Market Report thru Nov 2013

Vail Valley / Eagle County

Mar ke t Re p or t YTD t h r u Nov e m b e r 2 0 1 3

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Monthly Indicators November 2013 November was largely another encouraging month for residential real estate.

Our attention has shifted from multiyear high prices and sales volumes to seller activity, inventory levels and building permits. And let's not forget the calendar effect. As families gather together, fewer house hunters are scheduling showings and writing offers. Watch for month-to-month activity to moderate while year-over-year comparisons remain strong.

New Listings were down 24.5 percent for single family/duplex homes and 21.0 percent for townhouse-condo townhouse condo properties. Pending Sales increased 10.3 percent percent for single family/duplex homes but decreased 5.9 percent for townhouse-condo properties.

The Median Sales Price was up 31.3 percent to $722,000 for single family/duplex homes and 23.9 percent to $440,000 for townhouse-condo properties. Months Supply of Inventory decreased 18.3 percent for single family/duplex units and 22.7 percent for townhouse-condo units.

Recent economic and jobs data have surprised to the upside by exceeding expectations. This likely keeps the new Federal Reserve leadership on track for March 2014 tapering. Non-farm payrolls grew by 204,000 jobs in October, outperforming Wall Street expectations. In another bullish sign, August payrolls were revised upward to a 238,000 job gain – positive momentum that should support housing recovery. Just in time for the holidays.

Monthly Snapshot - 24.1%

- 22.1%

+ 35.7%

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® 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 December 10, 2013. All data from the Vail Board of REALTORS® 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 11-2010

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011 11 2011

11-2012 11 2012

53

40

- 24.5%

809

840

+ 3.8%

39

43

+ 10.3%

571

528

- 7.5%

61

42

- 31.1%

532

511

- 3.9%

$550,000

$722,000

+ 31.3%

$535,000

$599,500

+ 12.1%

$1,223,695 $1,406,825 11-2011

11-2012

Days on Market

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

95.6%

+ 2.1%

93.6%

95.4%

+ 1.9%

158

173

+ 9.5%

176

163

- 7.4%

74

56

- 24.3%

76

67

- 11.8%

537

445

- 17.1%

--

--

--

11.5

9.4

- 18.3%

--

--

--

11-2013

Months Supply 11-2010

93.6%

11-2013

Active Listings 11-2010

- 8.9%

11-2013

Affordability Index 11-2010

$1,148,065 $1,046,235

11-2013

` 11-2010

+ 15.0%

11-2013

Pct. of List Price Received 11-2010

Percent Change

11-2013 11 2013

Average Sales Price 11-2010

YTD 2012 YTD 2013

11-2013

Median Sales Price 11-2010 11 2010

Percent Change

11-2013

Closed Sales 11-2010

11-2013

11-2013

Pending Sales 11-2010

11-2012

11-2013

Current as of December 10, 2013. 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 11-2010

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011 11 2011

11-2012 11 2012

62

49

- 21.0%

780

732

- 6.2%

34

32

- 5.9%

555

527

- 5.0%

47

40

- 14.9%

543

510

- 6.1%

$355,000

$440,000

+ 23.9%

$365,000

$422,250

+ 15.7%

+ 36.5%

$783,102

$797,002

+ 1.8%

$774,753 $1,057,915 11-2011

11-2012

11-2013

Pct. of List Price Received 11-2010

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

93.9%

94.7%

+ 0.9%

202

165

- 18.3%

211

204

- 3.3%

111

89

- 19.8%

108

93

- 13.9%

627

462

- 26.3%

--

--

--

12.8

9.9

- 22.7%

--

--

--

11-2013

Months Supply 11-2010

+ 0.7%

11-2013

Active Listings 11-2010

95.2%

11-2013

Affordability Index 11-2010

94.5% 11-2013

Days on Market 11-2010

Percent Change

11-2013 11 2013

Average Sales Price 11-2010

YTD 2012 YTD 2013

11-2013

Median Sales Price 11-2010 11 2010

Percent Change

11-2013

Closed Sales 11-2010

11-2013

11-2013

Pending Sales 11-2010

11-2012

11-2013

Current as of December 10, 2013. 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

