August 2014 Sales by Area

Vail Valley / Eagle County

Market Report August 2014 - YTD

www.TeamBlackBear.com  Info@TeamBlackBear.com  970.337.7777

August 2014 Sales by Area Area

# Sold

% of Sold

Total $ Volume

% of $ Volume

Total*

110

100%

$70,179,824

100%

Average Sold Price

Average AVG % of List Price / SF DOM Price

$ 637,998 $ 359.41 121

94.84%

East Vail

11

10.0% $ 5,621,700

8.01% $ 511,064 $ 420.22

85

95.74%

Vail Village

2

1.8%

$ 1,696,800

2.42% $ 848,400 $ 913.50

323

95.33%

Eagle‐Vail

3

2.7%

$ 1,275,000

1.82% $ 425,000 $ 260.20

47

93.65%

Beaver Creek

6

5.5%

$ 7,535,000

10.74% $ 1,255,833 $ 571.30

402

93.72%

Bachelor Gulch

0

0.0%

$ ‐

0

0.00%

Arrowhead

7

6.4%

$ 9,370,000

13.35% $ 1,338,571 $ 501.43

219

87.87%

Singletree

6

5.5%

$ 4,532,500

6.46% $ 755,417 $ 286.00

42

96.62%

Edwards

4

3.6%

$ 2,076,225

2.96% $ 519,056 $ 317.03

131

99.17%

Homestead

5

4.5%

$ 2,224,600

3.17% $ 444,920 $ 244.45

89

96.02%

Lake Creek Valley

0

0.0%

$ ‐

0.00% $ ‐

0

0.00%

Cordillera

1

0.9%

$ 1,410,000

2.01% $ 1,410,000 $ 304.40

373

94.31%

Cordillera Valley Club

0

0.0%

$ ‐

0.00% $ ‐

$ ‐

0

0.00%

Bellyache Wolcott

0

0.0%

$ ‐

0.00% $ ‐

$ ‐

0

0.00%

Eagle

5

4.5%

$ 1,387,000

1.98% $ 277,400 $ 167.88

9

99.11%

Eagle Ranch

7

6.4%

$ 3,166,000

4.51% $ 452,286 $ 228.40

61

97.22%

Gypsum

8

7.3%

$ 2,228,000

3.17% $ 278,500 $ 143.22

20

97.38%

Cotton Ranch

6

5.5%

$ 2,419,000

3.45% $ 403,167 $ 166.13

170

97.86%

0.00% $ ‐

$ ‐

$ ‐

If your area is not listed please contact us and we will gladly provide those stats. * Total is for all residential sales in the MLS. Some areas have been omitted but their numbers are reflected in the total. Information contained in this report is not guaranteed to be accurate. All statistical data is supplied by the Vail Board of Realtors and is deemed reliable but not guaranteed and individual verification is recommended.

Monthly Indicators August 2014 Most local markets continue to recover from a soft patch earlier this year. The macro trend is still positive; the micro trend involves more moderate pinching up and down the month-to-month timeline. This is not uncommon in a balanced market, but it's been so long since we've seen one that we're watching it with perhaps too much trepidation. Metrics to watch include inventory and prices, but also days on market, months' supply and percent of list price received at sale. Declines in pending and closed sales activity may reflect strong decreases at lower price points and may not indicate softening demand.

New Listings were up 9.7 percent for single family/duplex homes but decreased 35.4 percent for townhouse-condo properties. Pending Sales decreased 13.0 percent for single family/duplex homes but increased 39.1 percent for townhouse-condo properties.

The Median Sales Price was down 0.1 percent to $455,000 for single family/duplex homes but increased 3.3 percent to $465,000 for townhousecondo properties. Months Supply of Inventory increased 12.4 percent for single family/duplex units but decreased 25.2 percent for townhouse-condo units.

Sustained job growth, lower mortgage rates and a slow rise in the number of homes for sale appear to have unleashed at least some pent-up demand. Since housing demand relies heavily on an economy churning out good jobs, it's encouraging to see second quarter GDP growth revised upwards to a 4.2 percent annualized rate and stronger-than-expected job growth in recent months. Further improvements are still needed by way of wage growth and consumer confidence but recovery continues.

