Q2-2014 Activity SnapshotPercent changes calculated using year-over-year comparisons.

One-Year Change in One-Year Change in

Sold ListingsAll Properties

Median Sales PriceAll Propterties

Quarterly Indicators

+ 2.4% + 15.3% + 3.1%One-Year Change inHousing seemed to have a slow start to the spring selling season, but

appearances deceive. Dig into that spring soil and you begin to unearth differences in individual areas and market segments. Inventory is slowly rising in some areas. Activity is picking up in the upper price tiers. Rents continue to climb in most metros. And interest rates are generally lower than a year ago, to the surprise of some and the delight of others.

Active ListingsAll Properties

Residential real estate activity in zip codes 80487, 81639 and 80467, comprised of single-family properties, townhomes and condominiums. Percent changes are calculated using rounded figures.

23456789

10111213141516

Townhouse-Condo Market Overview

Percent of List Price ReceivedDays on Market Until SaleHousing Affordability IndexInventory of Active Listings

Total Market Overview

New ListingsPending SalesSold ListingsMedian Sales PriceAverage Sales Price

Closed Sales and Inventory by Price Range

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing.

New Listings were down 5.2 percent for single family homes but increased 12.5 percent for townhouse-condo properties. Pending Sales increased 8.6 percent for single family homes and 9.6 percent for townhouse-condo properties.

The Median Sales Price was up 25.9 percent to $550,130 for single family homes and 3.9 percent to $314,875 for townhouse-condo properties. Months Supply of Inventory decreased 4.4 percent for single family units and 4.2 percent for townhouse-condo units.

Housing is one part of a broader ecosystem that thrives on a strong economy that churns out good jobs. First-quarter employment figures were adequate but not thrilling, but second-quarter numbers figure to be more positive. Access to mortgage capital remains an ongoing concern. As cash and investor deals fade, first-time buyers typically step to the forefront, but tight credit can and has been a real hurdle.

Single Family Market Overview

Months Supply of Inventory

Glossary of Terms

Single Family Market Overview Key metrics by report quarter and for year-to-date (YTD) starting from the first of the year.

Key Metrics Historical Sparkbars Q2-2013 Q2-2014 Percent Change YTD 2013 YTD 2014 Percent Change

- 3.9%324

121 - 2.4%

$575,000 + 31.0%

+ 15.8%

Pending Sales 70 76 + 8.6% - 3.0%135 131

New Listings 232 220 - 5.2% 337

Sold Listings 68 77 + 13.2% 124

Median Sales Price $437,000 $550,130 + 25.9% $439,000

$769,392Average Sales Price $650,840 $701,914 + 7.8% $664,590

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

93.2% - 0.5%

188 + 2.2%

Pct. of List Price Received 93.2% 93.4% + 0.2% 93.7%

Days on Market 161 185 + 14.9% 184

Affordability Index 76 62 - 18.4% 75

--

60 - 20.0%

--

-- --

--Active Listings 347 354 + 2.0% --

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 2

Months Supply 16.0 15.3 - 4.4%Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Townhouse-Condo Market Overview Key metrics by report quarter and for year-to-date (YTD) starting from the first of the year.

Key Metrics Historical Sparkbars Q2-2013 Q2-2014 Percent Change YTD 2013 YTD 2014 Percent Change

+ 7.0%

Pending Sales 83 91 + 9.6% 171 194 + 13.5%

New Listings 192 216 + 12.5% 373 399

Sold Listings 97 92 - 5.2% 154 173 + 12.3%

Median Sales Price $303,000 $314,875 + 3.9% $300,000 $295,000 - 1.7%

+ 2.6%$441,116Average Sales Price $421,571 $443,682 + 5.2% $429,731

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

94.8% + 0.7%

178 - 4.8%

Pct. of List Price Received 94.5% 95.1% + 0.6% 94.1%

Days on Market 189 179 - 5.3% 187

Affordability Index 109 109 0.0% 110

--

116 + 5.5%

--

-- --

--Active Listings 393 409 + 4.1% --

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 3

Months Supply 14.2 13.6 - 4.2%

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

New Listings

New ListingsSingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 155 -16.7% 181 -25.5%

