YTD TOTAL VOLUME YTD SOLD PROPERTIES Q: WHAT IS YOUR HOME WORTH? A: CALL ME. SOLD DOM

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1 SOLD DOM Q: WHAT IS YOUR HOME WORTH? A: CALL ME. YTD SOLD PROPERTIES YTD TOTAL VOLUME CONDO & TOWN CONDO MEDIAN HOME SALES MEDIAN PRICE SALES PRICE

2 Ski-Season" Total # of " Ski-Season" Total $ Volume of Crested Butte Real Estate Ski-Season Results Ski-Season Results for are Up but below We did not have a great snow year, but visitors, skier days, lodging and sales tax revenue were all up (as much as 16% in Crested Butte through February) compared to last year. Visitors brings interest and activity to real estate and Crested Butte real estate market saw an overall rise in total transactions and volume as well. As long-term renter demand has increased, there seems to be a lack of affordable or lower-end single family homes available with only six homes available between $400,000 - $500,000. There nearly 40 condos for sale under $250,000 but all come with higher burden of HOA fees. If you look further in this report you will see that there is not a significant rise in single family home prices, or price per sq. ft., but there is a lack of inventory available for sale at the lower end of the market right now which is why we have seen a significant number of lots sold, 45 vs 19 last year, and 27 two years ago. Days on Market (DOM) for all properties was 324 and 307 for SF Homes. The Assessor has sent out updated property valuations and some have seen an increase in their property value which will lead to an increase in taxes. Remember that the revaluation, or reappraisal, occurs in odd-numbered years, and the property valuation notices sent out are based on transactions that occurred between July 1, 2009 and June 30, The Assessor uses an automated Multiple Regression Analysis comparison approach and not an individual property analysis. There is an appeal or protest process see Comparing Total $ Volume by Month Ski Season Month DEC $4,850,500 $7,695,600 $6,041,000 $7,050,825 JAN $13,923,750 $8,751,700 $5,773,686 $4,107,500 FEB $4,545,898 $8,671,475 $7,026,450 $8,097,000 MAR $6,600,200 $10,261,486 $3,803,000 $11,866,000 APR $8,032,800 $17,126,400 $8,187,800 $9,568,000 Totals $37,953,148 $52,506,661 $30,831,936 $40,689,325

3 s(for($(per(sq.(ft.(for(single(family(homes(flat,((condos(see(slight(rise( per square foot is a useful metric to compare properties and it is especially useful to analyze data to identify patterns and trends. It also is a helpful metric many people use when considering building vs. buying an existing home. As the current data shows we have a fairly flat trend year over year with regard to the overall price per sq. ft. Ski-Season Single Family Homes" $ Per Sq. Ft. Single Family homes are up 10% from the same period last year, which is interesting considering the higher priced Luxury Homes do not make up much of the mix sold this year (3 sold vs. last year over $1M). Condos & Town Homes saw a 10% decline in price per sq. ft. when compared to the same period last year, but up compared to prior years. What Real Estate is Selling in the Crested Butte area? As the table shows Condos & Townhomes lead the pack at39% (compared to 56% last year) of the total count, but only 25% (vs. 46% last year) of the volume. Single Family Homes are 25% of the count and 54% of the volume. Luxury over $1M (typically purchased by the Second Homeowner) represent only a 7% share of the number of transactions, but 28% of the total dollar volume. Ski-Season Condo & Town Homes" $ Per Sq. Ft SKI-SEASON TOTALS - CATEGORY $ Volume of % of Total Total All Sales $40,296, % of Total Condos & Townhomes $10,156,900 25% 47 39% Single Family Homes $21,688,650 54% 30 25% Mt. Crested Butte $12,757,400 32% 45 37% Mt. CB Single Family Homes $3,857,000 10% 5 4% Crested Butte Single Family Homes $9,773,900 24% 11 9% Skyland Single Family Homes $1,535,000 4% 2 2% CB South Single Family Homes $2,762,250 7% 7 6% Almont $0 0% 0 0% Land/Lots $8,451,000 21% 45 37% SF Homes > $1M $11,095,000 28% 9 7%

