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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 up 0.5 percent for single family homes but decreased 6.3 percent for townhouse-condo properties. Pending sales clocked in at 62 for single family homes and 18 for townhouse-condo properties. The Median Sales Price was up 2.6 percent to $258,635 for single family homes but decreased 0.9 percent to $165,000 for townhouse-condo properties. Months Supply of Inventory stood at 3.3 for single family units and 2.3 months 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 - 8.3%

- 20.8%

+ 2.6%

One-Year Change in Single Family Sold Listings

One-Year Change in Single Family Days On Market

One-Year Change in Single Familly Median Sales Price

Residential real estate activity in Area 9, comprised of single-family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.

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

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 IRES, LLC. Powered by 10K Research and Marketing.


Single Family Activity Overview Key metrics for Single Family 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

Under Contract

11-2011

11-2012

Sold Listings 11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

3,481

3,837

+ 10.2%

182

62

- 65.9%

2,735

2,826

+ 3.3%

--

--

--

--

--

--

217

199

- 8.3%

2,633

2,996

+ 13.8%

$252,000

$258,635

+ 2.6%

$246,000

$261,500

+ 6.3%

$280,422

$309,159

+ 10.2%

$281,282

$300,394

+ 6.8%

98.2%

98.3%

+ 0.1%

98.4%

98.9%

+ 1.0%

106

84

- 20.8%

103

81

- 21.4%

150

143

- 4.7%

153

142

- 7.2%

11-2013

Affordability Index 11-2010

+ 0.5%

11-2013

Days on Market 11-2010

195

11-2013

Pct. of List Price Received 11-2010

194

Percent Change

11-2013

Average Sales Price 11-2010

YTD-2012 YTD-2013

11-2013

Median Sales Price 11-2010

Percent Change

11-2013

Not enough historical data for chart

11-2010

11-2013

11-2013

Pending Sales 11-2010

11-2012

11-2013

Active Listings

Not enough historical data for chart

--

876

--

--

--

--

Months Supply

Not enough historical data for chart

--

3.3

--

--

--

--

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 14


Townhouse-Condo Activity Overview Key metrics for Townhouse-Condo 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

Under Contract

11-2011

11-2012

Sold Listings 11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

807

822

+ 1.9%

44

18

- 59.1%

681

705

+ 3.5%

--

--

--

--

--

--

50

51

+ 2.0%

654

728

+ 11.3%

$166,500

$165,000

- 0.9%

$153,500

$167,500

+ 9.1%

$170,797

$185,044

+ 8.3%

$163,111

$178,154

+ 9.2%

98.1%

97.7%

- 0.4%

97.8%

99.0%

+ 1.0%

60

71

+ 18.3%

90

73

- 18.9%

211

208

- 1.4%

225

206

- 8.4%

11-2013

Affordability Index 11-2010

- 6.3%

11-2013

Days on Market 11-2010

45

11-2013

Pct. of List Price Received 11-2010

48

Percent Change

11-2013

Average Sales Price 11-2010

YTD-2012 YTD-2013

11-2013

Median Sales Price 11-2010

Percent Change

11-2013

Not enough historical data for chart

11-2010

11-2013

11-2013

Pending Sales 11-2010

11-2012

11-2013

Active Listings

Not enough historical data for chart

--

147

--

--

--

--

Months Supply

Not enough historical data for chart

--

2.3

--

--

--

--

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 14


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

Year to Date

November

3,837 3,481

195

194

3,178

140

39

2011

45

709

2013

2011

2012

2013

2011

+ 0.5%

- 11.4%

+ 23.1%

- 6.3%

- 13.1%

2012

- 18.6% + 38.6%

48

Single Family

Townhouse-Condo

807

822

2012

2013

2011

2012

2013

+ 9.5%

+ 10.2%

- 22.0%

+ 13.8%

+ 1.9%

Single Family

New Listings

Single Family

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012 Jan-2013

138

+0.7%

26

-10.3%

268

+23.5%

50

+2.0%

Feb-2013

295

+5.7%

66

+13.8%

Mar-2013

365

+4.6%

78

-29.7%

Apr-2013

383

+1.6%

115

+16.2% +1.2%

May-2013

515

+21.2%

87

Jun-2013

485

+26.0%

89

+1.1%

Jul-2013

418

+4.8%

96

+33.3%

Aug-2013

364

+5.2%

89

+23.6%

Sep-2013

298

+21.1%

61

+7.0%

Oct-2013

251

-4.9%

46

-31.3%

Nov-2013

195

+0.5%

45

-6.3%

12-Month Avg

331

+9.9%

71

+1.4%

Townhouse-Condo

Historical New Listings by Month

Single Family

600

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 IRES, LLC. 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

