Vail Valley Market Report January 2014

Vail Valley / Eagle County

Mar ke t Re p or t Jan uar y 2 0 1 4

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Monthly Indicators January 2014 The same factors that catalyzed widespread market recovery in 2012 and 2013 are likely to continue in 2014, though perhaps at a more moderate pace. That's not a bad thing, since the market is returning to a stable, healthy state. Potential trends to watch for in 2014 include increased seller activity, more new construction and fewer foreclosures on the market. Inventory is another metric to watch this year.

New Listings were up 7.5 percent for single family/duplex homes but decreased 3.6 percent for townhouse-condo properties. Pending Sales increased 2.4 percent for single family/duplex homes and 24.4 percent for townhouse-condo townhouse condo properties.

The Median Sales Price was up 75.8 percent to $545,000 for single family/duplex homes and 103.8 percent to $805,000 for townhouse-condo properties. Months Supply of Inventory decreased 8.2 percent for single family/duplex units and 14.4 percent for townhouse-condo units.

Given how far the market has come, it's a good time for folks to reassess their situation. Many who were hesitant to sell in recent years may find themselves in a completely different position. Getting a fresh comparative market analysis might be a good idea. Interest rates remain attractive and should remain below their long-term average, but they are expected to creep higher in 2014.

Politicians are gearing up for midterm elections, so pay close attention to campaign messaging as relates to real estate or mortgage financing. Job growth is still fundamental and is likely to dominate this election cycle.

Monthly Snapshot 0.0%

- 16.9%

+ 75.7%

One-Year Change in Closed Sales All Properties

One-Year Change in Active Listings All Properties

One-Year Change in Median Sales Price All Properties

Residential real estate activity in Vail Board of REALTORS速 MLS, comprised of single-family properties, townhomes and condominiums..

Percent changes are calculated using rounded figures.

Single Family/Duplex Activity Overview Townhouse-Condo Activity Overview New Listings Pending Sales Closed Sales Median Sales Price Average Sales Price Percent of List Price Received Days on Market Until Sale Housing Affordability Index Inventory of Active Listings Months Supply of Inventory All Properties Activity Overview Glossary of Terms

2 3 4 5 6 7 8 9 10 11 12 13 14 15

Click on desired metric to jump to that page.

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing.

Single Family/Duplex Activity Overview Key metrics for Single Family properties by report month and for year-to-date (YTD) starting from the first of the year.

Key Metrics

Historical Sparkbars

New Listings 1-2011

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012 1 2012

1-2013 1 2013

53

57

+ 7.5%

53

57

+ 7.5%

42

43

+ 2.4%

42

43

+ 2.4%

23

25

+ 8.7%

23

25

+ 8.7%

$310,000

$545,000

+ 75.8%

$310,000

$545,000

+ 75.8%

+ 85.0%

$651,761 $1,205,468

$651,761 $1,205,468 1-2012

1-2013

Days on Market

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

96.5%

95.9%

- 0.6%

187

152

- 18.7%

187

152

- 18.7%

126

67

- 46.8%

126

67

- 46.8%

478

419

- 12.3%

--

--

--

9.8

9.0

- 8.2%

--

--

--

1-2014

Months Supply 1-2011

- 0.6%

1-2014

Active Listings 1-2011

95.9%

1-2014

Affordability Index 1-2011

96.5% 1-2014

` 1-2011

+ 85.0%

1-2014

Pct. of List Price Received 1-2011

Percent Change

1-2014 1 2014

Average Sales Price 1-2011

YTD 2013 YTD 2014

1-2014

Median Sales Price 1-2011 1 2011

Percent Change

1-2014

Closed Sales 1-2011

1-2014

1-2014

Pending Sales 1-2011

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 2

Townhouse-Condo Activity Overview Key metrics for Townhouse-Condo properties by report month and for year-to-date (YTD) starting from the first of the year.

