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12 MONTH PERSPECTIVE JULY 2017 12 MONTH PERSPECTIVE 12 MONTH PERSPECTIVE JULY 2017

THE ASPEN REPORT© DEFINITIVE ASPEN ANALYSES FOR A GLOBAL MARKET

JULY 2017

WHAT'S INSIDE general activity 2 3 4 5 6 7 8

monthly general market activity - YTD report monthly general market activity - quarterly comparative monthly general market activity - month comparative monthly general market activity - YTD + pending median price report sales discounting report inventory report

luxury activity 10 current luxury property report

communities 13 current aspen general activity report 15 current snowmass village general activity report 18 current basalt general activity report

property types

12 MONTHS - 17% FEWER SELLERS. 14% MORE BUYERS. 15% MORE SPENT. YTD - 17% FEWER SELLERS. 38% MORE BUYERS. 77% MORE SPENT.

21 28 34 38 39

single family home market distribution condominium/townhome market distribution single family lot market distribution resort market index quarterly sales, volume, and price trendlines


ytd market activity

with and without luxury properties

YTD performance, at 7/31 ##

with Viceroy* without Viceroy*

2017 YTD including Luxury Properties (over $7.5M) SALES

TOTAL VALLEY (incl. rural) Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

Change

Change

$/SF

324 38% 14% $861,508,524 77% 15%

666

-17%

164 80 74 10 72 48 21 3 68 32 26 10 9%

306 85 181 40 220 131 77 12 140 42 71 27

-24%

$942 * $1,330 $1,264 $1,401 N/A $680 $618 $820 N/A $355 $380 $325 N/A

86%

16%

33% 289% 11% 11% 26% -9% -25% -1% -9% -4% 43%

7% 31% 0% 19% 42% -7% -50% 5% 5% -4% 56%

$ VOLUME

Change

INVENTORY

YTD 12-mo

$664,124,879 $131,566,608 $486,837,771 $45,720,500 $134,484,017 $46,266,517 $76,242,500 $11,975,000 $41,135,128 $16,844,828 $22,482,300 $1,808,000

YTD 12-mo 136% 14% 6% 303% 22% -5% 20% -20% 46% -12% -11% -15% 47%

-6% 19% 48% 4% 49% -13% 12% 4% 9% 1% -20%

-37% -19% -15% -17% -26% 5% -25% 9% 56% 4% -21%

Change YTD

12-mo

14%

4%

0%

0%

-5% 4%

-1% 0%

-9% -4% -11%

-3% 4% -6%

7% 14% -1%

12% 14% 8%

TOTAL VALLEY (incl. rural) Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

$4,049,542 $1,644,583 $6,578,889 $4,572,050 $1,867,834 $963,886 $3,630,595 $3,991,667 $604,928 $526,401 $864,704 $180,800

Change YTD 12-mo

DISCOUNT ORIG.

LIST

Change 12-mo

28%

0%

10.1%

6.3% -0.1

26%

-1%

10.5%

-20% 3% 10% -14% -5% -12% 95% -11% -2% -12% 3%

-12% -9% 48% -13% 5% -6% 125% -1% 4% 5% -49%

7.8% 13.0% 13.8% 11.9% 10.1% 14.9% 19.1% 5.7% 2.4% 6.7% 14.1%

6.7% 5.0% 7.9% 12.2% 7.2% 5.8% 8.8% 19.1% 4.1% 2.2% 3.9% 10.9%

-0.4 -0.1 -0.5 0.5 -0.2 0.0 -0.2 1.8 0.0 0.0 0.0 -0.5

* note how much the inclusion of luxury sales (only 9% of activity) distorts average sold prices from averages below…by 58% in Aspen

2017 YTD General Market (excluding Luxury Properties over $7.5M) SALES

AVG SOLD PRICE $2,658,977*

Change YTD 12-mo

Change YTD 12-mo

Change

297 35% 15% $528,943,753 54% 19%

531

-19%

$847 *

10%

5%

140 79 52 9 69 48 19 2 68 32 26 10

201 75 90 36 194 131 53 10 136 42 69 25

-30%

$1,212 $1,256 $1,146 N/A $651 $618 $735 N/A $355 $380 $325 N/A with Viceroy*

-4%

0%

-1%

2%

-9%

-3%

18%

36%

9%

373% 44% 13%

-13%

13%

23%

26%

42%

0%

3%

-50% -67% -1%

5%

-9%

5%

-4%

-4%

43%

56%

$358,360,108 $123,866,608 $210,773,000 $23,720,500 $107,684,017 $46,266,517 $58,492,500 $2,925,000 $41,135,128 $16,844,828 $22,482,300 $1,808,000

110% 20% 23%

13%

395% 35% -13% -31% 0%

20%

20%

49%

-5%

15%

-64% -73% -12%

4%

-11%

9%

-15%

1%

47%

-20%

-38% -27% -14% -20% -26% -2% -17% 7% 56% 5% -26%

$/SF

Change YTD 12-mo

INVENTORY

82%

$ VOLUME

58%

-7%

4%

-4%

4%

-8%

7%

7%

12%

14%

14%

-1%

8%

AVG SOLD PRICE $1,780,955* $2,559,715 $1,567,932 $4,053,327 $2,635,611 $1,560,638 $963,886 $3,078,553 $1,462,500 $604,928 $526,401 $864,704 $180,800

14%

DISCOUNT ORIG. LIST 6.7% 6.2% 3%

16%

2%

10.7%

-9%

4%

7.9%

5%

Change YTD 12-mo

-7%

14.0%

-23% -21%

15.4%

-12%

-2%

11.6%

-5%

5%

10.1%

-5%

12%

15.1%

-29% -18%

14.8%

-11%

-1%

5.7%

-2%

4%

2.4%

-12%

5%

6.7%

3%

-49%

14.1%

6.6% 5.0% 7.8% 13.6% 6.9% 5.8% 8.8% 14.8% 4.1% 2.2% 3.9% 10.9%

Change 12-mo

0.0 0.0 0.1 -0.1 -0.2 0.0 0.0 0.1 -0.1 0.0 0.0 0.0 -0.5

Highlighting reflects notable changes. For even more detail, including neighborhood-specific statistics, check our current activity report on the Resources tab on our website aspensnowmassproperties.com .

##

ytd market activity Copyright © 2017

2


quarterly general market activity

excludes luxury properties

(excludes luxury property)

due to distortion of averages 7/31/2017

Q3

Q2

number sold

2017

what are the BUBBLES? A CONDENSED VISUAL QUARTERLY SYNOPSIS

SIZE = volume HEIGHT = activity

Aspen C Condominiums/Townhomes on Si Single Family Homes ng Si Land ng Snowmass Village C Condominiums/Townhomes on Si Single Family Homes ng Si Land ng Basalt C Condominiums/Townhomes on Si Single Family Homes ng Si Land ng

Q1

Q4

Q3

Q2

Q1

135

148

95

139

128

96

86

54.2%

61 38 18 5 27 18 8 1 47 23 21 3

75 44 28 3 35 22 12 1 38 15 16 7

50 26 20 4 29 22 6 1 16 12 2 2

54 28 22 4 38 31 7 0 47 29 17 1

54 38 14 2 31 18 13 0 43 26 14 3

33 23 5 5 28 17 10 1 35 19 13 3

34 27 6 1 29 19 7 3 23 11 8 4

127.3% 91.3% 460.0% -40.0% 25.0% 29.4% 20.0% 0.0% 8.6% -21.1% 23.1% 133.3%

Q2 2017 change

2017 Q3 thru Jul+Pending

TOTAL

Farm/Ranch

Farm/Ranch

Aspen C Condominiums/Townhomes on Si Single Family Homes ng Si Land ng Snowmass Village C Condominiums/Townhomes on Si Single Family Homes ng Si Land ng Basalt C Condominiums/Townhomes on Si Single Family Homes ng Si Land ng

$244,745,623 $166,109,000 $81,858,500 $71,640,000 $12,610,500 $35,886,623 $19,486,623 $14,850,000 $1,550,000 $42,750,000 $12,019,500 $30,146,000 $584,500

2016

Q2

Q1

Q4

Q3

Q2

Q1

$265,721,958

$188,181,170

$217,429,816

$213,848,880

$159,950,984

$126,959,630

66.1%

$80,439,700 $47,541,500 $17,698,200 $15,200,000 $56,154,000 $18,701,500 $36,415,000 $1,037,500 $23,357,284 $10,164,000 $12,726,784 $466,500

$65,077,000 $35,844,500 $24,840,000 $4,392,500 $45,401,875 $18,389,875 $19,847,000 $7,165,000 $16,480,755 $5,825,200 $9,891,555 $764,000