2,735

182 157

2,212

62 34

44

Single Family

Year-Over-Year Change

TownhouseCondo

Dec-2012

165

+42.2%

33

-5.7%

Jan-2013

237

+37.0%

53

+39.5%

Feb-2013

255

+8.5%

57

+9.6%

Mar-2013

330

+17.9%

76

+43.4%

Apr-2013

311

+9.5%

111

+16.8%

Pending Sales

2,826

562

681

705

18

May-2013

357

+15.2%

86

0.0%

Jun-2013

348

+14.5%

76

-9.5%

Jul-2013

293

-0.7%

64

-4.5%

Aug-2013

241

+5.2%

64

+8.5%

Sep-2013

206

-7.6%

50

-2.0%

Oct-2013

186

-15.5%

50

-3.8%

62

-65.9%

18

-59.1%

249

+4.9%

62

+3.1%

Nov-2013 2011

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

- 65.9%

- 2.9%

+ 29.4%

- 59.1%

+ 1.6%

+ 23.6%

+ 3.3%

+ 2.9%

+ 21.2%

+ 3.5%

2012

+ 40.2% + 15.9%

Single Family

Townhouse-Condo

Single Family

Year-Over-Year Change

12-Month Avg

Townhouse-Condo

Historical Pending Sales by Month

Single Family

400

Townhouse-Condo

300

200

100

0 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 5


Sold Listings A count of the actual sales that closed in a given month.

