July 2014 Market Reports

Vail Valley / Eagle County

Mar ke t Re p or t July 2 0 1 4 - YTD

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Monthly Indicators July 2014 Although low supply and tight credit standards are still hurdles to recovery, prices continue to rise in most local areas. Job growth has strengthened lately, but wage growth has not kept pace with the price gains we have seen. Buoyed by stable and continuously lower interest rates, affordability is still historically high yet below its all-time peak. Rising inventory levels will lead to more choices for qualified buyers, but as the summer reaches toward fall, the prospect of more homes coming on the market begins to wane.

New Listings were down 29.4 percent for single family/duplex homes and 6.3 percent for townhouse-condo properties. Pending Sales increased 29.2 percent for single family/duplex homes and 13.6 percent for townhouse-condo properties.

The Median Sales Price was up 1.1 percent to $545,000 for single family/duplex homes and 4.1 percent to $433,500 for townhouse-condo properties. Months Supply of Inventory increased 6.0 percent for single family/duplex units but decreased 17.6 percent for townhouse-condo units.

The U.S. Department of Commerce reported that GDP grew at a 4.0 percent annual rate in the second quarter and that the first quarter was less bad than previously thought. Consumer spending in the first quarter rose 2.5 percent, which is encouragingly in tandem with savings rates. Increased consumer spending means more demand for goods and labor; increased savings rates means more resources for downpayments. With rates still low, rents still rising and private job growth accelerating, it's becoming more and more difficult to side with the housing perma-bears.

Monthly Snapshot + 1.1%

- 12.6%

- 7.3%

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 Closed Sales and Inventory by Price Range Glossary of Terms

2 3 4 5 6 7 8 9 10 11 12 13 14 15 16

Current as of August 6, 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 7-2011

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

Days on Market

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

- 6.6%

48

62

+ 29.2%

321

311

- 3.1%

48

43

- 10.4%

297

264

- 11.1%

$539,000

$545,000

+ 1.1%

$560,000

$594,500

+ 6.2%

$902,062

$815,392

- 9.6%

$966,236 $1,307,635

94.7%

95.7%

+ 1.1%

95.4%

95.6%

+ 0.2%

133

104

- 21.8%

159

169

+ 6.3%

62

63

+ 1.6%

59

57

- 3.4%

603

541

- 10.3%

--

--

--

11.7

12.4

+ 6.0%

--

--

--

+ 35.3%

7-2014

Months Supply 7-2011

565

7-2014

Active Listings 7-2011

605

7-2014

Affordability Index 7-2011

- 29.4%

7-2014

` 7-2011

89

7-2014

Pct. of List Price Received 7-2011

126

Percent Change

7-2014

Average Sales Price 7-2011

YTD 2013 YTD 2014

7-2014

Median Sales Price 7-2011

Percent Change

7-2014

Closed Sales 7-2011

7-2014

7-2014

Pending Sales 7-2011

7-2013

7-2014

Current as of August 6, 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 7-2011

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

+ 8.3%

66

75

+ 13.6%

316

369

+ 16.8%

42

48

+ 14.3%

273

316

+ 15.8%

$416,250

$433,500

+ 4.1%

$400,000

$531,250

+ 32.8%

$571,362

$921,500

+ 61.3%

$736,216 $1,080,948

94.9%

96.2%

+ 1.4%

95.0%

95.0%

0.0%

204

144

- 29.4%

205

207

+ 1.0%

80

79

- 1.3%

83

64

- 22.9%

602

512

- 15.0%

--

--

--

12.5

10.3

- 17.6%

--

--

--

+ 46.8%

7-2014

Months Supply 7-2011

546

7-2014

Active Listings 7-2011

504

7-2014

Affordability Index 7-2011

- 6.3%

7-2014

Days on Market 7-2011

89

7-2014

Pct. of List Price Received 7-2011

95

Percent Change

7-2014

Average Sales Price 7-2011

YTD 2013 YTD 2014

7-2014

Median Sales Price 7-2011

Percent Change

7-2014

Closed Sales 7-2011

7-2014

7-2014

Pending Sales 7-2011

7-2013

7-2014

Current as of August 6, 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

July 126

576

605 565 532

95

89

95 85

546 504

89

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

- 6.9%

+ 32.6%

- 29.4%

- 1.2%

+ 11.8%

- 6.3%

+ 0.7%

+ 5.0%

- 6.6%

+ 1.1%

- 5.3%

+ 8.3%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

New Listings

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Aug-2013 Sep-2013

72

-15.3%

79

+11.3%

57

+21.3%

48

-14.3%

Oct-2013

62

+29.2%

53

-10.2%

Nov-2013

40

-24.5%

49

-21.0%

Dec-2013

33

-37.7%

66

0.0%

Jan-2014

57

+7.5%

53

-3.6%

Feb-2014

35

-48.5%

55

0.0%

Mar-2014

67

+17.5%

74

+17.5%

Apr-2014

77

+16.7%

72

+53.2%

May-2014

99

+12.5%

91

+24.7%

Jun-2014

141

-4.1%

112

-3.4%

Jul-2014

89

-29.4%

89

-6.3%

12-Month Avg

69

-7.0%

70

+2.8%

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 August 6, 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