Key Metrics

Historical Sparkbars

New Listings 1-2011

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012 1 2012

1-2013 1 2013

55

53

- 3.6%

55

53

- 3.6%

41

51

+ 24.4%

41

51

+ 24.4%

31

29

- 6.5%

31

29

- 6.5%

$395,000

$805,000

+ 103.8%

$395,000

$805,000

+ 103.8%

$652,204 $1,360,755 + 108.6% 1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

95.6%

94.2%

- 1.5%

153

185

+ 20.9%

153

185

+ 20.9%

101

47

- 53.5%

101

47

- 53.5%

579

459

- 20.7%

--

--

--

11.8

10.1

- 14.4%

--

--

--

1-2014

Months Supply 1-2011

- 1.5%

1-2014

Active Listings 1-2011

94.2%

1-2014

Affordability Index 1-2011

95.6% 1-2014

Days on Market 1-2011

$652,204 $1,360,755 + 108.6%

1-2014

Pct. of List Price Received 1-2011

Percent Change

1-2014 1 2014

Average Sales Price 1-2011

YTD 2013 YTD 2014

1-2014

Median Sales Price 1-2011 1 2011

Percent Change

1-2014

Closed Sales 1-2011

1-2014

1-2014

Pending Sales 1-2011

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 3

New Listings A count of the properties that have been newly listed on the market in a given month.

Year to Date

January

78

78 72

72

53

2012

2013

+ 24.1% 24 1% - 26.4% 26 4%

57

55

53

53

57

55

53

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 7.5% 7 5%

+ 5.4% 5 4%

- 29.5% 29 5%

- 3.6% 3 6%

24 1% + 24.1%

- 26.4% 26 4%

+ 7.5% 7 5%

5 4% + 5.4%

- 29.5% 29 5%

-3 3.6% 6%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

New Listings

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

68

+30.8%

55

-32.9%

Mar-2013

58

-33.3%

62

+14.8%

Apr-2013

67

+9.8%

47

-9.6%

May-2013

88

-5.4%

73

-18.9%

Jun-2013

148

+27.6%

116

+27.5%

Jul-2013

126

+32.6%

96

+12.9%

Aug-2013

72

-15.3%

79

+11.3%

Sep-2013

57

+21.3%

48

-14.3%

Oct-2013

63

+31.3%

52

-11.9%

Nov-2013

40

-24.5%

49

-21.0%

Dec-2013

33

-37.7%

66

-1.5%

Jan-2014

57

+7.5%

53

-3.6%

12-Month 12 Month Avg

73

+3.9%

66

-3.3% 3.3%

Townhouse-Condo

Historical New Listings by Month

Single Family/Duplex

Townhouse-Condo

200

175

150

125

100

75

50

25 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 4

Pending Sales A count of the properties on which offers have been accepted in a given month.

Year to Date

January

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

41

+20.6%

35

-20.5%

Mar-2013

63

+31.3%

48

-15.8%

Apr-2013

51

-8.9%

39

-2.5%

May-2013

30

-33.3%

52

+6.1%

Jun-2013

49

+6.5%

35

-10.3%

Jul-2013

49

-21.0%

67

0.0%

Aug-2013

69

-10.4%

64

-5.9%

Sep-2013

53

-10.2%

66

+37.5%

Oct-2013

37

-42.2%

46

-22.0%

Nov-2013

42

+7.7%

31

-8.8%

Dec-2013

26

-13.3%

31

-13.9%

Jan-2014

43

+2.4%

51

+24.4%

12-Month 12 Month Avg

46

-8.8% 8.8%

47

-3.1% 3.1%

Pending Sales

41

42

43

41

41

42

43

41

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

+ 64.0% 64 0%

+ 2.4% 2 4%

2.4% +2 4%

- 5.7% 5 7%

18.0% - 18 0%

+ 24.4% 24 4%

64 0% + 64.0%

2.4% +2 4%

+ 2.4% 2 4%

5 7% - 5.7%

Single Family/Duplex

Townhouse-Condo

51

50

51

50

Single Family/Duplex

2013

2014

- 18.0% 18 0% + 24.4% 24 4%

Townhouse-Condo

Historical Pending Sales by Month

Single Family/Duplex

80

Townhouse-Condo

60

40

20

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 5

Closed Sales A count of the actual sales that closed in a given month.