Year to Date

November

2,996

217 199

2,633

167

2,133

50

51

551

33

2011

+ 7.7%

2012

2013

+ 29.9%

- 8.3%

Single Family

2011

2012

+ 106.3% + 51.5%

2013

2011

+ 2.0%

- 1.1%

Townhouse-Condo

2012

2013

+ 23.4% + 13.8%

Single Family

2011

+ 6.6%

654

2012

728

2013

+ 18.7% + 11.3%

Sold Listings

Single Family

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012 Jan-2013

175

+1.7%

49

+22.5%

168

+54.1%

34

-15.0%

Feb-2013

184

+52.1%

40

+73.9%

Mar-2013

266

+16.2%

51

0.0%

Apr-2013

283

+16.9%

66

+46.7%

+10.1%

101

+31.2%

May-2013

327

Jun-2013

329

+1.2%

89

-5.3%

Jul-2013

394

+23.5%

92

+13.6%

Aug-2013

342

+15.2%

79

-8.1%

Sep-2013

244

-2.4%

80

+37.9%

Oct-2013

260

+14.5%

45

-8.2%

Nov-2013

199

-8.3%

51

+2.0%

12-Month Avg

264

+13.0%

65

+12.0%

Townhouse-Condo

Historical Sold Listings by Month

Single Family

400

Townhouse-Condo

300

200

100

0 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 7


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 $244,900

$252,000

$261,500

$258,635 $237,700

$246,000

$169,750 $166,500 $165,000

2011

+ 4.2%

$154,500 $153,500

2012

2013

2011

2012

2013

2011

+ 2.9%

+ 2.6%

+ 6.1%

- 1.9%

- 0.9%

+ 2.9%

Single Family

Townhouse-Condo

Single Family

Year-Over-Year Change

TownhouseCondo

Dec-2012

$245,000

+4.4%

$170,000

+8.0%

Jan-2013

$251,547

+6.1%

$181,450

+12.0%

Feb-2013

$245,013

+6.5%

$146,700

-6.0%

Mar-2013

$255,000

+3.2%

$162,500

+9.8%

Apr-2013

$260,900

+6.5%

$159,700

+20.1%

May-2013

$265,000

+11.8%

$157,500

-1.6%

Jun-2013

$274,000

+9.6%

$178,000

+21.1%

Jul-2013

$272,500

+9.9%

$158,050

+2.3%

Aug-2013

$269,000

+5.5%

$168,000

+15.5%

Sep-2013

$261,250

+4.7%

$194,250

+31.7%

Oct-2013

$254,644

+3.9%

$159,000

-3.8%

Nov-2013

$258,635

+2.6%

$165,000

-0.9%

12-Month Avg*

$260,000

+6.1%

$167,500

+8.8%

Median Sales Price

$167,500

2012

2013

2011

2012

2013

+ 3.5%

+ 6.3%

+ 1.0%

- 0.6%

+ 9.1%

Single Family

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

$275,000

Townhouse-Condo

$250,000

$225,000

$200,000

$175,000

$150,000

$125,000 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 8


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

Year to Date

November $309,159

Average Sales Price

$300,394

$277,396 $280,422

$273,583

$169,823 $170,797

$281,282

$185,044 $155,697

$163,111

$178,154

2011

2012

2013

2011

2012

2013

2011

2012

2013

2011

2012

2013

- 0.1%

+ 1.1%

+ 10.2%

+ 2.8%

+ 0.6%

+ 8.3%

+ 2.7%

+ 2.8%

+ 6.8%

- 1.4%

+ 4.8%

+ 9.2%

Single Family

Townhouse-Condo

Single Family

Townhouse-Condo

Single Family

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

$293,913

+7.7%

$188,573

+20.4%

Jan-2013

$288,900

+7.9%

$186,919

+11.2%

Feb-2013

$291,269

+16.8%

$161,529

+11.3%

Mar-2013

$283,336

-1.9%

$173,616

+4.1%

Apr-2013

$288,650

+4.3%

$163,762

+7.7%

May-2013

$292,479

+8.6%

$175,311

+5.8%

Jun-2013

$310,365

+6.1%

$196,625

+20.0%

Jul-2013

$317,467

+13.1%

$166,129

+5.0%

Aug-2013

$302,632

+4.3%

$172,394

+11.6%

Sep-2013

$305,979

+6.2%

$203,246

+28.5%

Oct-2013

$301,153

+6.0%

$164,699

-13.1%

Nov-2013

$309,159

+10.2%

$185,044

+8.3%

12-Month Avg*

$300,036

+6.9%

$178,811

+9.9%

* 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

$350,000

Townhouse-Condo

$300,000

$250,000

$200,000

$150,000

$100,000 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 9


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 97.0% 98.2% 98.3%

2011

+ 0.2%

97.3% 98.1% 97.7%

97.5% 98.4% 98.9%

2012

2013

2011

2012

2013

2011

+ 1.2%

+ 0.1%

- 0.6%

+ 0.8%

- 0.4%

+ 0.1%

Single Family

Townhouse-Condo

Pct. of List Price Received

97.4% 97.8% 99.0%

2012

2013

2011

2012

2013

+ 0.9%

+ 0.5%

- 0.1%

+ 0.4%

+ 1.2%

Single Family

Townhouse-Condo

Single Family

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

97.4%

-0.9%

97.9%

+0.7%

Jan-2013

97.9%

+0.1%

98.4%

+2.8%

Feb-2013

98.1%

-0.2%

98.4%

+3.6%

Mar-2013

98.9%

+0.7%

98.9%

+0.7%

Apr-2013

99.0%

+1.1%

98.9%

+1.5%

May-2013

99.2%

+0.7%

99.1%

+1.1%

Jun-2013

99.3%

+0.6%

99.1%

+1.0%

Jul-2013

99.1%

+0.2%

99.5%

+1.4%

Aug-2013

99.0%

+0.8%

99.1%

+0.8%

Sep-2013

99.1%

+0.9%

99.6%

+1.3%

Oct-2013

98.7%

+0.4%

98.5%

+0.5%

Nov-2013

98.3%

+0.1%

97.7%

-0.4%

12-Month Avg*

98.4%