130.4% 39.5% 539.5% -61.7% 6.5% 0.3% 8.3% 54.2% -11.8% -21.1% -10.6% 160.8%

$185,301,158 $66,304,158 $113,177,000 $5,820,000 $59,809,500 $18,754,500 $39,455,000 $1,600,000 $20,611,300 $8,019,500 $11,375,300 $1,216,500

$137,838,950 $45,493,950 $79,010,000 $13,335,000 $41,327,892 $22,765,392 $17,237,500 $1,325,000 $9,014,328 $6,592,328 $1,895,000 $527,000

$132,870,000 $43,357,000 $79,388,000 $10,125,000 $47,915,200 $24,935,200 $22,980,000 $0 $36,644,616 $16,434,741 $20,014,875 $195,000

$130,442,250 $70,298,250 $52,344,000 $7,800,000 $55,290,600 $13,524,600 $41,766,000 $0 $28,116,030 $12,328,350 $15,121,180 $666,500

NOTE: 1st Qtr 2016 represents approximately 90% of expected 1st quarter production at the time of this writing.

average $/sf TOTAL Aspen C Condominiums/Townhomes on Si Single Family Homes ng Snowmass Village C Condominiums/Townhomes on Si Single Family Homes ng Basalt C Condominiums/Townhomes on Si Single Family Homes ng

Q2 2017 change

NOTE: 1st Qtr 2016 represents approximately 90% of expected 1st quarter production at the time of this writing.

sales volume

Farm/Ranch

2016

Q2

Q3 thru Jul+Pending TOTAL

(reported separately)

Q1

2017

2016

Q3 thru Jul

Q2

Q1

Q4

Q3

Q2

Q1

Q2 2017 change

$815

$855

$917

$733

$813

$755

$843

13.1%

$1,304 $1,413 $1,059 $599 $637 $447 $410 $407 $411

$1,163 $1,234 $1,050 $678 $619 $788 $332 $395 $274

$1,264 $1,239 $1,297 $628 $615 $677 $356 $351 $386

$1,099 $1,170 $1,008 $649 $613 $806 $405 $436 $352

$1,229 $1,227 $1,233 $698 $630 $791 $362 $335 $413

$1,295 $1,314 $1,209 $707 $628 $840 $324 $307 $350

$1,239 $1,225 $1,299 $699 $668 $784 $354 $377 $323

-10.2% -6.1% -13.1% -4.0% -1.5% -6.2% 2.4% 28.5% -21.6%

quarterly general market activity (excludes luxury property)

Copyright Š 2017

3


monthly general market activity

july

Farm/Ranch Activity

2016

34

25

change 36.0%

15 9 4 2 5 4 1 0 14 5 8 1

10 8 0 2 4 2 2 0 11 5 6 0

50.0% 12.5% N/A 0.0% 25.0% 100.0% -50.0% N/A 27.3% 0.0% 33.3% N/A

2017

2016

Aspen C C ondominiums/Townhomes o S S Single Family Homes i S S Land i Farm/Ranch Snowmass Village S CCondominiums/Townhomes n C S Single Family Homes o S S Land i Single FamilyBasalt Lot F CCondominiums/Townhomes a B S Single Family Homes a C S Land o

prices

average $/sf

Avg $/sf

TOTAL Aspen

2017

2016

change

$815

$708

15.1%

$1,304 $1,413 $1,059

$1,294 $1,294 $0

0.8% 9.2% N/A

$599 $637 $447

$619 $560 $677

-3.2% 13.6% -33.9%

$410 $407 $411

$315 $346 $290

29.9% 17.7% 41.8%

TOTAL Aspen CCondominiums/Townhomes S Single Family Homes Land

Snowmass Village CCondominiums/Townhomes S Single Family Homes Land

Basalt CCondominiums/Townhomes S Single Family Homes Land

2017

2016

$53,276,125

$38,107,500

change 39.8%

$35,220,000 $12,068,500 $18,586,000 $4,565,500 $6,546,625 $4,746,625 $1,800,000 $0 $11,509,500 $2,233,000 $9,212,000 $64,500

$24,767,500 $16,967,500 $0 $7,800,000 $6,471,000 $1,400,000 $5,071,000 $0 $6,869,000 $2,886,000 $3,983,000 $0

42.2% -28.9% N/A -41.5% 1.2% 239.0% -64.5% N/A 67.6% -22.6% 131.3% N/A

2017

2017

total sales volume

Volume

average sold prices

2017

2016

change

$1,566,945

$1,524,300

2.8%

$2,348,000 $1,340,944 $4,646,500 $2,282,750 $1,309,325 $1,186,656 $1,800,000 $0 $822,107 $446,600 $1,151,500 $64,500

$2,476,750 $2,120,938 #DIV/0! $3,900,000 $1,617,750 $700,000 $2,535,500 $0 $624,455 $577,200 $663,833 $0

-5.2% -36.8% #DIV/0! -41.5% -19.1% 69.5% -29.0% N/A 31.7% -22.6% 73.5% N/A

2017

2017

2016

Farm/Ranch

(reported separately)

2016

7

number sold

Farm/Ranch

Jul 7

2016

july 2017 compared with july 2016 Jul

excludes luxury properties due to distortion of averages

Avg Pr.

monthly general market activity Copyright Š 2017

4

july 2017 compared with july 2016


ytd overall market activity

includes luxury properties

all YTD sales and pending sales, at 7/31/17

jul jul

A

P

7

7

7/2/1905

Though less illuminating or predictive in the early-year shorter time spans, this is the most current indicator of relative market activity

number sold/pending

2017 YTD

2016 YTD

Listed

Pending

2017 Sold

Sold + Pending

Sold + Pending

change

TOTAL (incl. Rural)

674

117

324

441

330

33.6%

Aspen Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land Snowmass Village Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land Basalt Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land

311 87 183 41 220 131 77 12 143 42 69 32

61 36 22 3 23 14 8 1 33 18 13 2

164 80 74 10 72 48 21 3 68 32 26 10

225 116 96 13 95 62 29 4 101 50 39 12

130 88 32 10 84 49 31 4 103 59 36 8

2017 YTD

2016 YTD

dollar volume TOTAL (incl. Rural) Aspen Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land Snowmass Village Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land Basalt Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land

Listed

Pending

2017 Sold

Sold + Pending

Sold + Pending

$3,368,755,176

$395,664,498

$861,508,524

$1,257,173,022

$678,937,847

$2,506,537,998 $303,687,500 $1,973,080,998 $229,769,500 $675,745,199 $152,102,699 $463,073,500 $60,569,000 $186,471,979 $28,543,180 $112,991,400 $44,937,399

$325,134,000 $152,335,000 $164,754,000 $8,045,000 $39,289,998 $14,739,998 $23,000,000 $1,550,000 $31,240,500 $9,786,500 $20,934,000 $520,000

$664,124,879 $131,566,608 $486,837,771 $45,720,500 $134,484,017 $46,266,517 $76,242,500 $11,975,000 $41,135,128 $16,844,828 $22,482,300 $1,808,000

$989,258,879 $283,901,608 $651,591,771 $53,765,500 $173,774,015 $61,006,515 $99,242,500 $13,525,000 $72,375,628 $26,631,328 $43,416,300 $2,328,000

$426,042,143 $205,956,500 $180,894,143 $39,191,500 $170,311,375 $46,173,875 $115,935,000 $8,202,500 $65,032,829 $30,660,990 $32,856,339 $1,515,500

73.1% 31.8% 200.0% 30.0% 13.1% 26.5% -6.5% 0.0% -1.9% -15.3% 8.3% 50.0%

change 85.2% 132.2% 37.8% 260.2% 37.2% 2.0% 32.1% -14.4% 64.9% 11.3% -13.1% 32.1% 53.6%

ytd overall market activity Copyright Š 2017

5

all YTD sales and pending sales, at 7/31/17


annual changes in median sales prices

excludes luxury properties due to distortion of medians (reported separately)

as of 7/31 of each year

changes in median sales prices (an equal number of sales closed below these prices as above) 2017 YTD 1 Yr Chg 2016 1 Yr Chg 2015 1 Yr Chg 2014 1 Yr Chg Aspen Condominiums/Townhomes Single Family Homes Single Family Lots Snowmass Village Condominiums/Townhomes Single Family Homes Single Family Lots Basalt Condominiums/Townhomes Single Family Homes Single Family Lots

$1,985,000 $1,123,223 $4,300,000 $1,897,500 $1,100,000 $720,500 $2,550,000 $1,462,500 $492,500 $475,000 $773,000 $216,500

