CY 2004 Denver Metro Market Annual & Monthly Activity: January - December 2004

DENVER REAL ESTATE MARKET:

2004!!! A RECORD SETTING YEAR!!!
(53,300 HOMES SOLD...OVER 100,000 HOME SELLERS/BUYERS!!!)

The 53,300 homes sold in 2004 was 10% more than the 48,300 sold in 2003! (Unfortunately, forclosures were also up: 30% over 2003...the most since 1988.) Average and median prices increased nearly 3% over 2003! Inventory dropped by about 14% from last month and was slightly lower than a year ago. Average Time on Market remained near 3 months, about the same as 2003. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near record lows. (See the Mortage Rate Info below.)

Inventory of resale homes ended the month at 19,850, DOWN from 24,100 last month, and 20,500 in December 2003.

YEAR & MONTH-TO-DATE RECAP:
CY 2004: 53,274 HOMES SOLD!
CY 2003: 48,322 HOMES SOLD!
DECEMBER 2004: 3,608 SOLD!
November 2004: 3,356 SOLD!
October 2004: 3,743 SOLD!
-------------------
December 2003: 3,511 SOLD!
December 2002: 3,249 SOLD!
December 2001: 3,193 SOLD!

SINGLE FAMILY HOMES:
CY RECAP-HOMES SOLD!
Homes/Average/Median SOLD Price/DOM:
CY 2004: 41,644/$290,400/$237,000/80
CY 2003: 37,005/$279,100/$230,000/81
CY 2002: 36,132/$268,800/$222,000/61
CY 2001: 36,389/$257,200/$214,500/44

DECEMBER 2004:
HOMES FOR SALE...
Homes/Average/Median LIST Price:
DECEMBER 2004: 14,110/$372,900/$249,900
November 2004: 17,865/$368,200/$250,000
October 2004: 18,424/$368,600/$254,500

HOME SALES...
Homes/Average/Median SALE Price/DOM:
DECEMBER 2004: 2,847/$288,500/$230,000/92
November 2004: 2,622/$292,900/$235,000/82
October 2004: 2,956/$291,100/$238,000/81
---------------------------
December 2003: 2,736/$287,600/$230,000/92
December 2002: 2,480/$268,800/$225,000/78
December 2001: 2,383/$261,200/$217,000/59
*******************************

CONDOS/TOWNHOMES:
CY RECAP-HOMES SOLD!
Homes/Average/Median SALE Price/DOM:

CY 2004: 11,630/$181,200/$157,000/103
CY 2003: 11,317/$176,000/$154,900/96
CY 2002: 11,701/$172,700/$149,900/74
CY 2001: 12,009/$161,100/$142,000/46

DECEMBER 2004:
HOMES FOR SALE...
Homes/Average/Median LIST Price:
DECEMBER 2004: 5,738/$202,700/$155,000
November 2004: 7,057/$203,800/$155,000
October 2004: 7,272/$203,300/$155,000

HOME SALES...
Homes/Average/Median SALE Price/DOM:
DECEMBER 2004: 761/$192,800/$157,000/111
November 2004: 734/$178,600/$155,000/99
October 2004: 787/$182,200/$155,200/98
---------------------------
December 2003: 775/$$188,300/$160,000/105
December 2002: 769/$184,800/$153,800/94
December 2001: 812/$172,300/$146,700/63
(Source: Denver Metrolist, 1/15/2005)

Contact Dick for details about your neighborhood or a MARKET ANALYSIS for your home! 
www.denverhomesrealestate.com



 

2004 YEAR-TO-DATE DENVER MARKET INFO...
(January 1 - December 31, 2004)
$6.4 Billion FOR SALE!...$14.2 Billion SOLD!)

SINGLE FAMILY DETACHED HOMES...

  • 14,110 FOR SALE: Average/Median LIST Price-$372,900/$249,900 ($21,000-$22,000,000)
  • 41,644 SOLD: Average/Median SALES Price-$290,400/$237,000 ($10,000-$7,000,000)
  • Average Days on Market: 80; Average Price/SF: $162

CONDOS/TOWNHOMES...

  • 5,738 FOR SALE: Average/Median LIST Price-$202,700/$154,900 ($29,000-$3,250,000)
  • 11,630 SOLD: Average/Median SALES Price-$181,200/$157,000 ($19,900-$2,495,000)
  • Average Days on Market: 103; Average Price/SF: $152

  • (Source: Denver Metrolist, 01/15/2005)

     


     
    DENVER MARKET INFO...
    DECEMBER 1 - 31, 2004
    $6.4 Billion FOR SALE!...$968 Million SOLD!

    SINGLE FAMILY DETACHED HOMES...

    • 14,110 FOR SALE: Average/Median LIST Price-$372,900/$249,900 ($21,000-$22,000,000)
    • 2,847 SOLD: Average/Median SALES Price-$288,500/$230,000 ($33,000-$5,250,000)
    • Average Days on Market: 92; Average Price/SF: $164

    CONDOS/TOWNHOMES...

    • 5,738 FOR SALE: Average/Median LIST Price-$202,700/$154,900 ($29,000-$3,250,000)
    • 761 SOLD: Average/Median SALES Price-$192,800/$157,000 ($19,900-$1,644,944)
    • Average Days on Market: 111; Average Price/SF: $158

    • (Source: Denver Metrolist, 01/15/2005)

       


       
      DENVER MARKET INFO...
      NOVEMBER 1 - 30, 2004
      $7.8 Billion FOR SALE!...$900 Million SOLD!

      SINGLE FAMILY DETACHED HOMES...

      • 17,242 FOR SALE: Average/Median LIST Price-$370,100/$250,000 ($20,000-$22,000,000)
      • 2,622 SOLD: Average/Median SALES Price-$292,900/$235,000 ($23,200-$6,000,000)
      • Average Days on Market: 82; Average Price/SF: $165

      CONDOS/TOWNHOMES...

      • 6,887 FOR SALE: Average/Median LIST Price-$205,000/$155,000 ($19,900-$3,400,000)
      • 734 SOLD: Average/Median SALES Price-$178,600/$155,000 ($32,000-$1,231,209)
      • Average Days on Market: 99; Average Price/SF: $149

      • (Source: Denver Metrolist, 12/5/2004)

         



        NOVEMBER 2004: 

        DENVER REAL ESTATE MARKET: 
        SEASON'S GREETINGS!!! 
        Home for the Holidays!!! 

        The number of homes sold (49,000) to-date during 2004 has surpassed the 47,600 sold in all of 2003 and will set a record of over 50,000 for the year!!! Prices continue to slowly rise and inventory continued to decline (down 4,500 from last summer's record high), despite the seasonal decrease in sales. Average Time on Market remained near 3 months. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near 6 month lows, but are slowly rising. (See the Rate Trends Chart for more info.) 

        INVENTORY of resale homes ended the month at 24,100, DOWN 1,600 from 25,700 last month, but still 1,100 higher than 23,000 in November 2003. 

        YEAR & MONTH-TO-DATE RECAP: 
        CY 2004 YTD: 49,023 HOMES SOLD! 
        CY 2003 YTD: 44,810 HOMES SOLD! 
        NOVEMBER 2004: 3,356 SOLD! 
        October 2004: 3,743 SOLD! 
        September 2004: 4,001 SOLD! 
        ------------------- 
        November 2003: 3,291 SOLD 
        November 2002: 3,381 SOLD 
        November 2001: 3,511 SOLD 

        SINGLE FAMILY HOMES: 
        CY RECAP-HOMES SOLD! 
        Homes/Average/Median SOLD Price/DOM: 
        CYTD 2004: 38,320/$290,700/$237,500/79 
        CYTD 2003: 34,269/$278,400/$230,000/80 
        CY 2003: 36,475/$279,300/$230,000/91 
        CY 2002: 36,132/$268,800/$222,000/61 
        CY 2001: 36,389/$257,200/$214,500/44 

        NOVEMBER 2004: 
        HOMES FOR SALE... 
        Homes/Average/Median LIST Price: 
        NOVEMBER 2004: 17,865/$368,200/$250,000 
        October 2004: 18,424/$368,600/$254,500 
        September 2004: 19,162/$367,000/$254,200 

        HOME SALES... 
        Homes/Average/Median SALE Price/DOM: 
        NOVEMBER 2004: 2,622/$292,900/$235,000/82 
        October 2004: 2,956/$291,100/$238,000/81 
        September 2004: 3,122/$290,100/$235,500/77 
        --------------------------- 
        November 2003: 2,512/$273,500/$228,000/82 
        November 2002: 2,509/$268,400/$220,000/71 
        November 2001: 2,685/$255,200/$210,000/53 
        ******************************* 

        CONDOS/TOWNHOMES: 
        CY RECAP-HOMES SOLD! 
        Homes/Average/Median SALE Price/DOM: 

        CYTD 2004: 10,703/$180,600/$157,000/103 
        CYTD 2003: 10,541/$175,100/$154,000/95 
        CY 2003: 11,089/$175,500/$154,500/98 
        CY 2002: 11,701/$172,700/$149,900/74 
        CY 2001: 12,009/$161,130/$142,000/46 

        NOVEMBER 2004: 
        HOMES FOR SALE... 
        Homes/Average/Median LIST Price: 
        NOVEMBER 2004: 7,057/$203,800/$155,000 
        October 2004: 7,272/$203,300/$155,000 
        September 2004: 7,421/$200,900/$154,900 

        HOME SALES... 
        Homes/Average/Median SALE Price/DOM: 
        NOVEMBER 2004: 734/$178,600/$155,000/99 
        October 2004: 787/$182,200/$155,200/98 
        September 2004: 879/$176,900/$156,800/105 
        --------------------------- 
        November 2003: 779/$172,600/$155,000/96 
        November 2002: 872/$174,600/$151,000/71 
        November 2001: 826/$171,500/$145,000/62 

        Contact Dick or see more detailed info and year-to-date Denver Market information @ 
        WWW.DICKSTEPHENSON.COM 




         
        DENVER MARKET INFO...
        OCTOBER 1 - 31, 2004
        $8.2 Billion FOR SALE!...$1.0 Billion SOLD!

        SINGLE FAMILY DETACHED HOMES...

        • 18,424 FOR SALE: Average/Median LIST Price-$368,600/$254,500 ($25,000-$22,000,000)
        • 2,956 SOLD: Average/Median SALES Price-$291,100/$238,000 ($47,000-$2,686,922)
        • Average Days on Market: 81; Average Price/SF: $163

        CONDOS/TOWNHOMES...

        • 7,272 FOR SALE: Average/Median LIST Price-$203,300/$155,000 ($19,900-$3,400,000)
        • 787 SOLD: Average/Median SALES Price-$182,200/$155,200 ($27,500-$2,384,000)
        • Average Days on Market: 98; Average Price/SF: $154

        • (Source: Denver Metrolist, 11/5/2004)

           



          OCTOBER 2004: 

          DENVER REAL ESTATE MARKET: 
          A Season for Thanks: 
          Sellers and Buyers 
          Home for the Holidays... 
          The number of homes sold (45,385) to-date during 2004 is only 1,200 below the total number of sales for all of 2003!! Prices continue to slowly rise and inventory continued to decline (down 3,000 from last summer's record high), despite the seasonal decrease in sales. Average Time on Market remained near 3 months. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near 6 month lows, but may be poised to rise as economic trends improve. (See the Rate Trends Chart for more info.) 

          INVENTORY of resale homes ended the month at 25,700, DOWN 900 from 26,600 last month, but 800 more than 24,900 in October 2003. 
          YEAR & MONTH-TO-DATE RECAP: 
          CY 2004 YTD: 45,385 HOMES SOLD! 
          CY 2003 YTD: 41,507 HOMES SOLD! 
          OCTOBER 2004: 3,743 SOLD 
          September 2004: 4,001 SOLD 
          August 2004: 4,550 SOLD! 
          ------------------- 
          October 2003: 4,109 SOLD 
          October 2002: 3,981 SOLD 
          October 2001: 3,391 SOLD 

          SINGLE FAMILY HOMES: 
          CY RECAP-HOMES SOLD! 
          Homes/Average/Median SOLD Price/DOM: 
          CYTD 2004: 35,491/$290,500/$237,900/79 
          CYTD 2003: 31,757/$278,800/$230,000/80 
          CY 2003: 36,475/$279,300/$230,000/91 
          CY 2002: 36,132/$268,800/$222,000/61 
          CY 2001: 36,389/$257,200/$214,500/44 

          OCTOBER 2004: 
          HOMES FOR SALE... 
          Homes/Average/Median LIST Price: 
          OCTOBER 2004: 18,424/$368,600/$254,500 
          September 2004: 19,162/$367,000/$254,200 
          August 2004: 19,944/$364,700/$254,900 

          HOME SALES... 
          Homes/Average/Median SALE Price/DOM: 
          OCTOBER 2004: 2,956/$291,100/$238,000/81 
          September 2004: 3,122/$290,100/$235,500/77 
          August 2004: 3,543/$300,200/$243,500/72 
          --------------------------- 
          October 2003: 3,103/$277,600/$229,000/81 
          October 2002: 2,962/$270,500/$222,000/67 
          October 2001: 2,560/$256,400/$211,000/48 
          ******************************* 

          CONDOS/TOWNHOMES: 
          CY RECAP-HOMES SOLD! 
          Homes/Average/Median SALE Price/DOM: 

          CYTD 2004: 9,894/$180,500/$157,000/103 
          CYTD 2003: 9,750/$175,100/$154,000/95 
          CY 2003: 11,089/$175,500/$154,500/98 
          CY 2002: 11,701/$172,700/$149,900/74 
          CY 2001: 12,009/$161,130/$142,000/46 

          OCTOBER 2004: 
          HOMES FOR SALE... 
          Homes/Average/Median LIST Price: 
          OCTOBER 2004: 7,272/$203,300/$155,000 
          September 2004: 7,421/$200,900/$154,900 
          August 2004: 7,703/$200,400/$154,900 

          HOME SALES... 
          Homes/Average/Median SALE Price/DOM: 
          OCTOBER 2004: 787/$182,200/$155,200/98 
          September 2004: 879/$176,900/$156,800/105 
          August 2004: 1,007/$184,200/$159,500/96 
          --------------------------- 
          October 2003: 1,006/$182,900/$155,000/97 
          October 2002: 919/$175,900/$151,000/75 
          October 2001: 831/$163,500/$146,500/56 

          Contact Dick or see more detailed info and year-to-date Denver Market information @ 
          WWW.DICKSTEPHENSON.COM 



           
          DENVER MARKET INFO...
          SEPTEMBER 1 - 30, 2004
          $8.5 Billion FOR SALE!...$1.1 Billion SOLD!

          SINGLE FAMILY DETACHED HOMES...

          • 19,162 FOR SALE: Average/Median LIST Price-$367,000/$254,200 ($27,000-$22,000,000)
          • 3,122 SOLD: Average/Median SALES Price-$290,100/$235,500 ($25,000-$3,650,000)
          • Average Days on Market: 77; Average Price/SF: $164

          CONDOS/TOWNHOMES...

          • 7,421 FOR SALE: Average/Median LIST Price-$200,900/$154,900 ($15,675-$3,400,000)
          • 879 SOLD: Average/Median SALES Price-$176,900/$156,800 ($39,000-$2,050,000)
          • Average Days on Market: 105; Average Price/SF: $149

          • (Source: Denver Metrolist, 10/5/2004)

             



            SEPTEMBER 2004: 

            DENVER REAL ESTATE MARKET: 
            As the Season Changes... 
            so does the home market with fewer homes for sale and sold at lower average prices than the summer months, but still higher than a year ago. Time on Market increased slightly. (See year-to-date and month-to-month detail comparisons below.) Interest rates crept downward during September to 6 month lows, but started upward this week to the 5.75-6.00% range (See the Rate Trends Chart for more info.) 

            INVENTORY of resale homes ended the month at 26,600, DOWN from 27,600 last month but still UP compared to 25,800 in September 2003. 
            YEAR & MONTH-TO-DATE RECAP: 
            CY 2004 YTD: 40,620 HOMES SOLD! 
            CY 2003 YTD: 37,398 HOMES SOLD! 
            SEPTEMBER 2004: 4,001 SOLD 
            August 2004: 4,550 SOLD! 
            July 2004: 4,779 
            ------------------- 
            September 2003: 4,384 SOLD 
            September 2002: 3,980 SOLD 
            September 2001: 3,834 SOLD 

            SINGLE FAMILY HOMES: 
            CY RECAP-HOMES SOLD! 
            Homes/Average/Median SOLD Price/DOM: 
            CYTD 2004: 31,763/$291,000/$238,000/79 
            CYTD 2003: 28,653/$278,900/$230,900/80 
            CY 2003: 36,475/$279,300/$230,000/91 
            CY 2002: 36,132/$268,800/$222,000/61 
            CY 2001: 36,389/$257,200/$214,500/44 

            SEPTEMBER 2004: 
            HOMES FOR SALE... 
            Homes/Average/Median LIST Price: 
            SEPTEMBER 2004: 19,162/$367,000/$254,200 
            August 2004: 19,944/$364,700/$254,900 
            July 2004: 20,152/$364,300/$254,900 
            HOME SALES... 
            Homes/Average/Median SALE Price/DOM: 
            SEPTEMBER 2004: 3,122/$290,100/$235,500/77 
            August 2004: 3,543/$300,200/$243,500/72 
            July 2004: 3,761/$295,900/$240,000/71 
            --------------------------- 
            September 2003: 3,392/$282,500/$232,500/75 
            September 2002: 3,003/$268,500/$223,900/60 
            September 2001: 2,878/$252,500/$211,700/44 
            ******************************* 

            CONDOS/TOWNHOMES: 
            CY RECAP-HOMES SOLD! 
            Homes/Average/Median SALE Price/DOM: 

            CYTD 2004: 8,857/$180,200/$157,000/103 
            CYTD 2003: 8,745/$174,300/$154,000/94 
            CY 2003: 11,089/$175,500/$154,500/98 
            CY 2002: 11,701/$172,700/$149,900/74 
            CY 2001: 12,009/$161,130/$142,000/46 

            SEPTEMBER 2004: 
            HOMES FOR SALE... 
            Homes/Average/Median LIST Price: 
            SEPTEMBER 2004: 7,421/$200,900/$154,900 
            August 2004: 7,703/$200,400/$154,900 
            July 2004: 7,809/$200,800/$155,000 
            HOME SALES... 
            Homes/Average/Median SALE Price/DOM: 
            SEPTEMBER 2004: 879/$176,900/$156,800/105 
            August 2004: 1,007/$184,200/$159,500/96 
            July 2004: 1,018/$177,200/$155,900/94 
            --------------------------- 
            September 2003: 992/$173,100/$155,000/86 
            September 2002: 977/$169,900/$151,000/73 
            September 2001: 956/$159,200/$143,000/47 

            Contact Dick or see more detailed info and year-to-date Denver Market information @ 
            WWW.DICKSTEPHENSON.COM 




             
            DENVER MARKET INFO...
            AUGUST 1 - 31, 2004
            $8.8 Billion FOR SALE!...$1.2 Billion SOLD!

            SINGLE FAMILY DETACHED HOMES...

            • 19,944 FOR SALE: Average/Median LIST Price-$364,700/$254,900 ($27,000-$22,000,000)
            • 3,537 SOLD: Average/Median SALES Price-$300,100/$243,400 ($19,000-$4,762,800)
            • Average Days on Market: 72; Average Price/SF: $165

            CONDOS/TOWNHOMES...

            • 7,703 FOR SALE: Average/Median LIST Price-$200,400/$154,900 ($29,500-$3,400,000)
            • 1,006 SOLD: Average/Median SALES Price-$184,300/$159,700 ($36,900-$2,200,000)
            • Average Days on Market: 96; Average Price/SF: $154

            • (Source: Denver Metrolist, 9/4/2004)

               



              AUGUST 2004: 

              DENVER REAL ESTATE MARKET: 
              SCHOOL DAYS! SCHOOLS DAYS! 
              Anymore "Golden Rule Days"???? 

              The Summer Has Passed... 
              and so has Home Market Peak!! 
              Fewer sales than June & July and last August, but inventory inched down from record highs. Average sales prices are up about 6% over a year ago and the median price is up 3-4%. The average sales price for single family detached homes for the month topped $300,000! Time on Market increased slightly. Interest rates held near historic lows with the 30 year fixed interest rate in the 5.75-6.00% range (See the Rate Trends Chart for more info.) 

