Pikes Peak area housing Market Statistics (As of: 9/30/2018)

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1 $156,25 $184, $174,697 $177,2 $21,53 $185,83 $173, $178,29 $172,25 $212,75 $21,95 $226,692 $197,5 $199, $196, $28, $25, $223,95 $216,75 $29,527 $234,9 $218,82 $229,74 $235,518 $231,457 $255, $259,11 $269,98 $256,829 $246,72 $245,938 $275, $256,94 $272,232 $276,148 $267,379 $279,241 $295,877 $31,385 $326,263 $361,499 Pikes Peak area housing Market Statistics (As of: 9/3/218) We have acquired data from the Pikes Peak MLS system and other sources and created various graphs to help us (and you) understand the market conditions and trends in the Pikes Peak residential real estate marketplace. The following chart documents the changes in average and median sale price trends: After the region experienced the price declines from 27 through 29, it has reversed the trend and increased average and median prices since early 212. Sales AVG Sales Median 12 per. Mov. Avg. (Sales AVG) 12 per. Mov. Avg. (Sales Median) Pikes Peak MLS Average and Median Sales Price $37, $36, $35, $34, $33, $32, $31, $3, $29, $28, $27, $26, $25, $24, $23, $22, $21, $2, $19, $18, $17, $16, $15, This next graph shows seasonal swings of active listings and sales. Sales volume has been increasing slowly since late 211. Actives still show the cyclic variances (summer vs winter) of this region, but have an overall decreasing trend since 214. Note the Gap between Active and Sales has shrunk to a differenece not seen for at least the last 15 years. This may indicate continued price appreciation. Pikes Peak MLS Number of Sales and Actives No of Sales Total Active 12 per. Mov. Avg. (No of Sales) 12 per. Mov. Avg. (Total Active) 7, 6, 5, 4, 3, 2, 1, The following chart calculates the ratio of the number sales to the number of actives. The ratio continues to be on an upward trend since mid 211 and is now well above its highest point in the last 15 years. Pikes Peak MLS Number of Sales to Actives Ratio PPMLS Sale to Active ratio 12 per. Mov. Avg. (PPMLS Sale to Active ratio) 1% 9% 8% 7% 6% 5% 4% 3% 2% 1% %

2 Month of Supply Percentage Days This chart shows the average Days On Market for sales by month in El Paso County. Marketing time has decreased drastically since early 215 and properties are moving quickly when they are on the market. ELP Avg DOM 12 per. Mov. Avg. (ELP Avg DOM) El Paso County Avg DOM The chart below shows the average sale price to list price ratio expressed as a percentage for El Paso County. The market is experiencing an unusual situation where multiple offers increase the contract price above the list price in some neighborhoods. El Paso County Sale Price to List Price Ratio SP/LP 12 per. Mov. Avg. (SP/LP) The chart below shows the available inventory supply absorption rate (months required to sell active listings). The inventory level in 218 has continued a downward trend and is now below levels that were typical prior to the "housing bubble". Many areas are now experiencing supply shortages, call us for details. PPMLS Inventory 12 per. Mov. Avg. (PPMLS Inventory) Pikes Peak MLS Months of Active Inventory Supply Month

3 Jun-6 Sep-6 Dec-6 Mar-7 Jun-7 Sep-7 Dec-7 Mar-8 Jun-8 Sep-8 Dec-8 Mar-9 Jun-9 Sep-9 Dec-9 Mar-1 Jun-1 Sep-1 Dec-1 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 % of Sales with Concessions Percentage $$$$ The graph below shows the average quarterly sale price compared to the same time period for the prior years. 212 thru YTD 218 shows price increases in all but one quarter. Pikes Peak MLS Quarterly avg sales price year over year $41, $36, $31, $26, $21, 1 2 Quarter 3 4 $16, The graph below shows the quarterly sale price change expressed as a percentage when compared to the previous quarter. The 2nd quarter of 212 showed the first quarter of price increases since Qtr 1 of 211 and has shown moderate price appreciation since. Pikes Peak MLS Percent Price Change per quarter year over year 15% % 9.6% 4.3% 3.8% 2.6% 1.7% 5.1% 9.4% 8.6% 5.8% 4.6% 1.5% 6.7% 8.1% 8.% 4.6% 4.8% 3.6% 8.6% 9.9% 9.1% 5.2% 3.3% 2.6% 1% 5% % % 4 % -5% -8.5% -11.5% -6.1% -6.6% -12.2% -7.8% -6.8% -8.% -1.5% -7.9% -1% Quarter -15% This chart shows the change in concessions over the last 1 years. Concessions have decreased considerably in recent months due to the lack of inventory. Potential buyers commonly have other offers to compete against in many neighborhoods. % of Sales with Concessions 75% 7% 65% 6% 55% 5% 45% 4% 35% 3% 25%