Q4-2011 115 -17.9% 228 +8.1%

Q1-2012 132 +8.2% 195 -12.2%

Q2-2012 200 -8.3% 189 -13.7%

Q3-2012 118 -23.9% 136 -24.9%

Q4-2012 81 -29.6% 140 -38.6%

Q1-2013 105 -20.5% 181 -7.2%

Q2-2013 232 +16.0% 192 +1.6%

Q3-2013 156 +32.2% 168 +23.5%

Q4-2013 85 +4.9% 136 -2.9%

Q1-2014 104 -1.0% 183 +1.1%

Q2-2014 220 -5.2% 216 +12.5%

200189

232

192

220 216

Q2-2014

332

384

337

373

324

399

Year to Date

12 5%1 6%5 2%16 0% 2 9%3 9%1 5% 7 0%8 3% 2 4% 12 9%13 7%

Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical New Listings by Quarter

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 4

Single Family Townhouse-Condo

50

100

150

200

250

300

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo+ 12.5%+ 1.6%- 5.2%+ 16.0% - 2.9%- 3.9%+ 1.5% + 7.0%- 8.3% - 2.4% - 12.9%- 13.7%

Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Pending Sales

Pending SalesSingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 58 +16.0% 99 +28.6%

Q4-2011 52 +13.0% 65 +32.7%

Q1-2012 59 -4.8% 88 +29.4%

Q2-2012 70 +20.7% 104 +89.1%

Q3-2012 70 +20.7% 89 -10.1%

Q4-2012 60 +15.4% 74 +13.8%

Q1-2013 65 +10.2% 88 0.0%

Q2-2013 70 0.0% 83 -20.2%

Q3-2013 83 +18.6% 98 +10.1%

Q4-2013 52 -13.3% 68 -8.1%

Q1-2014 55 -15.4% 103 +17.0%

Q2-2014 76 +8.6% 91 +9.6%

70

104

70

8376

91

Q2-2014

129

192

135

171

131

194

Year to Date

9 6%20 2%+ 8 6%0 0% 10 9%3 0%4 7% 13 5%+ 20 7% 7 5% 56 1%89 1%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Pending Sales by Quarter

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 5

Single Family Townhouse-Condo

20

40

60

80

100

120

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo

+ 9.6%- 20.2%+ 8.6%0.0% - 10.9%- 3.0%+ 4.7% + 13.5%+ 20.7% + 7.5% + 56.1%+ 89.1%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Sold Listings

Sold ListingsSingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 52 +36.8% 69 +15.0%

Q4-2011 65 +41.3% 90 +18.4%

Q1-2012 45 -4.3% 69 +43.8%

Q2-2012 64 -7.2% 100 +42.9%

Q3-2012 71 +36.5% 88 +27.5%

Q4-2012 65 0.0% 91 +1.1%

Q1-2013 56 +24.4% 57 -17.4%

Q2-2013 68 +6.3% 97 -3.0%

Q3-2013 86 +21.1% 99 +12.5%

Q4-2013 71 +9.2% 88 -3.3%

Q1-2014 44 -21.4% 81 +42.1%

Q2-2014 77 +13.2% 92 -5.2%

64

100

68

97

77

92

Q2-2014

109

169

124

154

121

173

Year to Date

5 2%3 0%+ 13 2%+ 6 3% 8 9%2 4%+ 13 8% 12 3%7 2% 6 0% 43 2%+ 42 9%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Sold Listings by Quarter

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 6

Single Family Townhouse-Condo

0

20

40

60

80

100

120

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo

- 5.2%- 3.0%+ 13.2%+ 6.3% - 8.9%- 2.4%+ 13.8% + 12.3%- 7.2% - 6.0% + 43.2%+ 42.9%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Median Sales Price

Median Sales Price

SingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 $404,238 +3.1% $200,000 -51.5%

