COLORADO MARKET OVERVIEW

Aswereachthemidwaypoint of 2023,wearepleasedto report that Colorado'sreal estatemarket continuesto demonstratestabilityand consistent appreciation.This positivetrend canbeattributedto several keyfactors:

- Strong Job Market:Colorado'sdiverseand robust economyhasmaintainedalow unemployment rate,providingsolidsupport to thehousingmarket

- Population Growth:Thestatessignificant populationincreasehasdrivenasurge indemand for housing,leadingto stablehomeprices.

- Limited Supply: Colorado'scontrolledland development haseffectivelybalanced thereal estatemarket bylimitingthenumber of newhomesbuilt

- Desirable Location:Withitsreputationasasought-after tourist destinationand highqualityof life,Colorado remainsanattractiveplaceto liveand invest.

- Strong Economy:Theoverall strengthof thestateseconomy,characterized by steadyjobgrowthand athrivingbusinessclimate,continuesto reinforcethe stabilityof thereal estatemarket

Incontrast to thehousingcrashof 2008/2009,it isimportant to highlight that thecurrent real estatelandscapeisnot aleadingfactor inanimpendingrecession Notably,three variableshavesignificantlyimproved:

- Weanticipatea25-30%declinefrompeak-to-trough,markingasubstantial 1,500 bpsimprovement compared to theGFC's45%decline

- Encouragingly,manymarketsmayhavealreadyreached thetrough,anotable improvement fromtheGFC'suncertainties.

- Stronghousehold liquidityempowersbuyersand alignsseller expectations, fosteringahealthier market environment.

TheU.S.(and Front Range) employment market remainsrobust,signifyingeconomic healthand maintainingthepotential for astrongbuyer pool Asweprogressinto the second half of 2023,wemaintainacautiousyet optimistic outlook for Coloradosreal estatemarket Thecombinationof asolideconomy,increasingdemand,and balanced market dynamicsbodeswell for bothbuyersand sellersintheFront Range.

Colorado Population Colorado Jobs

Colorado Accumulated Real Estate Appreciation

+195 5%

Since 2002

9 Projects launched in 20 22

$1B+

Division historic closed + pending sales

20 0 + New homes delivered

Withstrongeconomic activityacrossthestatenewdevelopment wasakeydriver of growthin2022, andwebeievethe creationof newhgh-qualityhomeswill continueto becritical asColorado sett esintoanew economcequil br um Sl fer Smth&Framptonisproudto betheonlybrokerageinColorado withafull dvisondedcated tobringingnew developmentsto market Our end-to-end servicecontinued to deliver in2022,creatingmorenewhomesinour communities thanever before Thsyear thedivisionceebrated over $1billioninclosed&pendingsalessinceit startedin2020

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