              INVENTORY of resale homes ended the month at 27,600, DOWN compared the last few months, but still UP 1,300 compared to 26,300 in August 2003. 
              YEAR & MONTH-TO-DATE RECAP: 
              CY 2004 YTD: 36,019 HOMES SOLD! 
              4,550 SOLD in AUGUST 2004 
              4,779 SOLD in July 2004 
              5,281 SOLD in June 2004 
              ------------------- 
              5,155 SOLD in August 2003 
              4,566 SOLD in August 2002 
              4,689 SOLD in August 2001 

              SINGLE FAMILY HOMES: 
              CY RECAP-HOMES SOLD! 
              Homes/Average/Median SOLD Price/DOM: 
              CYTD 2004: 28,169/$291,100/$238,000/79 
              CY 2003: 36,475/$279,300/$230,000/91 
              CY 2002: 36,132/$268,800/$222,000/61 
              CY 2001: 36,389/$257,200/$214,500/44 

              AUGUST 2004: 
              HOMES FOR SALE... 
              Homes/Average/Median LIST Price: 
              AUGUST 2004: 19,944/$364,700/$254,900 
              July 2004: 20,152/$364,300/$254,900 
              June 2004: 20,188/$364,300/$254,900 
              HOME SALES... 
              Homes/Average/Median SALE Price/DOM: 
              AUGUST 2004: 3,543/$300,200/$243,500/72 
              July 2004: 3,761/$295,900/$240,000/71 
              June 2004: 4,174/$301,200/$245,000/69 
              --------------------------- 
              August 2003: 3,947/$285,600/$235,000/75 
              August 2002: 3,431/$274,800/$223,900/58 
              August 2001: 3,499/$263,200/$218,000/44 
              ******************************* 

              CONDOS/TOWNHOMES: 
              CY RECAP-HOMES SOLD! 
              Homes/Average/Median SALE Price/DOM: 

              CYTD 2004: 7,850/$180,200/$156,800/99 
              CY 2003: 11,089/$175,500/$154,500/98 
              CY 2002: 11,701/$172,700/$149,900/74 
              CY 2001: 12,009/$161,130/$142,000/46 

              AUGUST 2004: 
              HOMES FOR SALE... 
              Homes/Average/Median LIST Price: 
              AUGUST 2004: 7,703/$200,400/$154,900 
              July 2004: 7,809/$200,800/$155,000 
              June 2004: 7,665/$199,100/$154,900 
              HOME SALES... 
              Homes/Average/Median SALE Price/DOM: 
              AUGUST 2004: 1,007/$184,200/$159,500/96 
              July 2004: 1,018/$177,200/$155,900/94 
              June 2004: 1,107/$177,900/$156,000/93 
              --------------------------- 
              August 2003: 1,208/$175,300/$156,000/95 
              August 2002: 1,135/$168,100/$150,000/76 
              August 2001: 1,190/$158,300/$143,000/44 

              Contact Dick or see more detailed info and year-to-date Denver Market information @ 
              WWW.DICKSTEPHENSON.COM 



               
              DENVER MARKET INFO...
              JULY 1 - 31, 2004
              $8.9 Billion FOR SALE!...$1.3 Billion SOLD!

              SINGLE FAMILY DETACHED HOMES...

              • 20,152 FOR SALE: Average/Median LIST Price-$364,300/$254,900 ($27,000-$22,000,000)
              • 3,761 SOLD: Average/Median SALES Price-$295,900/$240,000 ($30,000-$4,825,000)
              • Average Days on Market: 71; Average Price/SF: $164

              CONDOS/TOWNHOMES...

              • 7,809 FOR SALE: Average/Median LIST Price-$200,800/$155,000 ($31,900-$3,400,000)
              • 1,018 SOLD: Average/Median SALES Price-$177,200/$156,000 ($29,000-$1,450,000)
              • Average Days on Market: 94; Average Price/SF: $149

              • (Source: Denver Metrolist, 8/6/2004)

                 



                July 2004- 

                DENVER REAL ESTATE MARKET: 
                WHEN LESS IS MORE... 
                "MORE OR LESS"!!! 

                The "Dog Days" of summer...Like the rain in July, fewer sales than June, but more than the last three years! Inventory inched up to new record highs, sale prices leveled compared to June and were slightly higher (2-3%) than a year ago. Time on Market increased slightly. Interest rates held near historic lows with the 30 year fixed interest rate in the 5.75-6.00% range, and dipped under 6% the first week of August!! 

                INVENTORY of resale homes rose above 28,000 and ended the month near 28,000, UP 200 from June & May ending inventory and UP 1,300 compared to 26,700 in July 2003. 
                YEAR & MONTH-TO-DATE RECAP: 
                CY 2004 YTD: 30,878 HOMES SOLD! 
                4,779 SOLD in JULY 2004 
                5,281 SOLD in June 2004 
                4,738 SOLD in May 2004 
                4,109 SOLD in July 2003 
                4,423 SOLD in July 2002 
                4,683 SOLD in July 2001 

                SINGLE FAMILY HOMES: 
                CY RECAP-HOMES SOLD! 
                Homes/Average/Median SOLD Price/DOM: 
                CYTD 2004: 24,178/$289,500/$236,800/80 
                CY 2003: 36,475/$279,300/$230,000/91 
                CY 2002: 36,132/$268,800/$222,000/61 
                CY 2001: 36,389/$257,200/$214,500/44 

                JULY 2004: 
                HOMES FOR SALE... 
                Homes/Average/Median LIST Price: 
                JULY 2004: 20,152/$364,300/$254,900 
                June 2004: 20,188/$364,300/$254,900 
                May 2004: 20,216/$362,600/$255,000 
                HOME SALES... 
                Homes/Average/Median SALE Price/DOM: 
                JULY 2004: 3,761/$295,900/$240,000/71 
                June 2004: 4,174/$301,200/$245,000/69 
                May 2004: 3,728/$291,500/$243,400/75 
                --------------------------- 
                July 2003: 3,975/$288,900/$239,900/76 
                July 2002: 3,380/$272,200/$223,500/58 
                July 2001: 3,510/$266,500/$219,400/40 


                CONDOS/TOWNHOMES: 
                CY RECAP-HOMES SOLD! 
                Homes/Average/Median SALE Price/DOM: 

                CYTD 2004: 6,700/$180,000/$156,500/100 
                CY 2003: 11,089/$175,500/$154,500/98 
                CY 2002: 11,701/$172,700/$149,900/74 
                CY 2001: 12,009/$161,130/$142,000/46 

                JULY 2004: 
                HOMES FOR SALE... 
                Homes/Average/Median LIST Price: 
                JULY 2004: 7,809/$200,800/$155,000 
                June 2004: 7,665/$199,100/$154,900 
                May 2004: 7,567/$198,600/$154,900 
                HOME SALES... 
                Homes/Average/Median SALE Price/DOM: 
                JULY 2004: 1,018/$177,200/$155,900/94 
                June 2004: 1,107/$177,900/$156,000/93 
                May 2004: 1,010/$178,600/$156,200/94 
                --------------------------- 
                July 2003: 1,134/$173,000/$156,500/94 
                July 2002: 1,043/$170,100/$150,000/69 
                July 2001: 1,173/$159,300/$141,500/43 

                Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                WWW.DICKSTEPHENSON.COM 





                 
                DENVER MARKET INFO...
                JUNE 1 - 30, 2004
                $8.9 Billion FOR SALE!...$1.4 Billion SOLD!

                SINGLE FAMILY DETACHED HOMES...

                • 20,188 FOR SALE: Average/Median LIST Price-$364,300/$255,000 ($19,000-$22,000,000)
                • 4,174 SOLD: Average/Median SALES Price-$301,200/$245,000 ($45,000-$3,000,000)
                • Average Days on Market: 69; Average Price/SF: $166

                CONDOS/TOWNHOMES...

                • 7,665 FOR SALE: Average/Median LIST Price-$199,100/$154,900 ($32,000-$3,400,000)
                • 1,107 SOLD: Average/Median SALES Price-$177,900/$156,000 ($30,000-$1,450,000)
                • Average Days on Market: 93; Average Price/SF: $150

                • (Source: Denver Metrolist, 7/8/2004)

                   



                  JUNE 2004- 

                  DENVER REAL ESTATE MARKET: 

                  HOT HOME MARKET DURING A "COOL" JUNE!! 
                  PRUDENTIAL COLORADO REAL ESTATE Acquires Cherry Creek Realtors! 
                  Despite the cool damp weather and slightly rising interest rates, the market continued improving. Inventory stabilized! Higher Sales Prices & More Sales! Less Time on Market! Interest rates held near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range, and even dipped a bit below 6% after the "Fed" raised the Prime Rate!! 

                  INVENTORY of resale homes rose above 28,000 but ended the month at 27,800 equal to the end of May and up compared to 26,500 in June 2003. 
                  YEAR & MONTH-TO-DATE RECAP: 
                  CY 2004 YTD: 22,673 HOMES SOLD! 
                  5,281 SOLD in June 2004 
                  4,738 SOLD in May 2004 
                  4,544 SOLD in June 2003 
                  4,551 SOLD in June 2002 
                  5,117 SOLD in June 2001 

                  SINGLE FAMILY HOMES: 
                  CY RECAP-HOMES SOLD! 
                  Homes/Average/Median SOLD Price/DOM: 
                  CYTD 2004: 20,103/$288,500/$235,000/82 
                  CY 2003: 36,475/$279,300/$230,000/91 
                  CY 2002: 36,132/$268,800/$222,000/61 
                  CY 2001: 36,389/$257,200/$214,500/44 

                  JUNE 2004: 
                  HOMES FOR SALE... 
                  Homes/Average/Median LIST Price: 
                  JUNE 2004: 20,188/$364,300/$254,900 
                  May 2004: 20,216/$362,600/$255,000 
                  April 2004: 19,436/$361,500/$255,900 
                  HOME SALES... 
                  Homes/Average/Median SALE Price/DOM: 
                  JUNE 2004: 4,174/$301,200/$245,000/69 
                  May 2004: 3,728/$291,500/$243,400/75 
                  June 2003: 3,784/$283,00/$236,700/78 
                  June 2002: 3,466/$275,400/$226,000/53 
                  June 2001: 3,923/$265,900/$219,900/39 


                  CONDOS/TOWNHOMES: 
                  CY RECAP-HOMES SOLD! 
                  Homes/Average/Median SALE Price/DOM: 

                  CYTD 2004: 5,570/$180,100/$156,900/100 
                  CY 2003: 11,089/$175,500/$154,500/98 
                  CY 2002: 11,701/$172,700/$149,900/74 
                  CY 2001: 12,009/$161,130/$142,000/46 

                  JUNE 2004: 
                  HOMES FOR SALE... 
                  Homes/Average/Median LIST Price: 
                  JUNE 2004: 7,665/$199,100/$154,900 
                  May 2004: 7,567/$198,600/$154,900 
                  April 2004: 7,392/$201,700/$154,900 
                  HOME SALES... 
                  Homes/Average/Median SALE Price/DOM: 
                  JUNE 2004: 1,107/$177,900/$156,000/93 
                  May 2004: 1,010/$178,600/$156,200/94 
                  April 2004: 948/$184,300/$158,500/101 
                  June 2003: 1,160/$174,200/$153,000/94 
                  June 2002: 1,085/$168,800/$150,000/60 
                  June 2001: 1,194/$161,500/$144,500/39 

                  Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                  WWW.DICKSTEPHENSON.COM

                   
                  DENVER MARKET INFO...
                  MAY 1 - 31, 2004
                  $8.8 Billion FOR SALE!...$1.3 Billion SOLD!

                  Single Family Detached Homes...

                  • 20,216 Homes FOR SALE: Average/Median LIST Price-$362,700/$255,000 ($24,950-$22,000,000)
                  • 3,728 Homes SOLD: Average/Median SALES Price-$291,500/$243,400 ($50,000-$3,500,000)
                  • Average Days on Market: 75; Average Price/SF: $162

                  Condos/Townhomes...

                  • 7,567 Homes FOR SALE: Average/Median LIST Price-$198,600/$154,900 ($29,000-$3,250,000)
                  • 1,010 Homes SOLD: Average/Median SALES Price-$178,600/$156,200 ($36,900-$1,475,000)
                  • Average Days on Market: 94; Average Price/SF: $150

                  • (Source: Denver Metrolist, 6/8/2004)

                     



                    MAY 2004- 

                    DENVER REAL ESTATE MARKET: 

                    LIKE MAY FLOWERS, THE HOME MARKET BLOOMED! 
                    The market continued it's seasonal growth: More Choices! More Sales! Less Time on Market! Interest rates held near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range, but...! 

                    INVENTORY of resale homes at the end of May rose to 27,800 compared to 26,800 last month and 26,300 in May 2003. 
                    YEAR & MONTH-TO-DATE RECAP: 
                    CY 2004 YTD: 20,011 HOMES SOLD! 
                    4,738 SOLD in May 2004 
                    4,629 SOLD in May 2003 
                    4,910 SOLD in May 2002 
                    4,951 SOLD in May 2001 

                    SINGLE FAMILY HOMES: 
                    CY RECAP-HOMES SOLD! 
                    Homes/Average/Median SOLD Price/DOM: 
                    CYTD 2004: 15,627/$285,400/$234,000/85 
                    CY 2003: 36,475/$279,300/$230,000/91 
                    CY 2002: 36,132/$268,800/$222,000/61 
                    CY 2001: 36,389/$257,200/$214,500/44 

                    MAY 2004: 
                    HOMES FOR SALE... 
                    Homes/Average/Median LIST Price: 
                    MAY 2004: 20,216/$362,600/$255,000 
                    April 2004: 19,436/$361,500/$255,900 
                    March 2004: 18,482/$358,700/$252,900 
                    HOME SALES... 
                    Homes/Average/Median SALE Price/DOM: 
                    MAY 2004: 3,728/$291,500/$243,400/75 
                    April 2004: 3,650/$291,900/$235,000/84 
                    May 2003: 3,541/$275,800/$230,000/81 
                    May 2002: 3,776/$268,100/$222,700/55 
                    May 2001: 3,793/$256,100/$216,000/39 
                    (Continued, page 2) 
                    MAY 2004(cont)- 

                    DENVER REAL ESTATE MARKET: 
                    CONDOS/TOWNHOMES: 
                    CY RECAP-HOMES SOLD! 
                    Homes/Average/Median SALE Price/DOM: 

                    CYTD 2004: 4,384/$180,400/$156,800/101 
                    CY 2003: 11,089/$175,500/$154,500/98 
                    CY 2002: 11,701/$172,700/$149,900/74 
                    CY 2001: 12,009/$161,130/$142,000/46 

                    MAY 2004: 
                    HOMES FOR SALE... 
                    Homes/Average/Median LIST Price: 
                    MAY 2004: 7,567/$198,600/$154,900 
                    April 2004: 7,392/$201,700/$154,900 
                    March 2004: 7,023/$204,000/$156,500 
                    HOME SALES... 
                    Homes/Average/Median SALE Price/DOM: 
                    MAY 2004: 1,010/$178,600/$156,200/94 
                    April 2004: 948/$184,300/$158,500/101 
                    May 2003: 1,088/$175,800/$150,400/91 
                    May 2002: 1,134/$169,900/$149,400/62 
                    May 2001: 1,158/$163,600/$143,000/38 

                    Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                    WWW.DICKSTEPHENSON.COM 





                     
                    DENVER MARKET INFO...
                    APRIL 1 - 30, 2004
                    $8.5 Billion FOR SALE!...$1.2 Billion SOLD!

                    Single Family Detached Homes...

                    • 19,436 Homes FOR SALE: Average/Median LIST Price-$361,500/$255,900 ($24,950-$22,000,000)
                    • 3,650 Homes SOLD: Average/Median SALES Price-$291,900/$235,000 ($17,935-$7,000,000)
                    • Average Days on Market: 84; Average Price/SF: $165

                    Condos/Townhomes...

                    • 7,392 Homes FOR SALE: Average/Median LIST Price-$201,700/$155,000 ($32,000-$2,950,000)
                    • 948 Homes SOLD: Average/Median SALES Price-$184,300/$158,500 ($40,000-$2,495,000)
                    • Average Days on Market: 101; Average Price/SF: $152

                    • (Source: Denver Metrolist, 5/13/2004)

                       



                      APRIL 2004- 

                      DENVER MARKETPLACE: 

                      UP! UP! & AWAY..! 
                      The market continued it's upward trend across the board as Spring (Summer?) arrived with positive economic news. 
                      The number of homes for sale, prices, number of sales and sale prices are all UP! Time on market declined slightly as buyers (and sellers) entered the market in the face of rising interest rates. Interest rates rose to the highest level in 9 months, are still near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range! 

                      INVENTORY of resale homes at the end of April stood at 26,800 compared to 25,500 last month and 25,600 in April 2003. 
                      YEAR & MONTH-TO-DATE RECAP: 
                      CY 2004 YTD: 14,895 HOMES SOLD! 
                      4,598 SOLD in April 2004 
                      4,416 SOLD in March 2004 
                      3,800 SOLD in April 2003 
                      4,472 SOLD in April 2002 
                      4,425 SOLD in April 2001 

                      SINGLE FAMILY HOMES: 
                      CY RECAP-HOMES SOLD! 
                      Homes/Average/Median SOLD Price/DOM: 
                      CYTD 2004: 11,622/$283,400/$230,000/89 
                      CY 2003: 36,475/$279,300/$230,000/91 
                      CY 2002: 36,132/$268,800/$222,000/61 
                      CY 2001: 36,389/$257,200/$214,500/44 

                      APRIL 2004: 
                      HOMES FOR SALE... 
                      Homes/Average/Median LIST Price: 
                      APRIL 2004: 19,436/$361,500/$255,900 
                      March 2004: 18,482/$358,700/$252,900 
                      February 2004: 17,062/$357,700/$250,000 
                      January 2004: 16,306/$355,800/$250,000 
                      HOME SALES... 
                      Homes/Average/Median SALE Price/DOM: 
                      APRIL 2004: 3,650/$291,900/$235,000/84 
                      March 2004: 3,423/$282,300/$232,500/87 
                      April 2003: 2,930/$275,100/$227,000/83 
                      April 2002: 3,396/$265,700/$220,800/57 
                      April 2001: 3,317/$251,800/$211,500/42 

                      CONDOS/TOWNHOMES: 
                      CY RECAP-HOMES SOLD! 
                      Homes/Average/Median SALE Price/DOM: 

                      CYTD 2004: 3,273/$177,500/$156,400/103 
                      CY 2003: 11,089/$175,500/$154,500/98 
                      CY 2002: 11,701/$172,700/$149,900/74 
                      CY 2001: 12,009/$161,130/$142,000/46 

                      APRIL 2004: 
                      HOMES FOR SALE... 
                      Homes/Average/Median LIST Price: 
                      APRIL 2004: 7,392/$201,700/$154,900 
                      March 2004: 7,023/$204,000/$156,500 
                      February 2004: 6,562/$202,300/$157,000 
                      January 2004: 6,338/$204,200/$158,500 
                      HOME SALES... 
                      Homes/Average/Median SALE Price/DOM: 
                      APRIL 2004: 948/$184,300/$158,500/101 
                      March 2004: 993/$177,800/$157,200/101 
                      April 2003: 870/$173,200/$153,000/94 
                      April 2002: 1,103/$168,400/$145,000/67 
                      April 2001: 1,108/$158,300/$139,000/36 

                      Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                      WWW.DICKSTEPHENSON.COM 



                       
                      DENVER MARKET INFO...
                      MARCH 1 - 31, 2004
                      $8.0 Billion FOR SALE!...$1.1 Billion SOLD!

                      Single Family Detached Homes...

                      • 18,481 Homes FOR SALE: Average/Median LIST Price-$358,700/$252,900 ($22,500-$22,000,000)
                      • 3,423 Homes SOLD: Average/Median SALES Price-$282,300/$232,500 ($30,000-$2,539,700)
                      • Average Days on Market: 87; Average Price/SF: $159

                      Condos/Townhomes...

                      • 7,023 Homes FOR SALE: Average/Median LIST Price-$204,000/$156,500 ($32,260-$3,300,000)
                      • 993 Homes SOLD: Average/Median SALES Price-$177,800/$157,200 ($27,421-$2,400,000)
                      • Average Days on Market: 101; Average Price/SF: $149

                      • (Source: Denver Metrolist, 5/13/2004)

                         



                        MARCH 2004- 

                        DENVER MARKETPLACE: 

                        AN EARLY SPRING... 
                        BRINGS A "FLOWERING" HOME MARKET!!! 
                        The temperature (and gas prices) are up, plants are blooming and...so is the home market as we enter the peak Spring/Summer market period. 
                        The number of homes for sale, asking prices, number of sales and sale prices are all UP! Time on market is DOWN by about 1 week. Interest rates stayed near 40-year lows: The 30 year fixed interest rate drifted DOWN during the month, staying below 6.0%, but was moving slightly UPWARD at month-end! 