July

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Aug-2013

69

-10.4%

64

-5.9%

Sep-2013

53

-10.2%

66

+37.5%

Oct-2013

37

-42.2%

45

-23.7%

Nov-2013

38

-2.6%

30

-11.8%

Dec-2013

22

-26.7%

30

-16.7%

Jan-2014

38

-7.3%

49

+19.5%

Feb-2014

37

-9.8%

47

+34.3%

Mar-2014

49

-22.2%

50

+4.2%

Apr-2014

42

-16.0%

71

+82.1%

May-2014

38

+26.7%

35

-32.7%

Jun-2014

45

-6.3%

42

+20.0%

Jul-2014

62

+29.2%

75

+13.6%

12-Month Avg

44

-10.2%

50

+7.7%

Pending Sales

369

75 67 62

332

66

62

346 321

316

311

48

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 26.5%

- 22.6%

+ 29.2%

+ 52.3%

- 1.5%

+ 13.6%

+ 44.3%

- 3.3%

- 3.1%

+ 26.3%

- 8.7%

+ 16.8%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Year-Over-Year Change

Townhouse-Condo

Historical Pending 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 August 6, 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

July

316 297 48

48 43

41

269

288 264

273

42

36

2012

2013

+ 24.1% + 33.3%

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

- 10.4%

+ 57.7%

+ 2.4%

+ 14.3%

+ 33.2%

+ 10.4%

- 11.1%

+ 7.9%

- 5.2%

+ 15.8%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Closed Sales

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Aug-2013 Sep-2013

Year-Over-Year Change

60

-1.6%

65

-1.5%

54

-26.0%

60

-13.0%

Oct-2013

57

-16.2%

72

-1.4%

Nov-2013

42

-31.1%

42

-10.6%

Dec-2013

45

-21.1%

39

-20.4%

Jan-2014

25

+8.7%

30

-3.2%

Feb-2014

30

-16.7%

33

+3.1%

Mar-2014

28

-24.3%

51

+45.7%

Apr-2014

47

-11.3%

51

+21.4%

May-2014

45

-22.4%

59

+15.7%

Jun-2014

46

+9.5%

44

+10.0%

Jul-2014

43

-10.4%

48

+14.3%

12-Month Avg

44

-15.4%

50

+2.9%

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 August 6, 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

July $557,500

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

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

$595,000

-6.3%

$425,300

-6.5%

Jan-2014

$545,000

+75.8%

$817,500

+107.0%

Feb-2014

$873,750

+18.6%

$875,000

+127.9%

Mar-2014

$761,000

+24.2%

$585,000

+14.3%

Apr-2014

$744,000

+31.7%

$755,000

+11.9%

May-2014

$585,000

+1.4%

$500,000

+51.5%

Jun-2014

$535,500

+16.7%

$366,250

+16.9%

Jul-2014

$545,000

+1.1%

$433,500

+4.1%

12-Month Avg*

$630,000

+13.7%

$487,000

+28.2%

Median Sales Price

$539,000 $545,000

$594,500 $545,000 $416,250

$560,000 $531,250

$433,500

$400,000 $369,500

$320,000

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 74.2%

- 3.3%

+ 1.1%

- 12.4%

+ 30.1%

+ 4.1%

+ 10.5%

+ 2.8%

+ 6.2%

- 17.7%

+ 8.3%

+ 32.8%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Historical Median Sales Price by Month

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

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 August 6, 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