November

826

84

809

840 793

780 732

70 62 53

49 40

2011

2012

+ 48.9% 48 9% - 24.3% 24 3%

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

- 24.5% 24 5%

47.4% + 47 4%

- 26.2% 26 2%

- 21.0% 21 0%

3% -5 5.3%

- 2.1% 2 1%

+ 3.8% 3 8%

4% -7 7.4%

- 1.6% 1 6%

- 6.2% 6 2%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

New Listings

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

53

-29.3%

67

-28.0%

Jan-2013

53

-26.4%

55

-29.5%

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%

12-Month 12 Month Avg

74

+1.0%

67

-8.5% 8.5%

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

Current as of December 10, 2013. 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

November 43

555

528

43

39

527 453

34

32

393

25

2011

2012

+ 13.6% 13 6% + 56.0% 56 0%

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

+ 10.3% 10 3%

+ 95.5% 95 5%

- 20.9% 20 9%

- 5.9% 5 9%

11 6% + 11.6%

+ 45.3% 45 3%

- 7.5% 7 5%

8 1% + 8.1%

+ 22.5% 22 5%

- 5.0% 5 0%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

30

+20.0%

36

+24.1%

Jan-2013

42

+2.4%

41

-18.0%

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%

36

-7.7%

Jul-2013

49

-21.0%

68

+1.5%

Aug-2013

70

-9.1%

64

-5.9%

Sep-2013

53

-10.2%

66

+37.5%

Oct-2013

37

-42.2%

46

-22.0%

Nov-2013

43

+10.3%

32

-5.9%

12-Month 12 Month Avg

47

-6.4% 6.4%

47

-3.6% 3.6%

Pending Sales

571

Single Family/Duplex

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

Current as of December 10, 2013. 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

November

532

61

543 511

510 437

47

44

2011

42

2012

+ 46.7% 46 7% + 38.6% 38 6%

43

379 40

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

- 31.1% 31 1%

+ 2.4% 2 4%

+ 9.3% 9 3%

- 14.9% 14 9%

11 8% + 11.8%

+ 40.4% 40 4%

- 3.9% 3 9%

2 7% - 2.7%

24.3% + 24 3%

- 6.1% 6 1%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Closed Sales

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

57

+96.6%

49

+4.3%

Jan-2013

23

-14.8%

31

-6.1%

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%

40

-14.9%

12-Month 12 Month Avg

47

+1.2%

47

-5.3% 5.3%

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

Current as of December 10, 2013. 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

November

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Dec-2012

$635,000

-15.9%

$455,000

+7.3%

Jan-2013

$310,000

-47.5%

$395,000

-34.2%

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%

$440,000

+23.9%

12-Month 12 Month Avg* Avg

$600,000

+10.1%

$422,500

+15.1%

Median Sales Price

$722,000

$599,500 $533,411 $535,000 $555,000

$550,000

$423,000 $463,500

$440,000

$422,250 $365,000

$355,000

2011

2012

2013

- 38.3% 38 3% + 18.7% 31 3% 18 7% + 31.3%

Single Family/Duplex

2011

2012

2013

2011

2012

2013

2011

- 3.7% 3 7%

- 36.0% 36 0%

+ 23.9% 23 9%

31 2% - 31.2%

+ 0.3% 0 3%

+ 12.1% 12 1%

29 5% - 29.5%

Townhouse-Condo

Single Family/Duplex

2012

2013

- 13.7% 13 7% + 15.7% 15 7%

Townhouse-Condo

Year-Over-Year Change

* Median Sales Price for all properties from December 2012 through November 2013. 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

Current as of December 10, 2013. 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