4 % of Total SQ FT Square Feet $ Dollar The chart below shows the average and median cost per square foot for the Pikes Peak Region. Average and Median price per square foot continue to be on a rebound since the lows that were seen in 211. Pikes Peak MLS Average-Median Cost per Square Feet Cost per SF Median Cost per SF 12 per. Mov. Avg. (Cost per SF) 12 per. Mov. Avg. (Median Cost per SF) $ $15 $14 $123.6 $ $123.4 $13 $12 $94.91 $98.83 $86.48 $87.41 $17.39 $99.32 $99.58 $19.75 $18.31 $92.1 $11.28 $97.11 $83.71 $12.1 $87.14 $9.53 $81.3 $84.63 $95.47 $88.49 $11.43 $16.55 $94.55 $113.3 $99.5 $13.96 $ $11 $1 $9 $8 This next chart shows the change in the total and finished square feet of homes sold in the Pikes Peak market. Square footage increases in 29 through 218 indicate greater affordability that enables buyers to afford larger homes. Pikes Peak MLS Average Square Feet Average SF Average Finished SF 12 per. Mov. Avg. (Average SF) 12 per. Mov. Avg. (Average Finished SF) 2,617 2, ,579 2,613 2,57 2, , ,329 2,336 2,373 2,318 2,395 2,241 2,356 2, ,174 2, Below you will find the slow change in the percentage of finished square feet of homes in the market. Pikes Peak MLS percent of Total square feet that is finished total to finished SF 12 per. Mov. Avg. (total to finished SF) 94% 93% 92% 91% 9% 89% 88% 87% 86%

5 1994-Jan 1995-Jan 1996-Jan 1997-Jan 1998-Jan 1999-Jan 2-Jan 21-Jan 22-Jan 23-Jan 24-Jan 25-Jan 26-Jan 27-Jan 28-Jan 29-Jan 21-Jan 211-Jan 212-Jan 213-Jan 214-Jan 215-Jan 216-Jan 217-Jan 218-Jan Change in % 1994-Jan 1995-Jan 1996-Jan 1997-Jan 1998-Jan 1999-Jan 2-Jan 21-Jan 22-Jan 23-Jan 24-Jan 25-Jan 26-Jan 27-Jan 28-Jan 29-Jan 21-Jan 211-Jan 212-Jan 213-Jan 214-Jan 215-Jan 216-Jan 217-Jan 218-Jan Number of Permits ytd Number of Permits Colorado Springs MSA Area Building Permits (as of 9/3/218) Building permits allow us to understand the input of new construction into the marketplace and its level of change year over year. Builders are steadily increasing new construction to a point where the Colorado Springs Area is at a 1 year high for building permit volume in 217 and is on track to surpass that number again in 218. Colorado Springs MSA Yearly Building Permits Series1 Colorado Springs MSA Monthly Building Permits 12 per. Mov. Avg. (Series1) Year/Month Year/Month Colorado Springs MSA Building Permits year over year change percent Year/Month

6 Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Jan Labor Force available Unemployment Rate YTD 218 Number of Foreclosures Number of Foreclosures per 1 Pop. Foreclosures for the Colorado Springs MSA (As of 9/3/218) In an attempt to compare the number of foreclosures in El Paso County over time (thick bar), population needs to be taken into account for a more accurate comparison. Therefore, the Foreclosures per Population graph shows that the foreclosure properties in the last few years are near twenty year lows Year Colorado Springs MSA- Foreclosures per Population # of Foreclosures Foreclosures per 1, Population This final chart shows the current unemployment numbers and the number of workers available in the Colorado Springs Area. Since 212 the area has shown stable job creation as shown by the growth in the workforce and the lower unemployment rate. Colorado Springs MSA Unemployment Rate vs Workforce Unemployment Rate (%) Civilian Labor Force 4, 35, 3, 25, 2, 15, 1, 5, 14% 13% 12% 11% 1% 9% 8% 7% 6% 5% 4% 3% 2% Some of the above graphs/data are based on information from the Pikes Peak REALTOR Services Corp. ("RSC"). RSC does not guarantee or is in any way responsible for its accuracy. Data maintained by RSC may not reflect all real estate activity in the market. The analysis and associated charts may not be reproduced or distributed without written consent of Colorado Appraisal Advantage, Inc.