METROPOLITAN DENVER REAL ESTATE STATISTICS AS OF NOVEMBER 30, 2011

% Change 11 vs '10 % Change 11 vs '09

Snapshot - YTD YTD 2011 YTD 2010 Residential (Single Family plus Condo) YTD 2009

Active Under Contract Sold Avg DOM Avg Sold Price

12,634 19,881 44,541 46,621 36,231 35,794 108 90 $255,623 $257,324

18,061 53,146 39,111 99 $241,395

-36.45% -4.46% 1.22% 20.00% -0.66%

-30.05% -16.19% -7.36% 9.09% 5.89%

Single Family

Active Under Contract Sold Avg DOM Median Sold Price Avg Sold Price

10,213 15,232 35,735 37,068 28,906 28,355 105 89 $229,900 $230,250 $280,230 $282,717

13,575 42,175 30,786 98 $219,000 $263,522

-32.95% -3.60% 1.94% 17.98% -0.15% -0.88%

-24.77% -15.27% -6.11% 7.14% 4.98% 6.34%

Condo

Active Under Contract Sold Avg DOM Median Sold Price Avg Sold Price

2,421 4,649 8,806 9,553 7,325 7,439 117 95 $125,000 $133,000 $158,520 $160,533

4,486 10,971 8,325 102 $136,000 $159,570

-47.92% -7.82% -1.53% 23.16% -6.02% -1.25%

-46.03% -19.73% -12.01% 14.71% -8.09% -0.66%

Footnotes: Active, Under Contract, and Sold presented as # of units. Avg DOM = Average Days on Market This representation may or may not reflect all real estate activity in the market. Source: Metrolist, Inc.

2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

METROPOLITAN DENVER REAL ESTATE STATISTICS AS OF NOVEMBER 30, 2011

Snapshot Nov, '11 Residential (Single Family plus Condo)

Prior Month

Year Ago

Prior Month

Year Ago

Active Under Contract Sold Avg DOM Avg Sold Price Absorption Rate
Single Family

12,634 14,156 19,881 3,365 3,844 3,101 3,068 3,183 2,666 100 102 111 $252,009 $245,546 $258,597 4.36 4.88 6.31

-10.75% -12.46% -3.61% -1.96% 2.63% -10.66%

-36.45% 8.51% 15.08% -9.91% -2.55% -30.90%

Active Under Contract Sold Avg DOM Median Sold Price Avg Sold Price Absorption Rate
Condo

10,213 11,504 15,232 2,736 3,068 2,482 2,468 2,482 2,142 99 102 108 $230,300 $226,021 $233,990 $275,951 $269,503 $281,466 4.41 4.96 6.12

-11.22% -10.82% -0.56% -2.94% 1.89% 2.39% -11.09%

-32.95% 10.23% 15.22% -8.33% -1.58% -1.96% -27.94%

Active Under Contract Sold Avg DOM Median Sold Price Avg Sold Price Absorption Rate

2,421 2,652 2,920 629 776 619 600 701 524 105 102 125 $125,000 $125,000 $125,000 $153,526 $160,723 $165,113 4.18 4.55 7.04

-8.71% -18.94% -14.41% 2.94% 0.00% -4.48% -8.13%

-17.09% 1.62% 14.50% -16.00% 0.00% -7.02% -40.63%

Footnotes: Active, Under Contract, and Sold presented as # of units. Avg DOM = Average Days on Market This representation may or may not reflect all real estate activity in the market. Source: Metrolist, Inc.

2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

METROPOLITAN DENVER REAL ESTATE STATISTICS AS OF NOVEMBER 30, 2011

Based On Properties Under Contract This Month Last Month Percentage Change 3,365 3,844 12.5% 3,101 8.5% Based On Properties Closed 3,068 3,183 3.6% 2,666 15.1%
This report summarizes the sales of residential real estate units during the reported-on period. Please note: 1) The reported units have been adjusted for the calendar month (as defined by MLS cut-off dates each month) in order to put such periods on a comparable basis. 2) Under Contract units reflect those properties reported as "under contract" during the period - i.e., a binding contract was executed between buyer and seller. 3) Closed units reflect the passing of title. The close date generally lags 30-90 days behind the under contract date and is often distorted by many outside factors unrelated to the extent of real estate activity.