                        INVENTORY of resale homes at the end of March stood at 25,500, compared to 23,600 last month and 24,500 in March 2003. 
                        YEAR & MONTH-TO-DATE RECAP: 
                        CY 2004 YTD: 9,424 HOMES SOLD! 
                        3,987 SOLD in March 2004 
                        2,940 SOLD in February 2004 
                        2,497 SOLD in January 2004 
                        3,604 SOLD in March 2003 
                        4,050 SOLD in March 2002 

                        SINGLE FAMILY HOMES: 
                        CY RECAP-HOMES SOLD! 
                        Homes/Average/Median SOLD Price/DOM: 
                        CYTD 2004: 7,604/$279,000/$229,900/91 
                        CY 2003: 36,475/$279,300/$230,000/91 
                        CY 2002: 36,132/$268,800/$222,000/61 
                        CY 2001: 36,389/$257,200/$214,500/44 

                        MARCH 2004: 
                        HOMES FOR SALE... 
                        Homes/Average/Median LIST Price: 
                        MARCH 2004: 18,482/$358,700/$252,900 
                        February 2004: 17,062/$357,700/$250,000 
                        January 2004: 16,306/$355,800/$250,000 
                        HOME SALES... 
                        Homes/Average/Median SALE Price/DOM: 
                        MARCH 2004: 3,092/$280,700/$232,600/87 
                        February 04: 2,277/$271,300/$227,000/94 
                        January 04: 1,942/$286,400/$225,000/92 
                        March 2003: 2,746/$270,700/$226,500/86 
                        March 2002: 3,041/$264,900/$218,300/64 

                        CONDOS/TOWNHOMES: 
                        CY RECAP-HOMES SOLD! 
                        Homes/Average/Median SALE Price/DOM: 

                        CYTD 2004: 2,200/$177,500/$155,000/103 
                        CY 2003: 11,089/$175,500/$154,500/98 
                        CY 2002: 11,701/$172,700/$149,900/74 
                        CY 2001: 12,009/$161,130/$142,000/46 

                        MARCH 2004: 
                        HOMES FOR SALE... 
                        Homes/Average/Median LIST Price: 
                        MARCH 2004: 7,023/$204,000/$156,500 
                        February 2004: 6,562/$202,300/$157,000 
                        January 2004: 6,338/$204,200/$158,500 
                        HOME SALES... 
                        Homes/Average/Median SALE Price/DOM: 
                        MARCH 2004: 895/$177,800/$157,200/98 
                        February 04: 663/$175,700/$154,000/105 
                        January 04: 555/$181,800/$154,000/107 
                        March 2003: 860/$174,100/$153,000/102 
                        March 2002: 1,009/$171,500/$148,500/75 

                        Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                        WWW.DICKSTEPHENSON.COM 




                         
                        DENVER MARKET INFO...
                        FEBRUARY 1 - 29, 2004
                        $7.4 Billion FOR SALE!...$764 Million SOLD!

                        Single Family Detached Homes...

                        • 17,063 Homes FOR SALE: Average/Median LIST Price-$357,800/$250,000 ($22,500-$22,000,000)
                        • 2,377 Homes SOLD: Average/Median SALES Price-$270,900/$227,000 ($32,000-$3,400,000)
                        • Average Days on Market: 94; Average Price/SF: $153

                        Condos/Townhomes...

                        • 6,561 Homes FOR SALE: Average/Median LIST Price-$202,300/$157,500 ($32,260-$3,300,000)
                        • 690 Homes SOLD: Average/Median SALES Price-$173,800/$154,000 ($29,000-$1,725,000)
                        • Average Days on Market: 107; Average Price/SF: $146

                        • (Source: Denver Metrolist, 3/15/2004)

                           



                          FEBRUARY 2004- 

                          DENVER MARKETPLACE: 

                          Inventory and number of homes sold were both UP, but average sales price was DOWN, compared to January. Interest rates stayed near 40 year record lows! 

                          The 30 year fixed interest rate drifted DOWN during the month, staying below 6.0%. 

                          INVENTORY of resale homes at the end of February stood at 23,600, UP 1,000 compared to 22,600 last month and 100 higher than the 23,500 in February 2003. 
                          YEAR & MONTH-TO-DATE RECAP: 
                          5,442 HOMES SOLD IN 2004! 
                          47,554 HOMES SOLD IN 2003! 
                          47,833 HOMES SOLD IN 2002! 
                          48,394 HOMES SOLD IN 2001! 
                          2,940 SOLD in February 2004 
                          2,497 SOLD in January 2004 
                          3,241 SOLD in December 2003 
                          2,990 SOLD in February 2003 
                          2,456 SOLD in February 2002 

                          SINGLE FAMILY HOMES: 
                          CY RECAP-HOMES SOLD! 
                          Homes/Average/Median SOLD Price/DOM: 
                          CY 2004: 4,220/$278,400/$226,000/94 
                          CY 2003: 36,475/$279,300/$230,000/91 
                          CY 2002: 36,132/$268,800/$222,000/61 
                          CY 2001: 36,389/$257,200/$214,500/44 

                          FEBRUARY 2004: 
                          HOMES FOR SALE... 
                          Homes/Average/Median LIST Price: 
                          FEBRUARY 2004: 17,062/$357,700/$250,000 
                          January 2004: 16,306/$355,800/$250,000 
                          December 2003: 14,731/$361,300/$249,900 
                          HOME SALES... 
                          Homes/Average/Median SALE Price/DOM: 
                          FEBRUARY 2004: 2,277/$271,300/$227,000/94 
                          January 2004: 1,942/$286,400/$225,000/92 
                          December 2003: 2,540/$286,700/$229,900/92 
                          February 2003: 2,277/$265,600/$222,000/87 
                          February 2002: 2,571/$262,600/$218,000/64 

                          CONDOS/TOWNHOMES: 
                          CY RECAP-HOMES SOLD! 
                          Homes/Average/Median SALE Price/DOM: 

                          CY 2004: 1,222/$176,700/$154,000/105 
                          CY 2003: 11,089/$175,500/$154,500/98 
                          CY 2002: 11,701/$172,700/$149,900/74 
                          CY 2001: 12,009/$161,130/$142,000/46 

                          FEBRUARY 2004: 
                          HOMES FOR SALE... 
                          Homes/Average/Median LIST Price: 
                          FEBRUARY 2004: 6,562/$202,300/$157,000 
                          January 2004: 6,338/$204,200/$158,500 
                          December 2003: 5,751/$204,500/$158,500 
                          HOME SALES... 
                          Homes/Average/Median SALE Price/DOM: 
                          FEBRUARY 2004: 663/$175,700/$154,000/105 
                          January 2004: 555/$181,800/$154,000/107 
                          December 2003: 701/$183,600/$159,900/103 
                          February 2003: 713/$175,600/$152,000/101 
                          February 2002: 885/$167,400/$142,800/77 

                          Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                          WWW.DICKSTEPHENSON.COM 

                           
                          DENVER MARKET INFO...
                          JANUARY 1 - 31, 2004
                          $7.1 Billion FOR SALE!...$657 Million SOLD!)

                          Single Family Detached Homes...

                          • 16,306 Homes FOR SALE: Average/Median LIST Price-$355,800/$250,000 ($22,500-$12,000,000)
                          • 1,942 Homes SOLD: Average/Median SALES Price-$286,400/$225,000 ($53,000-$4,096,475)
                          • Average Days on Market: 92; Average Price/SF: $159

                          Condos/Townhomes...

                          • 6,338 Homes FOR SALE: Average/Median LIST Price-$204,200/$158,500 ($32,260-$3,000,000)
                          • 555 Homes SOLD: Average/Median SALES Price-$181,800/$154,000 ($39,950-$977,000)
                          • Average Days on Market: 107; Average Price/SF: $153

                          • (Source: Denver Metrolist, 2/22/2004)

                            DENVER MARKETPLACE 

                            JANUARY 2004: 

                            HAPPY 2004!!! 
                            The new year began with the inventory of homes for sale once again rising, prices stabilizing, sales slowing and interest rates staying near 40 year record lows! 

                            The 30 year fixed rate loan interest rate drifted DOWN during the month, staying in the 5.25-6.0% range... 

                            INVENTORY of resale homes at the end of January INCREASED FOR THE FIRST TIME IN 6 MONTHS since the July 2003 record high of 26,700, to 22,600 from 20,200 in December, but just 500 higher than the 22,100 in January 2003. 
                            YEAR & MONTH-TO-DATE RECAP: 
                            2,324 HOMES SOLD IN 2004! 
                            47,554 HOMES SOLD IN 2003! 
                            47,833 HOMES SOLD IN 2002! 
                            48,394 HOMES SOLD IN 2001! 
                            2,324 SOLD in January 2004 
                            3,241 SOLD in December 2003 
                            2,942 SOLD in November 2003 
                            2,762 SOLD in January 2003 
                            2,995 SOLD in January 2002 

                            SINGLE FAMILY HOMES: 
                            CY RECAP-HOMES SOLD! 
                            Homes/Average/Median Sale Price/DOM: 
                            CY 2004: 1,807/$285,700/$225,000/92 
                            CY 2003: 36,475/$279,300/$230,000/91 
                            CY 2002: 36,132/$268,800/$222,000/61 
                            CY 2001: 36,389/$257,200/$214,500/44 

                            JANUARY 2004: 
                            HOMES FOR SALE... 
                            Homes/Average/Median LIST Price: 
                            January 2004: 16,306/$355,800/$250,000 
                            December 2003: 14,731/$361,300/$249,900 
                            November 2003: 16,642/$357,500/$250,000 
                            HOME SALES... 
                            Homes/Average/Median SALE Price/DOM: 
                            JANUARY 2004: 1,807/$285,700/$225,000/92 
                            December 2003: 2,540/$286,700/$229,900/92 
                            November 2003: 2,255/$273,700/$227,800/83 
                            January 2003: 2,052/$269,000/$223,700/85 
                            January 2002: 2,202/$260,300/$215,000/67 

                            CONDOS/TOWNHOMES: 
                            CY RECAP-HOMES SOLD! 
                            Homes/Average/Median SALE Price/DOM: 

                            CY 2004: 522/$182,100/$154,900/107 
                            CY 2003: 11,089/$175,500/$154,500/98 
                            CY 2002: 11,701/$172,700/$149,900/74 
                            CY 2001: 12,009/$161,130/$142,000/46 

                            JANUARY 2004: 
                            HOMES FOR SALE... 
                            Homes/Average/Median LIST Price: 
                            JANUARY 2004: 6,338/$204,200/$158,500 
                            December 2003: 5,751/$204,500/$158,500 
                            November 2003: 6,349/$204,600/$157,000 
                            HOME SALES... 
                            Homes/Average/Median SALE Price/DOM: 
                            JANUARY 2004: 522/$182,100/$154,900/107 
                            December 2003: 701/$183,600/$159,900/103 
                            November2003: 687/$173,700/$155,000/94 
                            January 2003: 710/$174,700/$154,000/110 
                            January 2002: 793/$193,300/$152,000/88 

                            Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                            WWW.DICKSTEPHENSON.COM 

                            DENVER REAL ESTATE MARKET:

                            2004!!! A RECORD SETTING YEAR!!!
                            (53,300 HOMES SOLD...OVER 100,000 HOME SELLERS/BUYERS!!!)

                            The 53,300 homes sold in 2004 was 10% more than the 48,300 sold in 2003! (Unfortunately, forclosures were also up: 30% over 2003...the most since 1988.) Average and median prices increased nearly 3% over 2003! Inventory dropped by about 14% from last month and was slightly lower than a year ago. Average Time on Market remained near 3 months, about the same as 2003. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near record lows. (See the Mortage Rate Info below.)

                            Inventory of resale homes ended the month at 19,850, DOWN from 24,100 last month, and 20,500 in December 2003.

                            YEAR & MONTH-TO-DATE RECAP:
                            CY 2004: 53,274 HOMES SOLD!
                            CY 2003: 48,322 HOMES SOLD!
                            DECEMBER 2004: 3,608 SOLD!
                            November 2004: 3,356 SOLD!
                            October 2004: 3,743 SOLD!
                            -------------------
                            December 2003: 3,511 SOLD!
                            December 2002: 3,249 SOLD!
                            December 2001: 3,193 SOLD!

                            SINGLE FAMILY HOMES:
                            CY RECAP-HOMES SOLD!
                            Homes/Average/Median SOLD Price/DOM:
                            CY 2004: 41,644/$290,400/$237,000/80
                            CY 2003: 37,005/$279,100/$230,000/81
                            CY 2002: 36,132/$268,800/$222,000/61
                            CY 2001: 36,389/$257,200/$214,500/44

                            DECEMBER 2004:
                            HOMES FOR SALE...
                            Homes/Average/Median LIST Price:
                            DECEMBER 2004: 14,110/$372,900/$249,900
                            November 2004: 17,865/$368,200/$250,000
                            October 2004: 18,424/$368,600/$254,500

                            HOME SALES...
                            Homes/Average/Median SALE Price/DOM:
                            DECEMBER 2004: 2,847/$288,500/$230,000/92
                            November 2004: 2,622/$292,900/$235,000/82
                            October 2004: 2,956/$291,100/$238,000/81
                            ---------------------------
                            December 2003: 2,736/$287,600/$230,000/92
                            December 2002: 2,480/$268,800/$225,000/78
                            December 2001: 2,383/$261,200/$217,000/59
                            *******************************

                            CONDOS/TOWNHOMES:
                            CY RECAP-HOMES SOLD!
                            Homes/Average/Median SALE Price/DOM:

                            CY 2004: 11,630/$181,200/$157,000/103
                            CY 2003: 11,317/$176,000/$154,900/96
                            CY 2002: 11,701/$172,700/$149,900/74
                            CY 2001: 12,009/$161,100/$142,000/46

                            DECEMBER 2004:
                            HOMES FOR SALE...
                            Homes/Average/Median LIST Price:
                            DECEMBER 2004: 5,738/$202,700/$155,000
                            November 2004: 7,057/$203,800/$155,000
                            October 2004: 7,272/$203,300/$155,000

                            HOME SALES...
                            Homes/Average/Median SALE Price/DOM:
                            DECEMBER 2004: 761/$192,800/$157,000/111
                            November 2004: 734/$178,600/$155,000/99
                            October 2004: 787/$182,200/$155,200/98
                            ---------------------------
                            December 2003: 775/$$188,300/$160,000/105
                            December 2002: 769/$184,800/$153,800/94
                            December 2001: 812/$172,300/$146,700/63
                            (Source: Denver Metrolist, 1/15/2005)

                            Contact Dick for details about your neighborhood or a MARKET ANALYSIS for your home! 
                            www.denverhomesrealestate.com


                             
                            2004 YEAR-TO-DATE DENVER MARKET INFO...
                            (January 1 - December 31, 2004)
                            $6.4 Billion FOR SALE!...$14.2 Billion SOLD!)

                            SINGLE FAMILY DETACHED HOMES...

                            • 14,110 FOR SALE: Average/Median LIST Price-$372,900/$249,900 ($21,000-$22,000,000)
                            • 41,644 SOLD: Average/Median SALES Price-$290,400/$237,000 ($10,000-$7,000,000)
                            • Average Days on Market: 80; Average Price/SF: $162

                            CONDOS/TOWNHOMES...

                            • 5,738 FOR SALE: Average/Median LIST Price-$202,700/$154,900 ($29,000-$3,250,000)
                            • 11,630 SOLD: Average/Median SALES Price-$181,200/$157,000 ($19,900-$2,495,000)
                            • Average Days on Market: 103; Average Price/SF: $152

                            • (Source: Denver Metrolist, 01/15/2005)

                               


                               
                              DENVER MARKET INFO...
                              DECEMBER 1 - 31, 2004
                              $6.4 Billion FOR SALE!...$968 Million SOLD!

                              SINGLE FAMILY DETACHED HOMES...

                              • 14,110 FOR SALE: Average/Median LIST Price-$372,900/$249,900 ($21,000-$22,000,000)
                              • 2,847 SOLD: Average/Median SALES Price-$288,500/$230,000 ($33,000-$5,250,000)
                              • Average Days on Market: 92; Average Price/SF: $164

                              CONDOS/TOWNHOMES...

                              • 5,738 FOR SALE: Average/Median LIST Price-$202,700/$154,900 ($29,000-$3,250,000)
                              • 761 SOLD: Average/Median SALES Price-$192,800/$157,000 ($19,900-$1,644,944)
                              • Average Days on Market: 111; Average Price/SF: $158

                              • (Source: Denver Metrolist, 01/15/2005)

                                 


                                 
                                DENVER MARKET INFO...
                                NOVEMBER 1 - 30, 2004
                                $7.8 Billion FOR SALE!...$900 Million SOLD!

                                SINGLE FAMILY DETACHED HOMES...

                                • 17,242 FOR SALE: Average/Median LIST Price-$370,100/$250,000 ($20,000-$22,000,000)
                                • 2,622 SOLD: Average/Median SALES Price-$292,900/$235,000 ($23,200-$6,000,000)
                                • Average Days on Market: 82; Average Price/SF: $165

                                CONDOS/TOWNHOMES...

                                • 6,887 FOR SALE: Average/Median LIST Price-$205,000/$155,000 ($19,900-$3,400,000)
                                • 734 SOLD: Average/Median SALES Price-$178,600/$155,000 ($32,000-$1,231,209)
                                • Average Days on Market: 99; Average Price/SF: $149

                                • (Source: Denver Metrolist, 12/5/2004)

                                   



                                  NOVEMBER 2004: 

                                  DENVER REAL ESTATE MARKET: 
                                  SEASON'S GREETINGS!!! 
                                  Home for the Holidays!!! 

                                  The number of homes sold (49,000) to-date during 2004 has surpassed the 47,600 sold in all of 2003 and will set a record of over 50,000 for the year!!! Prices continue to slowly rise and inventory continued to decline (down 4,500 from last summer's record high), despite the seasonal decrease in sales. Average Time on Market remained near 3 months. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near 6 month lows, but are slowly rising. (See the Rate Trends Chart for more info.) 

                                  INVENTORY of resale homes ended the month at 24,100, DOWN 1,600 from 25,700 last month, but still 1,100 higher than 23,000 in November 2003. 

                                  YEAR & MONTH-TO-DATE RECAP: 
                                  CY 2004 YTD: 49,023 HOMES SOLD! 
                                  CY 2003 YTD: 44,810 HOMES SOLD! 
                                  NOVEMBER 2004: 3,356 SOLD! 
                                  October 2004: 3,743 SOLD! 
                                  September 2004: 4,001 SOLD! 
                                  ------------------- 
                                  November 2003: 3,291 SOLD 
                                  November 2002: 3,381 SOLD 
                                  November 2001: 3,511 SOLD 

                                  SINGLE FAMILY HOMES: 
                                  CY RECAP-HOMES SOLD! 
                                  Homes/Average/Median SOLD Price/DOM: 
                                  CYTD 2004: 38,320/$290,700/$237,500/79 
                                  CYTD 2003: 34,269/$278,400/$230,000/80 
                                  CY 2003: 36,475/$279,300/$230,000/91 
                                  CY 2002: 36,132/$268,800/$222,000/61 
                                  CY 2001: 36,389/$257,200/$214,500/44 

                                  NOVEMBER 2004: 
                                  HOMES FOR SALE... 
                                  Homes/Average/Median LIST Price: 
                                  NOVEMBER 2004: 17,865/$368,200/$250,000 
                                  October 2004: 18,424/$368,600/$254,500 
                                  September 2004: 19,162/$367,000/$254,200 

                                  HOME SALES... 
                                  Homes/Average/Median SALE Price/DOM: 
                                  NOVEMBER 2004: 2,622/$292,900/$235,000/82 
                                  October 2004: 2,956/$291,100/$238,000/81 
                                  September 2004: 3,122/$290,100/$235,500/77 
                                  --------------------------- 
                                  November 2003: 2,512/$273,500/$228,000/82 
                                  November 2002: 2,509/$268,400/$220,000/71 
                                  November 2001: 2,685/$255,200/$210,000/53 
                                  ******************************* 

                                  CONDOS/TOWNHOMES: 
                                  CY RECAP-HOMES SOLD! 
                                  Homes/Average/Median SALE Price/DOM: 

                                  CYTD 2004: 10,703/$180,600/$157,000/103 
                                  CYTD 2003: 10,541/$175,100/$154,000/95 
                                  CY 2003: 11,089/$175,500/$154,500/98 
                                  CY 2002: 11,701/$172,700/$149,900/74 
                                  CY 2001: 12,009/$161,130/$142,000/46 

                                  NOVEMBER 2004: 
                                  HOMES FOR SALE... 
                                  Homes/Average/Median LIST Price: 
                                  NOVEMBER 2004: 7,057/$203,800/$155,000 
                                  October 2004: 7,272/$203,300/$155,000 
                                  September 2004: 7,421/$200,900/$154,900 

                                  HOME SALES... 
                                  Homes/Average/Median SALE Price/DOM: 
                                  NOVEMBER 2004: 734/$178,600/$155,000/99 
                                  October 2004: 787/$182,200/$155,200/98 
                                  September 2004: 879/$176,900/$156,800/105 
                                  --------------------------- 
                                  November 2003: 779/$172,600/$155,000/96 
                                  November 2002: 872/$174,600/$151,000/71 
                                  November 2001: 826/$171,500/$145,000/62 

                                  Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                  WWW.DICKSTEPHENSON.COM 




                                   
                                  DENVER MARKET INFO...
                                  OCTOBER 1 - 31, 2004
                                  $8.2 Billion FOR SALE!...$1.0 Billion SOLD!