July $921,500

$902,062 $822,802

Average Sales Price

$1,307,635 $1,233,350

$815,392

$1,080,948 $713,848

$966,236 $865,973 $571,362 $736,216

Single Family/Duplex

2013

2014

2012

2013

2014

2012

2013

2014

2012

+ 51.4%

+ 9.6%

- 9.6%

+ 13.9%

- 20.0%

+ 61.3%

+ 8.9%

- 21.7%

+ 35.3%

- 11.1%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

2013

2014

- 15.0% + 46.8%

Townhouse-Condo

Historical Average Sales Price by Month

TownhouseCondo

Year-Over-Year Change

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%

$1,017,538

+31.3%

Dec-2013

$1,253,751

+16.6%

$878,973

-10.1%

Jan-2014

$1,205,468

+85.0%

$1,390,563

+113.2%

Feb-2014

$1,098,540

-27.4%

$1,201,270

+28.4%

Mar-2014

$1,482,573

+78.0%

$849,114

-8.4%

Apr-2014

$2,160,310

+157.1%

$1,494,230

+51.4%

May-2014

$1,239,178

+9.3%

$1,097,950

+75.4%

Jun-2014

$1,048,943

+33.1%

$720,431

+37.2%

$815,392

-9.6%

$921,500

+61.3%

$1,241,843

+22.2%

$979,399

+33.1%

Jul-2014 2012

Year-Over-Year Change

12-Month Avg*

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

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 August 6, 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

July 94.5% 94.7% 95.7%

93.3% 94.9% 96.2%

Pct. of List Price Received

93.3% 95.4% 95.6%

93.9% 95.0% 95.0%

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 0.5%

+ 0.2%

+ 1.1%

0.0%

+ 1.7%

+ 1.4%

+ 0.9%

+ 2.3%

+ 0.2%

+ 1.1%

+ 1.2%

0.0%

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

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%

95.3%

+0.8%

Dec-2013

95.0%

+1.6%

95.9%

-0.2%

Jan-2014

95.9%

-0.6%

94.3%

-1.4%

Feb-2014

94.2%

+0.7%

94.0%

-1.5%

Mar-2014

96.2%

-0.1%

94.9%

-0.1%

Apr-2014

95.0%

+0.6%

93.6%

-0.6%

May-2014

96.4%

-0.4%

95.6%

+0.3%

Jun-2014

95.9%

+0.4%

95.9%

+0.8%

Jul-2014

95.7%

+1.1%

96.2%

+1.4%

12-Month Avg*

95.7%

+1.1%

94.8%

+0.2%

* Pct. of List Price Received for all properties from August 2013 through July 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 August 6, 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

July

Days on Market

223 205

200

204

207

191 159 135

169

144

133 104

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

- 32.8%

- 1.5%

- 21.8%

+ 2.1%

+ 6.8%

- 29.4%

- 9.1%

- 20.5%

+ 6.3%

- 5.9%

- 8.1%

+ 1.0%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Historical Days on Market Until Sale by Month

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Aug-2013

111

-1.8%

235

+31.3%

Sep-2013

257

+52.1%

185

-5.6%

Oct-2013

140

-15.2%

203

-3.8%

Nov-2013

173

+9.5%

213

+5.4%

Dec-2013

135

-32.2%

277

+18.9%

Jan-2014

152

-18.7%

197

+28.8%

Feb-2014

239

+22.6%

182

+16.7%

Mar-2014

180

+100.0%

341

+11.8%

Apr-2014

206

-6.8%

243

+1.7%

May-2014

200

+21.2%

158

-7.1%

Jun-2014

116

-1.7%

169

-17.2%

Jul-2014

104

-21.8%

144

-29.4%

12-Month Avg*

160

+3.4%

204

+4.3%

* Days on Market for all properties from August 2013 through July 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 August 6, 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.

July

Year to Date 114 99 80

65

62

83

79 67

63

59

2012

2013

2014

2012

2013

2014

2012

2013

- 36.9%

- 4.6%

+ 1.6%

+ 26.7%

- 29.8%

- 1.3%

0.0%

- 11.9%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Aug-2013

72

-18.2%

73

-27.0%

Sep-2013

43

-25.9%

81

-19.8%

Oct-2013

47

-33.8%

74

-30.2%

Nov-2013

49

-26.9%

81

-22.1%

Dec-2013

57

-3.4%

79

-3.7%

Jan-2014

61

-48.3%

40

-57.0%

Feb-2014

38

-22.4%

38

-59.1%

Mar-2014

44

-24.1%

57

-18.6%

Apr-2014

45

-29.7%

44

-18.5%

May-2014

59

-3.3%

69

-34.9%

Jun-2014

64

-11.1%

94

-11.3%

Jul-2014

63

+1.6%

79

-1.3%

12-Month Avg*

53

-8.5%

69

-13.3%

Affordability Index

64 57

2014

- 3.4%

Single Family/Duplex

2012

+ 35.6%

2013

- 16.2%

2014

- 22.9%

Townhouse-Condo

Historical Housing Affordability Index by Month

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

Single Family/Duplex

Townhouse-Condo

120

100

80

60

40

20

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of August 6, 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.