12.6% -8.3% 12.4% -39.3% 5.4% 9.2% -8.8% -24.3% -10.5% 5.6% -11.1% 11.0%

$1,762,500 $1,225,000 $3,824,000 $3,125,000 $1,043,750 $660,000 $2,797,500 $1,932,500 $550,000 $450,000 $870,000 $195,000

-13.0% 16.4% -6.7% -13.2% 11.6% 6.5% 17.0% 64.5% 0.0% 5.3% 12.1% 0.8%

$2,025,000 $1,052,500 $4,100,000 $3,600,000 $935,000 $620,000 $2,391,900 $1,175,000 $550,000 $427,500 $776,000 $193,500

-4.4% -14.8% 9.3% 56.5% -10.5% 5.5% 27.6% -7.3% 10.0% 3.0% 19.8% 7.5%

$2,117,500 $1,235,000 $3,750,000 $2,300,000 $1,044,750 $587,500 $1,874,500 $1,267,500 $500,000 $415,000 $647,500 $180,000

28.3% 23.5% 17.1% -1.1% 58% 15.4% -9.7% -1.2% 20.5% 29.7% 6.3% 2.9%

2013

1 Yr Chg

$1,650,000 $1,000,000 $3,202,500 $2,325,000 $660,000 $509,106 $2,075,000 $1,282,500 $415,000 $320,000 $609,000 $175,000

-10.8% 5.8% -11.0% -3.1% -12.6% -16.5% 2.5% -61.7% 6.4% 25.1% 12.6% 12.9%

2012 $1,850,000 $945,000 $3,600,000 $2,400,000 $755,000 $610,000 $2,025,000 $3,350,000 $390,000 $255,750 $541,000 $155,000

annual changes in median sales prices Copyright Š 2017

6

as of 7/31 of each year

1 Yr Chg

-10.8% -21.3% 3.2% 26.3% -11.2% -17.5% -23.6% 427.6% -7.1% -9.8% -2.1% 33.0%


changes in average discounts

includes luxury properties

average price discounts at 7/31/17

2017

2016

2015

2014

2013

2012

asking vs. selling price discount %

Average Asking vs. Selling Price Discount 15%

Decreasing Sales Discounts

Stabilizing

10% 5% 0% 2012

2013

Aspen

2014

2015

2016

Snowmass Village

Basalt

last 12 mo

2017 YTD

last 12 mo

2016

2015

2014

2013

2012

OVERALL AVERAGE

6.3%

6.3%

6.4%

6.2%

7.1%

8.2%

9.0%

Aspen C Condominiums/Townhomes S Single Family Homes S Land Snowmass Village C Condominiums/Townhomes S Single Family Homes S Land Basalt C Condominiums/Townhomes S Single Family Homes S Land

6.7% 5.0% 7.9% 12.2% 7.2% 5.8% 8.8% 19.1%

6.8% 5.3% 7.9% 11.6% 7.0% 6.2% 8.1% 19.1%

7.1% 5.6% 9.1% 9.3% 7.2% 6.6% 8.3% 8.3%

6.6% 5.0% 8.2% 9.0% 7.6% 7.2% 8.8% 4.5%

7.5% 6.1% 7.5% 16.4% 8.4% 7.5% 8.9% 11.6%

9.2% 7.4% 10.9% 12.8% 8.1% 6.9% 10.1% 18.1%

10.4% 7.9% 11.1% 18.4% 9.8% 9.0% 12.0% 8.2%

4.1% 2.2% 3.9% 10.9%

4.4% 2.1% 5.7% 12.4%

4.7% 2.6% 6.9% 10.9%

4.0% 2.6% 5.5% 10.7%

4.4% 2.5% 5.9% 7.4%

5.8% 3.6% 6.2% 12.3%

5.9% 3.7% 6.4% 16.0%

2016 2015

2014

2013

2012

original vs. selling price discount %

Average Original vs. Selling Price Discount 20%

Decreasing Sales Discounts

Stabilizing

15% 10% 5% 0% 2012

2013

Aspen

2014

2015

Snowmass Village

2016

Basalt

last 12 mo

2017 YTD

last 12 mo

OVERALL AVERAGE

9.8%

10.3%

9.8%

9.2%

10.6%

13.3%

16.2%

Aspen C Condominiums/Townhomes S Single Family Homes S Land Snowmass Village C Condominiums/Townhomes S Single Family Homes S Land Basalt C Condominiums/Townhomes S Single Family Homes S Land

10.5% 7.8% 13.0% 13.8% 11.9% 10.1% 14.9% 19.1% 5.7% 2.4% 6.7% 14.1%

10.9% 8.4% 13.0% 16.3% 11.2% 9.9% 13.7% 19.1% 6.6% 3.1% 9.5% 17.0%

10.5% 8.5% 13.2% 14.0% 11.5% 10.9% 12.6% 13.0% 7.4% 3.8% 11.2% 17.4%

9.8% 7.2% 11.4% 17.9% 11.0% 11.7% 10.5% 4.5% 6.5% 4.1% 8.9% 16.7%

11.1% 9.1% 11.3% 22.7% 13.2% 13.3% 13.4% 12.6% 6.2% 2.6% 9.6% 10.1%

15.3% 12.1% 18.7% 20.7% 12.6% 10.4% 16.4% 31.7% 9.5% 7.7% 9.7% 14.9%

17.8% 14.9% 18.9% 26.5% 19.2% 17.4% 24.8% 8.2% 11.6% 9.9% 11.6% 21.0%

changes in average discounts Copyright Š 2017

7

average price discounts at 7/31/17


changes in inventory as of 7/31

jul

A

P

7

luxury properties separated to better reflect volume

jul

7

2010

listing inventory ALL LISTINGS

jul 2017 jul 2016 change -16.9% 685 824

Luxury Market Condominiums/Townhomes Single Family Homes Land

154 12 127 15

168 13 130 25

-8.3% -7.7% -2.3% -40.0%

GENERAL LISTINGS

531

656

-19.1%

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

201 75 90 36 194 131 53 10 136 42 69 25

286 121 123 42 243 177 54 12 127 27 66 34

-29.7% -38.0% -26.8% -14.3% -20.2% -26.0% -1.9% -16.7% 7.1% 55.6% 4.5% -26.5%

pending inventory ALL PENDING Luxury Market Condominiums/Townhomes Single Family Homes Land

GENERAL PENDING Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

jul 2017 jul 2016 change 24.2% 118 95

ALL LISTINGS

Luxury Market Condominiums/Townhomes Single Family Homes Land

GENERAL LISTINGS Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

$3,623,495,176 $2,394,944,999 $157,582,000 $1,989,512,999 $247,850,000

$1,228,550,177 $688,212,999 $146,105,500 $410,787,999 $131,319,500 $369,815,199 $152,102,699 $189,143,500 $28,569,000 $170,521,979 $28,543,180 $112,991,400 $12,658,400

$4,151,009,823 $2,545,139,998 $156,450,000 $1,952,794,998 $435,895,000

$1,605,869,825 $1,023,004,137 $321,267,000 $549,343,637 $152,393,500 $447,855,395 $216,653,495 $199,987,900 $31,214,000 $135,010,293 $18,163,595 $98,890,398 $14,964,300

pending volume ALL PENDING Luxury Market Condominiums/Townhomes Single Family Homes Land

17 7 10 0

7 5 2 0

142.9% 40.0% 400.0% N/A

101

88

14.8%

GENERAL PENDING

46 29 14 3 22 14 7 1 33 18 13 2

35 23 11 1 19 11 8 0 34 24 9 1

31.4% 26.1% 27.3% 200.0% 15.8% 27.3% -12.5% N/A -2.9% -25.0% 44.4%

Aspen Condominiums/Townhomes Single Family Homes Land Snowmass Village Condominiums/Townhomes Single Family Homes Land Basalt Condominiums/Townhomes Single Family Homes Land

100.0%

listing volume jul 2017 jul 2016

change -12.7% -5.9% 0.7% 1.9% -43.1%

-23.5% -32.7% -54.5% -25.2% -13.8% -17.4% -29.8% -5.4% -8.5% 26.3% 57.1% 14.3% -15.4%

jul 2017

jul 2016

change

$408,164,498

$191,006,290

113.7%

$216,695,000 $82,545,000 $134,150,000 $0

$191,469,498 $130,889,000 $69,790,000 $53,054,000 $8,045,000 $29,339,998 $14,739,998 $13,050,000 $1,550,000 $31,240,500 $9,786,500 $20,934,000 $520,000

$64,995,000 $45,000,000 $19,995,000 $0

$126,011,290 $79,146,000 $37,303,000 $40,044,000 $1,799,000 $28,539,500 $7,682,500 $20,857,000 $0 $18,325,790 $11,785,790 $6,255,000 $285,000

233.4% 83.4% 570.9% N/A

51.9% 65.4% 87.1% 32.5% 347.2% 2.8% 91.9% -37.4% N/A 70.5% -17.0% 234.7% 82.5%

changes in inventory Copyright Š 2017

8

as of 7/31


LUXURY PROPERTY MARKET ACTIVITY July 31, 2017 'Luxury' is defined as property priced over $7.5 million, nearly always limited to single family homes or ranches.