November

Average Sales Price

Single Family/Duplex

Dec-2012

$1,075,356

Jan-2013

$651,761

Feb-2013

$1,513,347

Mar-2013 Apr-2013

$1,406,825 $1,148,065 $1,101,153 $1,046,235

$1,223,695

$908,664

$1,057,915 $953,617

$783,102 $797,002

$894,133 $774,753

2011

2012

36.9% 9% - 44.1% 44 1% + 36

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

+ 15.0% 15 0%

- 10.7% 10 7%

18.8% - 18 8%

+ 36.5% 36 5%

3% - 21 21.3%

4.3% +4 3%

-8 8.9% 9%

7% - 27 27.7%

- 13 13.8% 8%

1.8% +1 8%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

-30.8%

$977,653

+25.6%

-47.9%

$652,204

-53.3%

+40.3%

$935,489

-4.8%

$832,750

-55.5%

$927,314

+22.3%

$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%

$1,057,915

+36.5%

12-Month 12 Month Avg* Avg $1,049,162

-10.3% 10.3%

$812,837

+3.8%

* Average Sales Price for all properties from December 2012 through November 2013. 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

Current as of December 10, 2013. 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

November 94.1% 93.6% 95.6%

92.3% 94.5% 95.2%

Pct. of List Price Received

92.6% 93.6% 95.4%

92.7% 93.9% 94.7%

2011

2012

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

+ 6.0% 6 0%

- 0.5% 0 5%

+ 2.1% 2 1%

2.6% +2 6%

+ 2.4% 2 4%

+ 0.7% 0 7%

2 2% + 2.2%

+ 1.1% 1 1%

+ 1.9% 1 9%

+ 7.7% 7 7%

+ 1.3% 1 3%

+ 0.9% 0 9%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

93.5%

+3.0%

96.1%

+6.1%

Jan-2013

96.5%

+1.9%

95.6%

+2.9%

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%

12-Month 12 Month Avg* Avg

95.2%

+1.9%

94.8%

+1.3%

* Pct. of List Price Received for all properties from December 2012 through November 2013. This is not the average of the individual figures above.

Historical Percent of List Price Received by Month

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

Current as of December 10, 2013. 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

November

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Dec-2012

199

-10.4%

233

+0.9%

Jan-2013

187

-3.6%

153

-28.2%

Feb-2013

195

-27.2%

156

-11.4%

Days on Market

230

228 211

243

204

233 176 202 173

165

158

2011

2012

+ 28.6% 28 6% - 35.0% 35 0%

163

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

+ 9.5% 9 5%

- 10.4% 10 4%

- 13.3% 13 3%

- 18.3% 18 3%

5% -2 2.5%

- 23.5% 23 5%

- 7.4% 7 4%

8% - 20 20.8%

-7 7.5% 5%

- 3.3% 3 3%

Single Family/Duplex

Townhouse-Condo

Single Family/Duplex

Townhouse-Condo

Year-Over-Year Change

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%

165

-18.3%

12-Month 12 Month Avg* Avg

179

-6.6% 6.6%

212

-2.9% 2.9%

* Days on Market for all properties from December 2012 through November 2013. This is not the average of the individual figures above.

Historical Days on Market Until Sale by Month

Single Family/Duplex

Townhouse-Condo

500

400

300

200

100

0 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. 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.

November

Year to Date

Single Family/Duplex

Year-Over-Year Change

Dec-2012

66

+26.9%

90

+1.1%

Jan-2013

127

+95.4%

102

+59.4%

Feb-2013

56

-22.2%

102

+5.2%

Mar-2013

67

+6.3%

79

-29.5%

Apr-2013

73

-18.0%

62

-36.7%

May-2013

69

-6.8%

115

+25.0%

Jun-2013

80

-1.2%

113

-4.2%

Jul-2013

69

-4.2%

88

-26.7%

Aug-2013

80

-16.7%

81

-24.3%

Sep-2013

49

-24.6%

89

-17.6%

Oct-2013

54

-30.8%

82

-27.4%

Nov-2013

56

-24.3%

89

-19.8%

12-Month 12 Month Avg* Avg

71

-23.7% 23.7%

73

-13.1% 13.1%

Affordability Index

111

108 89

81 74

72

69

93

89 76 67

56

2011

2012

2013

2011

2012

2013

2011

+ 65.3% 65 3%

-8 8.6% 6%

24 3% - 24.3%

+ 9.5% 9 5%

+ 60.9% 60 9%

- 19.8% 19 8%

53 2% + 53.2%

Single Family/Duplex

Townhouse-Condo

2012

5 6% + 5.6%

2013

11 8% - 11.8%

Single Family/Duplex

2011

45 9% + 45.9%

2012

21 3% + 21.3%

2013

- 13.9% 13 9%

Townhouse-Condo

Historical Housing Affordability Index by Month

TownhouseCondo

Year-Over-Year Change

* Affordability Index for all properties from December 2012 through November 2013. 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

Current as of December 10, 2013. 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.