                                  SINGLE FAMILY DETACHED HOMES...

                                  • 18,424 FOR SALE: Average/Median LIST Price-$368,600/$254,500 ($25,000-$22,000,000)
                                  • 2,956 SOLD: Average/Median SALES Price-$291,100/$238,000 ($47,000-$2,686,922)
                                  • Average Days on Market: 81; Average Price/SF: $163

                                  CONDOS/TOWNHOMES...

                                  • 7,272 FOR SALE: Average/Median LIST Price-$203,300/$155,000 ($19,900-$3,400,000)
                                  • 787 SOLD: Average/Median SALES Price-$182,200/$155,200 ($27,500-$2,384,000)
                                  • Average Days on Market: 98; Average Price/SF: $154

                                  • (Source: Denver Metrolist, 11/5/2004)

                                     



                                    OCTOBER 2004: 

                                    DENVER REAL ESTATE MARKET: 
                                    A Season for Thanks: 
                                    Sellers and Buyers 
                                    Home for the Holidays... 
                                    The number of homes sold (45,385) to-date during 2004 is only 1,200 below the total number of sales for all of 2003!! Prices continue to slowly rise and inventory continued to decline (down 3,000 from last summer's record high), despite the seasonal decrease in sales. Average Time on Market remained near 3 months. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near 6 month lows, but may be poised to rise as economic trends improve. (See the Rate Trends Chart for more info.) 

                                    INVENTORY of resale homes ended the month at 25,700, DOWN 900 from 26,600 last month, but 800 more than 24,900 in October 2003. 
                                    YEAR & MONTH-TO-DATE RECAP: 
                                    CY 2004 YTD: 45,385 HOMES SOLD! 
                                    CY 2003 YTD: 41,507 HOMES SOLD! 
                                    OCTOBER 2004: 3,743 SOLD 
                                    September 2004: 4,001 SOLD 
                                    August 2004: 4,550 SOLD! 
                                    ------------------- 
                                    October 2003: 4,109 SOLD 
                                    October 2002: 3,981 SOLD 
                                    October 2001: 3,391 SOLD 

                                    SINGLE FAMILY HOMES: 
                                    CY RECAP-HOMES SOLD! 
                                    Homes/Average/Median SOLD Price/DOM: 
                                    CYTD 2004: 35,491/$290,500/$237,900/79 
                                    CYTD 2003: 31,757/$278,800/$230,000/80 
                                    CY 2003: 36,475/$279,300/$230,000/91 
                                    CY 2002: 36,132/$268,800/$222,000/61 
                                    CY 2001: 36,389/$257,200/$214,500/44 

                                    OCTOBER 2004: 
                                    HOMES FOR SALE... 
                                    Homes/Average/Median LIST Price: 
                                    OCTOBER 2004: 18,424/$368,600/$254,500 
                                    September 2004: 19,162/$367,000/$254,200 
                                    August 2004: 19,944/$364,700/$254,900 

                                    HOME SALES... 
                                    Homes/Average/Median SALE Price/DOM: 
                                    OCTOBER 2004: 2,956/$291,100/$238,000/81 
                                    September 2004: 3,122/$290,100/$235,500/77 
                                    August 2004: 3,543/$300,200/$243,500/72 
                                    --------------------------- 
                                    October 2003: 3,103/$277,600/$229,000/81 
                                    October 2002: 2,962/$270,500/$222,000/67 
                                    October 2001: 2,560/$256,400/$211,000/48 
                                    ******************************* 

                                    CONDOS/TOWNHOMES: 
                                    CY RECAP-HOMES SOLD! 
                                    Homes/Average/Median SALE Price/DOM: 

                                    CYTD 2004: 9,894/$180,500/$157,000/103 
                                    CYTD 2003: 9,750/$175,100/$154,000/95 
                                    CY 2003: 11,089/$175,500/$154,500/98 
                                    CY 2002: 11,701/$172,700/$149,900/74 
                                    CY 2001: 12,009/$161,130/$142,000/46 

                                    OCTOBER 2004: 
                                    HOMES FOR SALE... 
                                    Homes/Average/Median LIST Price: 
                                    OCTOBER 2004: 7,272/$203,300/$155,000 
                                    September 2004: 7,421/$200,900/$154,900 
                                    August 2004: 7,703/$200,400/$154,900 

                                    HOME SALES... 
                                    Homes/Average/Median SALE Price/DOM: 
                                    OCTOBER 2004: 787/$182,200/$155,200/98 
                                    September 2004: 879/$176,900/$156,800/105 
                                    August 2004: 1,007/$184,200/$159,500/96 
                                    --------------------------- 
                                    October 2003: 1,006/$182,900/$155,000/97 
                                    October 2002: 919/$175,900/$151,000/75 
                                    October 2001: 831/$163,500/$146,500/56 

                                    Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                    WWW.DICKSTEPHENSON.COM 



                                     
                                    DENVER MARKET INFO...
                                    SEPTEMBER 1 - 30, 2004
                                    $8.5 Billion FOR SALE!...$1.1 Billion SOLD!

                                    SINGLE FAMILY DETACHED HOMES...

                                    • 19,162 FOR SALE: Average/Median LIST Price-$367,000/$254,200 ($27,000-$22,000,000)
                                    • 3,122 SOLD: Average/Median SALES Price-$290,100/$235,500 ($25,000-$3,650,000)
                                    • Average Days on Market: 77; Average Price/SF: $164

                                    CONDOS/TOWNHOMES...

                                    • 7,421 FOR SALE: Average/Median LIST Price-$200,900/$154,900 ($15,675-$3,400,000)
                                    • 879 SOLD: Average/Median SALES Price-$176,900/$156,800 ($39,000-$2,050,000)
                                    • Average Days on Market: 105; Average Price/SF: $149

                                    • (Source: Denver Metrolist, 10/5/2004)

                                       



                                      SEPTEMBER 2004: 

                                      DENVER REAL ESTATE MARKET: 
                                      As the Season Changes... 
                                      so does the home market with fewer homes for sale and sold at lower average prices than the summer months, but still higher than a year ago. Time on Market increased slightly. (See year-to-date and month-to-month detail comparisons below.) Interest rates crept downward during September to 6 month lows, but started upward this week to the 5.75-6.00% range (See the Rate Trends Chart for more info.) 

                                      INVENTORY of resale homes ended the month at 26,600, DOWN from 27,600 last month but still UP compared to 25,800 in September 2003. 
                                      YEAR & MONTH-TO-DATE RECAP: 
                                      CY 2004 YTD: 40,620 HOMES SOLD! 
                                      CY 2003 YTD: 37,398 HOMES SOLD! 
                                      SEPTEMBER 2004: 4,001 SOLD 
                                      August 2004: 4,550 SOLD! 
                                      July 2004: 4,779 
                                      ------------------- 
                                      September 2003: 4,384 SOLD 
                                      September 2002: 3,980 SOLD 
                                      September 2001: 3,834 SOLD 

                                      SINGLE FAMILY HOMES: 
                                      CY RECAP-HOMES SOLD! 
                                      Homes/Average/Median SOLD Price/DOM: 
                                      CYTD 2004: 31,763/$291,000/$238,000/79 
                                      CYTD 2003: 28,653/$278,900/$230,900/80 
                                      CY 2003: 36,475/$279,300/$230,000/91 
                                      CY 2002: 36,132/$268,800/$222,000/61 
                                      CY 2001: 36,389/$257,200/$214,500/44 

                                      SEPTEMBER 2004: 
                                      HOMES FOR SALE... 
                                      Homes/Average/Median LIST Price: 
                                      SEPTEMBER 2004: 19,162/$367,000/$254,200 
                                      August 2004: 19,944/$364,700/$254,900 
                                      July 2004: 20,152/$364,300/$254,900 
                                      HOME SALES... 
                                      Homes/Average/Median SALE Price/DOM: 
                                      SEPTEMBER 2004: 3,122/$290,100/$235,500/77 
                                      August 2004: 3,543/$300,200/$243,500/72 
                                      July 2004: 3,761/$295,900/$240,000/71 
                                      --------------------------- 
                                      September 2003: 3,392/$282,500/$232,500/75 
                                      September 2002: 3,003/$268,500/$223,900/60 
                                      September 2001: 2,878/$252,500/$211,700/44 
                                      ******************************* 

                                      CONDOS/TOWNHOMES: 
                                      CY RECAP-HOMES SOLD! 
                                      Homes/Average/Median SALE Price/DOM: 

                                      CYTD 2004: 8,857/$180,200/$157,000/103 
                                      CYTD 2003: 8,745/$174,300/$154,000/94 
                                      CY 2003: 11,089/$175,500/$154,500/98 
                                      CY 2002: 11,701/$172,700/$149,900/74 
                                      CY 2001: 12,009/$161,130/$142,000/46 

                                      SEPTEMBER 2004: 
                                      HOMES FOR SALE... 
                                      Homes/Average/Median LIST Price: 
                                      SEPTEMBER 2004: 7,421/$200,900/$154,900 
                                      August 2004: 7,703/$200,400/$154,900 
                                      July 2004: 7,809/$200,800/$155,000 
                                      HOME SALES... 
                                      Homes/Average/Median SALE Price/DOM: 
                                      SEPTEMBER 2004: 879/$176,900/$156,800/105 
                                      August 2004: 1,007/$184,200/$159,500/96 
                                      July 2004: 1,018/$177,200/$155,900/94 
                                      --------------------------- 
                                      September 2003: 992/$173,100/$155,000/86 
                                      September 2002: 977/$169,900/$151,000/73 
                                      September 2001: 956/$159,200/$143,000/47 

                                      Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                      WWW.DICKSTEPHENSON.COM 




                                       
                                      DENVER MARKET INFO...
                                      AUGUST 1 - 31, 2004
                                      $8.8 Billion FOR SALE!...$1.2 Billion SOLD!

                                      SINGLE FAMILY DETACHED HOMES...

                                      • 19,944 FOR SALE: Average/Median LIST Price-$364,700/$254,900 ($27,000-$22,000,000)
                                      • 3,537 SOLD: Average/Median SALES Price-$300,100/$243,400 ($19,000-$4,762,800)
                                      • Average Days on Market: 72; Average Price/SF: $165

                                      CONDOS/TOWNHOMES...

                                      • 7,703 FOR SALE: Average/Median LIST Price-$200,400/$154,900 ($29,500-$3,400,000)
                                      • 1,006 SOLD: Average/Median SALES Price-$184,300/$159,700 ($36,900-$2,200,000)
                                      • Average Days on Market: 96; Average Price/SF: $154

                                      • (Source: Denver Metrolist, 9/4/2004)

                                         



                                        AUGUST 2004: 

                                        DENVER REAL ESTATE MARKET: 
                                        SCHOOL DAYS! SCHOOLS DAYS! 
                                        Anymore "Golden Rule Days"???? 

                                        The Summer Has Passed... 
                                        and so has Home Market Peak!! 
                                        Fewer sales than June & July and last August, but inventory inched down from record highs. Average sales prices are up about 6% over a year ago and the median price is up 3-4%. The average sales price for single family detached homes for the month topped $300,000! Time on Market increased slightly. Interest rates held near historic lows with the 30 year fixed interest rate in the 5.75-6.00% range (See the Rate Trends Chart for more info.) 

                                        INVENTORY of resale homes ended the month at 27,600, DOWN compared the last few months, but still UP 1,300 compared to 26,300 in August 2003. 
                                        YEAR & MONTH-TO-DATE RECAP: 
                                        CY 2004 YTD: 36,019 HOMES SOLD! 
                                        4,550 SOLD in AUGUST 2004 
                                        4,779 SOLD in July 2004 
                                        5,281 SOLD in June 2004 
                                        ------------------- 
                                        5,155 SOLD in August 2003 
                                        4,566 SOLD in August 2002 
                                        4,689 SOLD in August 2001 

                                        SINGLE FAMILY HOMES: 
                                        CY RECAP-HOMES SOLD! 
                                        Homes/Average/Median SOLD Price/DOM: 
                                        CYTD 2004: 28,169/$291,100/$238,000/79 
                                        CY 2003: 36,475/$279,300/$230,000/91 
                                        CY 2002: 36,132/$268,800/$222,000/61 
                                        CY 2001: 36,389/$257,200/$214,500/44 

                                        AUGUST 2004: 
                                        HOMES FOR SALE... 
                                        Homes/Average/Median LIST Price: 
                                        AUGUST 2004: 19,944/$364,700/$254,900 
                                        July 2004: 20,152/$364,300/$254,900 
                                        June 2004: 20,188/$364,300/$254,900 
                                        HOME SALES... 
                                        Homes/Average/Median SALE Price/DOM: 
                                        AUGUST 2004: 3,543/$300,200/$243,500/72 
                                        July 2004: 3,761/$295,900/$240,000/71 
                                        June 2004: 4,174/$301,200/$245,000/69 
                                        --------------------------- 
                                        August 2003: 3,947/$285,600/$235,000/75 
                                        August 2002: 3,431/$274,800/$223,900/58 
                                        August 2001: 3,499/$263,200/$218,000/44 
                                        ******************************* 

                                        CONDOS/TOWNHOMES: 
                                        CY RECAP-HOMES SOLD! 
                                        Homes/Average/Median SALE Price/DOM: 

                                        CYTD 2004: 7,850/$180,200/$156,800/99 
                                        CY 2003: 11,089/$175,500/$154,500/98 
                                        CY 2002: 11,701/$172,700/$149,900/74 
                                        CY 2001: 12,009/$161,130/$142,000/46 

                                        AUGUST 2004: 
                                        HOMES FOR SALE... 
                                        Homes/Average/Median LIST Price: 
                                        AUGUST 2004: 7,703/$200,400/$154,900 
                                        July 2004: 7,809/$200,800/$155,000 
                                        June 2004: 7,665/$199,100/$154,900 
                                        HOME SALES... 
                                        Homes/Average/Median SALE Price/DOM: 
                                        AUGUST 2004: 1,007/$184,200/$159,500/96 
                                        July 2004: 1,018/$177,200/$155,900/94 
                                        June 2004: 1,107/$177,900/$156,000/93 
                                        --------------------------- 
                                        August 2003: 1,208/$175,300/$156,000/95 
                                        August 2002: 1,135/$168,100/$150,000/76 
                                        August 2001: 1,190/$158,300/$143,000/44 

                                        Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                        WWW.DICKSTEPHENSON.COM 



                                         
                                        DENVER MARKET INFO...
                                        JULY 1 - 31, 2004
                                        $8.9 Billion FOR SALE!...$1.3 Billion SOLD!

                                        SINGLE FAMILY DETACHED HOMES...

                                        • 20,152 FOR SALE: Average/Median LIST Price-$364,300/$254,900 ($27,000-$22,000,000)
                                        • 3,761 SOLD: Average/Median SALES Price-$295,900/$240,000 ($30,000-$4,825,000)
                                        • Average Days on Market: 71; Average Price/SF: $164

                                        CONDOS/TOWNHOMES...

                                        • 7,809 FOR SALE: Average/Median LIST Price-$200,800/$155,000 ($31,900-$3,400,000)
                                        • 1,018 SOLD: Average/Median SALES Price-$177,200/$156,000 ($29,000-$1,450,000)
                                        • Average Days on Market: 94; Average Price/SF: $149

                                        • (Source: Denver Metrolist, 8/6/2004)

                                           



                                          July 2004- 

                                          DENVER REAL ESTATE MARKET: 
                                          WHEN LESS IS MORE... 
                                          "MORE OR LESS"!!! 

                                          The "Dog Days" of summer...Like the rain in July, fewer sales than June, but more than the last three years! Inventory inched up to new record highs, sale prices leveled compared to June and were slightly higher (2-3%) than a year ago. Time on Market increased slightly. Interest rates held near historic lows with the 30 year fixed interest rate in the 5.75-6.00% range, and dipped under 6% the first week of August!! 

                                          INVENTORY of resale homes rose above 28,000 and ended the month near 28,000, UP 200 from June & May ending inventory and UP 1,300 compared to 26,700 in July 2003. 
                                          YEAR & MONTH-TO-DATE RECAP: 
                                          CY 2004 YTD: 30,878 HOMES SOLD! 
                                          4,779 SOLD in JULY 2004 
                                          5,281 SOLD in June 2004 
                                          4,738 SOLD in May 2004 
                                          4,109 SOLD in July 2003 
                                          4,423 SOLD in July 2002 
                                          4,683 SOLD in July 2001 

                                          SINGLE FAMILY HOMES: 
                                          CY RECAP-HOMES SOLD! 
                                          Homes/Average/Median SOLD Price/DOM: 
                                          CYTD 2004: 24,178/$289,500/$236,800/80 
                                          CY 2003: 36,475/$279,300/$230,000/91 
                                          CY 2002: 36,132/$268,800/$222,000/61 
                                          CY 2001: 36,389/$257,200/$214,500/44 

                                          JULY 2004: 
                                          HOMES FOR SALE... 
                                          Homes/Average/Median LIST Price: 
                                          JULY 2004: 20,152/$364,300/$254,900 
                                          June 2004: 20,188/$364,300/$254,900 
                                          May 2004: 20,216/$362,600/$255,000 
                                          HOME SALES... 
                                          Homes/Average/Median SALE Price/DOM: 
                                          JULY 2004: 3,761/$295,900/$240,000/71 
                                          June 2004: 4,174/$301,200/$245,000/69 
                                          May 2004: 3,728/$291,500/$243,400/75 
                                          --------------------------- 
                                          July 2003: 3,975/$288,900/$239,900/76 
                                          July 2002: 3,380/$272,200/$223,500/58 
                                          July 2001: 3,510/$266,500/$219,400/40 


                                          CONDOS/TOWNHOMES: 
                                          CY RECAP-HOMES SOLD! 
                                          Homes/Average/Median SALE Price/DOM: 

                                          CYTD 2004: 6,700/$180,000/$156,500/100 
                                          CY 2003: 11,089/$175,500/$154,500/98 
                                          CY 2002: 11,701/$172,700/$149,900/74 
                                          CY 2001: 12,009/$161,130/$142,000/46 

                                          JULY 2004: 
                                          HOMES FOR SALE... 
                                          Homes/Average/Median LIST Price: 
                                          JULY 2004: 7,809/$200,800/$155,000 
                                          June 2004: 7,665/$199,100/$154,900 
                                          May 2004: 7,567/$198,600/$154,900 
                                          HOME SALES... 
                                          Homes/Average/Median SALE Price/DOM: 
                                          JULY 2004: 1,018/$177,200/$155,900/94 
                                          June 2004: 1,107/$177,900/$156,000/93 
                                          May 2004: 1,010/$178,600/$156,200/94 
                                          --------------------------- 
                                          July 2003: 1,134/$173,000/$156,500/94 
                                          July 2002: 1,043/$170,100/$150,000/69 
                                          July 2001: 1,173/$159,300/$141,500/43 

                                          Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                          WWW.DICKSTEPHENSON.COM 





                                           
                                          DENVER MARKET INFO...
                                          JUNE 1 - 30, 2004
                                          $8.9 Billion FOR SALE!...$1.4 Billion SOLD!

                                          SINGLE FAMILY DETACHED HOMES...

                                          • 20,188 FOR SALE: Average/Median LIST Price-$364,300/$255,000 ($19,000-$22,000,000)
                                          • 4,174 SOLD: Average/Median SALES Price-$301,200/$245,000 ($45,000-$3,000,000)
                                          • Average Days on Market: 69; Average Price/SF: $166

                                          CONDOS/TOWNHOMES...

                                          • 7,665 FOR SALE: Average/Median LIST Price-$199,100/$154,900 ($32,000-$3,400,000)
                                          • 1,107 SOLD: Average/Median SALES Price-$177,900/$156,000 ($30,000-$1,450,000)
                                          • Average Days on Market: 93; Average Price/SF: $150

                                          • (Source: Denver Metrolist, 7/8/2004)

                                             



                                            JUNE 2004- 

                                            DENVER REAL ESTATE MARKET: 

                                            HOT HOME MARKET DURING A "COOL" JUNE!! 
                                            PRUDENTIAL COLORADO REAL ESTATE Acquires Cherry Creek Realtors! 
                                            Despite the cool damp weather and slightly rising interest rates, the market continued improving. Inventory stabilized! Higher Sales Prices & More Sales! Less Time on Market! Interest rates held near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range, and even dipped a bit below 6% after the "Fed" raised the Prime Rate!! 