4 The detail below represents the past three years data by category. The by, on average 8% for all property types Ski Season Totals Total by Total by Total Original by Original Original Per Total All Sales $40,296, ,300 $43,800, ,021 45,942, , % -8.00% 122 Condos & Townhomes $10,156, ,104 $10,756, ,862 11,090, , % -5.57% $ Single Family Homes $21,688, ,955 $23,168, ,277 24,222, , % -6.39% $ Mt. Crested Butte $12,757, ,498 $14,239, ,431 13,830, , % % 45 Mt. CB Single Family Homes $3,857, ,400 $4,116, ,300 4,444, , % -6.30% $309 5 Crested Butte Single Family Homes $9,773, ,536 $10,391, ,718 10,681, , % -5.95% $ Skyland Single Family Homes $1,535, ,500 $1,618, ,000 1,734, , % -5.13% $252 2 CB South Single Family Homes $2,762, ,607 $2,958, ,571 3,222, , % -6.62% $196 7 Almont $0 0 Land/Lots $8,451, ,800 $9,875, ,462 9,273, , % % 45 SF Homes > $1M $11,095,000 1,232,778 $11,929,000 1,325,444 12,334,900 1,370, % -6.99% $ Ski Season Totals Total by Total by Total Original by Original Original Per Total All Sales $31,841, ,797 $34,218, ,206 36,328, , % -6.95% 90 Condos & Townhomes $14,576, ,525 $15,661, ,237 16,283, , % -6.93% $ Single Family Homes $14,109, ,876 $14,971, ,914 15,678, , % -5.76% $ Mt. Crested Butte $12,384, ,051 $13,328, ,082 13,359, , % -7.08% 41 Mt. CB Single Family Homes $2,864, ,400 $3,061, ,217 3,490, , % -6.43% $182 6 Crested Butte Single Family Homes $4,990, ,000 $5,268,000 1,053,600 5,268,000 1,053, % -5.28% $466 5 Skyland Single Family Homes $1,925,000 1,925,000 $1,950,000 1,950,000 1,950,000 1,950, % -1.28% $403 1 CB South Single Family Homes $1,900, ,000 $1,988, ,000 2,017, , % -4.43% $194 4 Almont $294,000 98,000 $374, ,667 1,983, , % % 3 Land/Lots $3,156, ,111 $3,585, ,711 5,299, , % % 19 SF Homes > $1M $4,810,000 1,603,333 $5,050,000 1,683,333 5,199,000 1,733, % -4.75% $ Ski Season Totals Total by Total by Total Original by Original Original Per Total All Sales $50,852, ,816 $56,081, ,649 62,455, , % -9.32% 125 Condos & Townhomes $16,566, ,110 $18,335, ,593 19,015, , % -9.65% $ Single Family Homes $30,129, ,894 $32,796, ,074 37,075, , % -8.13% $ Mt. Crested Butte $17,304, ,777 $19,161, ,494 21,312, , % -9.69% 52 Mt. CB Single Family Homes $5,600, ,000 $6,062, ,071 6,858, , % -7.63% $285 7 Crested Butte Single Family Homes $6,906, ,251 $7,256, ,113 7,561, , % -4.84% $417 8 Skyland Single Family Homes $3,154,000 1,051,333 $3,344,000 1,114,667 4,074,000 1,358, % -5.68% $330 3 CB South Single Family Homes $647, ,950 $664, , , , % -2.54% $150 2 Almont $695, ,775 $730, , , , % -4.78% 2 Land/Lots $4,155, ,907 $4,948, ,289 5,143, , % % 27 SF Homes > $1M $17,018,000 1,418,167 $18,864,999 1,572,083 21,094,999 1,757, % -9.79% $366 12