Monthly Snapshot - 13.6%

- 14.9%

+ 0.5%

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 September 7, 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 8-2011

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

Days on Market

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

69

60

- 13.0%

390

366

- 6.2%

60

51

- 15.0%

357

316

- 11.5%

$455,500

$455,000

- 0.1%

$550,000

$582,500

+ 5.9%

$589,896

$745,265

+ 26.3%

97.0%

96.2%

- 0.8%

95.7%

95.7%

0.0%

111

110

- 0.9%

151

160

+ 6.0%

72

75

+ 4.2%

60

59

- 1.7%

579

544

- 6.0%

--

--

--

11.3

12.7

+ 12.4%

--

--

--

$902,986 $1,219,974

+ 35.1%

8-2014

Months Supply 8-2011

- 4.9%

8-2014

Active Listings 8-2011

644

8-2014

Affordability Index 8-2011

677

8-2014

` 8-2011

+ 9.7%

8-2014

Pct. of List Price Received 8-2011

79

8-2014

Average Sales Price 8-2011

72

Percent Change

8-2014

Median Sales Price 8-2011

Percent Change

8-2014

Closed Sales 8-2011

8-2014

8-2014

Pending Sales 8-2011

YTD 2013 YTD 2014

8-2013

8-2014

Current as of September 7, 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 8-2011

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

64

89

+ 39.1%

380

454

+ 19.5%

65

57

- 12.3%

338

374

+ 10.7%

$450,000

$465,000

+ 3.3%

$414,000

$500,000

+ 20.8%

$910,167

$557,041

- 38.8%

$769,668

$998,732

+ 29.8%

94.0%

96.6%

+ 2.8%

94.8%

95.3%

+ 0.5%

235

134

- 43.0%

210

195

- 7.1%

73

74

+ 1.4%

80

69

- 13.8%

592

452

- 23.6%

--

--

--

12.3

9.2

- 25.2%

--

--

--

8-2014

Months Supply 8-2011

+ 2.4%

8-2014

Active Listings 8-2011

597

8-2014

Affordability Index 8-2011

583

8-2014

Days on Market 8-2011

- 35.4%

8-2014

Pct. of List Price Received 8-2011

51

8-2014

Average Sales Price 8-2011

79

Percent Change

8-2014

Median Sales Price 8-2011

Percent Change

8-2014

Closed Sales 8-2011

8-2014

8-2014

Pending Sales 8-2011

YTD 2013 YTD 2014

8-2013

8-2014

Current as of September 7, 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

August 85 79 72

79

677

661

71

644

603

583

597

51

2012

2013

+ 11.8% - 15.3%

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 9.7%

+ 7.6%

+ 11.3%

- 35.4%

+ 2.0%

+ 2.4%

- 4.9%

+ 1.9%

- 3.3%

+ 2.4%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

New Listings

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Sep-2013

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%

Aug-2014

79

+9.7%

51

-35.4%

12-Month Avg

70

-4.8%

68

-1.6%

Townhouse-Condo

Historical New Listings by Month

Single Family/Duplex

200

Townhouse-Condo

175 150 125 100 75 50 25 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of September 7, 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

August 89

454 409

390

77 69

68 60

2012

2013

+ 45.3% - 10.4%

Pending Sales

414 380

366

64

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

- 13.0%

+ 58.1%

- 5.9%

+ 39.1%

+ 44.5%

- 4.6%

- 6.2%

+ 30.6%

- 8.2%

+ 19.5%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

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

37

+23.3%

35

-32.7%

Jun-2014

43

-10.4%

42

+20.0%

Jul-2014

60

+25.0%

71

+7.6%

Aug-2014

60

-13.0%

89

+39.1%

12-Month Avg

43

-11.3%

52

+12.2%

Townhouse-Condo

Historical Pending Sales by Month

Single Family/Duplex

100

Townhouse-Condo

80

60

40

20

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of September 7, 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