Year to Date

January

33

33

31

31 29 27

29 27 25

25

23

23

2012

2013

+ 12.5% 12 5% - 14.8% 14 8%

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 8.7% 8 7%

22.2% + 22 2%

- 6.1% 6 1%

- 6.5% 6 5%

12 5% + 12.5%

- 14 14.8% 8%

+ 8.7% 8 7%

+ 22.2% 22 2%

-6 6.1% 1%

-6 6.5% 5%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Closed Sales

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

36

+24.1%

32

-11.1%

Mar-2013

38

+11.8%

35

-25.5%

Apr-2013

53

+55.9%

42

-22.2%

May-2013

58

-13.4%

51

+45.7%

Jun-2013

42

0.0%

40

-4.8%

Jul-2013

48

+33.3%

42

+2.4%

Aug-2013

60

-1.6%

65

-1.5%

Sep-2013

54

-26.0%

60

-13.0%

Oct-2013

57

-16.2%

72

-1.4%

Nov-2013

42

-31.1%

41

-12.8%

Dec-2013

44

-22.8%

39

-20.4%

Jan-2014

25

+8.7%

29

-6.5%

12-Month 12 Month Avg

47

-4.6% 4.6%

46

-7.1% 7.1%

Townhouse-Condo

Historical Closed Sales by Month

Single Family/Duplex

Townhouse-Condo

80

60

40

20

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 6

Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month.

Year to Date

January

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Feb-2013

$736,500

+36.4%

$384,000

-0.9%

Mar-2013

$612,500

-0.4%

$512,000

+55.6%

Apr-2013

$565,000

+30.6%

$675,000

+74.2%

May-2013

$577,000

+7.3%

$330,000

-21.4%

Jun-2013

$459,000

-6.3%

$313,250

-2.2%

Jul-2013

$539,000

-3.3%

$416,250

+30.1%

Aug-2013

$455,500

+11.1%

$450,000

+23.6%

Sep-2013

$780,000

+22.8%

$413,500

+12.7%

Oct-2013

$710,000

+37.2%

$450,000

+30.4%

Nov-2013

$722,000

+31.3%

$435,000

+22.5%

Dec-2013

$589,000

-7.2%

$425,300

-6.5%

Jan-2014

$545,000

+75.8%

$805,000

+103.8%

12-Month 12 Month Avg* Avg

$600,000

+12.1%

$435,000

+18.5%

Median Sales Price

$805,000

$805,000

$590,000

$600,000

$590,000

$600,000

$545,000

$545,000

$395,000

$395,000 $310,000

$310,000

2012

2013

+ 34.1% 34 1% - 47.5% 47 5%

2014

2012

+ 75.8% 75 8%

+ 50.4% 50 4%

Single Family/Duplex

2013

2014

- 34.2% 34 2% + 103.8% 103 8%

Townhouse-Condo

2012

2013

2014

2012

34 1% + 34.1%

- 47.5% 47 5%

+ 75.8% 75 8%

50 4% + 50.4%

Single Family/Duplex

2013

2014

- 34.2% 34 2% + 103.8% 103 8%

Townhouse-Condo

Year-Over-Year Change

* Median Sales Price for all properties from February 2013 through January 2014. This is not the average of the individual figures above.

Historical Median Sales Price by Month

Single Family/Duplex

Townhouse-Condo

$2,000,000

$1,750,000

$1,500,000

$1,250,000

$1,000,000

$750,000

$500,000

$250,000 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 7

Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.