5 Trends show s for Single Family Homes Rise and Condos & Townhomes show slight Fall Single Family (SF) homes Comparing Ski-Season results from to prior years we see that the Median for Single Family homes is flat at $542,000 and actually down from the ski-season from We do see the SF Home price has risen to $723,000 and except for the sharp rise in ski season it shows an increasing trend. As noted we are not working with a huge sample set for the ski-season this may be a result of the quality and location of homes sold as there are not many luxury homes in the mix. Given the history of the Crested Butte area there are still many areas where there is a 30 year old home that has not been updated, and a new 5 year old home right next door. This is the reason to reach out to a quality real estate agent for help understanding the values in the market. Also see 2014 In Review Market Report for 12 month analysis. Condos & Townhomes prices continue to be fairly flat in this segment of the market. The Median for Condos and Townhomes was $175,000 compared with $183,000 last year, and the was down. Condo Median Sales Condo Sales Single Family Home Median Sales Single Family Home Sales Crested Butte Luxury Real Estate Market - $1 Million + As the table shows there have been 9 Single Family homes for $1M or more during this Ski-Season compared with only 3 during this same period last year, and 12 in sold price for these homes was $1.2M, per sq. ft. was $387. The 7% Discount from to Selling is lower than the rest of the market Ski Season Luxury $1M+ Total by Per Total All Sales $11,095,000 $1,232, % 9 Condos & Townhomes $0 0 Single Family Homes $11,095,000 $1,232, % $387 9 Mt. Crested Butte $2,570,000 $1,285, % $276 2 Mt. CB Single Family Homes $2,570,000 $1,285, % $276 2 Crested Butte Single Family Homes $5,150,000 $1,287, % $559 4 Skyland Single Family Homes $1,000,000 $1,000, % $233 1 Land/Lots $0 0

6 Optimistic for Summer Crested Butte Real Estate All indicators are that this will be an active Summer for Real Estate transactions. We have had really good numbers the past two years, and there are no significant external forces that lead me to believe that 2015 will not replicate. Interest rates are still low, there are national numbers supporting a renewed interest in Vacation Real Estate, there are lots of events again scheduled for the summer (including the Enduro World Series mountain bike series stop in Crested Butte). Compared with so many other mountain towns Crested Butte is a special place, and represents a great value in real estate. There has been a lot of banter about short-term property rentals as the reason there is a lack of long-term rentals available especially in town. There is also talk of taking property rights away from homeowners who have invested in Crested Butte not good. Short-term rental add to the charm of visiting our town. We have deed restrictions in place. We are a tourism and real estate economy an increase in occupied short-term rentals is a good thing, and proof that people want to come here, rent a house, ski, bike, hike, fly fish, relax, shop and eat. All Good! How can I help you? This Crested Butte Real Estate Market report and the level of detail is representative of what you can expect from me as your Real Estate Agent. If you are interested in finding out what your existing property is worth, or considering me to represent you as a Buyer, I would appreciate the opportunity to earn your business (or that of a friend you think I could help). To see featured properties or search the MLS visit. Contact me at: (970) , or Thanks, Under Contract There are currently 46 properties Under Contract representing a total volume of $29.7M the count and volume is similar to March of Of the 46 properties Under Contract 20 are Condos/ Townhomes, 18 are Single Family homes and 8 are lots. Active Listings There are 558 properties for Sale which is down from 592 one year ago. The volume of this Market is $377,000 compared to $418M last year. All Under Contract Total Under Contract by Under Contract by Under Contract Total All Under Contract $29,728,290 $646, Condos & Townhomes $7,408,290 $370, Single Family Homes $17,933,000 $996, Mt. Crested Butte $6,756,290 $422, Mt. CB Single Family Homes $2,093,000 $697,667 3 Crested Butte Single Family Homes $2,909,000 $727,250 4 Skyland Single Family Homes $0 0 CB South Single Family Homes $2,166,000 $541,500 4 Land/Lots $4,387,000 $548,375 8 SF Homes > $1M $12,605,000 $1,800,714 7 Almont $2,400,000 $1,200, Acre SF Homes None 2 All Current Listings Total Current Listing by Listing on the Market Total All Sales $377,683,244 $676, Condos & Townhomes $60,271,439 $360, Single Family Homes $181,428,499 $1,314, Mt. Crested Butte $154,112,438 $737, Mt. CB Single Family Homes $65,862,500 $1,568, Crested Butte Single Family Homes $17,443,000 $1,090, Skyland Single Family Homes $14,288,999 $1,428, CB South Single Family Homes $7,355,000 $612, Almont $12,184,800 $276, Land/Lots $135,983,306 $537, SF Homes > $1M $137,270,499 $1,989, Acre SF Homes $31,080,000 $1,942,500 16