August 66 61

65

60

357 57

330

354 316

374 338

51

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 79.4%

- 1.6%

- 15.0%

+ 53.5%

- 1.5%

- 12.3%

+ 39.8%

+ 8.2%

- 11.5%

+ 14.2%

- 4.5%

+ 10.7%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Closed Sales

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Sep-2013

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

44

-8.3%

49

+16.7%

Aug-2014

51

-15.0%

57

-12.3%

12-Month Avg

43

-16.6%

49

+1.9%

Townhouse-Condo

Historical Closed 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 September 7, 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

August $455,500 $455,000

$450,000

Median Sales Price

$465,000

$410,000

$550,000 $364,000

$582,500 $500,000

$481,313 $414,000 $368,000

2012

2013

- 28.1% + 11.1%

2014

2012

2013

2014

2012

2013

2014

2012

- 0.1%

- 8.8%

+ 23.6%

+ 3.3%

- 4.4%

+ 14.3%

+ 5.9%

- 17.7%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

2013

2014

+ 12.5% + 20.8%

Townhouse-Condo

Historical Median Sales Price by Month

Single Family/Duplex

TownhouseCondo

Year-Over-Year Change

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

$557,500

+3.4%

$427,000

+2.6%

Aug-2014

$455,000

-0.1%

$465,000

+3.3%

12-Month Avg*

$647,500

+16.5%

$485,000

+24.4%

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

Single Family/Duplex

$2,000,000

Year-Over-Year Change

Townhouse-Condo

$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 September 7, 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

August $1,053,229

Average Sales Price $1,219,974

$1,200,055 $910,167

$998,732 $902,986

$745,265

$803,274

$589,896

$769,668

$557,041

$529,681

Single Family/Duplex

2013

+ 37.4% - 44.0%

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

+ 26.3%

- 38.0%

+ 71.8%

- 38.8%

+ 11.1%

- 24.8%

+ 35.1%

- 16.1%

- 4.2%

+ 29.8%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Historical Average Sales Price by Month

Year-Over-Year Change

$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%

Jul-2014

$848,849

-5.9%

$906,673

+58.7%

$745,265

+26.3%

$557,041

-38.8%

$1,270,709

+30.8%

$944,717

+21.2%

12-Month Avg*

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

Single Family/Duplex

$3,000,000

TownhouseCondo

Sep-2013

Aug-2014 2012

Year-Over-Year Change

Townhouse-Condo

$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 September 7, 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

August 94.2% 97.0% 96.2%

93.7% 94.0% 96.6%

Pct. of List Price Received

93.5% 95.7% 95.7%

93.8% 94.8% 95.3%

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

- 0.8%

+ 3.0%

- 0.8%

0.0%

+ 0.3%

+ 2.8%

+ 0.8%

+ 2.4%

0.0%

+ 0.9%

+ 1.1%

+ 0.5%

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

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

95.4%

+0.7%

96.3%

+1.5%

Aug-2014

96.2%

-0.8%

96.6%

+2.8%

12-Month Avg*

95.5%

+0.7%

95.1%

+0.4%

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

Single Family/Duplex

100.0%

Townhouse-Condo

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 September 7, 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

August 235

215

210

184

179

151

195

160

134 113

111

110

2012

2013

2014

2012

2013

2014

2012

2013

2014

2012

2013

2014

- 56.2%

- 1.8%

- 0.9%

+ 24.3%

+ 31.3%

- 43.0%

- 18.2%

- 17.9%

+ 6.0%

- 4.0%

- 2.3%

- 7.1%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Sep-2013

257

+52.1%

185

-5.6%

Oct-2013

140

-15.2%

203

-3.8%

Nov-2013

173

+9.5%

213

+5.4%

Days on Market

Single Family/Duplex

Townhouse-Condo

Historical Days on Market Until Sale by Month

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

110

-17.3%

141

-30.9%

Aug-2014

110

-0.9%

134

-43.0%

12-Month Avg*

160

+4.2%

210

-3.8%

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

Single Family/Duplex

500

Townhouse-Condo

400

300

200

100

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of September 7, 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.