July

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Aug-2013

579

-14.2%

592

-14.1%

Sep-2013

543

-12.8%

539

-18.9%

Oct-2013

533

-3.8%

503

-19.8%

Nov-2013

502

-6.9%

496

-21.0%

Dec-2013

467

-7.3%

490

-18.7%

Jan-2014

459

-4.6%

482

-16.8%

Feb-2014

441

-9.8%

476

-18.1%

Mar-2014

443

-4.3%

485

-15.9%

Apr-2014

445

-2.4%

450

-15.7%

May-2014

480

+1.5%

472

-11.1%

Jun-2014

538

-1.8%

515

-12.3%

Jul-2014

541

-10.3%

512

-15.0%

12-Month Avg

498

-6.8%

501

-16.5%

Active Listings

711

694 603

602 541

2012 - 11.1%

2013 - 13.1%

2014 - 10.3%

512

2012 - 14.3%

Single Family/Duplex

2013 - 15.3%

2014 - 15.0%

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 August 6, 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.

July

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Aug-2013

11.3

-29.8%

12.3

-21.7%

Sep-2013

10.9

-23.2%

11.4

-20.8%

Oct-2013

10.9

-10.7%

10.7

-16.4%

Nov-2013

10.6

-7.8%

10.6

-17.2%

Dec-2013

10.1

-1.9%

10.7

-12.3%

Jan-2014

9.9

0.0%

10.5

-11.0%

Feb-2014

9.6

-3.0%

10.4

-12.6%

Mar-2014

9.8

+5.4%

10.3

-14.9%

Apr-2014

10.0

+12.4%

9.4

-17.5%

May-2014

11.0

+17.0%

9.7

-11.8%

Jun-2014

12.3

+12.8%

10.5

-13.9%

Jul-2014

12.4

+6.0%

10.3

-17.6%

12-Month Avg

10.7

-4.1%

10.6

-16.0%

Months Supply

17.5

16.9 12.5

12.4

11.7

10.3

2012 - 28.6%

2013 - 33.1%

2014 + 6.0%

2012 - 20.7%

Single Family/Duplex

2013 - 26.0%

2014 - 17.6%

Townhouse-Condo

* Months Supply for all properties from August 2013 through July 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 August 6, 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 7-2011

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

7-2012

7-2013

+ 0.2%

114

137

+ 20.2%

637

680

+ 6.8%

90

91

+ 1.1%

570

580

+ 1.8%

$512,500

$475,000

- 7.3%

$485,750

$570,000

+ 17.3%

$747,735

$871,361

+ 16.5%

94.8%

96.0%

+ 1.3%

95.2%

95.3%

+ 0.1%

166

125

- 24.7%

181

190

+ 5.0%

65

72

+ 10.7%

69

60

- 12.5%

1,205

1,053

- 12.6%

--

--

--

12.1

11.3

- 6.6%

--

--

--

$856,069 $1,184,130

+ 38.3%

7-2014

Months Supply 7-2011

1,111

7-2014

Active Listings 7-2011

1,109

7-2014

Affordability Index 7-2011

- 19.5%

7-2014

Days on Market 7-2011

178

7-2014

Pct. of List Price Received 7-2011

221

Percent Change

7-2014

Average Sales Price 7-2011

YTD 2013 YTD 2014

7-2014

Median Sales Price 7-2011

Percent Change

7-2014

Closed Sales 7-2011

7-2014

7-2014

Pending Sales 7-2011

7-2013

7-2014

Current as of August 6, 2014. All data from the Vail Board of REALTORS速 MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 14

Closed Sales Actual sales that have closed in a given quarter.

By Price Range – All Properties – Rolling 12 Months 365

351

7-2013

By Property Type

7-2014

7-2013

7-2014

389

207

206

1,194

205

106

104

51

62

28

69

34

73

15

617

36

5

4

577

522

1,116

594

- 43.3%

+ 10.8%

- 0.5%

+ 1.9%

+ 21.6%

+ 21.4%

+ 5.8%

+ 140.0%

- 20.0%

- 15.4%

+ 2.9%

- 6.5%

< $300K

$300K to $599K

$600K to $999K

$1.0M to $1.4M

$1.5M to $1.9M

$2.0M to $2.5M

$2.5M to $4.9M

$5.0M to $9.9M

$10.0M+

Singe Family

Townhouse-Condo

All Properties

Rolling 12 Months Single Family Condo

By Price Range $299,999 and Below $300,000 to $599,999 $600,000 to $999,999 $1,000,000 to $1,499,999 $1,500,00 to $1,999,999 $2,000,000 to $2,499,999 $2,500,000 to $4,999,999 $5,000,000 to $9,999,999 $10,000,000 and Above All Price Ranges