Copyright © 2017

9


current luxury property report 'Luxury' is defined as property priced over $7.5 million, nearly always limited to single family homes or ranches.

Valley Luxury Sales

$2,500

200

$2,000

160

$1,500

120

$1,000

80

$500

40

$0

0

2009

2010

2011

PRICES: Avg $/SF

154

Inventory

Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2014

2015

DEMAND: # of Sales

Avg Sales Price/SF

2016

LAST 12 MO

SUPPLY: Inventory

$2,019 Sales Last 12 Mo 4.7%

-8%

14% from Jul 2016:

from Jul 2016:

168

$1,778

43

$15,551,591

Current Avg. Asking Price/SF:

2017

Number Dollar Volume

2013

from Jul 2016:

Current Avg. Asking Price:

total luxury sales

2012

inventory

$15,551,591 $7,500,000 $50,000,000 394

Average Sold Price: Median Sold Price:

$2,803

$12,746,765 $8,000,000 $27,500,000 490

$12,317,214 $10,675,000

0.9375

pending

at 07/31/2017 at 07/31/2017 154 17 $2,394,944,999 $216,695,000 $2,356

$2,356

45

closed last 12 mo

change

prev 12 mo

45 $541,599,771

5% 8% 14% 3% 0% 2% 0% -2% -26% -0.15 46%

43 $503,350,776

$2,019 $12,035,550 $7,500,000 $30,000,000 $13,478,333 $7,800,000 $36,500,000 9.1% 373

$1,778 $11,705,832 $7,500,000 $29,500,000 $13,522,674 $7,950,000 $49,500,000 10.7% 255

2017 YTD

2016 YTD

2016

2015

27 15 33 $332,564,771 $145,361,943 $354,396,943 $1,967 $12,317,214 $7,600,000 $30,000,000 $13,777,407 $7,800,000 $36,500,000 8.3% 446

$1,699 $9,690,796 $7,500,000 $15,000,000 $11,110,533 $7,975,000 $15,000,000 12.1% 263

$1,913 $10,739,301 $7,500,000 $24,000,000 $12,157,364 $7,975,000 $24,500,000 11.2% 263

2014

2013

48 23 38 $611,035,833 $458,717,886 $320,643,000 $1,806 $12,729,913 $7,500,000 $29,500,000 $15,176,083 $7,500,000 $49,500,000 11.6% 303

$1,578 $12,071,523 $7,500,000 $26,000,000 $13,298,989 $7,750,000 $29,900,000 9.1% 303

$1,746 $13,941,000 $7,500,000 $44,000,000 $15,951,304 $7,595,000 $50,000,000 11.5% 414

current luxury property report Copyright Š 2017

10


current luxury property report aspen Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

snowmass village Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

rural woody creek to missouri heights

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Original Price Avg Ask/Sold Discount Avg Days on Market

inventory

pending

at 07/31/2017

at 07/31/2017

110 15 $1,818,324,999 $194,245,000 $2,659

$16,530,227 $7,500,000 $50,000,000 331

$2,920

$12,949,667 $8,000,000 $27,500,000 517

closed prev 12 mo

39 $485,639,771

37 $450,105,776

$1,899

5% 8% 6%

$1,787

$1,997

$1,779

$12,452,302 $7,500,000 $30,000,000 $13,686,538 $7,800,000 $36,500,000 7.2% 339

2% 0% 2% -2% -2% -26% -0.30 45%

$12,165,021 $7,500,000 $29,500,000 $14,034,459 $7,950,000 $49,500,000 10.3% 234

$12,740,199 $7,600,000 $30,000,000 $14,168,333 $7,800,000 $36,500,000 7.4% 387

$10,146,995 $7,800,000 $15,000,000 $11,600,727 $7,975,000 $15,000,000 11.8% 210

prev 12 mo

2017 YTD

2016 YTD

inventory

pending at 07/31/2017

last 12 mo

change

26 $305,930,000

1 $9,950,000

3 $26,800,000

-50%

$1,650

$1,366

$1,624 $8,933,333 $7,650,000 $10,100,000 $10,650,000 $8,500,000 $12,500,000 15.1% 916

-50% -6% 1% 2% -14% 3% 3% -16% 0.15 136%

last 12 mo

change

503

$9,950,000 $9,950,000 $9,950,000 426

inventory

pending

at 07/31/2017

at 07/31/2017

2016 YTD

change

at 07/31/2017

$11,766,538 $7,500,000 $24,950,000

2017 YTD

last 12 mo

3 $26,800,000

4 $33,745,000

$1,727 $8,874,167 $7,500,000 $11,700,000 $10,366,667 $8,250,000 $14,900,000 13.1% 388

$1,624 $8,933,333 $7,650,000 $10,100,000 $10,650,000 $8,500,000 $12,500,000 15.1% 916

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

prev 12 mo

2017 YTD

0 $0

0 $0

0 $0

$1,339

$2,498

$3,723 $9,720,000 $7,500,000 $13,410,000 $13,600,000 $9,900,000 $17,000,000 $13,833,333 29.8% 269

$0 $0

$0 $0

$0 $0

143

$1,777

$11,211,229 $7,500,000 $24,000,000 $12,359,346 $7,975,000 $24,500,000 9.0% 240

2014

2013

42 19 36 $530,535,833 $441,317,886 $231,912,500 $12,631,806 $7,500,000 $29,500,000 $14,563,262 $7,500,000 $49,500,000 10.4% 295

$1,585

$1,601

$12,258,830 $7,500,000 $26,000,000 $13,485,044 $7,750,000 $29,900,000 8.9% 300

$12,205,921 $7,500,000 $27,000,000 $14,238,684 $7,595,000 $33,500,000 12.4% 392

2016

2015

2014

2013

4 $33,745,000

4 $39,850,000

2 $17,400,000

3 $61,730,500

$1,459 $8,700,000 $8,600,000 $8,800,000 $9,950,000 $9,950,000 $9,950,000 12.6% 356

$1,468 $20,576,833 $8,575,000 $44,000,000 $23,115,000 $9,450,000 $50,000,000 9.6% 692

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

$2,043 $9,962,500 $7,800,000 $12,000,000 $11,036,250 $8,250,000 $14,900,000 8.5% 246

closed

2016 YTD

3 $29,160,000

629

$1,749

6 $53,245,000

1 $12,500,000

$12,500,000 $12,500,000 $12,500,000 $0

2015

closed

18 $270,690,000

$15,038,333 $29,900,000 $7,895,000 $0

2016

24 11 26 $305,764,771 $111,616,943 $291,491,943

$0 $0 $0

$0 $0 $0

$0 $0 $0 0.0% 0

$0 $0 $0

$0 $0 $0 0.0% 0

$0 $0 0.0% 0

2016

2015

2014

2013

3 $29,160,000

2 $40,650,000

0 $0

1 $27,000,000

$0 $0

$5,326 $27,000,000 $27,000,000 $27,000,000 $27,000,000 $27,000,000 $27,000,000 $27,000,000 0.0% 0

$3,723 $9,720,000 $7,500,000 $13,410,000 $13,600,000 $9,900,000 $17,000,000 $13,833,333 27.9% 269

$1,913 $20,325,000 $17,150,000 $23,500,000 $36,325,000 $32,750,000 $39,900,000 $41,125,000 42.6% 573

$0 $0 $0 $0 $0 $0 0.0% 0

current luxury property report Copyright Š 2017

11


GENERAL MARKET ACTIVITY BY COMMUNITY ASPEN · SNOWMASS VILLAGE · BASALT July 31, 2017

Copyright © 2017

12


current aspen general activity report

excludes luxury properties due to distortion of averages

2016

(reported separately)

Aspen Sales $1,500

500

$1,200

400

$900

300

$600

200

$300

100 PRICES: Avg $/SF

SUPPLY: Inventory

DEMAND: # of Sales

$0

0 2006

2007

201

Inventory

Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2012

Avg Sales Price/SF

2013

2014

2015

2016

LAST 12 MO

$1,188 Sales Last 12 Mo

0%

18% from Jul 2016:

286

$1,189

202

pending

Avg Price/SF Avg Price Paid

2011

from Jul 2016:

inventory

Number Dollar Volume

2010

-30%

$3,428,590

(excluding luxury & ranch)