August

Year to Date 100

99

88 72

75

73

74

80

75

69 60

2012

2013

2014

2012

2013

2014

2012

+ 49.2%

- 18.2%

+ 4.2%

+ 17.6%

- 27.0%

+ 1.4%

+ 11.9%

Single Family/Duplex

Townhouse-Condo

2013

- 20.0%

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

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

61

-1.6%

80

0.0%

Aug-2014

75

+4.2%

74

+1.4%

12-Month Avg*

54

+11.1%

68

-16.7%

Affordability Index

59

2014

- 1.7%

Single Family/Duplex

2013

2012

+ 30.3%

- 19.2%

2014

- 13.8%

Townhouse-Condo

Historical Housing Affordability Index by Month

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

Single Family/Duplex

120

Townhouse-Condo

100

80

60

40

20

0 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of September 7, 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.

August 689

675 579

592

544

452

2012 - 11.9%

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Sep-2013

543

-12.8%

540

-18.8%

Oct-2013

535

-3.4%

505

-19.5%

Nov-2013

504

-6.5%

498

-20.7%

Dec-2013

469

-6.9%

493

-18.2%

Jan-2014

461

-4.2%

485

-16.2%

Feb-2014

443

-9.4%

479

-17.6%

Mar-2014

446

-3.7%

489

-15.3%

Apr-2014

448

-1.8%

454

-15.0%

May-2014

486

+2.7%

476

-10.4%

Jun-2014

546

-0.4%

519

-11.6%

Jul-2014

552

-8.5%

521

-13.5%

Aug-2014

544

-6.0%

452

-23.6%

12-Month Avg

498

-5.3%

493

-16.8%

Active Listings

2013 - 14.2%

2014 - 6.0%

2012 - 17.2%

Single Family/Duplex

2013 - 14.1%

2014 - 23.6%

Townhouse-Condo

Historical Inventory of Active Listings by Month

Single Family/Duplex

1,100

Townhouse-Condo

1,000 900 800 700 600 500 400 1-2009

1-2010

1-2011

1-2012

1-2013

1-2014

Current as of September 7, 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.

August 16.1

15.7 12.7

11.3

12.3 9.2

2012 - 34.0%

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Sep-2013

10.9

Oct-2013

11.0

-23.2%

11.4

-20.8%

-9.8%

10.7

-16.4%

Nov-2013

10.7

-7.0%

10.7

-16.4%

Dec-2013

10.1

-1.9%

10.7

-12.3%

Jan-2014

9.9

0.0%

10.6

-10.2%

Feb-2014

9.6

-3.0%

10.4

-12.6%

Months Supply

2013 - 29.8%

2014 + 12.4%

2012 - 25.6%

Single Family/Duplex

2013 - 21.7%

2014 - 25.2%

Townhouse-Condo

Mar-2014

9.9

+6.5%

10.3

-14.9%

Apr-2014

10.0

+12.4%

9.5

-16.7%

May-2014

11.2

+19.1%

9.8

-10.9%

Jun-2014

12.4

+13.8%

10.6

-13.1%

Jul-2014

12.7

+8.5%

10.5

-16.0%

Aug-2014

12.7

+12.4%

9.2

-25.2%

12-Month Avg

10.9

+1.3%

10.4

-15.6%

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

Historical Months Supply of Inventory by Month

Single Family/Duplex

50.0

Townhouse-Condo

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 September 7, 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 8-2011

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

8-2012

8-2013

133

149

+ 12.0%

770

820

+ 6.5%

125

108

- 13.6%

695

690

- 0.7%

$455,000

$457,500

+ 0.5%

$480,000

$555,000

+ 15.6%

$756,437

$645,924

- 14.6%

$838,149 $1,100,054

95.5%

96.4%

+ 0.9%

95.3%

95.5%

+ 0.2%

175

123

- 29.7%

180

179

- 0.6%

72

75

+ 3.8%

69

62

- 9.8%

1,171

996

- 14.9%

--

--

--

11.8

10.9

- 7.6%

--

--

--

+ 31.2%

8-2014

Months Supply 8-2011

- 1.5%

8-2014

Active Listings 8-2011

1,241

8-2014

Affordability Index 8-2011

1,260

8-2014

Days on Market 8-2011

- 13.9%

8-2014

Pct. of List Price Received 8-2011

130

8-2014

Average Sales Price 8-2011

151

Percent Change

8-2014

Median Sales Price 8-2011

Percent Change

8-2014

Closed Sales 8-2011

8-2014

8-2014

Pending Sales 8-2011

YTD 2013 YTD 2014

8-2013

8-2014

Current as of September 7, 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 358

