Quarterly Indicators SOUTHWEST REGION Monthly Snapshot Includes the Durango Area Association of REALTORS, Four Corners Board of REALTORS, Pagosa Springs Area Association of REALTORS and the San Luis Valley Board of REALTORS. Percent changes calculated using year-over-year comparisons. Overall 2013 proved to be a good year for housing. Home sales and prices were better than the previous year in Colorado and across much of the nation. Foreclosures in Colorado continued to decline, along with the number of homes for sale and the number of days it took to sell a home were also lower. Multipleoffer situations became commonplace again and prices in many areas rallied to multi-year highs. This, of course, varied by location and market segment, but the proverbial glass appeared to be more than half full throughout the year. New Listings were up 12.8 percent for single family homes and 31.6 percent for townhouse-condo properties. Pending sales clocked in at 322 for single family homes and 65 for townhouse-condo properties. The Median Sales Price was down 1.2 percent to $226,250 for single family homes but increased 13.9 percent to $205,000 for townhouse-condo properties. Months Supply of Inventory stood at 12.9 for single family units and 9.0 months for townhouse-condo units. Housing is fortified by confident consumers and good jobs. 2013 was marked by a slowly improving labor market and a stock market up nearly 30 percent from this time last year. Interest rates remain low (but moving up and prices are still affordable). It's no wonder that buyers were active in 2013. Here's to more of the same in 2014. + 4.5% + 2.0% + 15.4% One- Change in Sold Listings All Properties One- Change in Median Sales Price All Properties One- Change in New Listings All Properties Residential real estate activity in the state of Colorado, comprised of single-family properties, townhomes and condominiums. Percent changes are calculated using rounded figures. Market Overview Market Overview New Listings Pending / Under Contract Sold Listings Median Sales Price Average Sales Price Percent of List Price Received Days on Market Until Sale Housing Affordability Index Total Market Overview Glossary of Terms Click on desired metric to jump to that page. 2 3 4 5 6 7 8 9 10 11 12 13 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing.
Market Overview Key metrics by report quarter and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars Q4-2012 YTD-2012 YTD-2013 New Listings 484 546 + 12.8% 3,328 3,725 + 11.9% Pending / Under Contract 314 322 + 2.5% 1,560 1,703 + 9.2% Under Contract Activity Not enough historical data for chart -- -- -- -- -- -- Sold Listings 393 408 + 3.8% 1,539 1,732 + 12.5% Median Sales Price $229,000 $226,250-1.2% $211,625 $235,000 + 11.0% Average Sales Price $286,583 $318,094 + 11.0% $264,689 $289,445 + 9.4% Pct. of List Price Received 93.9% 94.2% + 0.3% 94.1% 95.0% + 1.1% Days on Market 186 156-16.1% 186 167-10.2% Affordability Index 166 152-8.4% 178 147-17.4% Active Listings Not enough historical data for chart -- 1,868 -- -- -- -- Months Supply Not enough historical data for chart -- 12.9 -- -- -- -- Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 2
Market Overview Key metrics by report quarter and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars Q4-2012 YTD-2012 YTD-2013 New Listings 76 100 + 31.6% 477 545 + 14.3% Pending / Under Contract 64 65 + 1.6% 286 343 + 19.9% Under Contract Activity Not enough historical data for chart -- -- -- -- -- -- Sold Listings 75 81 + 8.0% 290 348 + 20.0% Median Sales Price $180,000 $205,000 + 13.9% $187,500 $179,450-4.3% Average Sales Price $233,643 $267,059 + 14.3% $234,954 $242,546 + 3.2% Pct. of List Price Received 94.1% 95.4% + 1.4% 94.0% 95.8% + 1.9% Days on Market 202 197-2.5% 213 211-0.9% Affordability Index 203 165-18.7% 196 185-5.6% Active Listings Not enough historical data for chart -- 260 -- -- -- -- Months Supply Not enough historical data for chart -- 9.0 -- -- -- -- Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 3
