) LONG TERM TRENDS

POPULATION | 329,543

POPULATION GROWTH | +1187% SINCE 2010

MEDIAN AGE | 36 9

*UNEMPLOYMENT RATE | 2 6%

MEDIAN HOUSEHOLD INCOME | $87,476

AVERAGE COMMUTE TIME | 23.5 MINUTES

HOME OWNERSHIP RATE | 63 6%

*MEDIAN PROPERTY SALE PRICE | $842,250

IN THE KNOW...

5TIDBITSFROM THELOCALS

1. BRUNCH at Lucile's Creole Cafe

2. BROWSE vintage posters and historic maps at Art Source international

3 STROLL through the Boulder Farmers Market

4. LEAF PEEP on the Peak to Peak Highway

5. CHEER on the CU Buffs at Folsom Field

NORTH METRO | BROOMFIELD

POPULATION | 75,325

POPULATION GROWTH | +34 7% SINCE 2010

MEDIAN AGE | 38 4

*UNEMPLOYMENT RATE | 2 8%

MEDIAN HOUSEHOLD INCOME | $101,206

AVERAGE COMMUTE TIME | 26.8 MINUTES

HOME OWNERSHIP RATE | 66 3%

*MEDIAN PROPERTY SALE PRICE | $688,000

IN THE KNOW...

5TIDBITSFROM THELOCALS

1. SIP at 4 Noses Brewing Company

2. VISIT Broomfield Days

3 ENJOY over 280 miles of walking and biking trails

4 EAT at Mama Lolita's Mexican

5. PADDLE board on Standley Lake

POPULATION | 711,463

POPULATION GROWTH | +18 54% SINCE 2010

MEDIAN AGE | 34 6

*UNEMPLOYMENT RATE | 3 4%

MEDIAN HOUSEHOLD INCOME | $72,661

AVERAGE COMMUTE TIME | 25,7 MINUTES

HOME OWNERSHIP RATE | 50 4%

*MEDIAN PROPERTY SALE PRICE | $675,000

IN THE KNOW...

5TIDBITSFROM THELOCALS

1. CELEBRATE the arts at the new week long Art RINO Festival

2. UNWIND at Cretan's Wine Bar & Restaurant

3 SHOP at Berkeley Supply co

4 JOIN a volleyball league at wash park

5 DIVE into local & sustainable cuisine at Koko Ni

$386 AveragePricePer SquareFoot

SALES VOLUME COMPARISON

POPULATION | 654,900

POPULATION GROWTH | +14 49% SINCE 2010

MEDIAN AGE | 36 8

*UNEMPLOYMENT RATE | 3 4%

MEDIAN HOUSEHOLD INCOME | $80,291

AVERAGE COMMUTE TIME | 28.2 MINUTES

HOME OWNERSHIP RATE | 64 2%

*MEDIAN PROPERTY SALE PRICE | $597,144

IN THE KNOW...

5TIDBITSFROM THELOCALS

1. TRAIN at Snöbahn Indoor Ski Facility

2. ENJOY a show at Gothic Theater

3 INDULGE in all the outdoor activities at Cherry Creek State Park and Reservoir

4 PERUSE through Stanley Marketplace

5. DINE at Enso Sushi and Grill

WEST METRO | FOOTHILLS

POPULATION | 579,581

POPULATION GROWTH | +8 42% SINCE 2010

MEDIAN AGE | 40 2

*UNEMPLOYMENT RATE | 3.0%

MEDIAN HOUSEHOLD INCOME | $87,793

AVERAGE COMMUTE TIME | 27 8 MINUTES

HOME OWNERSHIP RATE | 717%

*MEDIAN PROPERTY SALE PRICE | $680,500

IN THE KNOW...

5TIDBITSFROM THELOCALS

1. DINE at Sherpa House

2. VISIT Staunton State Park for ample hiking trails

3 FIND vintage goods at the Pine Emporium

4 FLOW at Yoga on the Rocks

5. TUBE down Clear Creek in Golden

POPULATION | 702,569

POPULATION GROWTH | +27 17% SINCE 2010

MEDIAN AGE | 35 4

*UNEMPLOYMENT RATE | 3 1%

MEDIAN HOUSEHOLD INCOME | $75,349

AVERAGE COMMUTE TIME | 25 7 MINUTES

HOME OWNERSHIP RATE | 70 4%

*MEDIAN PROPERTY SALE PRICE | $

IN THE KNOW...

TOP5TIDBITSFROM THELOCALS

1 BOOK a tee time at TPC Colorado Golf Club

2 FLOAT down the beautiful Cache La Poudre River

3. LOUNGE at Social Speakeasy

4. JAM out at the Mishawaka Amphitheatre

5. CAMP at Big Thompson Campground on Carter Lake Reservoir

NORTHEAST DENVER | ADAMS COUNTY

POPULATION | 522,140

POPULATION GROWTH | +18 2% SINCE 2010

MEDIAN AGE | 34

*UNEMPLOYMENT RATE | 3.8%

MEDIAN HOUSEHOLD INCOME | $73,817

AVERAGE COMMUTE TIME | 29 8 MINUTES

HOME OWNERSHIP RATE | 67%

*MEDIAN PROPERTY SALE PRICE | $550,000

IN THE KNOW...

5TIDBITSFROM THELOCALS

1 DISCOVER Rocky Mountain Arsenal National Wildlife Refuge

2. SHOP at the Orchard Town Center

3. EASE into your day at Sweet Bloom Coffee

4. EXPLORE Adams County Fair

5 LEARN how to line dance at the Grizzly Rose

Pictured | Rocky Mountain Arsenal Wildlife Refuge

POPULATION | 368,990

POPULATION GROWTH | +29 25% SINCE 2010

MEDIAN AGE | 39

*UNEMPLOYMENT RATE | 2 7%

MEDIAN HOUSEHOLD INCOME | $121,393

AVERAGE COMMUTE TIME | 27 7 MINUTES

HOME OWNERSHIP RATE | 79 2%

*MEDIAN PROPERTY SALE PRICE | $725,300

IN THE KNOW...

5TIDBITSFROM THELOCALS

1 RELAX for afternoon tea at the Cherokee Ranch & Castle

2 EXPLORE over 1,200 acres at Hidden Mesa Open Space Trail

3. FIND unique furniture at Rare Finds Warehouse

4. CATCH world class trout in Cheesman Canyon

5. DINE at Blue Island Oyster Bar

Slifer Smith & Frampton

Pictured | Waterton Canyon

2022-23 NOTABLE SALES

As a founding member Slifer Smith & Frampton is proud to fly the Forbes Global Properties flag from Aspen to the Front Range This powerful, global, network of top-tier independent brokerages gives our agents, and our clients, exclusive access to an invaluable network of the world's finest homes and the agents representing them.

In 20 22 our membership with Forbes Global Properties brought some incredible Front Range homes to a global audience. Here are some of our most notable residences of the year

NIWOT | $3,000,000 6745 NIWOT HILLS DRIVE

NIWOT | $3,350,000 6721NIWOT HILLS DRIVE

ASPEN | $51,000,000 45081& 45101CO-82

Slifer Smith & Frampton

BOULDER | $4,250,000 255 BROOKSIDE COURT

BOULDER | $3,920,000 1507 PINE STREET

BOULDER | $4,900,00 6077 JAY ROAD

Pictured | Beaver Creek Village