2009

from Jul 2016:

Current Avg. Asking Price:

all general aspen property

2008

at 07/31/2017 at 07/31/2017 201 46 $688,212,999 $130,889,000 $1,371

$1,495

$3,428,590 $425,000 $7,499,500 305

$2,845,413 $575,000 $7,450,000 206

Current Avg. Asking Price/SF:

$1,371

Average Sold Price: Median Sold Price:

238

$2,559,715 $1,985,000

closed last 12 mo

change

prev 12 mo

238 $596,904,858

18% 20% 0% 2% 57% -1% 2% 57% -15% 0.36 25%

202 $498,124,908

$1,188 $2,508,004 $149,000 $7,300,000 $2,717,536 $149,000 $8,295,000 6.7% 292

$1,189 $2,465,965 $95,153 $7,350,000 $2,675,121 $95,153 $9,800,000 6.3% 233

2017 YTD

2016 YTD

2016

2015

2014

2013

269 211 140 77 175 242 $358,360,108 $170,284,200 $408,828,950 $705,093,008 $621,856,020 $479,365,295 $1,212 $2,559,715 $149,000 $7,300,000 $2,782,351 $149,000 $8,295,000 6.6% 279

$1,268 $2,211,483 $100,000 $7,250,000 $2,386,327 $159,000 $7,500,000 6.7% 228

$1,202 $2,336,165 $100,000 $7,300,000 $2,519,952 $159,000 $7,650,000 6.8% 275

$1,165 $2,621,164 $95,153 $7,400,000 $2,822,149 $95,153 $9,800,000 6.0% 279

$1,107 $2,568,801 $107,000 $7,250,000 $2,783,900 $122,500 $7,995,000 7.3% 284

$993 $2,271,873 $108,000 $7,300,000 $2,510,359 $119,000 $8,495,000 8.9% 345

0

Copyright Š 2017

13

current aspen general activity report


current aspen general activity report condominiums/townhomes Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

inventory

$1,531

$1,948,073 $425,000 $7,000,000 230

2016

pending

at 07/31/2017 at 07/31/2017 75 29 $146,105,500 $69,790,000 $1,511

$2,406,552 $575,000 $5,475,000 207

excludes luxury properties due to distortion of averages

closed last 12 mo

ytd chg

prev 12 mo

137 $220,554,358

9% 13% 2%

126 $194,610,268

$1,228 $1,609,886 $149,000 $7,300,000 $1,734,380 $149,000 $7,750,000 5.3% 275

4% 57% 1% 7% 57% 3% 0.22 32%

$1,205 $1,544,526 $95,153 $7,250,000 $1,624,557 $95,153 $7,500,000 5.1% 208

2017 YTD 2016 YTD

2016

2015

2014

2013

155 119 79 58 116 131 $123,866,608 $100,353,500 $197,041,250 $236,849,568 $224,492,326 $167,047,663 $1,256 $1,567,932 $149,000 $6,750,000 $1,702,363 $149,000 $7,750,000 5.0% 243

$1,270 $1,730,233 $100,000 $7,250,000 $1,817,241 $159,000 $7,500,000 5.7% 199

$1,230 $1,698,631 $100,000 $7,300,000 $1,797,616 $159,000 $7,650,000 5.7% 258

$1,152 $1,528,062 $95,153 $7,250,000 $1,612,571 $95,153 $7,495,000 4.9% 251

$1,156 $1,713,682 $107,000 $6,425,000 $1,823,526 $122,500 $6,500,000 6.0% 258

$956 $1,403,762 $108,000 $5,750,000 $1,516,776 $119,000 $5,995,000 7.5% 290

1200.759417

single family homes (excluding luxury)

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

single family lots Number Dollar Volume

inventory

pending

at 07/31/2017

at 07/31/2017

90 14 $410,787,999 $53,054,000 $1,241

$4,564,311 $650,000 $7,495,000

$1,460

$3,789,571 $1,295,000 $7,450,000

283

189

inventory

pending

at 07/31/2017 at 07/31/2017 36 3 $131,319,500 $8,045,000

Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

$3,647,764 $795,000 $7,499,500 527

$2,681,667 $800,000 $4,250,000 279

closed

2017 YTD

2016 YTD

2016

2015

2014

2013

last 12 mo

ytd chg

prev 12 mo

88 $342,505,000

44% 35% -3% -7% 30% -1% -8% 37% -15% -0.23 9%

61 $254,302,140

last 12 mo

ytd chg

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

13 $33,845,500

-13% -31%

15 $49,212,500

9 $23,720,500

8 $27,392,500 N/A

12 $37,517,500

23 $79,732,500

21 $53,464,590

18 $46,135,500

$2,603,500 $260,000 $6,250,000 $2,895,308 $395,000 $6,500,000 12.6% 500

-21% -48% -2% -20% -34% -17% 3.39 54%

$3,280,833 $500,000 $6,400,000 $3,620,333 $595,000 $7,800,000 9.2% 324

$2,635,611 $260,000 $6,250,000 $2,936,000 $395,000 $6,500,000 13.6% 485

$3,424,063 $1,500,000 $6,200,000 $3,749,375 $1,750,000 $7,350,000 8.4% 392

$3,126,458 $1,250,000 $6,200,000 $3,434,167 $1,425,000 $7,350,000 9.1% 439

$2,545,933 $250,000 $7,000,000 $3,007,524 $299,000 $7,500,000 16.4% 365

$2,563,083 $800,000 $5,250,000 $2,925,861 $1,100,000 $5,995,000 12.8% 488

$1,125 $3,892,102 $960,000 $7,300,000 $4,221,869 $1,095,000 $8,295,000 8.0% 288

$1,157 $4,168,888 $740,000 $7,350,000 $4,612,708 $799,000 $9,800,000 8.3% 264

91 74 52 11 47 90 $210,773,000 $42,538,200 $174,270,200 $388,510,940 $343,899,104 $266,182,132 $1,146 $4,053,327 $1,200,000 $7,300,000 $4,396,510 $1,295,000 $8,295,000 7.8% 298

$1,258 $3,867,109 $740,000 $5,500,000 $4,395,655 $799,000 $6,000,000 10.8% 264

$1,134 $3,707,877 $740,000 $7,200,000 $4,069,323 $799,000 $7,400,000 9.0% 272

$1,186 $4,269,351 $750,000 $7,400,000 $4,634,181 $849,000 $9,800,000 7.1% 259

$1,036 $3,821,101 $549,400 $7,250,000 $4,131,443 $549,900 $7,995,000 7.1% 302

$1,054 $3,597,056 $900,000 $7,300,000 $4,007,080 $999,000 $8,495,000 10.2% 397

closed

$3,466,630 $500,000 $6,400,000 $3,804,304 $595,000 $7,800,000 9.1% 549

current aspen general activity report Copyright Š 2017

14


excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report with Viceroy

Snowmass Village Sales

$1,500

240

$900

180

$600

120

$300

60 PRICES: Avg $/SF

2007

188

Inventory

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2009

2010

DEMAND: # of Sales

2011

2012

2013

SUPPLY: Inventory

2014

2015

2016

0

LAST 12 MO

$662 Sales Last 12 Mo

Avg Sales Price/SF

-23%

4%

23%

from Jul 2016:

from Jul 2016:

from Jul 2016:

243

$639

Average Asking Price:

(under $7.5 million)

2008

inventory

$1,906,264

$796

$1,906,264 $74,500 $7,350,000 387

$645

$1,333,636 $299,999 $3,350,000 317

134

109

Current Avg. Asking Price/SF:

$796

Average Sold Price: Median Sold Price:

pending

at 07/31/2017 at 07/31/2017 188 22 $346,970,199 $37,146,998

(reported separately)

300

$1,200

$0

all snowmass vlg property

2016

without Viceroy

$1,560,638 $1,100,000

closed last 12 mo

change

prev 12 mo

134 $204,418,817

23% 20% 4% -2% -20% 7% -3% -34% 8% -0.67 -8%

109 $169,817,775

$662 $1,525,514 $61,114 $6,900,000 $1,648,765 $59,000 $7,500,000 6.8% 348

$639 $1,557,961 $76,500 $6,425,000 $1,697,864 $89,000 $6,950,000 7.5% 378

2017 YTD

2016 YTD

2016

2015

2014

2013

128 155 69 61 126 126 $107,684,017 $108,026,875 $204,761,675 $192,592,213 $171,104,532 $144,150,284 $651 $1,560,638 $61,114 $6,900,000 $1,700,543 $59,000 $7,500,000 6.9% 360