New Listings to Date 546 3,725 518 3,450 484 3,328 135 100 76 562 477 545 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 + 6.8% - 6.6% + 12.8% + 43.6% - 43.7% + 31.6% - 1.4% - 3.5% + 11.9% - 17.0% - 15.1% + 14.3% New Listings Q1-2011 785 +3.7% 155-6.1% Q2-2011 1,333-6.1% 168-33.1% Q3-2011 814-2.6% 104-37.7% Q4-2011 518 +6.8% 135 +43.6% Q1-2012 716-8.8% 109-29.7% Q2-2012 1,272-4.6% 166-1.2% Q3-2012 856 +5.2% 126 +21.2% Q4-2012 484-6.6% 76-43.7% Q1-2013 769 +7.4% 124 +13.8% Q2-2013 1,375 +8.1% 175 +5.4% Q3-2013 1,035 +20.9% 146 +15.9% 546 +12.8% 100 +31.6% Historical New Listings by Month 1,500 1,250 1,000 750 500 250 0 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 4
Pending / Under Contract to Date 307 314 322 1,703 1,560 1,451 57 64 65 343 252 286 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 + 11.6% + 2.3% + 2.5% - 9.5% + 12.3% + 1.6% + 20.5% + 7.5% + 9.2% - 0.8% + 13.5% + 19.9% Pending / Under Contract Q1-2011 299 +7.9% 62-3.1% Q2-2011 378 +29.0% 47-11.3% Q3-2011 467 +30.1% 86 +16.2% Q4-2011 307 +11.6% 57-9.5% Q1-2012 357 +19.4% 69 +11.3% Q2-2012 413 +9.3% 68 +44.7% Q3-2012 476 +1.9% 85-1.2% Q4-2012 314 +2.3% 64 +12.3% Q1-2013 390 +9.2% 68-1.4% Q2-2013 488 +18.2% 109 +60.3% Q3-2013 503 +5.7% 101 +18.8% 322 +2.5% 65 +1.6% Historical Pending / Under Contract by Month 600 500 400 300 200 100 0 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 5
Sold Listings to Date 408 393 376 1,732 1,539 1,418 66 75 81 251 290 348 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 + 11.6% + 4.5% + 3.8% 0.0% + 13.6% + 8.0% + 18.2% + 8.5% + 12.5% - 1.6% + 15.5% + 20.0% Sold Listings Q1-2011 228 +2.2% 54-15.6% Q2-2011 386 +19.5% 61-4.7% Q3-2011 428 +35.0% 70 +14.8% Q4-2011 376 +11.6% 66 0.0% Q1-2012 294 +28.9% 66 +22.2% Q2-2012 400 +3.6% 62 +1.6% Q3-2012 452 +5.6% 87 +24.3% Q4-2012 393 +4.5% 75 +13.6% Q1-2013 311 +5.8% 59-10.6% Q2-2013 477 +19.3% 85 +37.1% Q3-2013 536 +18.6% 123 +41.4% 408 +3.8% 81 +8.0% Historical Sold Listings by Month 600 500 400 300 200 100 0 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 6
Median Sales Price to Date $229,000 $235,000 $226,250 $219,500 $205,000 $211,625 $205,000 $209,900 $190,000 $187,500 $180,000 $179,450 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 - 7.3% + 20.5% - 1.2% - 0.2% - 18.0% + 13.9% - 2.4% + 3.2% + 11.0% - 10.7% - 10.7% - 4.3% Median Sales Price Q1-2011 $200,000-13.0% $218,250-1.9% Q2-2011 $214,951 +5.4% $195,000-26.6% Q3-2011 $209,750-2.4% $192,500-12.5% Q4-2011 $190,000-7.3% $219,500-0.2% Q1-2012 $192,000-4.0% $167,250-23.4% Q2-2012 $192,500-10.4% $204,000 +4.6% Q3-2012 $218,000 +3.9% $199,999 +3.9% Q4-2012 $229,000 +20.5% $180,000-18.0% Q1-2013 $210,000 +9.4% $166,000-0.7% Q2-2013 $249,500 +29.6% $178,300-12.6% Q3-2013 $240,000 +10.1% $174,900-12.5% $226,250-1.2% $205,000 +13.9% Historical Median Sales Price by Month $280,000 $260,000 $240,000 $220,000 $200,000 $180,000 $160,000 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 7
Average Sales Price to Date $318,094 $297,887 $286,583 $289,445 $274,891 $267,059 $264,689 $245,562 $233,643 $235,175 $234,954 $242,546 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 + 15.8% - 3.8% + 11.0% - 15.0% - 4.9% + 14.3% + 1.5% - 3.7% + 9.4% - 16.6% - 0.1% + 3.2% Average Sales Price Q1-2011 $254,535-10.4% $254,669-5.4% Q2-2011 $278,309 +3.2% $246,582-16.0% Q3-2011 $262,502-5.3% $200,404-27.4% Q4-2011 $297,887 +15.8% $245,562-15.0% Q1-2012 $247,019-3.0% $210,867-17.2% Q2-2012 $238,427-14.3% $243,699-1.2% Q3-2012 $280,422 +6.8% $248,124 +23.8% Q4-2012 $286,583-3.8% $233,643-4.9% Q1-2013 $265,154 +7.3% $220,109 +4.4% Q2-2013 $279,218 +17.1% $222,382-8.7% Q3-2013 $290,837 +3.7% $251,099 +1.2% $318,094 +11.0% $267,059 +14.3% Historical Average Sales Price by Month $320,000 $300,000 $280,000 $260,000 $240,000 $220,000 $200,000 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 8