7-2013 149 190 114 61 29 19 40 11 4 617

7-2014 80 170 115 50 30 17 37 19 4 522

Change - 46.3% - 10.5% + 0.9% - 18.0% + 3.4% - 10.5% - 7.5% + 72.7% 0.0% - 15.4%

7-2013 216 161 92 43 22 9 29 4 1 577

7-2014 127 219 90 56 32 17 36 17 0 594

Compared to Prior Month Single Family Condo Change - 41.2% + 36.0% - 2.2% + 30.2% + 45.5% + 88.9% + 24.1% + 325.0% - 100.0% + 2.9%

6-2014 10 14 7 1 5 1 6 1 0 45

7-2014 6 17 11 5 1 1 2 0 0 43

Change - 40.0% + 21.4% + 57.1% + 400.0% - 80.0% 0.0% - 66.7% - 100.0% -- 4.4%

6-2014 11 25 8 3 3 2 4 3 0 59

7-2014 12 20 6 2 1 3 3 1 0 48

Year to Date Single Family Change + 9.1% - 20.0% - 25.0% - 33.3% - 66.7% + 50.0% - 25.0% - 66.7% -- 18.6%

Condo

YTD 2013 YTD 2014 Change YTD 2013 YTD 2014 Change 73 43 - 41.1% 91 62 - 31.9% 88 90 + 2.3% 78 110 + 41.0% 54 51 - 5.6% 50 44 - 12.0% 32 26 - 18.8% 20 34 + 70.0% 19 12 - 36.8% 14 19 + 35.7% 9 7 - 22.2% 7 13 + 85.7% 18 24 + 33.3% 11 26 + 136.4% 3 8 + 166.7% 2 8 + 300.0% 1 3 + 200.0% 0 0 -297 264 - 11.1% 273 316 + 15.8%

Inventory of Active Listings A measure of the number of homes available for sale at a given time.

By Price Range – All Properties 217 81

237

207

7-2013

222

148

63

By Property Type

7-2014

113

112

201 92

67

73

162

7-2013

7-2014

1,205 106

90

36

603

31

602

541

1,053

512

- 22.2%

- 4.6%

- 6.3%

- 23.6%

- 17.9%

+ 9.0%

- 19.4%

- 15.1%

- 13.9%

- 10.3%

- 15.0%

- 12.6%

< $300K

$300K to $599K

$600K to $999K

$1.0M to $1.4M

$1.5M to $1.9M

$2.0M to $2.5M

$2.5M to $4.9M

$5.0M to $9.9M

$10.0M+

Singe Family

Townhouse-Condo

All Properties

Year over Year Single Family

By Price Range $299,999 and Below $300,000 to $599,999 $600,000 to $999,999 $1,000,000 to $1,499,999 $1,500,00 to $1,999,999 $2,000,000 to $2,499,999 $2,500,000 to $4,999,999 $5,000,000 to $9,999,999 $10,000,000 and Above All Price Ranges

7-2013 29 65 116 89 59 38 117 64 26 603

7-2014 22 61 124 59 53 43 103 55 21 541

Change - 24.1% - 6.2% + 6.9% - 33.7% - 10.2% + 13.2% - 12.0% - 14.1% - 19.2% - 10.3%

Compared to Prior Month Single Family Condo

Condo 7-2013 52 152 121 59 53 29 84 42 10 602

7-2014 41 146 98 54 39 30 59 35 10 512

Change - 21.2% - 3.9% - 19.0% - 8.5% - 26.4% + 3.4% - 29.8% - 16.7% 0.0% - 15.0%

6-2014 22 65 93 57 47 35 95 46 20 480

7-2014 22 61 124 59 53 43 103 55 21 541

Change 0.0% - 6.2% + 33.3% + 3.5% + 12.8% + 22.9% + 8.4% + 19.6% + 5.0% + 12.7%

6-2014 42 151 79 40 33 25 58 37 7 472

7-2014 41 146 98 54 39 30 59 35 10 512

Year to Date Single Family Change - 2.4% - 3.3% + 24.1% + 35.0% + 18.2% + 20.0% + 1.7% - 5.4% + 42.9% + 8.5%

Condo

There are no year-to-date figures for inventory because it is simply a snapshot frozen in time at the end of each month. It does not add up over a period of months.

Current as of August 6, 2014. All data from the Vail Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 15

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 regionâ&#x20AC;&#x2122;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 August 6, 2014. All data from the Vail Board of REALTORSÂŽ MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 16