This Month, Last Year Percentage Change, + Compared To This Year Year to Date, This Year Year to Date, Last Year Percentage Change -

44,541 46,621 4.5%

36,231 35,794 + 1.2%

UNSOLD HOMES ON THE MARKET: This Month This Month, Last Year Percentage Change This Month Last Month Percentage Change 12,634 19,881 36.5% 12,634 14,156 10.8%

WEEKLY SALES RATE: This Month This Month, Last Year 5.15% 3.60%

This representation is based in whole or in part on data supplied by Metrolist, Inc. Neither the member Boards of Realtors nor their MLS guarantees or is in any way responsible for its accuracy. Data maintained by the Boards or their MLS may not reflect all real estate activity in the market.

AVERAGE PRICE OF PROPERTIES CLOSED: This Month Last Month This Month, Last Year Year to Date Average, This Year Year to Date Average, Last Year MEDIAN PRICE OF PROPERTIES CLOSED: This Month Last Month This Month, Last Year Year to Date Median, This Year Year to Date Median, Last Year Condos $125,000 $125,000 $125,000 $125,000 $133,000 Single Family $230,300 $226,021 $233,990 $229,900 $230,250 Residential $252,009 $245,546 $258,597 $255,623 $257,324 Condos $153,526 $160,723 $165,113 $158,520 $160,533 Single Family $275,951 $269,503 $281,466 $280,230 $282,717

2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

Greater Metropolitan Denver Real Estate Statistics Rolling Three Month Information
SINGLE FAMILY Month # Active # Sold Average Sold Price Median Sold Price YTD # Sold YTD Average Sold Price YTD Median Sold Price

SEP OCT NOV

12,613 11,504 10,213

2,610 2,482 2,468

$280,289 $229,804 $269,503 $226,021 $275,951 $230,300

23,956 26,438 28,906

$281,782 $280,629 $280,230

$229,970 $229,820 $229,900

CONDOMINIUMS AND TOWNHOUSES Month # Active # Sold Average Sold Price Median Sold Price YTD # Sold YTD Average Sold Price YTD Median Sold Price

SEP OCT NOV

2,920 2,652 2,421

727 701 600

$159,980 $128,950 $160,723 $125,000 $153,526 $125,000

6,024 6,725 7,325

$158,761 $158,965 $158,520

$124,900 $125,000 $125,000

Source: Metrolist, Inc. The above representation may or may not reflect all real estate activity in the market.

2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

Greater Metropolitan Denver Real Estate Statistics Monthly Average Sales Price
$292,230 $298,654 $281,466 $284,065 $277,922 $279,443 $280,289

$274,625

$273,877

$271,969

$300,000 $275,000

$265,277

$258,597

$257,177

$260,821

$253,168

$252,307

$254,078

$250,000 Dollars $225,000 $200,000 $175,000

$266,493

$270,066

$269,503

$249,644

$248,991

$242,704

$245,546

$252,009

$275,951

Residential Single Family Condo

051 $160,0

$159,8 854

$158,438

$155,65 56

$158,463

$159,9 980

$160,7 723

$150,000 $125,000 $100,000

$165, ,113

$166 6,841

8,050 $168

Nov, '10

Dec, Jan, '11 Feb, '10 '11

$150,085 5

Mar, Apr, '11 May, Jun, '11 Jul, '11 Aug, '11 '11 '11

$153,058

Sep, Oct, '11 Nov, '11 '11

Month

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$153,526

GreaterMetropolitanDenverRealEstateStatistics p MonthlyClosedUnits
4,000 4 000 3,209 3,024 3,500 2,66 66 3,000 2,500 2,422 2,000 1,500 1,000 785 753 796 727 500 524 Nov,'10 Dec,'10 Jan,'11 Feb,'11 Mar,'11 Apr,'11 May,'11 Jun,'11 Jul,'11 Aug,'11 Sep,'11 Oct,'11 Nov,'11 682 694 696 701 3,7 732 3 3,835 3,973 4,500 4,080