+0.4%

97.8%

+1.1%

* 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

100%

Townhouse-Condo

99%

98%

97%

96%

95%

94% 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 10


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

122

120

116

113

106

103 90

84

81

73

71 60

2011

2012

2013

2011

2012

2013

2011

2012

2013

2011

- 11.5%

- 8.6%

- 20.8%

- 4.0%

- 50.0%

+ 18.3%

+ 2.7%

- 8.8%

- 21.4%

+ 1.7%

Single Family

Townhouse-Condo

Single Family

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

107

-10.8%

79

-47.0%

Jan-2013

104

-25.2%

83

-43.5%

Feb-2013

117

-8.6%

123

-12.8%

Mar-2013

84

-35.4%

73

-25.5%

Apr-2013

83

-25.9%

68

-19.0%

May-2013

71

-22.8%

77

-1.3%

Jun-2013

76

-18.3%

63

-25.0%

Jul-2013

71

-14.5%

58

-36.3%

Aug-2013

78

-19.6%

64

-12.3%

Sep-2013

67

-28.0%

92

+3.4%

Oct-2013

79

-25.5%

54

-51.8%

Nov-2013

84

-20.8%

71

+18.3%

12-Month Avg

82

-20.9%

73

-21.6%

Days on Market

Single Family

2012

2013

- 26.2% - 18.9%

Townhouse-Condo

* 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

200

Townhouse-Condo

175

150

125

100

75

50 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 11


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 196

150

144

211

153

148

2011

2012

2013

2011

2012

2013

2011

+ 2.1%

+ 4.2%

- 4.7%

+ 0.5%

+ 7.7%

- 1.4%

+ 3.5%

Single Family

Townhouse-Condo

225

211

208

143

2012

+ 3.4%

Single Family

Year-Over-Year Change

TownhouseCondo

Year-Over-Year Change

Dec-2012

155

+3.3%

209

+0.5%

Jan-2013

152

+2.0%

200

-2.0%

Feb-2013

152

-1.3%

231

+9.0%

Mar-2013

147

+2.8%

213

-2.7%

Apr-2013

146

-0.7%

219

-9.5%

May-2013

139

-9.2%

215

+1.4%

Jun-2013

127

-13.6%

184

-18.9%

Jul-2013

129

-14.0%

204

-7.7%

Aug-2013

129

-11.6%

192

-16.9%

Sep-2013

134

-11.3%

173

-25.4%

Oct-2013

137

-10.5%

204

-3.3%

Nov-2013

143

-4.7%

208

-1.4%

12-Month Avg

141

-4.2%

149

-5.2%

Affordability Index

206

142

2013

- 7.2%

Single Family

2012

2011

+ 4.5%

+ 6.6%

2013

- 8.4%

Townhouse-Condo

Historical Housing Affordability Index by Month

Single Family

260

Townhouse-Condo

240 220 200 180 160 140 120 1-2009

1-2010

1-2011

1-2012

1-2013

Current as of December 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 12


All Properties Activity Overview Key metrics 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

Under Contract

11-2011

11-2012

Sold Listings 11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

11-2011

11-2012

4,288

4,659

+ 8.7%

226

80

- 64.6%

681

705

+ 3.5%

--

--

--

--

--

--

267

250

- 6.4%

3,287

3,724

+ 13.3%

$232,000

$239,000

+ 3.0%

$226,000

$243,000

+ 7.5%

$259,893

$283,839

+ 7.3%

$257,770

$276,491

+ 7.3%

98.2%

98.2%

+ 0.6%

98.3%

98.9%

+ 0.6%

97

81

- 21.0%

100

79

- 21.0%

1,035

1,035

- 1.2%

966

955

- 1.2%

11-2013

Affordability Index 11-2010

- 0.8%

11-2013

Days on Market 11-2010

240

11-2013

Pct. of List Price Received 11-2010

242

Percent Change

11-2013

Average Sales Price 11-2010

YTD-2012 YTD-2013

11-2013

Median Sales Price 11-2010

Percent Change

11-2013

Not enough historical data for chart

11-2010

11-2013

11-2013

Pending Sales 11-2010

11-2012

11-2013

Active Listings

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1,023

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Months Supply

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3.1

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Current as of December 10, 2013. All data from IRES, LLC. 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 status 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.

Under Contract Activity

A count of all listings Under Contract during the reported period. Listings that go Under Contract are counted each day. There is no maximum number of times a listing can be counted as Under Contract. For example, if a listing goes into Under Contract, out of Under Contract, then back into Under Contract all in one reported period, this listing would be counted twice.

Sold Listings

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

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.

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 October 10, 2013. All data from IRES, LLC. Powered by 10K Research and Marketing. | Click for Cover Page | 13


December 2013 Housing Report