345

8-2013

By Property Type

8-2014

8-2013

8-2014

377 215

207

208

108

104

52

58

27

68

36

73

15

34

4

616

4

1,192 576

514

1,101

587

- 40.0%

+ 5.3%

- 3.3%

- 3.7%

+ 11.5%

+ 33.3%

+ 7.4%

+ 126.7%

0.0%

- 16.6%

+ 1.9%

- 7.6%

< $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

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

8-2013 145 192 125 59 26 18 39 9 3 616

8-2014 72 167 112 51 32 18 39 19 4 514

Change - 50.3% - 13.0% - 10.4% - 13.6% + 23.1% 0.0% 0.0% + 111.1% + 33.3% - 16.6%

8-2013 200 166 90 49 26 9 29 6 1 576

8-2014 135 210 96 53 26 18 34 15 0 587

Compared to Prior Month Single Family Condo Change - 32.5% + 26.5% + 6.7% + 8.2% 0.0% + 100.0% + 17.2% + 150.0% - 100.0% + 1.9%

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

8-2014 6 22 13 5 2 0 3 0 0 51

Change - 40.0% + 57.1% + 85.7% + 400.0% - 60.0% - 100.0% - 50.0% - 100.0% -+ 13.3%

7-2014 11 25 8 3 3 2 4 3 0 59

8-2014 20 16 15 5 0 1 0 0 0 57

Year to Date Single Family Change + 81.8% - 36.0% + 87.5% + 66.7% - 100.0% - 50.0% - 100.0% - 100.0% -- 3.4%

Condo

YTD 2013 YTD 2014 Change YTD 2013 YTD 2014 Change 87 49 - 43.7% 104 83 - 20.2% 113 112 - 0.9% 103 126 + 22.3% 70 64 - 8.6% 59 59 0.0% 36 31 - 13.9% 28 39 + 39.3% 19 14 - 26.3% 20 19 - 5.0% 9 8 - 11.1% 7 14 + 100.0% 19 27 + 42.1% 13 26 + 100.0% 3 8 + 166.7% 4 8 + 100.0% 1 3 + 200.0% 0 0 -357 316 - 11.5% 338 374 + 10.7%

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

227

181

8-2013

203

150

55

By Property Type

8-2014

115

102

93

195 66

69

162

96

93

37

579

25

8-2013

592

544

8-2014

1,171 452

996

- 32.1%

- 16.6%

- 10.6%

- 23.3%

- 8.8%

+ 4.5%

- 16.9%

- 3.1%

- 32.4%

- 6.0%

- 23.6%

- 14.9%

< $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

8-2013 26 69 111 84 54 39 111 57 28 579

8-2014 20 65 120 62 58 42 102 58 17 544

Change - 23.1% - 5.8% + 8.1% - 26.2% + 7.4% + 7.7% - 8.1% + 1.8% - 39.3% - 6.0%

Compared to Prior Month Single Family Condo

Condo 8-2013 55 148 116 66 48 27 84 39 9 592

8-2014 35 116 83 53 35 27 60 35 8 452

Change - 36.4% - 21.6% - 28.4% - 19.7% - 27.1% 0.0% - 28.6% - 10.3% - 11.1% - 23.6%

7-2014 22 66 93 59 47 35 97 46 21 486

8-2014 20 65 120 62 58 42 102 58 17 544

Change - 9.1% - 1.5% + 29.0% + 5.1% + 23.4% + 20.0% + 5.2% + 26.1% - 19.0% + 11.9%

7-2014 43 152 80 40 34 25 58 37 7 476

8-2014 35 116 83 53 35 27 60 35 8 452

Year to Date Single Family Change - 18.6% - 23.7% + 3.8% + 32.5% + 2.9% + 8.0% + 3.4% - 5.4% + 14.3% - 5.0%

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 September 7, 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 September 7, 2014. All data from the Vail Board of REALTORSÂŽ MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 16