                                            INVENTORY of resale homes rose above 28,000 but ended the month at 27,800 equal to the end of May and up compared to 26,500 in June 2003. 
                                            YEAR & MONTH-TO-DATE RECAP: 
                                            CY 2004 YTD: 22,673 HOMES SOLD! 
                                            5,281 SOLD in June 2004 
                                            4,738 SOLD in May 2004 
                                            4,544 SOLD in June 2003 
                                            4,551 SOLD in June 2002 
                                            5,117 SOLD in June 2001 

                                            SINGLE FAMILY HOMES: 
                                            CY RECAP-HOMES SOLD! 
                                            Homes/Average/Median SOLD Price/DOM: 
                                            CYTD 2004: 20,103/$288,500/$235,000/82 
                                            CY 2003: 36,475/$279,300/$230,000/91 
                                            CY 2002: 36,132/$268,800/$222,000/61 
                                            CY 2001: 36,389/$257,200/$214,500/44 

                                            JUNE 2004: 
                                            HOMES FOR SALE... 
                                            Homes/Average/Median LIST Price: 
                                            JUNE 2004: 20,188/$364,300/$254,900 
                                            May 2004: 20,216/$362,600/$255,000 
                                            April 2004: 19,436/$361,500/$255,900 
                                            HOME SALES... 
                                            Homes/Average/Median SALE Price/DOM: 
                                            JUNE 2004: 4,174/$301,200/$245,000/69 
                                            May 2004: 3,728/$291,500/$243,400/75 
                                            June 2003: 3,784/$283,00/$236,700/78 
                                            June 2002: 3,466/$275,400/$226,000/53 
                                            June 2001: 3,923/$265,900/$219,900/39 


                                            CONDOS/TOWNHOMES: 
                                            CY RECAP-HOMES SOLD! 
                                            Homes/Average/Median SALE Price/DOM: 

                                            CYTD 2004: 5,570/$180,100/$156,900/100 
                                            CY 2003: 11,089/$175,500/$154,500/98 
                                            CY 2002: 11,701/$172,700/$149,900/74 
                                            CY 2001: 12,009/$161,130/$142,000/46 

                                            JUNE 2004: 
                                            HOMES FOR SALE... 
                                            Homes/Average/Median LIST Price: 
                                            JUNE 2004: 7,665/$199,100/$154,900 
                                            May 2004: 7,567/$198,600/$154,900 
                                            April 2004: 7,392/$201,700/$154,900 
                                            HOME SALES... 
                                            Homes/Average/Median SALE Price/DOM: 
                                            JUNE 2004: 1,107/$177,900/$156,000/93 
                                            May 2004: 1,010/$178,600/$156,200/94 
                                            April 2004: 948/$184,300/$158,500/101 
                                            June 2003: 1,160/$174,200/$153,000/94 
                                            June 2002: 1,085/$168,800/$150,000/60 
                                            June 2001: 1,194/$161,500/$144,500/39 

                                            Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                            WWW.DICKSTEPHENSON.COM

                                             
                                            DENVER MARKET INFO...
                                            MAY 1 - 31, 2004
                                            $8.8 Billion FOR SALE!...$1.3 Billion SOLD!

                                            Single Family Detached Homes...

                                            • 20,216 Homes FOR SALE: Average/Median LIST Price-$362,700/$255,000 ($24,950-$22,000,000)
                                            • 3,728 Homes SOLD: Average/Median SALES Price-$291,500/$243,400 ($50,000-$3,500,000)
                                            • Average Days on Market: 75; Average Price/SF: $162

                                            Condos/Townhomes...

                                            • 7,567 Homes FOR SALE: Average/Median LIST Price-$198,600/$154,900 ($29,000-$3,250,000)
                                            • 1,010 Homes SOLD: Average/Median SALES Price-$178,600/$156,200 ($36,900-$1,475,000)
                                            • Average Days on Market: 94; Average Price/SF: $150

                                            • (Source: Denver Metrolist, 6/8/2004)

                                               



                                              MAY 2004- 

                                              DENVER REAL ESTATE MARKET: 

                                              LIKE MAY FLOWERS, THE HOME MARKET BLOOMED! 
                                              The market continued it's seasonal growth: More Choices! More Sales! Less Time on Market! Interest rates held near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range, but...! 

                                              INVENTORY of resale homes at the end of May rose to 27,800 compared to 26,800 last month and 26,300 in May 2003. 
                                              YEAR & MONTH-TO-DATE RECAP: 
                                              CY 2004 YTD: 20,011 HOMES SOLD! 
                                              4,738 SOLD in May 2004 
                                              4,629 SOLD in May 2003 
                                              4,910 SOLD in May 2002 
                                              4,951 SOLD in May 2001 

                                              SINGLE FAMILY HOMES: 
                                              CY RECAP-HOMES SOLD! 
                                              Homes/Average/Median SOLD Price/DOM: 
                                              CYTD 2004: 15,627/$285,400/$234,000/85 
                                              CY 2003: 36,475/$279,300/$230,000/91 
                                              CY 2002: 36,132/$268,800/$222,000/61 
                                              CY 2001: 36,389/$257,200/$214,500/44 

                                              MAY 2004: 
                                              HOMES FOR SALE... 
                                              Homes/Average/Median LIST Price: 
                                              MAY 2004: 20,216/$362,600/$255,000 
                                              April 2004: 19,436/$361,500/$255,900 
                                              March 2004: 18,482/$358,700/$252,900 
                                              HOME SALES... 
                                              Homes/Average/Median SALE Price/DOM: 
                                              MAY 2004: 3,728/$291,500/$243,400/75 
                                              April 2004: 3,650/$291,900/$235,000/84 
                                              May 2003: 3,541/$275,800/$230,000/81 
                                              May 2002: 3,776/$268,100/$222,700/55 
                                              May 2001: 3,793/$256,100/$216,000/39 
                                              (Continued, page 2) 
                                              MAY 2004(cont)- 

                                              DENVER REAL ESTATE MARKET: 
                                              CONDOS/TOWNHOMES: 
                                              CY RECAP-HOMES SOLD! 
                                              Homes/Average/Median SALE Price/DOM: 

                                              CYTD 2004: 4,384/$180,400/$156,800/101 
                                              CY 2003: 11,089/$175,500/$154,500/98 
                                              CY 2002: 11,701/$172,700/$149,900/74 
                                              CY 2001: 12,009/$161,130/$142,000/46 

                                              MAY 2004: 
                                              HOMES FOR SALE... 
                                              Homes/Average/Median LIST Price: 
                                              MAY 2004: 7,567/$198,600/$154,900 
                                              April 2004: 7,392/$201,700/$154,900 
                                              March 2004: 7,023/$204,000/$156,500 
                                              HOME SALES... 
                                              Homes/Average/Median SALE Price/DOM: 
                                              MAY 2004: 1,010/$178,600/$156,200/94 
                                              April 2004: 948/$184,300/$158,500/101 
                                              May 2003: 1,088/$175,800/$150,400/91 
                                              May 2002: 1,134/$169,900/$149,400/62 
                                              May 2001: 1,158/$163,600/$143,000/38 

                                              Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                              WWW.DICKSTEPHENSON.COM 





                                               
                                              DENVER MARKET INFO...
                                              APRIL 1 - 30, 2004
                                              $8.5 Billion FOR SALE!...$1.2 Billion SOLD!

                                              Single Family Detached Homes...

                                              • 19,436 Homes FOR SALE: Average/Median LIST Price-$361,500/$255,900 ($24,950-$22,000,000)
                                              • 3,650 Homes SOLD: Average/Median SALES Price-$291,900/$235,000 ($17,935-$7,000,000)
                                              • Average Days on Market: 84; Average Price/SF: $165

                                              Condos/Townhomes...

                                              • 7,392 Homes FOR SALE: Average/Median LIST Price-$201,700/$155,000 ($32,000-$2,950,000)
                                              • 948 Homes SOLD: Average/Median SALES Price-$184,300/$158,500 ($40,000-$2,495,000)
                                              • Average Days on Market: 101; Average Price/SF: $152

                                              • (Source: Denver Metrolist, 5/13/2004)

                                                 



                                                APRIL 2004- 

                                                DENVER MARKETPLACE: 

                                                UP! UP! & AWAY..! 
                                                The market continued it's upward trend across the board as Spring (Summer?) arrived with positive economic news. 
                                                The number of homes for sale, prices, number of sales and sale prices are all UP! Time on market declined slightly as buyers (and sellers) entered the market in the face of rising interest rates. Interest rates rose to the highest level in 9 months, are still near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range! 

                                                INVENTORY of resale homes at the end of April stood at 26,800 compared to 25,500 last month and 25,600 in April 2003. 
                                                YEAR & MONTH-TO-DATE RECAP: 
                                                CY 2004 YTD: 14,895 HOMES SOLD! 
                                                4,598 SOLD in April 2004 
                                                4,416 SOLD in March 2004 
                                                3,800 SOLD in April 2003 
                                                4,472 SOLD in April 2002 
                                                4,425 SOLD in April 2001 

                                                SINGLE FAMILY HOMES: 
                                                CY RECAP-HOMES SOLD! 
                                                Homes/Average/Median SOLD Price/DOM: 
                                                CYTD 2004: 11,622/$283,400/$230,000/89 
                                                CY 2003: 36,475/$279,300/$230,000/91 
                                                CY 2002: 36,132/$268,800/$222,000/61 
                                                CY 2001: 36,389/$257,200/$214,500/44 

                                                APRIL 2004: 
                                                HOMES FOR SALE... 
                                                Homes/Average/Median LIST Price: 
                                                APRIL 2004: 19,436/$361,500/$255,900 
                                                March 2004: 18,482/$358,700/$252,900 
                                                February 2004: 17,062/$357,700/$250,000 
                                                January 2004: 16,306/$355,800/$250,000 
                                                HOME SALES... 
                                                Homes/Average/Median SALE Price/DOM: 
                                                APRIL 2004: 3,650/$291,900/$235,000/84 
                                                March 2004: 3,423/$282,300/$232,500/87 
                                                April 2003: 2,930/$275,100/$227,000/83 
                                                April 2002: 3,396/$265,700/$220,800/57 
                                                April 2001: 3,317/$251,800/$211,500/42 

                                                CONDOS/TOWNHOMES: 
                                                CY RECAP-HOMES SOLD! 
                                                Homes/Average/Median SALE Price/DOM: 

                                                CYTD 2004: 3,273/$177,500/$156,400/103 
                                                CY 2003: 11,089/$175,500/$154,500/98 
                                                CY 2002: 11,701/$172,700/$149,900/74 
                                                CY 2001: 12,009/$161,130/$142,000/46 

                                                APRIL 2004: 
                                                HOMES FOR SALE... 
                                                Homes/Average/Median LIST Price: 
                                                APRIL 2004: 7,392/$201,700/$154,900 
                                                March 2004: 7,023/$204,000/$156,500 
                                                February 2004: 6,562/$202,300/$157,000 
                                                January 2004: 6,338/$204,200/$158,500 
                                                HOME SALES... 
                                                Homes/Average/Median SALE Price/DOM: 
                                                APRIL 2004: 948/$184,300/$158,500/101 
                                                March 2004: 993/$177,800/$157,200/101 
                                                April 2003: 870/$173,200/$153,000/94 
                                                April 2002: 1,103/$168,400/$145,000/67 
                                                April 2001: 1,108/$158,300/$139,000/36 

                                                Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                WWW.DICKSTEPHENSON.COM 



                                                 
                                                DENVER MARKET INFO...
                                                MARCH 1 - 31, 2004
                                                $8.0 Billion FOR SALE!...$1.1 Billion SOLD!

                                                Single Family Detached Homes...

                                                • 18,481 Homes FOR SALE: Average/Median LIST Price-$358,700/$252,900 ($22,500-$22,000,000)
                                                • 3,423 Homes SOLD: Average/Median SALES Price-$282,300/$232,500 ($30,000-$2,539,700)
                                                • Average Days on Market: 87; Average Price/SF: $159

                                                Condos/Townhomes...

                                                • 7,023 Homes FOR SALE: Average/Median LIST Price-$204,000/$156,500 ($32,260-$3,300,000)
                                                • 993 Homes SOLD: Average/Median SALES Price-$177,800/$157,200 ($27,421-$2,400,000)
                                                • Average Days on Market: 101; Average Price/SF: $149

                                                • (Source: Denver Metrolist, 5/13/2004)

                                                   



                                                  MARCH 2004- 

                                                  DENVER MARKETPLACE: 

                                                  AN EARLY SPRING... 
                                                  BRINGS A "FLOWERING" HOME MARKET!!! 
                                                  The temperature (and gas prices) are up, plants are blooming and...so is the home market as we enter the peak Spring/Summer market period. 
                                                  The number of homes for sale, asking prices, number of sales and sale prices are all UP! Time on market is DOWN by about 1 week. Interest rates stayed near 40-year lows: The 30 year fixed interest rate drifted DOWN during the month, staying below 6.0%, but was moving slightly UPWARD at month-end! 

                                                  INVENTORY of resale homes at the end of March stood at 25,500, compared to 23,600 last month and 24,500 in March 2003. 
                                                  YEAR & MONTH-TO-DATE RECAP: 
                                                  CY 2004 YTD: 9,424 HOMES SOLD! 
                                                  3,987 SOLD in March 2004 
                                                  2,940 SOLD in February 2004 
                                                  2,497 SOLD in January 2004 
                                                  3,604 SOLD in March 2003 
                                                  4,050 SOLD in March 2002 

                                                  SINGLE FAMILY HOMES: 
                                                  CY RECAP-HOMES SOLD! 
                                                  Homes/Average/Median SOLD Price/DOM: 
                                                  CYTD 2004: 7,604/$279,000/$229,900/91 
                                                  CY 2003: 36,475/$279,300/$230,000/91 
                                                  CY 2002: 36,132/$268,800/$222,000/61 
                                                  CY 2001: 36,389/$257,200/$214,500/44 

                                                  MARCH 2004: 
                                                  HOMES FOR SALE... 
                                                  Homes/Average/Median LIST Price: 
                                                  MARCH 2004: 18,482/$358,700/$252,900 
                                                  February 2004: 17,062/$357,700/$250,000 
                                                  January 2004: 16,306/$355,800/$250,000 
                                                  HOME SALES... 
                                                  Homes/Average/Median SALE Price/DOM: 
                                                  MARCH 2004: 3,092/$280,700/$232,600/87 
                                                  February 04: 2,277/$271,300/$227,000/94 
                                                  January 04: 1,942/$286,400/$225,000/92 
                                                  March 2003: 2,746/$270,700/$226,500/86 
                                                  March 2002: 3,041/$264,900/$218,300/64 

                                                  CONDOS/TOWNHOMES: 
                                                  CY RECAP-HOMES SOLD! 
                                                  Homes/Average/Median SALE Price/DOM: 

                                                  CYTD 2004: 2,200/$177,500/$155,000/103 
                                                  CY 2003: 11,089/$175,500/$154,500/98 
                                                  CY 2002: 11,701/$172,700/$149,900/74 
                                                  CY 2001: 12,009/$161,130/$142,000/46 

                                                  MARCH 2004: 
                                                  HOMES FOR SALE... 
                                                  Homes/Average/Median LIST Price: 
                                                  MARCH 2004: 7,023/$204,000/$156,500 
                                                  February 2004: 6,562/$202,300/$157,000 
                                                  January 2004: 6,338/$204,200/$158,500 
                                                  HOME SALES... 
                                                  Homes/Average/Median SALE Price/DOM: 
                                                  MARCH 2004: 895/$177,800/$157,200/98 
                                                  February 04: 663/$175,700/$154,000/105 
                                                  January 04: 555/$181,800/$154,000/107 
                                                  March 2003: 860/$174,100/$153,000/102 
                                                  March 2002: 1,009/$171,500/$148,500/75 

                                                  Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                  WWW.DICKSTEPHENSON.COM 




                                                   
                                                  DENVER MARKET INFO...
                                                  FEBRUARY 1 - 29, 2004
                                                  $7.4 Billion FOR SALE!...$764 Million SOLD!

                                                  Single Family Detached Homes...

                                                  • 17,063 Homes FOR SALE: Average/Median LIST Price-$357,800/$250,000 ($22,500-$22,000,000)
                                                  • 2,377 Homes SOLD: Average/Median SALES Price-$270,900/$227,000 ($32,000-$3,400,000)
                                                  • Average Days on Market: 94; Average Price/SF: $153

                                                  Condos/Townhomes...

                                                  • 6,561 Homes FOR SALE: Average/Median LIST Price-$202,300/$157,500 ($32,260-$3,300,000)
                                                  • 690 Homes SOLD: Average/Median SALES Price-$173,800/$154,000 ($29,000-$1,725,000)
                                                  • Average Days on Market: 107; Average Price/SF: $146

                                                  • (Source: Denver Metrolist, 3/15/2004)

                                                     



                                                    FEBRUARY 2004- 

                                                    DENVER MARKETPLACE: 

                                                    Inventory and number of homes sold were both UP, but average sales price was DOWN, compared to January. Interest rates stayed near 40 year record lows! 

                                                    The 30 year fixed interest rate drifted DOWN during the month, staying below 6.0%. 

                                                    INVENTORY of resale homes at the end of February stood at 23,600, UP 1,000 compared to 22,600 last month and 100 higher than the 23,500 in February 2003. 
                                                    YEAR & MONTH-TO-DATE RECAP: 
                                                    5,442 HOMES SOLD IN 2004! 
                                                    47,554 HOMES SOLD IN 2003! 
                                                    47,833 HOMES SOLD IN 2002! 
                                                    48,394 HOMES SOLD IN 2001! 
                                                    2,940 SOLD in February 2004 
                                                    2,497 SOLD in January 2004 
                                                    3,241 SOLD in December 2003 
                                                    2,990 SOLD in February 2003 
                                                    2,456 SOLD in February 2002 

                                                    SINGLE FAMILY HOMES: 
                                                    CY RECAP-HOMES SOLD! 
                                                    Homes/Average/Median SOLD Price/DOM: 
                                                    CY 2004: 4,220/$278,400/$226,000/94 
                                                    CY 2003: 36,475/$279,300/$230,000/91 
                                                    CY 2002: 36,132/$268,800/$222,000/61 
                                                    CY 2001: 36,389/$257,200/$214,500/44 

                                                    FEBRUARY 2004: 
                                                    HOMES FOR SALE... 
                                                    Homes/Average/Median LIST Price: 
                                                    FEBRUARY 2004: 17,062/$357,700/$250,000 
                                                    January 2004: 16,306/$355,800/$250,000 
                                                    December 2003: 14,731/$361,300/$249,900 
                                                    HOME SALES... 
                                                    Homes/Average/Median SALE Price/DOM: 
                                                    FEBRUARY 2004: 2,277/$271,300/$227,000/94 
                                                    January 2004: 1,942/$286,400/$225,000/92 
                                                    December 2003: 2,540/$286,700/$229,900/92 
                                                    February 2003: 2,277/$265,600/$222,000/87 
                                                    February 2002: 2,571/$262,600/$218,000/64 

                                                    CONDOS/TOWNHOMES: 
                                                    CY RECAP-HOMES SOLD! 
                                                    Homes/Average/Median SALE Price/DOM: 

                                                    CY 2004: 1,222/$176,700/$154,000/105 
                                                    CY 2003: 11,089/$175,500/$154,500/98 
                                                    CY 2002: 11,701/$172,700/$149,900/74 
                                                    CY 2001: 12,009/$161,130/$142,000/46 

                                                    FEBRUARY 2004: 
                                                    HOMES FOR SALE... 
                                                    Homes/Average/Median LIST Price: 
                                                    FEBRUARY 2004: 6,562/$202,300/$157,000 
                                                    January 2004: 6,338/$204,200/$158,500 
                                                    December 2003: 5,751/$204,500/$158,500 
                                                    HOME SALES... 
                                                    Homes/Average/Median SALE Price/DOM: 
                                                    FEBRUARY 2004: 663/$175,700/$154,000/105 
                                                    January 2004: 555/$181,800/$154,000/107 
                                                    December 2003: 701/$183,600/$159,900/103 
                                                    February 2003: 713/$175,600/$152,000/101 
                                                    February 2002: 885/$167,400/$142,800/77 

                                                    Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                    WWW.DICKSTEPHENSON.COM 

                                                     
                                                    DENVER MARKET INFO...
                                                    JANUARY 1 - 31, 2004
                                                    $7.1 Billion FOR SALE!...$657 Million SOLD!)

                                                    Single Family Detached Homes...

                                                    • 16,306 Homes FOR SALE: Average/Median LIST Price-$355,800/$250,000 ($22,500-$12,000,000)
                                                    • 1,942 Homes SOLD: Average/Median SALES Price-$286,400/$225,000 ($53,000-$4,096,475)
                                                    • Average Days on Market: 92; Average Price/SF: $159

                                                    Condos/Townhomes...

                                                    • 6,338 Homes FOR SALE: Average/Median LIST Price-$204,200/$158,500 ($32,260-$3,000,000)
                                                    • 555 Homes SOLD: Average/Median SALES Price-$181,800/$154,000 ($39,950-$977,000)
                                                    • Average Days on Market: 107; Average Price/SF: $153

                                                    • (Source: Denver Metrolist, 2/22/2004)

                                                      DENVER MARKETPLACE 

                                                      JANUARY 2004: 

                                                      HAPPY 2004!!! 
                                                      The new year began with the inventory of homes for sale once again rising, prices stabilizing, sales slowing and interest rates staying near 40 year record lows! 