November

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

501

-22.4%

602

-22.2%

Jan-2013

476

-24.9%

579

-24.5%

Feb-2013

483

-24.2%

581

-26.2%

Mar-2013

458

-30.4%

575

-24.3%

Apr-2013

447

-27.6%

531

-24.0%

May-2013

462

-28.5%

526

-25.6%

Jun-2013

530

-22.9%

579

-20.9%

Jul-2013

581

-16.3%

593

-16.6%

Aug-2013

553

-18.1%

581

-15.7%

Sep-2013

511

-18.0%

523

-21.4%

Oct-2013

492

-11.2%

476

-24.1%

Nov-2013

445

-17.1%

462

-26.3%

12-Month 12 Month Avg

495

-21.9% 21.9%

551

-22.7% 22.7%

Active Listings

770 669

627 537 462

445

2011 5% -8 8.5%

2012 - 19.7% 19 7%

2013 - 17.1% 17 1%

2011

2012 - 18 18.6% 6%

9% -5 5.9%

Single Family/Duplex

2013 - 26 26.3% 3%

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

Current as of December 10, 2013. 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.

November

Single Family/Duplex

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

10.2

-46.3%

12.2

-36.5%

Jan-2013

9.8

-47.0%

11.8

-37.2%

Feb-2013

9.8

-46.2%

11.9

-40.5%

Mar-2013

9.2

-50.8%

12.0

-39.1%

Apr-2013

8.7

-50.8%

11.3

-35.1%

May-2013

9.1

-47.1%

10.9

-39.1%

Jun-2013

10.5

-40.3%

12.1

-32.4%

Jul-2013

11.3

-35.4%

12.3

-27.2%

Aug-2013

10.8

-32.9%

12.1

-22.9%

Sep-2013

10.3

-27.5%

11.1

-22.9%

Oct-2013

10.1

-17.2%

10.1

-21.1%

Nov-2013

9.4

-18.3%

9.9

-22.7%

12-Month 12 Month Avg

9.9

-40.0% 40.0%

11.5

-32.3% 32.3%

Months Supply

19.6

19.5

12.8

11.5

9.9

9.4

2011 3% - 20 20.3%

2012 - 41.3% 41 3%

2013 - 18.3% 18 3%

2012 - 34 34.4% 4%

2011 9% -4 4.9%

Single Family/Duplex

2013 - 22 22.7% 7%

Townhouse-Condo

* Months Supply for all properties from December 2012 through November 2013. 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

Current as of December 10, 2013. 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 11-2010

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011 11 2011

11-2012 11 2012

115

89

- 22.6%

1,589

1,572

- 1.1%

73

75

+ 2.7%

1,126

1,055

- 6.3%

108

82

- 24.1%

1,075

1,021

- 5.0%

$427,500

$580,250

+ 35.7%

$420,000

$525,000

+ 25.0%

+ 20.3%

$963,716

$921,618

- 4.4%

$1,028,322 $1,236,625 11-2011

11-2012

11-2013

Pct. of List Price Received 11-2010

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

93.8%

95.1%

+ 1.4%

177

169

- 4.5%

194

183

- 5.7%

94

69

- 26.3%

95

76

- 20.4%

1,164

907

- 22.1%

--

--

--

12.1

9.7

- 19.8%

--

--

--

11-2013

Months Supply 11-2010

+ 1.5%

11-2013

Active Listings 11-2010

95.4%

11-2013

Affordability Index 11-2010

94.0% 11-2013

Days on Market 11-2010

Percent Change

11-2013 11 2013

Average Sales Price 11-2010

YTD 2012 YTD 2013

11-2013

Median Sales Price 11-2010 11 2010

Percent Change

11-2013

Closed Sales 11-2010

11-2013

11-2013

Pending Sales 11-2010

11-2012

11-2013

Current as of December 10, 2013. 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