3,429

3,337

3,183

3,29 95

2,156

2,229

2,735

3,036

3,082

3,177

2,610

3,068

2,527

2 2,482

2,468

Residential SingleFamily Condo

2,142

602

1,724

1,770

432 4

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459

600

GreaterMetropolitanDenverRealEstateStatistics Greater Metropolitan Denver Real Estate Statistics MonthlyMedianSalesPrice

$250,000 $240,000

$237,000

$230,000

$229,804

$ $225,000

$ $225,000

$ $225,000

$200,000

$22 20,000

$2 222,000

$226,021

$230,300

$225,000

$233,990

$235,000

$175,000

SingleFamily Condos C d

$150,000 $139,900 0

$130,000

$125,525

$128,950

$125,000 $125,000

$125,000

$124,995

$124,780

$ $123,525

$100,000 $100 000

Nov,'10 Dec,'10 Jan,'11 Feb,'11 Mar,'11 Apr,'11 May,'11 Jun,'11 Jul,'11 Aug,'11 Sep,'11 Oct,'11 Nov,'11

2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

$1 120,000

$1 121,200

$ $123,150

$125,000

GreaterMetropolitanDenverRealEstateStatistics Month End Inventory of Unsold Homes MonthEndInventoryofUnsoldHomes

28,000 26,000 24,000 24 000 22,000 20,000 18,000 16,000 14,000 14 000 12,000 10,000 8,000 4,649 4,316 4,176 3,995 3,965 3,973 3,930 3,569 6,000 4,000 2,000 Nov,'10 Dec,'10 Jan,'11 Feb,'11 Mar,'11 Apr,'11 May,'11
SingleFamily

19,881

18,257

17,890

17 7,707

17 7,847

17,888

1 18,026

17,358

17 7,583

16,631

15,533

14,156

15,23 32

14,215

13,941

13,714

13,712

13,874

13,958

14,014

13,393

13,436

12,613

11,504

3,811

3,195

2,920

2 2,652

Jun,'11
Condo

Jul,'11

Aug,'11

Sep,'11

Oct,'11

Nov,'11

Residential

2011 Garold D Bauer, All Rights Reserved, Information Deemed Reliable But Not Guaranteed

2, ,421

10,213

12 2,634

GreaterMetropolitanDenverRealEstateStatistics MonthlyUnderContractUnits
6,000 6 000

4,777

4,749

4,761

5,000

4,250

537 4,5

3,847

3,693

3,147

3,878

3,101

3,858

3,828

2,692

3,075

953 2,9

2,88 87

,068 3,

3,000

3,386

3,552

1,000 871 919 933 864 985 740 7 63 33 684 6 772 776 61 19 62 29

0 Nov,'10 Dec,'10 Jan,'11 Feb,'11 Mar,'11 Apr,'11 May,'11 Jun,'11 Residential SingleFamily Jul,'11 Condo Aug,'11 Sep,'11 Oct,'11 Nov,'11

560 0

2,132

2,000

2,482

2,514

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2,736

365 3,3

4,000

3,571

3,844

GreaterMetropolitanDenverRealEstateStatistics UnderContractandClosedUnits
6,000 4,777 4,749 4,761 4,5 537

4,250

5,000 5 000 3,693 3,571

3,847

3,844

3,147 7

3,101 1

4,080 0

4,000

3,024 2,692

3,429

3,732

3,835

3,973

3 3,209

3,183

1,000

Nov,'10 Dec,'10 Jan,'11 Feb,'11 Mar,'11 Apr,'11 May,'11 Jun,'11 Jul,'11 Aug,'11 Sep,'11 Oct,'11 Nov,'11
UnderContract Closed

2,156

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2,229

2,000

2,666

3,0 068

3,000

3,337

3,3 365