Year to Date

January

$1,395,247

$1,395,247

$1,250,299

$1,250,299

$1,205,468

$1,205,468

$651,761

$651,761

$652,204

2012

2013

2014

2012

+ 7.5% 7 5%

- 47.9% 47 9%

+ 85.0% 85 0%

20 8% - 20.8%

Single Family/Duplex

$1,360,755

$1,360,755

2013

2014

- 53.3% 53 3% + 108.6% 108 6%

Townhouse-Condo

$652,204

2012

2013

2014

2012

7 5% + 7.5%

- 47 47.9% 9%

+ 85.0% 85 0%

20 8% - 20.8%

Single Family/Duplex

2013

2014

108.6% - 53.3% 53 3% + 108 6%

Townhouse-Condo

Average Sales Price

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

$1,513,347

+40.3%

$935,489

-4.8%

Mar-2013

$832,750

-55.5%

$927,314

+22.3%

Apr-2013

$840,334

-29.7%

$987,096

+18.0%

May-2013

$1,133,591

-9.5%

$625,845

-27.6%

Jun-2013

$788,201

-32.4%

$525,095

-20.2%

Jul-2013

$902,062

+9.6%

$571,362

-20.0%

Aug-2013

$589,896

-44.0%

$910,167

+71.8%

Sep-2013

$1,396,172

+25.1%

$866,646

+31.7%

Oct-2013

$1,346,206

+56.0%

$722,328

-10.7%

Nov-2013

$1,406,825

+15.0%

$1,039,795

+34.2%

Dec-2013

$1,268,154

+17.9%

$878,973

-10.1%

Jan-2014

$1,205,468

+85.0%

$1,360,755

+108.6%

-2.7% 2.7%

$839,981

+10.8%

12-Month 12 Month Avg* Avg $1,086,436

* Average Sales Price for all properties from February 2013 through January 2014. This is not the average of the individual figures above.

Historical Average Sales Price by Month

Single Family/Duplex

Townhouse-Condo

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 8

Percent of List Price Received Percentage found when dividing a property’s sales price by its most recent list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.

Year to Date

January 94.7% 96.5% 95.9%

92.9% 95.6% 94.2%

Pct. of List Price Received

94.7% 96.5% 95.9%

92.9% 95.6% 94.2%

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 1.3% 1 3%

+ 1.9% 1 9%

-0 0.6% 6%

3.6% -3 6%

+ 2.9% 2 9%

- 1.5% 1 5%

1 3% + 1.3%

1.9% +1 9%

-0 0.6% 6%

3 6% - 3.6%

2.9% +2 9%

-1 1.5% 5%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Historical Percent of List Price Received by Month

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

93.5%

-0.8%

95.4%

+1.7%

Mar-2013

94.0%

+4.6%

95.0%

+0.7%

Apr-2013

94.4%

+2.2%

94.2%

+1.1%

May-2013

96.8%

+3.0%

95.3%

+1.5%

Jun-2013

95.5%

+2.6%

95.1%

-0.5%

Jul-2013

94.7%

+0.2%

94.9%

+1.7%

Aug-2013

97.0%

+3.0%

94.0%

+0.3%

Sep-2013

95.1%

+1.1%

94.3%

+0.4%

Oct-2013

95.5%

+1.8%

94.1%

+0.2%

Nov-2013

95.6%

+2.1%

95.2%

+0.7%

Dec-2013

94.9%

+1.5%

95.9%

-0.2%

Jan-2014

95.9%

-0.6%

94.2%

-1.5%

12-Month 12 Month Avg* Avg

95.4%

+1.8%

94.7%

+0.5%

* Pct. of List Price Received for all properties from February 2013 through January 2014. This is not the average of the individual figures above.

Single Family/Duplex

Townhouse-Condo

100.0%

95.0%

90.0%

85.0%

80.0%

75.0%

70.0% 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORSÂŽ MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 9

Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month.

Year to Date

January

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Feb-2013

195

-27.2%

156

-11.4%

Mar-2013

98

-52.7%

305

+58.9%

Apr-2013

221

+15.1%

239

-23.4%

May-2013

165

-20.3%

170

-36.3%

Jun-2013

118

-41.3%

204

+9.7%

Jul-2013

133

-1.5%

204

+6.8%

Aug-2013

111

-1.8%

241

+34.6%

Sep-2013

257

+52.1%

185

-5.6%

Oct-2013

140

-15.2%

203

-3.8%

Nov-2013

173

+9.5%

218

+7.9%

Dec-2013

138

-30.7%

277

+18.9%

Jan-2014

152

-18.7%

185

+20.9%

12-Month 12 Month Avg* Avg

178

-10.5% 10.5%

209

+2.5%

Days on Market

213

213 194

194

187

185

187 153

152

153

152

185

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

+ 3.7% 3 7%

- 3.6% 3 6%

- 18.7% 18 7%

27 8% - 27.8%

28.2% - 28 2%

+ 20.9% 20 9%

3 7% + 3.7%

- 3.6% 3 6%

- 18.7% 18 7%

27 8% - 27.8%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

2013

2014

- 28.2% 28 2% + 20.9% 20 9%

Townhouse-Condo

Historical Days on Market Until Sale by Month

Year-Over-Year Change

* Days on Market for all properties from February 2013 through January 2014. This is not the average of the individual figures above.