$697 $1,770,932 $225,000 $6,425,000 $1,936,090 $252,000 $6,950,000 7.3% 374

$685 $1,625,093 $78,000 $6,750,000 $1,759,512 $79,500 $6,998,000 7.0% 354

$671 $1,504,627 $76,500 $7,297,500 $1,638,196 $89,000 $8,500,000 7.6% 323

$625 $1,301,118 $64,000 $7,250,000 $1,436,518 $75,000 $8,250,000 8.3% 308

$645 $942,421 $183,500 $4,500,000 $1,047,342 $184,900 $5,250,000 8.0% 288

current snowmass village general activity report Copyright Š 2017

15


excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report single family homes general off-mountain

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market general ski-accessible

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market luxury ski-accessible (over $7.5M)

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market all ski-accessible

Number Dollar Volume Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

inventory

pending

closed

at 07/31/2017 at 07/31/2017 37 7 $108,355,500 $20,857,000 $776 $645 est. $2,678,599 est. $1,705,183

$2,928,527 $1,099,000 $6,500,000

$1,864,286 $1,195,000 $2,875,000

281

176

at 07/31/2017 16 $80,788,000

at 07/31/2017 0 $0

$1,112

$0

$5,049,250 $2,950,000 $7,350,000 217

$0 $0 $0 0

at 07/31/2017 at 07/31/2017 17 0 $179,830,000 $0 $1,681

$0

$10,578,235 $7,500,000 $24,950,000

$0

482

0

$0 $0

at 07/31/2017 at 07/31/2017 33 0 $260,618,000 $0 $1,406

$7,897,515 $2,950,000 $24,950,000 353

$0

$0 $0 $0 0

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

23 $53,120,000

-8% -8% 4% 0% 38% 8% 2% 38% 20% 2.32 19%

25 $57,951,400

12 $26,767,500

11 $26,304,000

22 $52,656,500

24 $57,129,900

26 $48,603,000

19 $35,540,500

$634 $2,318,056 $795,000 $4,790,000 $2,501,560 $795,000 $4,995,000 6.7% 227

$641 $2,230,625 $1,095,000 $4,845,000 $2,449,083 $1,095,000 $5,295,000 8.5% 214

$667 $2,391,273 $1,518,000 $4,650,000 $2,593,727 $1,595,000 $4,895,000 7.9% 196

$672 $2,393,477 $1,262,500 $5,185,000 $2,621,773 $1,399,000 $5,995,000 8.7% 264

$648 $2,380,413 $795,000 $6,375,000 $2,594,917 $795,000 $6,950,000 8.3% 270

$564 $1,869,346 $785,000 $4,500,000 $2,058,765 $849,900 $4,995,000 9.0% 228

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

14 $65,047,500

27% 44% 3% 13% 0% 7% 9% -9% 8% -3.60 -23%

11 $45,119,000

7 $31,725,000

8 $35,029,000

15 $68,351,500

11 $52,681,500

8 $29,510,000

6 $15,146,000

$926 $4,101,727 $2,800,000 $6,425,000 $4,569,545 $3,195,000 $6,950,000 10.0% 587

$897 $4,532,143 $3,200,000 $6,900,000 $5,000,000 $3,495,000 $7,500,000 9.3% 606

$988 $4,378,625 $3,210,000 $6,425,000 $4,860,000 $3,345,000 $6,950,000 9.2% 545

$1,002 $4,556,767 $2,797,500 $6,750,000 $4,893,533 $2,895,000 $6,998,000 6.5% 431

$990 $4,789,227 $2,089,000 $7,297,500 $5,382,273 $2,295,000 $8,500,000 10.1% 343

$832 $3,688,750 $1,899,000 $7,250,000 $4,028,750 $1,995,000 $8,250,000 7.8% 200

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

2 $17,750,000

-60% -57% 10% 7% 2% -5% 3% 3% -15% -2.57 -23%

5 $41,545,000

2 $17,750,000

4 $33,745,000

4 $33,745,000

3 $28,150,000

2 $17,400,000

2 $17,730,500

$1,478 $8,309,000 $7,500,000 $10,595,000 $9,460,000 $8,250,000 $12,900,000 11.5% 407

$1,624 $8,875,000 $7,650,000 $10,100,000 $9,725,000 $8,500,000 $10,950,000 8.9% 313

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

$1,498 $8,436,250 $7,500,000 $10,595,000 $9,762,500 $8,250,000 $12,900,000 13.0% 409

$1,734 $9,383,333 $7,800,000 $12,000,000 $9,748,333 $8,250,000 $12,000,000 4.2% 229

$1,459 $8,700,000 $8,600,000 $8,800,000 $9,950,000 $9,950,000 $9,950,000 12.6% 356

last 12 mo

ytd chg

prev 12 mo

2017 YTD

2016 YTD

2014

2013

16 $82,797,500

0% -4% -5% -4% 0% -5% -9% -9% -15% -3.75 -18%

16 $86,664,000

9 $49,475,000

14 12 19 $68,774,000 $102,096,500 $80,831,500

10 $46,910,000

8 $32,876,500

$1,098 $5,416,500 $2,800,000 $10,595,000 $6,097,813 $3,195,000 $12,900,000 10.4% 531

$1,059 $5,497,222 $3,200,000 $10,100,000 $6,050,000 $3,495,000 $10,950,000 9.2% 541

$1,150 $5,773,679 $2,089,000 $12,000,000 $6,317,857 $2,295,000 $12,000,000 8.8% 318

$957 $4,691,000 $1,899,000 $8,800,000 $5,213,000 $1,995,000 $9,950,000 8.8% 231

$658 $2,309,565 $1,095,000 $5,185,000 $2,545,087 $1,095,000 $5,995,000 9.0% 271

$958 $4,646,250 $2,797,500 $6,900,000 $4,965,929 $2,895,000 $7,500,000 6.4% 454

$1,624 $8,875,000 $7,650,000 $10,100,000 $9,725,000 $8,500,000 $10,950,000 8.9% 313

$1,041 $5,174,844 $2,797,500 $10,100,000 $5,560,813 $2,895,000 $10,950,000 6.7% 436

$1,158 $5,731,167 $3,210,000 $10,595,000 $6,494,167 $3,345,000 $12,900,000 10.5% 500

2016 $1,107 $5,373,500 $2,797,500 $10,595,000 $5,918,579 $2,895,000 $12,900,000 7.9% 427

2015

$572 $1,870,553 $660,000 $4,500,000 $2,050,258 $680,000 $5,250,000 8.2% 339

$630 $2,524,333 $2,100,000 $3,020,000 $3,012,500 $2,495,000 $3,690,000 16.2% 457

$1,356 $8,865,250 $8,575,000 $9,155,500 $9,672,500 $9,450,000 $9,895,000 8.4% 841

$811 $4,109,563 $2,100,000 $9,155,500 $4,677,500 $2,495,000 $9,895,000 14.2% 553

current snowmass village general activity report

Copyright Š 2017

16


excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report condominiums/townhomes general off-mountain