Q4-2011 $445,000 -9.2% $249,500 -27.7%

Q1-2012 $403,250 -10.4% $242,000 -2.0%

Q2-2012 $400,000 +12.8% $301,000 -7.4%

Q3-2012 $440,000 +8.8% $298,750 +49.4%

Q4-2012 $455,000 +2.2% $325,000 +30.3%

Q1-2013 $447,000 +10.8% $295,500 +22.1%

Q2-2013 $437,000 +9.3% $303,000 +0.7%

Q3-2013 $417,500 -5.1% $303,038 +1.4%

Q4-2013 $460,000 +1.1% $277,500 -14.6%

Q1-2014 $603,500 +35.0% $289,750 -1.9%

Q2-2014 $550,130 +25.9% $314,875 +3.9%

$400,000

$301,000

$437,000

$303,000

$550,130

$314,875

Q2-2014

$400,000

$269,950

$439,000

$300,000

$575,000

$295,000

Year to Date

+ 3 9%+ 0 7%+ 25 9%+ 9 3% 11 1%+ 31 0%+ 9 7% 1 7%+ 12 8% 2 6% 9 9%7 4%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Median Sales Price by Quarter* Median Sales Price for all properties from Q3-2011 through Q2-2014. This is not the average of the individual figures above.

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 7

Single Family Townhouse-Condo

$200,000

$300,000

$400,000

$500,000

$600,000

$700,000

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo

+ 3.9%+ 0.7%+ 25.9%+ 9.3% + 11.1%+ 31.0%+ 9.7% - 1.7%+ 12.8% + 2.6% - 9.9%- 7.4%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Average Sales Price

Average Sales Price

SingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 $602,030 -14.1% $416,051 -34.8%

Q4-2011 $592,711 -26.4% $447,189 -6.5%

Q1-2012 $626,860 -16.1% $395,271 -13.4%

Q2-2012 $564,485 -19.3% $355,265 -24.2%

Q3-2012 $521,793 -13.3% $456,097 +9.6%

Q4-2012 $584,039 -1.5% $447,050 -0.0%

Q1-2013 $681,287 +8.7% $444,390 +12.4%

Q2-2013 $650,840 +15.3% $421,571 +18.7%

Q3-2013 $618,399 +18.5% $377,726 -17.2%

Q4-2013 $590,124 +1.0% $377,603 -15.5%

Q1-2014 $887,478 +30.3% $438,203 -1.4%

Q2-2014 $701,914 +7.8% $443,682 +5.2%

$564,485

$355,265

$650,840

$421,571

$701,914

$443,682

Q2-2014

$590,135

$371,458

$664,590

$429,731

$769,392

$441,116

Year to Date

+ 5 2%+ 18 7%+ 7 8%+ 15 3% 15 7%+ 15 8%+ 12 6% 2 6%19 3% 17 9% 19 9%24 2%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Average Sales Price by Quarter* Average Sales Price for all properties from Q3-2011 through Q2-2014. This is not the average of the individual figures above.

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 8

Single Family Townhouse-Condo

$300,000

$400,000

$500,000

$600,000

$700,000

$800,000

$900,000

$1,000,000

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo

+ 5.2%+ 18.7%+ 7.8%+ 15.3% + 15.7%+ 15.8%+ 12.6% + 2.6%- 19.3% - 17.9% - 19.9%- 24.2%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Percent of List Price Received

Pct. of List Price Received

SingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 92.0% +1.2% 91.7% 0.0%

Q4-2011 90.7% +1.6% 93.3% +2.2%

Q1-2012 91.9% -2.9% 94.9% +1.3%

Q2-2012 89.6% -3.7% 94.8% +2.4%

Q3-2012 93.9% +2.1% 93.9% +2.4%

Q4-2012 93.5% +3.1% 93.8% +0.5%

Q1-2013 94.1% +2.4% 93.4% -1.6%

Q2-2013 93.2% +4.1% 94.5% -0.3%

Q3-2013 93.9% 0.0% 95.6% +1.8%

Q4-2013 95.2% +1.8% 94.1% +0.3%

Q1-2014 92.8% -1.4% 94.4% +1.1%

Q2-2014 93.4% +0.2% 95.1% +0.6%

89.6%94.8%93.2% 94.5%93.4% 95.1%

Q2-2014

90.5%94.8%93.7% 94.1%93.2% 94.8%

Year to Date

0 6%0 3%0 2%4 0% 0 7%0 5%3 5% 0 7%3 7% 3 3% 1 9%2 4%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Percent of List Price Received by Quarter* Pct. of List Price Received for all properties from Q3-2011 through Q2-2014. This is not the average of the individual figures above.