Single Family/Duplex

Townhouse-Condo

500

400

300

200

100

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 10

Housing Affordability Index This index measures housing affordability for the region. An index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

January

Year to Date

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Feb-2013

56

-23.3%

101

+2.0%

Mar-2013

66

+3.1%

78

-31.0%

Apr-2013

72

-20.0%

61

-38.4%

May-2013

68

-9.3%

114

+21.3%

Jun-2013

79

-3.7%

112

-6.7%

Jul-2013

69

-5.5%

87

-28.7%

Aug-2013

79

-18.6%

80

-25.9%

Sep-2013

49

-25.8%

88

-19.3%

Oct-2013

53

-32.9%

82

-28.7%

Nov-2013

56

-25.3%

89

-20.5%

Dec-2013

64

-4.5%

87

-4.4%

Jan-2014

67

-46.8%

47

-53.5%

12-Month 12 Month Avg* Avg

65

-16.8% 16.8%

81

-56.0% 56.0%

Affordability Index

126

126 101

67

66

101

67

66

65

65

47

2012

- 16.5% 16 5%

2013

2014

46 8% + 90.9% 90 9% - 46.8%

Single Family/Duplex

47

2012

2013

2014

2012

- 24.4% 24 4%

+ 55.4% 55 4%

- 53.5% 53 5%

16 5% - 16.5%

Townhouse-Condo

2013

90 9% + 90.9%

2014

46 8% - 46.8%

Single Family/Duplex

2012

24 4% - 24.4%

2013

55 4% + 55.4%

2014

- 53.5% 53 5%

Townhouse-Condo

Historical Housing Affordability Index by Month

Year-Over-Year Change

* Affordability Index for all properties from February 2013 through January 2014. This is not the average of the individual figures above.

Single Family/Duplex

Townhouse-Condo

140

120

100

80

60

40

20

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 11

Inventory of Active Listings The number of properties available for sale in active status at the end of a given month.

January

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

486

-23.7%

581

-26.2%

Mar-2013

461

-29.9%

576

-24.2%

Apr-2013

452

-26.7%

533

-23.7%

May-2013

468

-27.6%

529

-25.2%

Jun-2013

539

-21.5%

585

-20.1%

Jul-2013

590

-15.0%

600

-15.6%

Aug-2013

564

-16.4%

588

-14.7%

Sep-2013

525

-15.7%

531

-20.2%

Oct-2013

511

-7.8%

490

-21.9%

Nov-2013

468

-12.8%

479

-23.7%

Dec-2013

423

-15.7%

462

-23.4%

Jan-2014

419

-12.3%

459

-20.7%

12-Month 12 Month Avg

496

-18.7% 18.7%

538

-21.1% 21.1%

Active Listings

767 634

579 478

459

419

2012 9% -9 9.9%

2013 - 24.6% 24 6%

2014 - 12.3% 12 3%

2012

2013 - 24 24.5% 5%

5% -7 7.5%

Single Family/Duplex

2014 - 20 20.7% 7%

Townhouse-Condo

Historical Inventory of Active Listings by Month

Single Family/Duplex

Townhouse-Condo

1,100

1,000

900

800

700

600

500

400 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 12

Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly closed sales from the last 12 months.