Number Dollar Volume Avg Price/SF Avg Price Paid

inventory

pending

at 07/31/2017 26 $30,220,000

at 07/31/2017 5 $5,371,000

closed

$668

$652

Avg Ask/Sold Discount Avg Days on Market general ski-accessible

$475,000 $2,997,000

410

Avg Price/SF Avg Price Paid

$1,074,200 $470,000 $2,525,000

Avg Ask/Sold Discount Avg Days on Market

single family lots general off-mountain

Number Dollar Volume

2016

2015

2014

2013

30 $27,467,000

20% 20% 1% 0%

25 $22,811,000

13 $15,031,500

18 $18,111,000

35 $30,546,500

24 $20,154,900

28 $23,634,750

39 $32,328,654

$591 $912,440

$655 $1,156,269

$609 $1,006,167

$580 $872,757

$567 $839,788

$549 $844,098

$523 $828,940

$970,967 $445,000 $3,495,000

Number Dollar Volume

$929,671

$881,158

$360,000 $1,795,000

$902,232

$362,500 $3,595,000

$445,000 $3,495,000

$362,500 $3,595,000

$362,500 $3,595,000

$415,000 $3,300,000

$385,000 $1,895,000

$295,000 $2,809,226

$926,179 $315,000 $3,245,000

5.5% 427

5.3% 344

4.9% 296

6.0% 286

7.4% 276

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

65 $55,859,317

42 $33,283,875

35 $31,235,017

20 $20,380,375

50 $45,004,675

63 $55,405,913

46 $39,255,782

83 $53,625,130

$787

$651

$631 $859,374

55% 68% 6% 8%

$597 $792,473

$605 $892,429

$676

$1,019,019

$668 $900,094

$664 $879,459

$657 $853,387

$721 $646,086

$61,114 $3,590,000 $74,500 $3,950,000

393

$1,041,000 $299,999 $3,350,000

481

inventory

pending

at 07/31/2017 4 $5,724,000

at 07/31/2017 1 $1,550,000

$927,623

$1,550,000 $1,550,000 $1,550,000

589

272

at 07/31/2017 0 $0

at 07/31/2017 0 $0

$0 $0 $0

0

$956,914

$1,121,275

$78,000 $3,300,000

$984,580

$76,500 $3,500,000

$944,259

$64,000 $3,750,000

$925,895

$183,500 $3,300,000

$694,687

$59,000 $3,590,000

$252,000 $2,795,000

$79,500 $3,495,000

$89,000 $3,795,000

$75,000 $3,995,000

6.6% 385

-1.95 -3%

8.5% 398

5.8% 380

7.6% 376

7.6% 385

8.1% 365

8.2% 381

6.7% 217

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2014

2013

1 $1,325,000

-67% -57% 30%

3 $3,052,500

1 $1,325,000

2 $2,102,500

2 $2,102,500

5 $5,720,000

12 $12,926,000

6 $6,010,000

$1,017,500

$1,325,000

$1,051,250

$1,051,250

$1,144,000

$1,077,167

$1,001,667

$1,500,000 $1,500,000 $1,500,000

$184,900 $3,600,000

39% 24%

36%

$950,000 $1,065,000

$1,100,000

58% 25%

$1,325,000 $1,325,000

$1,500,000

$1,037,500 $1,065,000

$1,175,000

$950,000 $1,200,000

$1,500,000 $1,500,000

$1,150,000 $1,200,000

$1,037,500 $1,065,000

$1,175,000 $1,150,000 $1,200,000

2015

$950,000 $1,450,000

$1,195,000

$695,000 $1,725,000

$1,225,250

$950,000 $1,450,000

$749,000 $2,495,000

$575,000 $1,400,000

$1,272,167 $750,000 $1,695,000

11.7% 435

4.66 243%

7.0% 127

11.7% 435

10.5% 104

10.5% 104

4.3% 156

9.0% 281

20.3% 547

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

1 $1,600,000

-67% -79% -37%

3 $7,600,000

1 $1,600,000

2 $6,100,000

2 $6,100,000

1 $1,500,000

6 $17,175,000

2 $3,425,000

$2,533,333

$1,600,000

$3,050,000

$3,050,000

$1,500,000

$2,862,500

$1,712,500

$1,950,000 $0 $0

0

$867,436

$225,000 $2,483,000

$89,000 $3,674,999

$1,600,000 $1,600,000

$0

7%

$61,114 $3,590,000

-34% -2%

$1,600,000

Lowest Asking Price Highest Asking Price

$76,500 $3,500,000

$59,000 $3,590,000

$1,325,000 $1,325,000 $1,279,000 $1,550,000

-20% 3%

closed

Lowest Selling Price Highest Selling Price

Avg Ask/Sold Discount Avg Days on Market

$1,078,667

$375,000 $3,100,000

5.7% 287

Avg Price Paid

Avg Asking Price

$1,231,269

$339,500 $3,200,000

9 $9,368,998

$1,431,000

general ski-accessible

$977,476

23% -3%

$339,500 $3,200,000

5.7% 434

$1,325,000

Avg Ask/Sold Discount Avg Days on Market

-1%

$397,000 $3,250,000

-0.35 -38%

Lowest Selling Price Highest Selling Price Lowest Asking Price Highest Asking Price

$339,500 $3,200,000

5.3% 269

Avg Price Paid

Avg Asking Price

17% 2%

at 07/31/2017

$1,160,788 Lowest Asking Price Highest Asking Price

2016 YTD

226

Lowest Selling Price Highest Selling Price

Avg Asking Price

2017 YTD

105 $121,882,699

with Viceroy at 07/31/2017

Number Dollar Volume

prev 12 mo

$397,000 $3,250,000

$1,162,308 Lowest Asking Price Highest Asking Price

change

$595 $915,567

Lowest Selling Price Highest Selling Price

Avg Asking Price

last 12 mo

$1,950,000 $1,950,000

17.9% 517

7% -52%

-28%

$1,500,000 $3,300,000

$2,698,000

$1,600,000 $1,600,000

$1,950,000

$2,800,000 $3,300,000

$3,249,500

$2,800,000 $3,300,000

$3,249,500

$1,500,000 $1,500,000

$1,595,000

22% -44%

$1,595,000 $3,500,000

$1,950,000 $1,950,000

$2,999,000 $3,500,000

$2,999,000 $3,500,000

$1,595,000 $1,595,000

11.85 35%

6.1% 382

17.9% 517

6.2% 440

6.2% 440

6.0% 265

$1,400,000 $4,000,000

$3,457,500 $1,750,000 $5,250,000

16.7% 820

$1,575,000 $1,850,000

$1,947,500 $1,700,000 $2,195,000

11.5% 1687

current snowmass village general activity report

Copyright Š 2017

17


excludes luxury properties due to distortion of averages

current basalt general activity report 2016

Basalt Sales

$600

225

$300

150

$150

75

PRICES: Avg $/SF

2007

2008

2015

2016

0

LAST 12 MO

$378 Sales Last 12 Mo

Avg Sales Price/SF

5%

127

$338

$485

$512

Lowest Selling Price Highest Selling Price

Copyright Š 2017

SUPPLY: Inventory

2014

from Jul 2016:

at 07/31/2017 at 07/31/2017 136 33 $170,521,979 $31,240,500

Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

2013

12%

pending

Avg Asking Price

2012

from Jul 2016:

listed

Avg Price/SF Avg Price Paid

DEMAND: # of Sales

2011

7%

$1,133,772

Number Dollar Volume

2010

from Jul 2016:

Current Avg. Asking Price:

(under $7.5 million)

2009

136

Inventory

all basalt property

300

$450

$0

$1,133,772 $76,000 $6,950,000 262

$946,682 $225,000 $3,475,000 199

(reported separately)

147

140

Current Avg. Asking Price/SF:

$946,682

Average Sold Price: Median Sold Price:

$604,928 $492,500

closed

2016

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

147 $99,026,774

5% 4% 12% -1% 41% 10% -3% 49% -17% -0.02 0%

140 $95,568,136

68 $41,135,128

69 148 $46,707,039 $104,598,685

$338 $682,630 $39,000 $3,620,000 $729,240 $39,000 $5,395,000 4.4% 220

$355 $604,928 $55,000 $4,000,000 $633,598 $58,000 $4,495,000 4.1% 207

$378 $673,652 $55,000 $4,000,000 $709,724 $58,000 $4,495,000 4.4% 219

18

$332 $676,914 $39,000 $2,500,000 $717,670 $39,000 $2,995,000 5.0% 241

$367 $706,748 $39,000 $3,640,000 $748,405 $39,000 $3,640,000 4.7% 235

2015

2014

2013

147 $98,513,792

113 $78,822,805

89 $51,003,912

$304 $614,330 $56,000 $2,800,000 $651,140 $58,000 $3,495,000 4.4% 206

$286 $573,078 $31,000 $3,925,000 $627,916 $37,500 $4,895,000 5.8% 248

$321 $670,162 $168,000 $3,950,000 $715,699 $173,000 $5,395,000 4.0% 218

current basalt general activity report


excludes luxury properties due to distortion of averages

current basalt general activity report condominiums/townhomes Number Dollar Volume AVG Price per SQ FT Avg Price Paid

listed

pending

at 07/31/2017 42 $28,543,180

at 07/31/2017 18 $9,786,500

$441

$455

Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

single family homes Number Dollar Volume

$679,600 $289,000 $1,525,000 258

$543,694 $328,000 $1,141,000 174

listed

pending

at 07/31/2017

at 07/31/2017

69 13 $112,991,400 $20,934,000

AVG Price per SQ FT Avg Price Paid

$513

$592

Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

single family lots Number Dollar Volume

$1,637,557 $339,000 $6,950,000 191

$1,610,308 $485,000 $3,475,000 175

listed

pending

at 07/31/2017 31 $28,987,399

at 07/31/2017 2 $520,000

Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price Avg Ask/Sold Discount Avg Days on Market