Percent of List Price Received 93.3% 93.9% 94.2% 93.8% 94.1% 95.4% Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2011 Q4-2012 Q4-2012 + 0.2% 94.2% + 0.6% + 0.3% + 0.2% + 0.9% + 0.3% + 0.6% + 1.4% + 0.1% 93.8% + 0.5% + 1.0% 94.1% + 1.0% + 0.6% 95.4% + 1.9% Historical Percent of List Price Received by Month 97.0% to Date 93.6% 94.1% 95.0% 93.4% 94.0% 95.8% Pct. of List Price Received Q1-2011 93.3% +0.5% 93.6% +1.2% Q2-2011 94.0% +0.3% 93.1% +0.9% Q3-2011 93.6% -0.6% 93.3% +1.3% Q4-2011 93.3% +0.2% 93.8% +0.9% Q1-2012 93.6% +0.3% 93.6% 0.0% Q2-2012 94.2% +0.2% 94.0% +1.0% Q3-2012 94.3% +0.7% 94.2% +1.0% Q4-2012 93.9% +0.6% 94.1% +0.3% Q1-2013 94.4% +0.9% 95.8% +2.4% Q2-2013 96.0% +1.9% 95.6% +1.7% Q3-2013 95.0% +0.7% 96.2% +2.1% 94.2% +0.3% 95.4% +1.4% * Pct. of List Price Received for all properties from Q1-2011 through. This is not the average of the individual figures above. 96.0% 95.0% 94.0% 93.0% 92.0% Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 9
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. to Date 216 251 213 211 181 186 202 197 167 180 186 156 Historical Days on Market Until Sale by Month 300 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 Q4-2011 Q4-2012 - 4.8% + 3.3% - 16.1% - 4.9% - 19.5% - 2.5% - 3.7% + 2.8% - 10.2% - 15.0% - 1.4% - 0.9% Days on Market Until Sale Q1-2011 204-1.9% 218-21.3% Q2-2011 183-6.2% 212-18.1% Q3-2011 169 +1.8% 188-13.0% Q4-2011 180-4.8% 251-4.9% Q1-2012 201-1.5% 234 +7.3% Q2-2012 190 +3.8% 213 +0.5% Q3-2012 174 +3.0% 208 +10.6% Q4-2012 186 +3.3% 202-19.5% Q1-2013 207 +3.0% 283 +20.9% Q2-2013 171-10.0% 218 +2.3% Q3-2013 150-13.8% 180-13.5% 156-16.1% 197-2.5% * Days on Market for all properties from Q1-2011 through. This is not the average of the individual figures above. 275 250 225 200 175 150 125 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 10
Housing Affordability Index 179 166 152 + 14.7% - 7.3% - 8.4% 158 203 165 + 7.5% + 28.5% - 18.7% to Date Historical Housing Affordability Index by Month 220 Q4-2011 Q4-2012 Q4-2011 Q4-2012 178 168 165 147 Q4-2011 Q4-2012 Q4-2011 + 9.8% + 6.0% - 17.4% 196 Q4-2012 185 + 18.7% + 18.8% - 5.6% Housing Affordability Index Q1-2011 159 +18.7% 148 +7.2% Q2-2011 155 +2.0% 168 +38.8% Q3-2011 164 +9.3% 177 +20.4% Q4-2011 179 +14.7% 158 +7.5% Q1-2012 180 +13.2% 202 +36.5% Q2-2012 186 +20.0% 177 +5.4% Q3-2012 172 +4.9% 185 +4.5% Q4-2012 166-7.3% 203 +28.5% Q1-2013 171-5.0% 207 +2.5% Q2-2013 137-26.3% 182 +2.8% Q3-2013 143-16.9% 187 +1.1% 152-8.4% 165-18.7% 200 180 160 140 120 Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 11
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 Q4-2012 YTD-2012 YTD-2013 New Listings 560 646 + 15.4% 3,805 4,270 + 12.2% Pending / Under Contract 378 387 + 2.4% 1,846 2,046 + 10.8% Under Contract Activity Not enough historical data for chart -- -- -- -- -- -- Sold Listings 468 489 + 4.5% 1,829 2,080 + 13.7% Median Sales Price $220,635 $225,000 + 2.0% $205,047 $227,500 + 11.0% Average Sales Price $278,081 $309,640 + 11.3% $259,956 $281,595 + 8.3% Pct. of List Price Received 93.9% 94.4% + 0.5% 94.1% 95.1% + 1.1% Days on Market 188 163-13.3% 191 174-8.9% Affordability Index 171 153-10.5% 182 151-17.0% Active Listings Not enough historical data for chart -- 2,128 -- -- -- -- Months Supply Not enough historical data for chart -- 12.3 -- -- -- -- Current as of January 16, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 12
Glossary of Terms A research tool provided by the Colorado Association of REALTORS 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/Under Contract A count of all the listings that went into Pending / Under Contract during the reported period. Pending / Under Contract listings are counted at the end of the reported period. Each listing can only be counted one time. If a listing goes into Pending / Under Contract, out of Pending / Under Contract, then back into Pending / Under Contract 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 A measure of how long it takes homes to sell, on average. 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 Listings 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 January 13, 2014. All data from the multiple listing services in the state of Colorado. Powered by 10K Research and Marketing. Click for Cover Page 13