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 9

Single Family Townhouse-Condo Single Family Townhouse-Condo

89.0%

90.0%

91.0%

92.0%

93.0%

94.0%

95.0%

96.0%

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

+ 0.6%- 0.3%+ 0.2%+ 4.0% - 0.7%- 0.5%+ 3.5% + 0.7%- 3.7% - 3.3% + 1.9%+ 2.4%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Days on Market Until Sale

Days on Market Until Sale

SingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 162 -4.7% 178 -11.0%

Q4-2011 210 +22.1% 193 -2.5%

Q1-2012 182 +7.7% 167 -1.8%

Q2-2012 192 +9.7% 181 -5.2%

Q3-2012 176 +8.6% 194 +9.0%

Q4-2012 192 -8.6% 206 +6.7%

Q1-2013 210 +15.4% 185 +10.8%

Q2-2013 161 -16.1% 189 +4.4%

Q3-2013 160 -9.1% 169 -12.9%

Q4-2013 178 -7.3% 202 -1.9%

Q1-2014 194 -7.6% 177 -4.3%

Q2-2014 185 +14.9% 179 -5.3%

192181

161

189185 179

Q2-2014188

175184 187188

178

Year to Date

5 3%+ 4 4%+ 14 9%16 2% 6 9%+ 2 2%2 4% 4 8%+ 9 9% 9 0% 4 4%5 2%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Days on Market Until Sale by Quarter

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 10

Single Family Townhouse-Condo

100

150

200

250

300

350

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo

- 5.3%+ 4.4%+ 14.9%- 16.2% + 6.9%+ 2.2%- 2.4% - 4.8%+ 9.9% + 9.0% - 4.4%- 5.2%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Housing Affordability Index

Housing Affordability Index

SingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 85 +3.7% 171 +119.2%

Q4-2011 77 +18.5% 137 +47.3%

Q1-2012 86 +21.1% 144 +11.6%

Q2-2012 90 -3.2% 119 +17.8%

Q3-2012 84 -1.2% 124 -27.5%

Q4-2012 82 +6.5% 114 -16.8%

Q1-2013 80 -7.0% 121 -16.0%

Q2-2013 76 -15.6% 109 -8.4%

Q3-2013 80 -4.8% 110 -11.3%

Q4-2013 73 -11.0% 122 +7.0%

Q1-2014 56 -30.0% 116 -4.1%

Q2-2014 62 -18.4% 109 0.0%

90

119

76

109

62

109

Q2-2014

90

133

75

110

60

116

Year to Date

0 0%8 4%18 4%15 8% 17 3%20 0%16 1% 5 5%3 3% 6 4% 20 9%17 8%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Historical Housing Affordability Index by Quarter

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 11

Single Family Townhouse-Condo

40

60

80

100

120

140

160

180

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

Single Family Townhouse-Condo

0.0%- 8.4%- 18.4%- 15.8% - 17.3%- 20.0%- 16.1% + 5.5%- 3.3% + 6.4% + 20.9%+ 17.8%Q2-2014Q2-2013Q2-2014Q2-2013 Q2-2013Q2-2014Q2-2013 Q2-2014Q2-2012 Q2-2012 Q2-2012Q2-2012

Inventory of Active Listings

Inventory of Active Listings

SingleFamily

Percent Change from Pervious

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 395 -21.2% 510 -19.9%

Q4-2011 335 -17.5% 502 -11.8%

Q1-2012 330 -8.6% 499 -13.7%

Q2-2012 395 -3.7% 474 -14.7%

Q3-2012 341 -13.7% 426 -16.5%

Q4-2012 271 -19.1% 401 -20.1%

Q1-2013 245 -25.8% 417 -16.4%

Q2-2013 347 -12.2% 393 -17.1%

Q3-2013 347 +1.8% 371 -12.9%

Q4-2013 285 +5.2% 350 -12.7%

Q1-2014 279 +13.9% 369 -11.5%

Q2-2014 354 +2.0% 409 +4.1%

395

474

347393

354409

Q2-2014

4 1%17 1%+ 2 0%12 2%3 7% 14 7%Q2-2014Q2-2013Q2-2014Q2-2013Q2-2012 Q2-2012

C hange f ro m Previous

Y ear

Historical Inventory of Active Listings by Quarter* Active Listings for all properties from Q3-2011 through Q2-2014. This is not the average of the individual figures above.