                                                      The 30 year fixed rate loan interest rate drifted DOWN during the month, staying in the 5.25-6.0% range... 

                                                      INVENTORY of resale homes at the end of January INCREASED FOR THE FIRST TIME IN 6 MONTHS since the July 2003 record high of 26,700, to 22,600 from 20,200 in December, but just 500 higher than the 22,100 in January 2003. 
                                                      YEAR & MONTH-TO-DATE RECAP: 
                                                      2,324 HOMES SOLD IN 2004! 
                                                      47,554 HOMES SOLD IN 2003! 
                                                      47,833 HOMES SOLD IN 2002! 
                                                      48,394 HOMES SOLD IN 2001! 
                                                      2,324 SOLD in January 2004 
                                                      3,241 SOLD in December 2003 
                                                      2,942 SOLD in November 2003 
                                                      2,762 SOLD in January 2003 
                                                      2,995 SOLD in January 2002 

                                                      SINGLE FAMILY HOMES: 
                                                      CY RECAP-HOMES SOLD! 
                                                      Homes/Average/Median Sale Price/DOM: 
                                                      CY 2004: 1,807/$285,700/$225,000/92 
                                                      CY 2003: 36,475/$279,300/$230,000/91 
                                                      CY 2002: 36,132/$268,800/$222,000/61 
                                                      CY 2001: 36,389/$257,200/$214,500/44 

                                                      JANUARY 2004: 
                                                      HOMES FOR SALE... 
                                                      Homes/Average/Median LIST Price: 
                                                      January 2004: 16,306/$355,800/$250,000 
                                                      December 2003: 14,731/$361,300/$249,900 
                                                      November 2003: 16,642/$357,500/$250,000 
                                                      HOME SALES... 
                                                      Homes/Average/Median SALE Price/DOM: 
                                                      JANUARY 2004: 1,807/$285,700/$225,000/92 
                                                      December 2003: 2,540/$286,700/$229,900/92 
                                                      November 2003: 2,255/$273,700/$227,800/83 
                                                      January 2003: 2,052/$269,000/$223,700/85 
                                                      January 2002: 2,202/$260,300/$215,000/67 

                                                      CONDOS/TOWNHOMES: 
                                                      CY RECAP-HOMES SOLD! 
                                                      Homes/Average/Median SALE Price/DOM: 

                                                      CY 2004: 522/$182,100/$154,900/107 
                                                      CY 2003: 11,089/$175,500/$154,500/98 
                                                      CY 2002: 11,701/$172,700/$149,900/74 
                                                      CY 2001: 12,009/$161,130/$142,000/46 

                                                      JANUARY 2004: 
                                                      HOMES FOR SALE... 
                                                      Homes/Average/Median LIST Price: 
                                                      JANUARY 2004: 6,338/$204,200/$158,500 
                                                      December 2003: 5,751/$204,500/$158,500 
                                                      November 2003: 6,349/$204,600/$157,000 
                                                      HOME SALES... 
                                                      Homes/Average/Median SALE Price/DOM: 
                                                      JANUARY 2004: 522/$182,100/$154,900/107 
                                                      December 2003: 701/$183,600/$159,900/103 
                                                      November2003: 687/$173,700/$155,000/94 
                                                      January 2003: 710/$174,700/$154,000/110 
                                                      January 2002: 793/$193,300/$152,000/88 

                                                      Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                      WWW.DICKSTEPHENSON.COM 

                                                      DENVER REAL ESTATE MARKET:

                                                      2004!!! A RECORD SETTING YEAR!!!
                                                      (53,300 HOMES SOLD...OVER 100,000 HOME SELLERS/BUYERS!!!)

                                                      The 53,300 homes sold in 2004 was 10% more than the 48,300 sold in 2003! (Unfortunately, forclosures were also up: 30% over 2003...the most since 1988.) Average and median prices increased nearly 3% over 2003! Inventory dropped by about 14% from last month and was slightly lower than a year ago. Average Time on Market remained near 3 months, about the same as 2003. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near record lows. (See the Mortage Rate Info below.)

                                                      Inventory of resale homes ended the month at 19,850, DOWN from 24,100 last month, and 20,500 in December 2003.

                                                      YEAR & MONTH-TO-DATE RECAP:
                                                      CY 2004: 53,274 HOMES SOLD!
                                                      CY 2003: 48,322 HOMES SOLD!
                                                      DECEMBER 2004: 3,608 SOLD!
                                                      November 2004: 3,356 SOLD!
                                                      October 2004: 3,743 SOLD!
                                                      -------------------
                                                      December 2003: 3,511 SOLD!
                                                      December 2002: 3,249 SOLD!
                                                      December 2001: 3,193 SOLD!

                                                      SINGLE FAMILY HOMES:
                                                      CY RECAP-HOMES SOLD!
                                                      Homes/Average/Median SOLD Price/DOM:
                                                      CY 2004: 41,644/$290,400/$237,000/80
                                                      CY 2003: 37,005/$279,100/$230,000/81
                                                      CY 2002: 36,132/$268,800/$222,000/61
                                                      CY 2001: 36,389/$257,200/$214,500/44

                                                      DECEMBER 2004:
                                                      HOMES FOR SALE...
                                                      Homes/Average/Median LIST Price:
                                                      DECEMBER 2004: 14,110/$372,900/$249,900
                                                      November 2004: 17,865/$368,200/$250,000
                                                      October 2004: 18,424/$368,600/$254,500

                                                      HOME SALES...
                                                      Homes/Average/Median SALE Price/DOM:
                                                      DECEMBER 2004: 2,847/$288,500/$230,000/92
                                                      November 2004: 2,622/$292,900/$235,000/82
                                                      October 2004: 2,956/$291,100/$238,000/81
                                                      ---------------------------
                                                      December 2003: 2,736/$287,600/$230,000/92
                                                      December 2002: 2,480/$268,800/$225,000/78
                                                      December 2001: 2,383/$261,200/$217,000/59
                                                      *******************************

                                                      CONDOS/TOWNHOMES:
                                                      CY RECAP-HOMES SOLD!
                                                      Homes/Average/Median SALE Price/DOM:

                                                      CY 2004: 11,630/$181,200/$157,000/103
                                                      CY 2003: 11,317/$176,000/$154,900/96
                                                      CY 2002: 11,701/$172,700/$149,900/74
                                                      CY 2001: 12,009/$161,100/$142,000/46

                                                      DECEMBER 2004:
                                                      HOMES FOR SALE...
                                                      Homes/Average/Median LIST Price:
                                                      DECEMBER 2004: 5,738/$202,700/$155,000
                                                      November 2004: 7,057/$203,800/$155,000
                                                      October 2004: 7,272/$203,300/$155,000

                                                      HOME SALES...
                                                      Homes/Average/Median SALE Price/DOM:
                                                      DECEMBER 2004: 761/$192,800/$157,000/111
                                                      November 2004: 734/$178,600/$155,000/99
                                                      October 2004: 787/$182,200/$155,200/98
                                                      ---------------------------
                                                      December 2003: 775/$$188,300/$160,000/105
                                                      December 2002: 769/$184,800/$153,800/94
                                                      December 2001: 812/$172,300/$146,700/63
                                                      (Source: Denver Metrolist, 1/15/2005)

                                                      Contact Dick for details about your neighborhood or a MARKET ANALYSIS for your home! 
                                                      www.denverhomesrealestate.com


                                                       
                                                      2004 YEAR-TO-DATE DENVER MARKET INFO...
                                                      (January 1 - December 31, 2004)
                                                      $6.4 Billion FOR SALE!...$14.2 Billion SOLD!)

                                                      SINGLE FAMILY DETACHED HOMES...

                                                      • 14,110 FOR SALE: Average/Median LIST Price-$372,900/$249,900 ($21,000-$22,000,000)
                                                      • 41,644 SOLD: Average/Median SALES Price-$290,400/$237,000 ($10,000-$7,000,000)
                                                      • Average Days on Market: 80; Average Price/SF: $162

                                                      CONDOS/TOWNHOMES...

                                                      • 5,738 FOR SALE: Average/Median LIST Price-$202,700/$154,900 ($29,000-$3,250,000)
                                                      • 11,630 SOLD: Average/Median SALES Price-$181,200/$157,000 ($19,900-$2,495,000)
                                                      • Average Days on Market: 103; Average Price/SF: $152

                                                      • (Source: Denver Metrolist, 01/15/2005)

                                                         


                                                         
                                                        DENVER MARKET INFO...
                                                        DECEMBER 1 - 31, 2004
                                                        $6.4 Billion FOR SALE!...$968 Million SOLD!

                                                        SINGLE FAMILY DETACHED HOMES...

                                                        • 14,110 FOR SALE: Average/Median LIST Price-$372,900/$249,900 ($21,000-$22,000,000)
                                                        • 2,847 SOLD: Average/Median SALES Price-$288,500/$230,000 ($33,000-$5,250,000)
                                                        • Average Days on Market: 92; Average Price/SF: $164

                                                        CONDOS/TOWNHOMES...

                                                        • 5,738 FOR SALE: Average/Median LIST Price-$202,700/$154,900 ($29,000-$3,250,000)
                                                        • 761 SOLD: Average/Median SALES Price-$192,800/$157,000 ($19,900-$1,644,944)
                                                        • Average Days on Market: 111; Average Price/SF: $158

                                                        • (Source: Denver Metrolist, 01/15/2005)

                                                           


                                                           
                                                          DENVER MARKET INFO...
                                                          NOVEMBER 1 - 30, 2004
                                                          $7.8 Billion FOR SALE!...$900 Million SOLD!

                                                          SINGLE FAMILY DETACHED HOMES...

                                                          • 17,242 FOR SALE: Average/Median LIST Price-$370,100/$250,000 ($20,000-$22,000,000)
                                                          • 2,622 SOLD: Average/Median SALES Price-$292,900/$235,000 ($23,200-$6,000,000)
                                                          • Average Days on Market: 82; Average Price/SF: $165

                                                          CONDOS/TOWNHOMES...

                                                          • 6,887 FOR SALE: Average/Median LIST Price-$205,000/$155,000 ($19,900-$3,400,000)
                                                          • 734 SOLD: Average/Median SALES Price-$178,600/$155,000 ($32,000-$1,231,209)
                                                          • Average Days on Market: 99; Average Price/SF: $149

                                                          • (Source: Denver Metrolist, 12/5/2004)

                                                             



                                                            NOVEMBER 2004: 

                                                            DENVER REAL ESTATE MARKET: 
                                                            SEASON'S GREETINGS!!! 
                                                            Home for the Holidays!!! 

                                                            The number of homes sold (49,000) to-date during 2004 has surpassed the 47,600 sold in all of 2003 and will set a record of over 50,000 for the year!!! Prices continue to slowly rise and inventory continued to decline (down 4,500 from last summer's record high), despite the seasonal decrease in sales. Average Time on Market remained near 3 months. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near 6 month lows, but are slowly rising. (See the Rate Trends Chart for more info.) 

                                                            INVENTORY of resale homes ended the month at 24,100, DOWN 1,600 from 25,700 last month, but still 1,100 higher than 23,000 in November 2003. 

                                                            YEAR & MONTH-TO-DATE RECAP: 
                                                            CY 2004 YTD: 49,023 HOMES SOLD! 
                                                            CY 2003 YTD: 44,810 HOMES SOLD! 
                                                            NOVEMBER 2004: 3,356 SOLD! 
                                                            October 2004: 3,743 SOLD! 
                                                            September 2004: 4,001 SOLD! 
                                                            ------------------- 
                                                            November 2003: 3,291 SOLD 
                                                            November 2002: 3,381 SOLD 
                                                            November 2001: 3,511 SOLD 

                                                            SINGLE FAMILY HOMES: 
                                                            CY RECAP-HOMES SOLD! 
                                                            Homes/Average/Median SOLD Price/DOM: 
                                                            CYTD 2004: 38,320/$290,700/$237,500/79 
                                                            CYTD 2003: 34,269/$278,400/$230,000/80 
                                                            CY 2003: 36,475/$279,300/$230,000/91 
                                                            CY 2002: 36,132/$268,800/$222,000/61 
                                                            CY 2001: 36,389/$257,200/$214,500/44 

                                                            NOVEMBER 2004: 
                                                            HOMES FOR SALE... 
                                                            Homes/Average/Median LIST Price: 
                                                            NOVEMBER 2004: 17,865/$368,200/$250,000 
                                                            October 2004: 18,424/$368,600/$254,500 
                                                            September 2004: 19,162/$367,000/$254,200 

                                                            HOME SALES... 
                                                            Homes/Average/Median SALE Price/DOM: 
                                                            NOVEMBER 2004: 2,622/$292,900/$235,000/82 
                                                            October 2004: 2,956/$291,100/$238,000/81 
                                                            September 2004: 3,122/$290,100/$235,500/77 
                                                            --------------------------- 
                                                            November 2003: 2,512/$273,500/$228,000/82 
                                                            November 2002: 2,509/$268,400/$220,000/71 
                                                            November 2001: 2,685/$255,200/$210,000/53 
                                                            ******************************* 

                                                            CONDOS/TOWNHOMES: 
                                                            CY RECAP-HOMES SOLD! 
                                                            Homes/Average/Median SALE Price/DOM: 

                                                            CYTD 2004: 10,703/$180,600/$157,000/103 
                                                            CYTD 2003: 10,541/$175,100/$154,000/95 
                                                            CY 2003: 11,089/$175,500/$154,500/98 
                                                            CY 2002: 11,701/$172,700/$149,900/74 
                                                            CY 2001: 12,009/$161,130/$142,000/46 

                                                            NOVEMBER 2004: 
                                                            HOMES FOR SALE... 
                                                            Homes/Average/Median LIST Price: 
                                                            NOVEMBER 2004: 7,057/$203,800/$155,000 
                                                            October 2004: 7,272/$203,300/$155,000 
                                                            September 2004: 7,421/$200,900/$154,900 

                                                            HOME SALES... 
                                                            Homes/Average/Median SALE Price/DOM: 
                                                            NOVEMBER 2004: 734/$178,600/$155,000/99 
                                                            October 2004: 787/$182,200/$155,200/98 
                                                            September 2004: 879/$176,900/$156,800/105 
                                                            --------------------------- 
                                                            November 2003: 779/$172,600/$155,000/96 
                                                            November 2002: 872/$174,600/$151,000/71 
                                                            November 2001: 826/$171,500/$145,000/62 

                                                            Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                            WWW.DICKSTEPHENSON.COM 




                                                             
                                                            DENVER MARKET INFO...
                                                            OCTOBER 1 - 31, 2004
                                                            $8.2 Billion FOR SALE!...$1.0 Billion SOLD!

                                                            SINGLE FAMILY DETACHED HOMES...

                                                            • 18,424 FOR SALE: Average/Median LIST Price-$368,600/$254,500 ($25,000-$22,000,000)
                                                            • 2,956 SOLD: Average/Median SALES Price-$291,100/$238,000 ($47,000-$2,686,922)
                                                            • Average Days on Market: 81; Average Price/SF: $163

                                                            CONDOS/TOWNHOMES...

                                                            • 7,272 FOR SALE: Average/Median LIST Price-$203,300/$155,000 ($19,900-$3,400,000)
                                                            • 787 SOLD: Average/Median SALES Price-$182,200/$155,200 ($27,500-$2,384,000)
                                                            • Average Days on Market: 98; Average Price/SF: $154

                                                            • (Source: Denver Metrolist, 11/5/2004)

                                                               



                                                              OCTOBER 2004: 

                                                              DENVER REAL ESTATE MARKET: 
                                                              A Season for Thanks: 
                                                              Sellers and Buyers 
                                                              Home for the Holidays... 
                                                              The number of homes sold (45,385) to-date during 2004 is only 1,200 below the total number of sales for all of 2003!! Prices continue to slowly rise and inventory continued to decline (down 3,000 from last summer's record high), despite the seasonal decrease in sales. Average Time on Market remained near 3 months. (See year-to-date and month-to-month detail comparisons below.) Interest rates remained near 6 month lows, but may be poised to rise as economic trends improve. (See the Rate Trends Chart for more info.) 

                                                              INVENTORY of resale homes ended the month at 25,700, DOWN 900 from 26,600 last month, but 800 more than 24,900 in October 2003. 
                                                              YEAR & MONTH-TO-DATE RECAP: 
                                                              CY 2004 YTD: 45,385 HOMES SOLD! 
                                                              CY 2003 YTD: 41,507 HOMES SOLD! 
                                                              OCTOBER 2004: 3,743 SOLD 
                                                              September 2004: 4,001 SOLD 
                                                              August 2004: 4,550 SOLD! 
                                                              ------------------- 
                                                              October 2003: 4,109 SOLD 
                                                              October 2002: 3,981 SOLD 
                                                              October 2001: 3,391 SOLD 

                                                              SINGLE FAMILY HOMES: 
                                                              CY RECAP-HOMES SOLD! 
                                                              Homes/Average/Median SOLD Price/DOM: 
                                                              CYTD 2004: 35,491/$290,500/$237,900/79 
                                                              CYTD 2003: 31,757/$278,800/$230,000/80 
                                                              CY 2003: 36,475/$279,300/$230,000/91 
                                                              CY 2002: 36,132/$268,800/$222,000/61 
                                                              CY 2001: 36,389/$257,200/$214,500/44 

                                                              OCTOBER 2004: 
                                                              HOMES FOR SALE... 
                                                              Homes/Average/Median LIST Price: 
                                                              OCTOBER 2004: 18,424/$368,600/$254,500 
                                                              September 2004: 19,162/$367,000/$254,200 
                                                              August 2004: 19,944/$364,700/$254,900 

                                                              HOME SALES... 
                                                              Homes/Average/Median SALE Price/DOM: 
                                                              OCTOBER 2004: 2,956/$291,100/$238,000/81 
                                                              September 2004: 3,122/$290,100/$235,500/77 
                                                              August 2004: 3,543/$300,200/$243,500/72 
                                                              --------------------------- 
                                                              October 2003: 3,103/$277,600/$229,000/81 
                                                              October 2002: 2,962/$270,500/$222,000/67 
                                                              October 2001: 2,560/$256,400/$211,000/48 
                                                              ******************************* 

                                                              CONDOS/TOWNHOMES: 
                                                              CY RECAP-HOMES SOLD! 
                                                              Homes/Average/Median SALE Price/DOM: 

                                                              CYTD 2004: 9,894/$180,500/$157,000/103 
                                                              CYTD 2003: 9,750/$175,100/$154,000/95 
                                                              CY 2003: 11,089/$175,500/$154,500/98 
                                                              CY 2002: 11,701/$172,700/$149,900/74 
                                                              CY 2001: 12,009/$161,130/$142,000/46 

                                                              OCTOBER 2004: 
                                                              HOMES FOR SALE... 
                                                              Homes/Average/Median LIST Price: 
                                                              OCTOBER 2004: 7,272/$203,300/$155,000 
                                                              September 2004: 7,421/$200,900/$154,900 
                                                              August 2004: 7,703/$200,400/$154,900 

                                                              HOME SALES... 
                                                              Homes/Average/Median SALE Price/DOM: 
                                                              OCTOBER 2004: 787/$182,200/$155,200/98 
                                                              September 2004: 879/$176,900/$156,800/105 
                                                              August 2004: 1,007/$184,200/$159,500/96 
                                                              --------------------------- 
                                                              October 2003: 1,006/$182,900/$155,000/97 
                                                              October 2002: 919/$175,900/$151,000/75 
                                                              October 2001: 831/$163,500/$146,500/56 

                                                              Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                              WWW.DICKSTEPHENSON.COM 



                                                               
                                                              DENVER MARKET INFO...
                                                              SEPTEMBER 1 - 30, 2004
                                                              $8.5 Billion FOR SALE!...$1.1 Billion SOLD!

                                                              SINGLE FAMILY DETACHED HOMES...

                                                              • 19,162 FOR SALE: Average/Median LIST Price-$367,000/$254,200 ($27,000-$22,000,000)
                                                              • 3,122 SOLD: Average/Median SALES Price-$290,100/$235,500 ($25,000-$3,650,000)
                                                              • Average Days on Market: 77; Average Price/SF: $164

                                                              CONDOS/TOWNHOMES...

                                                              • 7,421 FOR SALE: Average/Median LIST Price-$200,900/$154,900 ($15,675-$3,400,000)
                                                              • 879 SOLD: Average/Median SALES Price-$176,900/$156,800 ($39,000-$2,050,000)
                                                              • Average Days on Market: 105; Average Price/SF: $149

                                                              • (Source: Denver Metrolist, 10/5/2004)

                                                                 



                                                                SEPTEMBER 2004: 

                                                                DENVER REAL ESTATE MARKET: 
                                                                As the Season Changes... 
                                                                so does the home market with fewer homes for sale and sold at lower average prices than the summer months, but still higher than a year ago. Time on Market increased slightly. (See year-to-date and month-to-month detail comparisons below.) Interest rates crept downward during September to 6 month lows, but started upward this week to the 5.75-6.00% range (See the Rate Trends Chart for more info.) 