January 18.8

18.5

11.8 9.8

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Feb-2013

9.9

-45.6%

11.9

-40.5%

Mar-2013

9.3

-50.3%

12.0

-39.1%

Apr-2013

8.8

-50.3%

11.4

-34.5%

May-2013

9.3

-45.9%

11.0

-38.5%

Jun-2013

10.7

-39.2%

12.2

-31.8%

Jul-2013

11.5

-34.3%

12.5

-26.0%

Aug-2013

11.0

-31.7%

12.3

-21.7%

Sep-2013

10.5

-26.1%

11.2

-22.2%

Oct-2013

10.4

-14.8%

10.4

-18.8%

Nov-2013

9.9

-13.9%

10.3

-19.5%

Dec-2013

9.1

-10.8%

10.1

-17.2%

9.0

-8.2%

10.1

-14.4%

10.0

-33.6% 33.6%

11.3

-28.2% 28.2%

Months Supply

10.1

9.0

Jan-2014 2012 1% - 18 18.1%

2013 - 47.0% 47 0%

2014 -8 8.2% 2%

2013 - 37 37.2% 2%

2012 0% - 10 10.0%

Single Family/Duplex

2014 - 14 14.4% 4%

12-Month 12 Month Avg

Townhouse-Condo

* Months Supply for all properties from February 2013 through January 2014. This is not the average of the individual figures above.

Historical Months Supply of Inventory by Month

Single Family/Duplex

Townhouse-Condo

50.0

40.0

30.0

20.0

10.0

0.0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 13

All Properties Activity Overview Key metrics for All Properties by report month and for year-to-date (YTD) starting from the first of the year.

Key Metrics

Historical Sparkbars

New Listings 1-2011

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012 1 2012

1-2013 1 2013

108

110

+ 1.9%

108

110

+ 1.9%

83

94

+ 13.3%

83

94

+ 13.3%

54

54

0.0%

54

54

0.0%

$387,000

$680,000

+ 75.7%

$387,000

$680,000

+ 75.7%

+ 97.7%

$652,015 $1,288,863

$652,015 $1,288,863 1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

1-2012

1-2013

95.9%

95.0%

- 0.9%

167

170

+ 1.8%

167

170

+ 1.8%

103

55

- 47.0%

103

55

- 47.0%

1,057

878

- 16.9%

--

--

--

10.8

9.5

- 12.0%

--

--

--

1-2014

Months Supply 1-2011

- 0.9%

1-2014

Active Listings 1-2011

95.0%

1-2014

Affordability Index 1-2011

95.9% 1-2014

Days on Market 1-2011

+ 97.7%

1-2014

Pct. of List Price Received 1-2011

Percent Change

1-2014 1 2014

Average Sales Price 1-2011

YTD 2013 YTD 2014

1-2014

Median Sales Price 1-2011 1 2011

Percent Change

1-2014

Closed Sales 1-2011

1-2014

1-2014

Pending Sales 1-2011

1-2013

1-2014

Current as of February 10, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 14

Glossary of Terms A research tool provided by the Colorado Association of REALTORSÂŽ

New Listings

A measure of how much new supply is coming onto the market from sellers (e.g., Q3 New Listings are those listings with a system list date from July 1 through September 30).

Pending Sales

A count of all the listings that went into Pending during the reported period. Pending listings are counted at the end of the reported period.

Each listing can only be counted one time. If a listing goes into Pending, out of Pending, then back into Pending all in one reported period, this listing would only be counted once. This is the most real-time measure possible for home buyer activity, as it measures signed contracts on sales rather than the actual closed sale. As such, it is called a "leading indicator" of buyer demand.

Closed Sales

A measure of home sales that were closed to completion during the report period.

Median Sales Price

A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point.

Average Sales Price

A sum of all home sales prices divided by total number of sales.

Percent of List Price Received

A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.

Days on Market Until Sale

A measure of how long it takes homes to sell, on average.

Housing Affordability Index

A measure of how affordable a region’s housing is to its consumers. A higher number means greater affordability. The index is based on interest rates, median sales price and average income by county.

Inventory of Active Listings

A measure of the number of homes available for sale at a given time. The availability of homes for sale has a big effect on supply-demand dynamics and home prices.

Months Supply of Inventory

A measure of how balanced the market is between buyers and sellers. It is expressed as the number of months it would hypothetically take to sell through all the available homes for sale, given current levels of home sales. A balanced market ranges from 4 to 7 months of supply. A buyer's market has a higher number, reflecting fewer buyers relative to homes for sale. A seller's market has a lower number, reflecting more buyers relative to homes for sale.

Current as of July 12, 2013. All data from the Vail Board of REALTORSÂŽ MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 13