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 12

Single Family Townhouse-Condo

200

300

400

500

600

700

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

+ 4.1%- 17.1%+ 2.0%- 12.2%- 3.7% - 14.7%Q2-2014Q2-2013Q2-2014Q2-2013Q2-2012 Q2-2012

Months Supply of Inventory

Months Supply of Inventory

SingleFamily

Percent Change from Previous

YearTownhouse-

Condo

Percent Change from Previous

Year

Q3-2011 22.1 -48.5% 23.3 -22.6%

Q4-2011 17.3 -47.4% 21.7 -20.2%

Q1-2012 17.1 -31.0% 20.1 -26.9%

Q2-2012 21.0 -14.6% 17.3 -34.2%

Q3-2012 16.7 -24.4% 14.7 -36.9%

Q4-2012 13.3 -23.1% 13.8 -36.4%

Q1-2013 11.5 -32.7% 14.9 -25.9%

Q2-2013 16.0 -23.8% 14.2 -17.9%

Q3-2013 15.1 -9.6% 12.9 -12.2%

Q4-2013 12.2 -8.3% 12.3 -10.9%

Q1-2014 12.4 +7.8% 12.1 -18.8%

Q2-2014 15.3 -4.4% 13.6 -4.2%

21.0

17.316.0

14.215.3

13.6

Q2-2014

4 2%17 9%4 4%23 8%14 6% 34 2%Q2-2014Q2-2013Q2-2014Q2-2013Q2-2012 Q2-2012

Historical Months Supply of Inventory by Quarter

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 13

Single Family Townhouse-Condo

10

20

30

40

50

60

Q1-2009 Q1-2010 Q1-2011 Q1-2012 Q1-2013 Q1-2014

Single Family Townhouse-Condo

- 4.2%- 17.9%- 4.4%- 23.8%- 14.6% - 34.2%Q2-2014Q2-2013Q2-2014Q2-2013Q2-2012 Q2-2012

Total Market Overview Key metrics by report quarter and for year-to-date (YTD) starting from the first of the year.

Key Metrics Historical Sparkbars Q2-2013 Q2-2014 Percent Change YTD 2013 YTD 2014 Percent Change

+ 1.8%

Pending Sales 153 167 + 9.2% 306 325 + 6.2%

New Listings 424 436 + 2.8% 710 723

Sold Listings 165 169 + 2.4% 278 294 + 5.8%

Median Sales Price $360,000 $415,000 + 15.3% $360,000 $375,000 + 4.2%

+ 7.6%$576,223Average Sales Price $516,058 $561,338 + 8.8% $535,631

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

94.1% + 0.2%

182 - 2.2%

Pct. of List Price Received 94.0% 94.3% + 0.3% 93.9%

Days on Market 178 182 + 2.2% 186

Affordability Index 92 83 - 9.8% 92

--

91 - 1.1%

--

-- --

--Active Listings 740 763 + 3.1% --

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 14

Months Supply 15.0 14.4 - 4.0%Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Q2-2010 Q2-2011 Q2-2012 Q2-2013 Q2-2014

Closed Sales

By Price Range Q2-2013 Q2-2014 Change Q2-2013 Q2-2014 Change Q1-2014 Q2-2014 Change Q1-2014 Q2-2014 Change Q2-2013 Q2-2014 Change Q2-2013 Q2-2014 Change$299,999 and Below 74 90 + 21.6% 161 185 + 14.9% 10 22 + 120.0% 45 43 - 4.4% 36 32 - 11.1% 77 88 + 14.3%$300,000 to $599,999 103 76 - 26.2% 95 111 + 16.8% 11 23 + 109.1% 21 30 + 42.9% 45 34 - 24.4% 46 51 + 10.9%$600,000 to $999,999 48 65 + 35.4% 56 36 - 35.7% 12 18 + 50.0% 6 10 + 66.7% 23 30 + 30.4% 22 16 - 27.3%$1,000,000 to $1,499,999 20 22 + 10.0% 9 19 + 111.1% 4 7 + 75.0% 4 8 + 100.0% 10 11 + 10.0% 5 12 + 140.0%$1,500,00 to $1,999,999 5 10 + 100.0% 7 4 - 42.9% 3 3 0.0% 3 0 - 100.0% 3 6 + 100.0% 1 3 + 200.0%$2,000,000 to $2,499,999 1 5 + 400.0% 3 4 + 33.3% 1 1 0.0% 2 0 - 100.0% 0 2 -- 2 2 0.0%$2,500,000 to $4,999,999 8 9 + 12.5% 2 1 - 50.0% 2 3 + 50.0% 0 1 -- 6 5 - 16.7% 1 1 0.0%$5,000,000 to $9,999,999 1 1 0.0% 0 0 -- 1 0 - 100.0% 0 0 -- 1 1 0.0% 0 0 --$10,000,000 and Above 0 0 -- 0 0 -- 0 0 -- 0 0 -- 0 0 -- 0 0 --All Price Ranges 260 278 + 6.9% 333 360 + 8.1% 44 77 + 75.0% 81 92 + 13.6% 124 121 - 2.4% 154 173 + 12.3%