                                                                INVENTORY of resale homes ended the month at 26,600, DOWN from 27,600 last month but still UP compared to 25,800 in September 2003. 
                                                                YEAR & MONTH-TO-DATE RECAP: 
                                                                CY 2004 YTD: 40,620 HOMES SOLD! 
                                                                CY 2003 YTD: 37,398 HOMES SOLD! 
                                                                SEPTEMBER 2004: 4,001 SOLD 
                                                                August 2004: 4,550 SOLD! 
                                                                July 2004: 4,779 
                                                                ------------------- 
                                                                September 2003: 4,384 SOLD 
                                                                September 2002: 3,980 SOLD 
                                                                September 2001: 3,834 SOLD 

                                                                SINGLE FAMILY HOMES: 
                                                                CY RECAP-HOMES SOLD! 
                                                                Homes/Average/Median SOLD Price/DOM: 
                                                                CYTD 2004: 31,763/$291,000/$238,000/79 
                                                                CYTD 2003: 28,653/$278,900/$230,900/80 
                                                                CY 2003: 36,475/$279,300/$230,000/91 
                                                                CY 2002: 36,132/$268,800/$222,000/61 
                                                                CY 2001: 36,389/$257,200/$214,500/44 

                                                                SEPTEMBER 2004: 
                                                                HOMES FOR SALE... 
                                                                Homes/Average/Median LIST Price: 
                                                                SEPTEMBER 2004: 19,162/$367,000/$254,200 
                                                                August 2004: 19,944/$364,700/$254,900 
                                                                July 2004: 20,152/$364,300/$254,900 
                                                                HOME SALES... 
                                                                Homes/Average/Median SALE Price/DOM: 
                                                                SEPTEMBER 2004: 3,122/$290,100/$235,500/77 
                                                                August 2004: 3,543/$300,200/$243,500/72 
                                                                July 2004: 3,761/$295,900/$240,000/71 
                                                                --------------------------- 
                                                                September 2003: 3,392/$282,500/$232,500/75 
                                                                September 2002: 3,003/$268,500/$223,900/60 
                                                                September 2001: 2,878/$252,500/$211,700/44 
                                                                ******************************* 

                                                                CONDOS/TOWNHOMES: 
                                                                CY RECAP-HOMES SOLD! 
                                                                Homes/Average/Median SALE Price/DOM: 

                                                                CYTD 2004: 8,857/$180,200/$157,000/103 
                                                                CYTD 2003: 8,745/$174,300/$154,000/94 
                                                                CY 2003: 11,089/$175,500/$154,500/98 
                                                                CY 2002: 11,701/$172,700/$149,900/74 
                                                                CY 2001: 12,009/$161,130/$142,000/46 

                                                                SEPTEMBER 2004: 
                                                                HOMES FOR SALE... 
                                                                Homes/Average/Median LIST Price: 
                                                                SEPTEMBER 2004: 7,421/$200,900/$154,900 
                                                                August 2004: 7,703/$200,400/$154,900 
                                                                July 2004: 7,809/$200,800/$155,000 
                                                                HOME SALES... 
                                                                Homes/Average/Median SALE Price/DOM: 
                                                                SEPTEMBER 2004: 879/$176,900/$156,800/105 
                                                                August 2004: 1,007/$184,200/$159,500/96 
                                                                July 2004: 1,018/$177,200/$155,900/94 
                                                                --------------------------- 
                                                                September 2003: 992/$173,100/$155,000/86 
                                                                September 2002: 977/$169,900/$151,000/73 
                                                                September 2001: 956/$159,200/$143,000/47 

                                                                Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                WWW.DICKSTEPHENSON.COM 




                                                                 
                                                                DENVER MARKET INFO...
                                                                AUGUST 1 - 31, 2004
                                                                $8.8 Billion FOR SALE!...$1.2 Billion SOLD!

                                                                SINGLE FAMILY DETACHED HOMES...

                                                                • 19,944 FOR SALE: Average/Median LIST Price-$364,700/$254,900 ($27,000-$22,000,000)
                                                                • 3,537 SOLD: Average/Median SALES Price-$300,100/$243,400 ($19,000-$4,762,800)
                                                                • Average Days on Market: 72; Average Price/SF: $165

                                                                CONDOS/TOWNHOMES...

                                                                • 7,703 FOR SALE: Average/Median LIST Price-$200,400/$154,900 ($29,500-$3,400,000)
                                                                • 1,006 SOLD: Average/Median SALES Price-$184,300/$159,700 ($36,900-$2,200,000)
                                                                • Average Days on Market: 96; Average Price/SF: $154

                                                                • (Source: Denver Metrolist, 9/4/2004)

                                                                   



                                                                  AUGUST 2004: 

                                                                  DENVER REAL ESTATE MARKET: 
                                                                  SCHOOL DAYS! SCHOOLS DAYS! 
                                                                  Anymore "Golden Rule Days"???? 

                                                                  The Summer Has Passed... 
                                                                  and so has Home Market Peak!! 
                                                                  Fewer sales than June & July and last August, but inventory inched down from record highs. Average sales prices are up about 6% over a year ago and the median price is up 3-4%. The average sales price for single family detached homes for the month topped $300,000! Time on Market increased slightly. Interest rates held near historic lows with the 30 year fixed interest rate in the 5.75-6.00% range (See the Rate Trends Chart for more info.) 

                                                                  INVENTORY of resale homes ended the month at 27,600, DOWN compared the last few months, but still UP 1,300 compared to 26,300 in August 2003. 
                                                                  YEAR & MONTH-TO-DATE RECAP: 
                                                                  CY 2004 YTD: 36,019 HOMES SOLD! 
                                                                  4,550 SOLD in AUGUST 2004 
                                                                  4,779 SOLD in July 2004 
                                                                  5,281 SOLD in June 2004 
                                                                  ------------------- 
                                                                  5,155 SOLD in August 2003 
                                                                  4,566 SOLD in August 2002 
                                                                  4,689 SOLD in August 2001 

                                                                  SINGLE FAMILY HOMES: 
                                                                  CY RECAP-HOMES SOLD! 
                                                                  Homes/Average/Median SOLD Price/DOM: 
                                                                  CYTD 2004: 28,169/$291,100/$238,000/79 
                                                                  CY 2003: 36,475/$279,300/$230,000/91 
                                                                  CY 2002: 36,132/$268,800/$222,000/61 
                                                                  CY 2001: 36,389/$257,200/$214,500/44 

                                                                  AUGUST 2004: 
                                                                  HOMES FOR SALE... 
                                                                  Homes/Average/Median LIST Price: 
                                                                  AUGUST 2004: 19,944/$364,700/$254,900 
                                                                  July 2004: 20,152/$364,300/$254,900 
                                                                  June 2004: 20,188/$364,300/$254,900 
                                                                  HOME SALES... 
                                                                  Homes/Average/Median SALE Price/DOM: 
                                                                  AUGUST 2004: 3,543/$300,200/$243,500/72 
                                                                  July 2004: 3,761/$295,900/$240,000/71 
                                                                  June 2004: 4,174/$301,200/$245,000/69 
                                                                  --------------------------- 
                                                                  August 2003: 3,947/$285,600/$235,000/75 
                                                                  August 2002: 3,431/$274,800/$223,900/58 
                                                                  August 2001: 3,499/$263,200/$218,000/44 
                                                                  ******************************* 

                                                                  CONDOS/TOWNHOMES: 
                                                                  CY RECAP-HOMES SOLD! 
                                                                  Homes/Average/Median SALE Price/DOM: 

                                                                  CYTD 2004: 7,850/$180,200/$156,800/99 
                                                                  CY 2003: 11,089/$175,500/$154,500/98 
                                                                  CY 2002: 11,701/$172,700/$149,900/74 
                                                                  CY 2001: 12,009/$161,130/$142,000/46 

                                                                  AUGUST 2004: 
                                                                  HOMES FOR SALE... 
                                                                  Homes/Average/Median LIST Price: 
                                                                  AUGUST 2004: 7,703/$200,400/$154,900 
                                                                  July 2004: 7,809/$200,800/$155,000 
                                                                  June 2004: 7,665/$199,100/$154,900 
                                                                  HOME SALES... 
                                                                  Homes/Average/Median SALE Price/DOM: 
                                                                  AUGUST 2004: 1,007/$184,200/$159,500/96 
                                                                  July 2004: 1,018/$177,200/$155,900/94 
                                                                  June 2004: 1,107/$177,900/$156,000/93 
                                                                  --------------------------- 
                                                                  August 2003: 1,208/$175,300/$156,000/95 
                                                                  August 2002: 1,135/$168,100/$150,000/76 
                                                                  August 2001: 1,190/$158,300/$143,000/44 

                                                                  Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                  WWW.DICKSTEPHENSON.COM 



                                                                   
                                                                  DENVER MARKET INFO...
                                                                  JULY 1 - 31, 2004
                                                                  $8.9 Billion FOR SALE!...$1.3 Billion SOLD!

                                                                  SINGLE FAMILY DETACHED HOMES...

                                                                  • 20,152 FOR SALE: Average/Median LIST Price-$364,300/$254,900 ($27,000-$22,000,000)
                                                                  • 3,761 SOLD: Average/Median SALES Price-$295,900/$240,000 ($30,000-$4,825,000)
                                                                  • Average Days on Market: 71; Average Price/SF: $164

                                                                  CONDOS/TOWNHOMES...

                                                                  • 7,809 FOR SALE: Average/Median LIST Price-$200,800/$155,000 ($31,900-$3,400,000)
                                                                  • 1,018 SOLD: Average/Median SALES Price-$177,200/$156,000 ($29,000-$1,450,000)
                                                                  • Average Days on Market: 94; Average Price/SF: $149

                                                                  • (Source: Denver Metrolist, 8/6/2004)

                                                                     



                                                                    July 2004- 

                                                                    DENVER REAL ESTATE MARKET: 
                                                                    WHEN LESS IS MORE... 
                                                                    "MORE OR LESS"!!! 

                                                                    The "Dog Days" of summer...Like the rain in July, fewer sales than June, but more than the last three years! Inventory inched up to new record highs, sale prices leveled compared to June and were slightly higher (2-3%) than a year ago. Time on Market increased slightly. Interest rates held near historic lows with the 30 year fixed interest rate in the 5.75-6.00% range, and dipped under 6% the first week of August!! 

                                                                    INVENTORY of resale homes rose above 28,000 and ended the month near 28,000, UP 200 from June & May ending inventory and UP 1,300 compared to 26,700 in July 2003. 
                                                                    YEAR & MONTH-TO-DATE RECAP: 
                                                                    CY 2004 YTD: 30,878 HOMES SOLD! 
                                                                    4,779 SOLD in JULY 2004 
                                                                    5,281 SOLD in June 2004 
                                                                    4,738 SOLD in May 2004 
                                                                    4,109 SOLD in July 2003 
                                                                    4,423 SOLD in July 2002 
                                                                    4,683 SOLD in July 2001 

                                                                    SINGLE FAMILY HOMES: 
                                                                    CY RECAP-HOMES SOLD! 
                                                                    Homes/Average/Median SOLD Price/DOM: 
                                                                    CYTD 2004: 24,178/$289,500/$236,800/80 
                                                                    CY 2003: 36,475/$279,300/$230,000/91 
                                                                    CY 2002: 36,132/$268,800/$222,000/61 
                                                                    CY 2001: 36,389/$257,200/$214,500/44 

                                                                    JULY 2004: 
                                                                    HOMES FOR SALE... 
                                                                    Homes/Average/Median LIST Price: 
                                                                    JULY 2004: 20,152/$364,300/$254,900 
                                                                    June 2004: 20,188/$364,300/$254,900 
                                                                    May 2004: 20,216/$362,600/$255,000 
                                                                    HOME SALES... 
                                                                    Homes/Average/Median SALE Price/DOM: 
                                                                    JULY 2004: 3,761/$295,900/$240,000/71 
                                                                    June 2004: 4,174/$301,200/$245,000/69 
                                                                    May 2004: 3,728/$291,500/$243,400/75 
                                                                    --------------------------- 
                                                                    July 2003: 3,975/$288,900/$239,900/76 
                                                                    July 2002: 3,380/$272,200/$223,500/58 
                                                                    July 2001: 3,510/$266,500/$219,400/40 


                                                                    CONDOS/TOWNHOMES: 
                                                                    CY RECAP-HOMES SOLD! 
                                                                    Homes/Average/Median SALE Price/DOM: 

                                                                    CYTD 2004: 6,700/$180,000/$156,500/100 
                                                                    CY 2003: 11,089/$175,500/$154,500/98 
                                                                    CY 2002: 11,701/$172,700/$149,900/74 
                                                                    CY 2001: 12,009/$161,130/$142,000/46 

                                                                    JULY 2004: 
                                                                    HOMES FOR SALE... 
                                                                    Homes/Average/Median LIST Price: 
                                                                    JULY 2004: 7,809/$200,800/$155,000 
                                                                    June 2004: 7,665/$199,100/$154,900 
                                                                    May 2004: 7,567/$198,600/$154,900 
                                                                    HOME SALES... 
                                                                    Homes/Average/Median SALE Price/DOM: 
                                                                    JULY 2004: 1,018/$177,200/$155,900/94 
                                                                    June 2004: 1,107/$177,900/$156,000/93 
                                                                    May 2004: 1,010/$178,600/$156,200/94 
                                                                    --------------------------- 
                                                                    July 2003: 1,134/$173,000/$156,500/94 
                                                                    July 2002: 1,043/$170,100/$150,000/69 
                                                                    July 2001: 1,173/$159,300/$141,500/43 

                                                                    Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                    WWW.DICKSTEPHENSON.COM 





                                                                     
                                                                    DENVER MARKET INFO...
                                                                    JUNE 1 - 30, 2004
                                                                    $8.9 Billion FOR SALE!...$1.4 Billion SOLD!

                                                                    SINGLE FAMILY DETACHED HOMES...

                                                                    • 20,188 FOR SALE: Average/Median LIST Price-$364,300/$255,000 ($19,000-$22,000,000)
                                                                    • 4,174 SOLD: Average/Median SALES Price-$301,200/$245,000 ($45,000-$3,000,000)
                                                                    • Average Days on Market: 69; Average Price/SF: $166

                                                                    CONDOS/TOWNHOMES...

                                                                    • 7,665 FOR SALE: Average/Median LIST Price-$199,100/$154,900 ($32,000-$3,400,000)
                                                                    • 1,107 SOLD: Average/Median SALES Price-$177,900/$156,000 ($30,000-$1,450,000)
                                                                    • Average Days on Market: 93; Average Price/SF: $150

                                                                    • (Source: Denver Metrolist, 7/8/2004)

                                                                       



                                                                      JUNE 2004- 

                                                                      DENVER REAL ESTATE MARKET: 

                                                                      HOT HOME MARKET DURING A "COOL" JUNE!! 
                                                                      PRUDENTIAL COLORADO REAL ESTATE Acquires Cherry Creek Realtors! 
                                                                      Despite the cool damp weather and slightly rising interest rates, the market continued improving. Inventory stabilized! Higher Sales Prices & More Sales! Less Time on Market! Interest rates held near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range, and even dipped a bit below 6% after the "Fed" raised the Prime Rate!! 

                                                                      INVENTORY of resale homes rose above 28,000 but ended the month at 27,800 equal to the end of May and up compared to 26,500 in June 2003. 
                                                                      YEAR & MONTH-TO-DATE RECAP: 
                                                                      CY 2004 YTD: 22,673 HOMES SOLD! 
                                                                      5,281 SOLD in June 2004 
                                                                      4,738 SOLD in May 2004 
                                                                      4,544 SOLD in June 2003 
                                                                      4,551 SOLD in June 2002 
                                                                      5,117 SOLD in June 2001 

                                                                      SINGLE FAMILY HOMES: 
                                                                      CY RECAP-HOMES SOLD! 
                                                                      Homes/Average/Median SOLD Price/DOM: 
                                                                      CYTD 2004: 20,103/$288,500/$235,000/82 
                                                                      CY 2003: 36,475/$279,300/$230,000/91 
                                                                      CY 2002: 36,132/$268,800/$222,000/61 
                                                                      CY 2001: 36,389/$257,200/$214,500/44 

                                                                      JUNE 2004: 
                                                                      HOMES FOR SALE... 
                                                                      Homes/Average/Median LIST Price: 
                                                                      JUNE 2004: 20,188/$364,300/$254,900 
                                                                      May 2004: 20,216/$362,600/$255,000 
                                                                      April 2004: 19,436/$361,500/$255,900 
                                                                      HOME SALES... 
                                                                      Homes/Average/Median SALE Price/DOM: 
                                                                      JUNE 2004: 4,174/$301,200/$245,000/69 
                                                                      May 2004: 3,728/$291,500/$243,400/75 
                                                                      June 2003: 3,784/$283,00/$236,700/78 
                                                                      June 2002: 3,466/$275,400/$226,000/53 
                                                                      June 2001: 3,923/$265,900/$219,900/39 


                                                                      CONDOS/TOWNHOMES: 
                                                                      CY RECAP-HOMES SOLD! 
                                                                      Homes/Average/Median SALE Price/DOM: 

                                                                      CYTD 2004: 5,570/$180,100/$156,900/100 
                                                                      CY 2003: 11,089/$175,500/$154,500/98 
                                                                      CY 2002: 11,701/$172,700/$149,900/74 
                                                                      CY 2001: 12,009/$161,130/$142,000/46 

                                                                      JUNE 2004: 
                                                                      HOMES FOR SALE... 
                                                                      Homes/Average/Median LIST Price: 
                                                                      JUNE 2004: 7,665/$199,100/$154,900 
                                                                      May 2004: 7,567/$198,600/$154,900 
                                                                      April 2004: 7,392/$201,700/$154,900 
                                                                      HOME SALES... 
                                                                      Homes/Average/Median SALE Price/DOM: 
                                                                      JUNE 2004: 1,107/$177,900/$156,000/93 
                                                                      May 2004: 1,010/$178,600/$156,200/94 
                                                                      April 2004: 948/$184,300/$158,500/101 
                                                                      June 2003: 1,160/$174,200/$153,000/94 
                                                                      June 2002: 1,085/$168,800/$150,000/60 
                                                                      June 2001: 1,194/$161,500/$144,500/39 

                                                                      Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                      WWW.DICKSTEPHENSON.COM

                                                                       
                                                                      DENVER MARKET INFO...
                                                                      MAY 1 - 31, 2004
                                                                      $8.8 Billion FOR SALE!...$1.3 Billion SOLD!

                                                                      Single Family Detached Homes...

                                                                      • 20,216 Homes FOR SALE: Average/Median LIST Price-$362,700/$255,000 ($24,950-$22,000,000)
                                                                      • 3,728 Homes SOLD: Average/Median SALES Price-$291,500/$243,400 ($50,000-$3,500,000)
                                                                      • Average Days on Market: 75; Average Price/SF: $162

                                                                      Condos/Townhomes...

                                                                      • 7,567 Homes FOR SALE: Average/Median LIST Price-$198,600/$154,900 ($29,000-$3,250,000)
                                                                      • 1,010 Homes SOLD: Average/Median SALES Price-$178,600/$156,200 ($36,900-$1,475,000)
                                                                      • Average Days on Market: 94; Average Price/SF: $150

                                                                      • (Source: Denver Metrolist, 6/8/2004)

                                                                         



                                                                        MAY 2004- 

                                                                        DENVER REAL ESTATE MARKET: 

                                                                        LIKE MAY FLOWERS, THE HOME MARKET BLOOMED! 
                                                                        The market continued it's seasonal growth: More Choices! More Sales! Less Time on Market! Interest rates held near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range, but...! 

