An Historical Perspective on Denver Residential Real Estate

1. YEAR'S END 2008 AVERAGE RESIDENTIAL PRICES IN THE
DENVER METROLIST SYSTEM
YEAR ALL AREAS DSE SSE DEC/DHR/DHL
1974 $34,722 $36,668 $50,912 $36,291
1975 $35,921 $36,381 $52,938 $59,250
1976 $39,740 $43,195 $61,135 $60,925
1977 $44,876 $50,825 $67,072 $64,473
1978 $55,610 $64,650 $83,446 $77,178
1979 $66,051 $77,648 $96,058 $80,129
1980 $78,594 $97,128 $127,856 $94,337
1981 $83,893 $98,263 $149,426 $101,684
1982 $87,816 $105,454 $161,047 $108,409
1983 $90,346 $109,035 $169,407 $113,755
1984 $95,137 $112,423 $167,934 $132,430
1985 $95,447 $112,415 $160,672 $119,942
1986 $97,049 $113,650 $170,716 $137,264
1987 $102,773 $116,006 $171,634 $137,204
1988 $98,937 $114,095 $171,848 $127,303
1989 $103,868 $117,491 $173,571 $133,061
1990 $102,848 $120,200 $194,900 $151,544
1991 $109,071 $120,485 $207,658 $146,456
1992 $115,154 $127,078 $212,173 $154,699
1993 $126,168 $140,513 $251,099 $164,913
1994 $138,301 $156,144 $278,046 $184,909
1995 $150,736 $172,185 $292,631 $192,643
1996 $159,328 $185,406 $315,670 $193,398
1997 $169,587 $201,601 $315,143 $205,132
1998 $185,785 $226,862 $358,542 $211,589
1999 $208,296 $259,311 $433,756 $231,368
2000 $257,394 $325,126 $492,378 $305,952
2001 $239,779 $301,211 $506,959 $277,089
2002 $268,926 $348,850 $507,371 $315,375
2003 $279,279 $365,652 $497,179 $315,402
2004 $290,876 $387,094 $527,605 $342,193
2005 $309,047 $426,258 $602,644 $355,242
2006 $317,112 $468,266 $589,911 $361,927
2007 $310,418 $486,515 $595,345 $372,880
2008 $270,261 $461,630 $529,667 $362,328
$0
$100,000
$200,000
$300,000
$400,000
$500,000
$600,000
$700,000
1974
1976
1978
1980
1982
1984
1986
1988
1990
1992
1994
1996
1998
2000
2002
2004
2006
2008
Price
Date
History of Average Residential Prices in Denver Metro Area
ALL AREAS
DSE
SSE
DEC/DHR/DHL
Information obtained from sources believed to be reliable but not guaranteed. All data obtained from Metrolist, Inc. and compiled by
Tom Cryer, SCRP Broker Associate with The Kentwood Company.

2. Total # of Listings and Sales at Year's End 2008 Denver MLS System
YEAR LISTINGS SALES RATIO
Total Count Total Count
12/31/75 35,728 19,156 1.87 Potential negative market signal (Above 2.50)
12/31/76 40,223 24,354 1.65 Potential positive market signal (Below 2.00)
12/31/77 41,598 29,875 1.39 Potential neutral market signal (Between 2.00 & 2.50)
12/31/78 49,675 31,213 1.59 Too soon to tell // Year to date // Inconclusive
12/31/79 59,384 31,024 1.91 Indicates all time high or low
12/31/80 55,438 23,952 2.31
12/31/81 49,755 22,125 2.25
12/31/82 52,817 18,756 2.82
12/31/83 63,585 23,566 2.70
12/31/84 69,041 23,264 2.97
12/31/85 73,279 24,489 2.99
12/31/86 75,694 25,865 2.93
12/31/87 69,740 23,414 2.98
12/31/88 62,521 24,120 2.59
12/31/89 50,112 25,142 1.99
12/31/90 53,682 26,436 2.03
12/31/91 53,286 27,375 1.95
12/31/92 48,103 34,828 1.38
12/31/93 69,118 40,291 1.72
12/31/94 73,637 40,068 1.84
12/31/95 78,969 37,767 2.09
12/31/96 84,909 39,849 2.13
Information obtained from sources believed to be reliable but not guaranteed. All data obtained from year to date statistics provided by
Metrolist, Inc. and compiled by Tom Cryer, SCRP Broker Associate with The Kentwood Company
, ,
12/31/97 90,813 41,959 2.16
12/31/98 103,402 47,836 2.16
12/31/99 72,842 48,795 1.49
12/31/00 100,672 50,499 1.99
12/31/01 133,688 49,372 2.71
12/27/02 138,445 49,326 2.81
12/29/03 123,596 47,731 2.59
12/31/04 127,989 53,710 2.38
12/31/05 135,008 54,072 2.50
12/31/06 152,807 52,220 2.93
12/31/07 143,400 51,304 2.80
12/31/08 123,655 48,926 2.53
7/1/2008 (EST) LISTINGS SALES RATIO
Res 92,226 37,988 2.43
Cond 24,728 9,849 2.51
Land 4,288 561 7.64
Inc 2,373 528 4.49
Totals 123,615 48,926 2.53
0.00
1.00
2.00
3.00
4.00
1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007
Ratio
Date
Ratio of Listings to Sales
Information obtained from sources believed to be reliable but not guaranteed. All data obtained from year to date statistics provided by
Metrolist, Inc. and compiled by Tom Cryer, SCRP Broker Associate with The Kentwood Company

3. SFR MARKET SHARE BY PRICE RANGE AS OF YEAR END 2008
LISTING RANGES ACTIVE LISTINGS UNDER CONTRACT SALES % MKT SHARE
ALL PRICES 15,404 3,702 37,902 100.00%
$0k-400k 9,714 3,249 32,217 85.00%
$401-750k 3,424 353 4,634 12.23%
$751-1M 979 55 658 1.74%
$1M + 1,393 54 558 1.47%
100.44%
MONTHS SUPPLY OF SFR INVENTORY
LISTING RANGES TOTAL # SALES MONTHS SUPPLY
ALL PRICES 37,902 4.88
$0k-400k 32217 3.62
$401-750k 4634 8.87
$751-1M 658 17.85
$1M + 558 29.96

4. HISTORY OF FORECLOSURE ACTIVITY BY COUNTY IN DENVER METRO YEAR END 2008
20000
25000
30000
35000
Arapahoe County
Jefferson County
Denver County
Douglas County
Boulder County
Adams County
0
5000
10000
15000
Year1972197419761978198019821984198619881990199219941996199820002002200420062008
y
Total Metro Area