Actual sales that have closed in a given quarter.

Rolling 12 Months Compared to Prior Quarter Year to DateSingle Family Condo Single Family Condo Single Family Condo

260 333593

278 360638

Singe Family Townhouse-Condo All Properties

By Property Type Q2-2013 Q2-2014

235 198104

29 12 4 10 1 0

275187

10141 14 9 10 1 0

< $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+

By Price Range – All Properties – Rolling 12 Months Q2-2013 Q2-2014

--+ 17.0% - 5.6% - 2.9% + 41.4% 0.0%+ 16.7% + 125.0% 0.0% + 6.9% + 8.1% + 7.6%

Inventory of Active Listings

By Price Range Q2-2013 Q2-2014 Change Q2-2013 Q2-2014 Change Q1-2014 Q2-2014 Change Q1-2014 Q2-2014 Change$299,999 and Below 51 61 + 19.6% 103 115 + 11.7% 52 61 + 17.3% 97 115 + 18.6%$300,000 to $599,999 75 80 + 6.7% 149 161 + 8.1% 55 80 + 45.5% 142 161 + 13.4%$600,000 to $999,999 74 88 + 18.9% 91 88 - 3.3% 56 88 + 57.1% 89 88 - 1.1%$1,000,000 to $1,499,999 39 31 - 20.5% 28 17 - 39.3% 32 31 - 3.1% 18 17 - 5.6%$1,500,00 to $1,999,999 32 30 - 6.3% 15 16 + 6.7% 23 30 + 30.4% 11 16 + 45.5%$2,000,000 to $2,499,999 15 15 0.0% 4 7 + 75.0% 13 15 + 15.4% 8 7 - 12.5%$2,500,000 to $4,999,999 43 32 - 25.6% 3 3 0.0% 35 32 - 8.6% 2 3 + 50.0%$5,000,000 to $9,999,999 12 12 0.0% 0 0 -- 8 12 + 50.0% 0 0 --$10,000,000 and Above 6 5 - 16.7% 0 2 -- 5 5 0.0% 2 2 0.0%All Price Ranges 347 354 + 2.0% 393 409 + 4.1% 279 354 + 26.9% 369 409 + 10.8%

CondoSingle Family Condo Single Family Condo Single Family

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 July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 15

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

Quarter over Quarter Compared to Prior Quarter Year to Date

347 393740

354 409763

Singe Family Townhouse-Condo All Properties

By Property Type Q2-2013 Q2-2014

154224

16567 47 19 46 12 6

176241

17648 46 22 35 12 7

< $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+

By Price Range – All Properties Q2-2013 Q2-2014

- 98.0%- 21.4% + 46.1% + 162.7% + 2.1% + 100.0%+ 142.1% - 52.2% + 191.7% + 2.0% + 4.1% + 3.1%

Glossary of Terms

New Listings

Pending Sales

Sold Listings

Median Sales Price

Average Sales Price

A research tool provided by the Colorado Association of REALTORS®

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).

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.

A measure of home sales that were closed to completion during the report period.

A measure of home values in a market area where 50% of activity was higher and 50% was lower than this price point.

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

Percent of List Price Received

Days on Market Until Sale

Housing Affordability Index

Inventory of Active Listings

Months Supply of Inventory

Current as of July 11, 2014. All data from the Steamboat Springs Board of REALTORS® MLS. Powered by 10K Research and Marketing. | Click for Cover Page | 16

A mathematical calculation of the percent difference from last list price and sold price for those listings sold in the reported period.

A measure of how long it takes homes to sell, on average.

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.

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.

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.