                                                                        INVENTORY of resale homes at the end of May rose to 27,800 compared to 26,800 last month and 26,300 in May 2003. 
                                                                        YEAR & MONTH-TO-DATE RECAP: 
                                                                        CY 2004 YTD: 20,011 HOMES SOLD! 
                                                                        4,738 SOLD in May 2004 
                                                                        4,629 SOLD in May 2003 
                                                                        4,910 SOLD in May 2002 
                                                                        4,951 SOLD in May 2001 

                                                                        SINGLE FAMILY HOMES: 
                                                                        CY RECAP-HOMES SOLD! 
                                                                        Homes/Average/Median SOLD Price/DOM: 
                                                                        CYTD 2004: 15,627/$285,400/$234,000/85 
                                                                        CY 2003: 36,475/$279,300/$230,000/91 
                                                                        CY 2002: 36,132/$268,800/$222,000/61 
                                                                        CY 2001: 36,389/$257,200/$214,500/44 

                                                                        MAY 2004: 
                                                                        HOMES FOR SALE... 
                                                                        Homes/Average/Median LIST Price: 
                                                                        MAY 2004: 20,216/$362,600/$255,000 
                                                                        April 2004: 19,436/$361,500/$255,900 
                                                                        March 2004: 18,482/$358,700/$252,900 
                                                                        HOME SALES... 
                                                                        Homes/Average/Median SALE Price/DOM: 
                                                                        MAY 2004: 3,728/$291,500/$243,400/75 
                                                                        April 2004: 3,650/$291,900/$235,000/84 
                                                                        May 2003: 3,541/$275,800/$230,000/81 
                                                                        May 2002: 3,776/$268,100/$222,700/55 
                                                                        May 2001: 3,793/$256,100/$216,000/39 
                                                                        (Continued, page 2) 
                                                                        MAY 2004(cont)- 

                                                                        DENVER REAL ESTATE MARKET: 
                                                                        CONDOS/TOWNHOMES: 
                                                                        CY RECAP-HOMES SOLD! 
                                                                        Homes/Average/Median SALE Price/DOM: 

                                                                        CYTD 2004: 4,384/$180,400/$156,800/101 
                                                                        CY 2003: 11,089/$175,500/$154,500/98 
                                                                        CY 2002: 11,701/$172,700/$149,900/74 
                                                                        CY 2001: 12,009/$161,130/$142,000/46 

                                                                        MAY 2004: 
                                                                        HOMES FOR SALE... 
                                                                        Homes/Average/Median LIST Price: 
                                                                        MAY 2004: 7,567/$198,600/$154,900 
                                                                        April 2004: 7,392/$201,700/$154,900 
                                                                        March 2004: 7,023/$204,000/$156,500 
                                                                        HOME SALES... 
                                                                        Homes/Average/Median SALE Price/DOM: 
                                                                        MAY 2004: 1,010/$178,600/$156,200/94 
                                                                        April 2004: 948/$184,300/$158,500/101 
                                                                        May 2003: 1,088/$175,800/$150,400/91 
                                                                        May 2002: 1,134/$169,900/$149,400/62 
                                                                        May 2001: 1,158/$163,600/$143,000/38 

                                                                        Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                        WWW.DICKSTEPHENSON.COM 





                                                                         
                                                                        DENVER MARKET INFO...
                                                                        APRIL 1 - 30, 2004
                                                                        $8.5 Billion FOR SALE!...$1.2 Billion SOLD!

                                                                        Single Family Detached Homes...

                                                                        • 19,436 Homes FOR SALE: Average/Median LIST Price-$361,500/$255,900 ($24,950-$22,000,000)
                                                                        • 3,650 Homes SOLD: Average/Median SALES Price-$291,900/$235,000 ($17,935-$7,000,000)
                                                                        • Average Days on Market: 84; Average Price/SF: $165

                                                                        Condos/Townhomes...

                                                                        • 7,392 Homes FOR SALE: Average/Median LIST Price-$201,700/$155,000 ($32,000-$2,950,000)
                                                                        • 948 Homes SOLD: Average/Median SALES Price-$184,300/$158,500 ($40,000-$2,495,000)
                                                                        • Average Days on Market: 101; Average Price/SF: $152

                                                                        • (Source: Denver Metrolist, 5/13/2004)

                                                                           



                                                                          APRIL 2004- 

                                                                          DENVER MARKETPLACE: 

                                                                          UP! UP! & AWAY..! 
                                                                          The market continued it's upward trend across the board as Spring (Summer?) arrived with positive economic news. 
                                                                          The number of homes for sale, prices, number of sales and sale prices are all UP! Time on market declined slightly as buyers (and sellers) entered the market in the face of rising interest rates. Interest rates rose to the highest level in 9 months, are still near historic lows with the 30 year fixed interest rate in the 6.00-6.25% range! 

                                                                          INVENTORY of resale homes at the end of April stood at 26,800 compared to 25,500 last month and 25,600 in April 2003. 
                                                                          YEAR & MONTH-TO-DATE RECAP: 
                                                                          CY 2004 YTD: 14,895 HOMES SOLD! 
                                                                          4,598 SOLD in April 2004 
                                                                          4,416 SOLD in March 2004 
                                                                          3,800 SOLD in April 2003 
                                                                          4,472 SOLD in April 2002 
                                                                          4,425 SOLD in April 2001 

                                                                          SINGLE FAMILY HOMES: 
                                                                          CY RECAP-HOMES SOLD! 
                                                                          Homes/Average/Median SOLD Price/DOM: 
                                                                          CYTD 2004: 11,622/$283,400/$230,000/89 
                                                                          CY 2003: 36,475/$279,300/$230,000/91 
                                                                          CY 2002: 36,132/$268,800/$222,000/61 
                                                                          CY 2001: 36,389/$257,200/$214,500/44 

                                                                          APRIL 2004: 
                                                                          HOMES FOR SALE... 
                                                                          Homes/Average/Median LIST Price: 
                                                                          APRIL 2004: 19,436/$361,500/$255,900 
                                                                          March 2004: 18,482/$358,700/$252,900 
                                                                          February 2004: 17,062/$357,700/$250,000 
                                                                          January 2004: 16,306/$355,800/$250,000 
                                                                          HOME SALES... 
                                                                          Homes/Average/Median SALE Price/DOM: 
                                                                          APRIL 2004: 3,650/$291,900/$235,000/84 
                                                                          March 2004: 3,423/$282,300/$232,500/87 
                                                                          April 2003: 2,930/$275,100/$227,000/83 
                                                                          April 2002: 3,396/$265,700/$220,800/57 
                                                                          April 2001: 3,317/$251,800/$211,500/42 

                                                                          CONDOS/TOWNHOMES: 
                                                                          CY RECAP-HOMES SOLD! 
                                                                          Homes/Average/Median SALE Price/DOM: 

                                                                          CYTD 2004: 3,273/$177,500/$156,400/103 
                                                                          CY 2003: 11,089/$175,500/$154,500/98 
                                                                          CY 2002: 11,701/$172,700/$149,900/74 
                                                                          CY 2001: 12,009/$161,130/$142,000/46 

                                                                          APRIL 2004: 
                                                                          HOMES FOR SALE... 
                                                                          Homes/Average/Median LIST Price: 
                                                                          APRIL 2004: 7,392/$201,700/$154,900 
                                                                          March 2004: 7,023/$204,000/$156,500 
                                                                          February 2004: 6,562/$202,300/$157,000 
                                                                          January 2004: 6,338/$204,200/$158,500 
                                                                          HOME SALES... 
                                                                          Homes/Average/Median SALE Price/DOM: 
                                                                          APRIL 2004: 948/$184,300/$158,500/101 
                                                                          March 2004: 993/$177,800/$157,200/101 
                                                                          April 2003: 870/$173,200/$153,000/94 
                                                                          April 2002: 1,103/$168,400/$145,000/67 
                                                                          April 2001: 1,108/$158,300/$139,000/36 

                                                                          Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                          WWW.DICKSTEPHENSON.COM 



                                                                           
                                                                          DENVER MARKET INFO...
                                                                          MARCH 1 - 31, 2004
                                                                          $8.0 Billion FOR SALE!...$1.1 Billion SOLD!

                                                                          Single Family Detached Homes...

                                                                          • 18,481 Homes FOR SALE: Average/Median LIST Price-$358,700/$252,900 ($22,500-$22,000,000)
                                                                          • 3,423 Homes SOLD: Average/Median SALES Price-$282,300/$232,500 ($30,000-$2,539,700)
                                                                          • Average Days on Market: 87; Average Price/SF: $159

                                                                          Condos/Townhomes...

                                                                          • 7,023 Homes FOR SALE: Average/Median LIST Price-$204,000/$156,500 ($32,260-$3,300,000)
                                                                          • 993 Homes SOLD: Average/Median SALES Price-$177,800/$157,200 ($27,421-$2,400,000)
                                                                          • Average Days on Market: 101; Average Price/SF: $149

                                                                          • (Source: Denver Metrolist, 5/13/2004)

                                                                             



                                                                            MARCH 2004- 

                                                                            DENVER MARKETPLACE: 

                                                                            AN EARLY SPRING... 
                                                                            BRINGS A "FLOWERING" HOME MARKET!!! 
                                                                            The temperature (and gas prices) are up, plants are blooming and...so is the home market as we enter the peak Spring/Summer market period. 
                                                                            The number of homes for sale, asking prices, number of sales and sale prices are all UP! Time on market is DOWN by about 1 week. Interest rates stayed near 40-year lows: The 30 year fixed interest rate drifted DOWN during the month, staying below 6.0%, but was moving slightly UPWARD at month-end! 

                                                                            INVENTORY of resale homes at the end of March stood at 25,500, compared to 23,600 last month and 24,500 in March 2003. 
                                                                            YEAR & MONTH-TO-DATE RECAP: 
                                                                            CY 2004 YTD: 9,424 HOMES SOLD! 
                                                                            3,987 SOLD in March 2004 
                                                                            2,940 SOLD in February 2004 
                                                                            2,497 SOLD in January 2004 
                                                                            3,604 SOLD in March 2003 
                                                                            4,050 SOLD in March 2002 

                                                                            SINGLE FAMILY HOMES: 
                                                                            CY RECAP-HOMES SOLD! 
                                                                            Homes/Average/Median SOLD Price/DOM: 
                                                                            CYTD 2004: 7,604/$279,000/$229,900/91 
                                                                            CY 2003: 36,475/$279,300/$230,000/91 
                                                                            CY 2002: 36,132/$268,800/$222,000/61 
                                                                            CY 2001: 36,389/$257,200/$214,500/44 

                                                                            MARCH 2004: 
                                                                            HOMES FOR SALE... 
                                                                            Homes/Average/Median LIST Price: 
                                                                            MARCH 2004: 18,482/$358,700/$252,900 
                                                                            February 2004: 17,062/$357,700/$250,000 
                                                                            January 2004: 16,306/$355,800/$250,000 
                                                                            HOME SALES... 
                                                                            Homes/Average/Median SALE Price/DOM: 
                                                                            MARCH 2004: 3,092/$280,700/$232,600/87 
                                                                            February 04: 2,277/$271,300/$227,000/94 
                                                                            January 04: 1,942/$286,400/$225,000/92 
                                                                            March 2003: 2,746/$270,700/$226,500/86 
                                                                            March 2002: 3,041/$264,900/$218,300/64 

                                                                            CONDOS/TOWNHOMES: 
                                                                            CY RECAP-HOMES SOLD! 
                                                                            Homes/Average/Median SALE Price/DOM: 

                                                                            CYTD 2004: 2,200/$177,500/$155,000/103 
                                                                            CY 2003: 11,089/$175,500/$154,500/98 
                                                                            CY 2002: 11,701/$172,700/$149,900/74 
                                                                            CY 2001: 12,009/$161,130/$142,000/46 

                                                                            MARCH 2004: 
                                                                            HOMES FOR SALE... 
                                                                            Homes/Average/Median LIST Price: 
                                                                            MARCH 2004: 7,023/$204,000/$156,500 
                                                                            February 2004: 6,562/$202,300/$157,000 
                                                                            January 2004: 6,338/$204,200/$158,500 
                                                                            HOME SALES... 
                                                                            Homes/Average/Median SALE Price/DOM: 
                                                                            MARCH 2004: 895/$177,800/$157,200/98 
                                                                            February 04: 663/$175,700/$154,000/105 
                                                                            January 04: 555/$181,800/$154,000/107 
                                                                            March 2003: 860/$174,100/$153,000/102 
                                                                            March 2002: 1,009/$171,500/$148,500/75 

                                                                            Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                            WWW.DICKSTEPHENSON.COM 




                                                                             
                                                                            DENVER MARKET INFO...
                                                                            FEBRUARY 1 - 29, 2004
                                                                            $7.4 Billion FOR SALE!...$764 Million SOLD!

                                                                            Single Family Detached Homes...

                                                                            • 17,063 Homes FOR SALE: Average/Median LIST Price-$357,800/$250,000 ($22,500-$22,000,000)
                                                                            • 2,377 Homes SOLD: Average/Median SALES Price-$270,900/$227,000 ($32,000-$3,400,000)
                                                                            • Average Days on Market: 94; Average Price/SF: $153

                                                                            Condos/Townhomes...

                                                                            • 6,561 Homes FOR SALE: Average/Median LIST Price-$202,300/$157,500 ($32,260-$3,300,000)
                                                                            • 690 Homes SOLD: Average/Median SALES Price-$173,800/$154,000 ($29,000-$1,725,000)
                                                                            • Average Days on Market: 107; Average Price/SF: $146

                                                                            • (Source: Denver Metrolist, 3/15/2004)

                                                                               



                                                                              FEBRUARY 2004- 

                                                                              DENVER MARKETPLACE: 

                                                                              Inventory and number of homes sold were both UP, but average sales price was DOWN, compared to January. Interest rates stayed near 40 year record lows! 

                                                                              The 30 year fixed interest rate drifted DOWN during the month, staying below 6.0%. 

                                                                              INVENTORY of resale homes at the end of February stood at 23,600, UP 1,000 compared to 22,600 last month and 100 higher than the 23,500 in February 2003. 
                                                                              YEAR & MONTH-TO-DATE RECAP: 
                                                                              5,442 HOMES SOLD IN 2004! 
                                                                              47,554 HOMES SOLD IN 2003! 
                                                                              47,833 HOMES SOLD IN 2002! 
                                                                              48,394 HOMES SOLD IN 2001! 
                                                                              2,940 SOLD in February 2004 
                                                                              2,497 SOLD in January 2004 
                                                                              3,241 SOLD in December 2003 
                                                                              2,990 SOLD in February 2003 
                                                                              2,456 SOLD in February 2002 

                                                                              SINGLE FAMILY HOMES: 
                                                                              CY RECAP-HOMES SOLD! 
                                                                              Homes/Average/Median SOLD Price/DOM: 
                                                                              CY 2004: 4,220/$278,400/$226,000/94 
                                                                              CY 2003: 36,475/$279,300/$230,000/91 
                                                                              CY 2002: 36,132/$268,800/$222,000/61 
                                                                              CY 2001: 36,389/$257,200/$214,500/44 

                                                                              FEBRUARY 2004: 
                                                                              HOMES FOR SALE... 
                                                                              Homes/Average/Median LIST Price: 
                                                                              FEBRUARY 2004: 17,062/$357,700/$250,000 
                                                                              January 2004: 16,306/$355,800/$250,000 
                                                                              December 2003: 14,731/$361,300/$249,900 
                                                                              HOME SALES... 
                                                                              Homes/Average/Median SALE Price/DOM: 
                                                                              FEBRUARY 2004: 2,277/$271,300/$227,000/94 
                                                                              January 2004: 1,942/$286,400/$225,000/92 
                                                                              December 2003: 2,540/$286,700/$229,900/92 
                                                                              February 2003: 2,277/$265,600/$222,000/87 
                                                                              February 2002: 2,571/$262,600/$218,000/64 

                                                                              CONDOS/TOWNHOMES: 
                                                                              CY RECAP-HOMES SOLD! 
                                                                              Homes/Average/Median SALE Price/DOM: 

                                                                              CY 2004: 1,222/$176,700/$154,000/105 
                                                                              CY 2003: 11,089/$175,500/$154,500/98 
                                                                              CY 2002: 11,701/$172,700/$149,900/74 
                                                                              CY 2001: 12,009/$161,130/$142,000/46 

                                                                              FEBRUARY 2004: 
                                                                              HOMES FOR SALE... 
                                                                              Homes/Average/Median LIST Price: 
                                                                              FEBRUARY 2004: 6,562/$202,300/$157,000 
                                                                              January 2004: 6,338/$204,200/$158,500 
                                                                              December 2003: 5,751/$204,500/$158,500 
                                                                              HOME SALES... 
                                                                              Homes/Average/Median SALE Price/DOM: 
                                                                              FEBRUARY 2004: 663/$175,700/$154,000/105 
                                                                              January 2004: 555/$181,800/$154,000/107 
                                                                              December 2003: 701/$183,600/$159,900/103 
                                                                              February 2003: 713/$175,600/$152,000/101 
                                                                              February 2002: 885/$167,400/$142,800/77 

                                                                              Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                              WWW.DICKSTEPHENSON.COM 

                                                                               
                                                                              DENVER MARKET INFO...
                                                                              JANUARY 1 - 31, 2004
                                                                              $7.1 Billion FOR SALE!...$657 Million SOLD!)

                                                                              Single Family Detached Homes...

                                                                              • 16,306 Homes FOR SALE: Average/Median LIST Price-$355,800/$250,000 ($22,500-$12,000,000)
                                                                              • 1,942 Homes SOLD: Average/Median SALES Price-$286,400/$225,000 ($53,000-$4,096,475)
                                                                              • Average Days on Market: 92; Average Price/SF: $159

                                                                              Condos/Townhomes...

                                                                              • 6,338 Homes FOR SALE: Average/Median LIST Price-$204,200/$158,500 ($32,260-$3,000,000)
                                                                              • 555 Homes SOLD: Average/Median SALES Price-$181,800/$154,000 ($39,950-$977,000)
                                                                              • Average Days on Market: 107; Average Price/SF: $153

                                                                              • (Source: Denver Metrolist, 2/22/2004)

                                                                                DENVER MARKETPLACE 

                                                                                JANUARY 2004: 

                                                                                HAPPY 2004!!! 
                                                                                The new year began with the inventory of homes for sale once again rising, prices stabilizing, sales slowing and interest rates staying near 40 year record lows! 

                                                                                The 30 year fixed rate loan interest rate drifted DOWN during the month, staying in the 5.25-6.0% range... 

                                                                                INVENTORY of resale homes at the end of January INCREASED FOR THE FIRST TIME IN 6 MONTHS since the July 2003 record high of 26,700, to 22,600 from 20,200 in December, but just 500 higher than the 22,100 in January 2003. 
                                                                                YEAR & MONTH-TO-DATE RECAP: 
                                                                                2,324 HOMES SOLD IN 2004! 
                                                                                47,554 HOMES SOLD IN 2003! 
                                                                                47,833 HOMES SOLD IN 2002! 
                                                                                48,394 HOMES SOLD IN 2001! 
                                                                                2,324 SOLD in January 2004 
                                                                                3,241 SOLD in December 2003 
                                                                                2,942 SOLD in November 2003 
                                                                                2,762 SOLD in January 2003 
                                                                                2,995 SOLD in January 2002 

                                                                                SINGLE FAMILY HOMES: 
                                                                                CY RECAP-HOMES SOLD! 
                                                                                Homes/Average/Median Sale Price/DOM: 
                                                                                CY 2004: 1,807/$285,700/$225,000/92 
                                                                                CY 2003: 36,475/$279,300/$230,000/91 
                                                                                CY 2002: 36,132/$268,800/$222,000/61 
                                                                                CY 2001: 36,389/$257,200/$214,500/44 

                                                                                JANUARY 2004: 
                                                                                HOMES FOR SALE... 
                                                                                Homes/Average/Median LIST Price: 
                                                                                January 2004: 16,306/$355,800/$250,000 
                                                                                December 2003: 14,731/$361,300/$249,900 
                                                                                November 2003: 16,642/$357,500/$250,000 
                                                                                HOME SALES... 
                                                                                Homes/Average/Median SALE Price/DOM: 
                                                                                JANUARY 2004: 1,807/$285,700/$225,000/92 
                                                                                December 2003: 2,540/$286,700/$229,900/92 
                                                                                November 2003: 2,255/$273,700/$227,800/83 
                                                                                January 2003: 2,052/$269,000/$223,700/85 
                                                                                January 2002: 2,202/$260,300/$215,000/67 

                                                                                CONDOS/TOWNHOMES: 
                                                                                CY RECAP-HOMES SOLD! 
                                                                                Homes/Average/Median SALE Price/DOM: 

                                                                                CY 2004: 522/$182,100/$154,900/107 
                                                                                CY 2003: 11,089/$175,500/$154,500/98 
                                                                                CY 2002: 11,701/$172,700/$149,900/74 
                                                                                CY 2001: 12,009/$161,130/$142,000/46 

                                                                                JANUARY 2004: 
                                                                                HOMES FOR SALE... 
                                                                                Homes/Average/Median LIST Price: 
                                                                                JANUARY 2004: 6,338/$204,200/$158,500 
                                                                                December 2003: 5,751/$204,500/$158,500 
                                                                                November 2003: 6,349/$204,600/$157,000 
                                                                                HOME SALES... 
                                                                                Homes/Average/Median SALE Price/DOM: 
                                                                                JANUARY 2004: 522/$182,100/$154,900/107 
                                                                                December 2003: 701/$183,600/$159,900/103 
                                                                                November2003: 687/$173,700/$155,000/94 
                                                                                January 2003: 710/$174,700/$154,000/110 
                                                                                January 2002: 793/$193,300/$152,000/88 

                                                                                Contact Dick or see more detailed info and year-to-date Denver Market information @ 
                                                                                WWW.DICKSTEPHENSON.COM 

Dick Stephenson

Dick Stephenson
Equity Colorado Real Estate
Denver, CO 80111

303-669-5727
Contact Me

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