$935,077 $76,000 $5,999,999 483

$260,000 $225,000 $295,000 576

closed last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

82 $42,721,919

5% 9%

78 $39,139,797

32 $16,844,828

35 $18,875,200

85 $44,752,291

85 $38,827,112

55 $25,153,615

39 $14,423,785

$340 $501,792 $186,001 $1,075,000 $515,399 $175,000 $1,150,000 2.9% 215

$380 $526,401 $242,000 $1,100,000 $540,489 $242,000 $1,295,000 2.2% 142

$335 $539,291 $200,000 $1,075,000 $555,896 $280,000 $1,150,000 3.3% 228

$369 $526,498 $200,000 $1,580,938 $539,230 $215,000 $1,699,000 2.6% 205

$304 $457,338 $187,000 $1,750,000 $467,983 $184,900 $1,750,000 2.5% 149

$258 $369,841 $137,000 $1,270,000 $383,349 $149,500 $1,295,000 3.6% 204

$387 $520,999 $215,000 $1,580,938 $532,608 $215,000 $1,699,000 2.1% 171

14% 4% 16% 47% 3% 23% 48% -0.82 -20%

$314 $456,790 $186,001 $888,266 $467,649 $175,000 $876,600 2.6% 192

closed last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

51 $53,635,355

-4% 1%

53 $53,090,839

26 $22,482,300

27 $26,601,339

52 $57,754,394

56 $56,751,680

50 $42,676,900

39 $34,004,827

$362 $1,051,674 $179,000 $4,000,000 $1,129,363 $179,000 $4,495,000 5.7% 239

8% 5% -55% 10% 3% -55% -17% 0.15 19%

$336 $1,001,714 $395,000 $3,620,000 $1,092,481 $395,000 $5,395,000 5.6% 200

$325 $864,704 $179,000 $4,000,000 $913,692 $179,000 $4,495,000 3.9% 239

$329 $985,235 $425,000 $2,500,000 $1,063,778 $450,000 $2,995,000 6.3% 226

$363 $1,110,661 $385,000 $3,640,000 $1,203,144 $389,000 $3,640,000 6.9% 232

$304 $853,538 $360,000 $2,800,000 $922,546 $394,500 $3,495,000 5.9% 239

$314 $871,919 $210,000 $3,925,000 $972,010 $214,900 $4,895,000 6.2% 292

$331 $1,013,423 $320,000 $3,950,000 $1,105,348 $334,000 $5,395,000 5.5% 224

closed last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

14 $2,669,500

56% -20%

9 $3,337,500

10 $1,808,000

7 $1,230,500

11 $2,092,000

6 $2,935,000

12 $10,992,290

11 $2,575,300

$190,679 $55,000 $310,000 $218,429 $58,000 $350,000 12.4% 428

-49% 41% -84% -51% 49% -86% 2.83 14%

$370,833 $39,000 $1,925,000 $443,433 $39,000 $2,450,000 9.6% 376

$180,800 $55,000 $310,000 $203,300 $58,000 $350,000 10.9% 333

$175,786 $39,000 $344,000 $191,557 $39,000 $349,000 8.0% 362

$190,182 $39,000 $344,000 $215,082 $39,000 $349,000 10.9% 473

$489,167 $168,000 $1,925,000 $593,000 $173,000 $2,450,000 10.7% 523

$916,024 $56,000 $5,900,000 $1,044,708 $58,000 $6,750,000 8.8% 354

$234,118 $31,000 $690,000 $275,045 $37,500 $895,000 12.3% 246

current basalt general activity report

Copyright Š 2017

19


SINGLE FAMILY HOME MARKET DISTRIBUTION July 31, 2017

Copyright © 2017

20


single family home current market activity

includes luxury properties

distribution of listings/sales)

2017

listed active

pending

2017 YTD

2016

2015

ALL HOMES

412

58

163

243

Aspen

181

22

74

68

East Aspen Smuggler Central Core Red Mountain West End West Aspen McLain Flats Brush Creek Village

26 6 9 17 27 70 21 5

5 1 3 2 7 1 1 2

13 3 8 8 12 19 7 4

closed

2014

2013

2012

295

277

229

261

127

122

90

100

10 6 6 8 17 15 2 4

21 4 12 18 29 36 5 2

14 5 15 15 22 34 7 10

16 2 5 14 15 28 6 4

13 6 10 13 17 32 8 1

Snowmass Village

77

8

21

41

39

36

28

24

Ski Accessible Non Ski Accessible

33 44

0 8

7 12

19 22

14 25

10 26

8 20

10 14

Basalt

71

16

43

83

82

69

67

100

Basalt Proper El Jebel Frying Pan/Reudi Emma/Sopris Creek

42 2 16 11

9 4 1 2

23 16 3 1

38 32 6 7

37 28 8 9

28 22 15 4

25 33 5 4

40 45 9 6

Aspen

active 183

single family homes by average price range pending 2017 YTD 2016 2015

2014

2013

2012

22

74

68

127

123

90

100

under $2.5M $2.5M-$5M $5M-$7.5M $7.5M-$10M $10M-$12.5M $12.5M-$15M over $15M

11 45 34 20 19 19 35

5 6 3 4 2 0 2

11 25 16 9 6 2 5

10 27 10 11 7 1 2

12 48 31 12 11 2 11

24 40 26 13 10 4 6

20 35 19 4 5 2 5

20 37 20 6 5 3 9

Snowmass Village

77

8

21

41

39

36

28

24

under $2M $2M-$3M $3M-$4M $4M-$5M $5M-$6M $6M-$7M over $7M

10 14 11 9 3 5 25

5 2 0 0 0 0 1

6 4 3 4 1 1 2

8 12 7 4 3 3 4

11 11 2 3 5 1 6

20 7 2 3 1 0 3

12 9 3 1 0 0 3

10 6 2 1 2 1 2

Basalt

69

13

26

52

56

50

39

60

under $0.5M $0.5M-$0.75M $0.75M-$1M $1M-$1.25M $1.25M-$1.5M $1.5M-$1.75M over $1.75M

1 10 16 10 3 7 22

1 0 6 0 1 1 4

2 11 10 2 0 0 1

6 13 13 4 5 3 8

5 20 13 6 4 2 6

10 23 6 1 3 2 5

13 13 5 4 0 0 4

23 19 4 6 2 1 5

single family home current market activity Copyright Š 2017

21

distribution of listings/sales)


single family home current market activity

includes luxury properties

distribution of listings/sales) over $2000 16%

2017

under $750 14%

$1750-$2000 6%

$1250-$1500 9%

$600-$700 1%

$1500-$1750 0%

$500-$600 4% $400$500 11%

$750-$1000 16% $1000-$1250 27%

$1500-$1750 12%

$1250-$1500 13%

$750-$1000 64%

$1000-$1250 23%

$300-$400 26%

under $200 6%

$200-$300 47%

Basalt

Snowmass

Aspen

over $700 4%

single family homes by average price per square foot listed

closed

active 183

pending 22

2017 YTD

2016

2015

2014

2013

2012

74

68

127

123

90

100

under $750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 $1750-$2000 over $2000

12 21 38 24 19 18 51

3 1 2 1 4 2 9

11 9 17 9 9 4 15

9 14 15 9 8 5 8

9 31 26 21 16 7 17

19 32 32 14 10 6 10

16 29 14 15 7 3 6

16 33 23 12 7 5 4

Snowmass Village

52

1

10

23

15

9

8

9

$750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 over $1750

18 17 4 13 0

0 0 1 0 0

8 1 1 0 0

13 8 2 0 0

6 4 5 0 0

5 1 2 1 0

5 0 2 1 0

5 3 1 0 0

69

13

26

52

56

50

39

60

1 12 20 10 8 2 16

1 2 2 4 1 0 3

1 15 6 3 0 0 1

4 22 14 6 3 1 2

3 23 20 5 3 0 2

10 20 11 5 1 1 2

10 20 3 1 0 3 2

25 17 8 4 0 1 5

Aspen

Basalt under $200 $200-$300 $300-$400 $400-$500 $500-$600 $600-$700 over $700

single family home current market activity distribution of listings/sales) Copyright Š 2017

22


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed EAST ASPEN Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SMUGGLER Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

CENTRAL CORE (includes luxury) Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

RED MOUNTAIN (includes luxury) Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

17

4

11

450%

2

16

7

18

11

16

11

18

2010 10

$1,427

$1,624

$4,210,824

$4,736,000

131

81

$1,308 $3,898,136 $4,164,955 6.6% 256

23% -10% -13% -3.4 -6%

$1,061 $4,312,500 $4,787,500 10.1% 273

$1,170 $3,545,594 $3,843,344 8.1% 244

$921 $3,210,714 $3,607,714 11.0% 233

$1,065 $4,074,897 $4,357,778 7.2% 289

$1,032 $3,607,455 $3,797,273 4.2% 247

$919 $3,216,790 $3,579,938 10.1% 303

$1,022 $3,469,727 $4,148,182 15.5% 240

$995 $4,079,000 $4,501,661 9.3% 287

$881 $4,417,500 $4,877,900 10.9% 415

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

4

1

3

50%

2

7

5

4

1

2

6

3

2

$1,173

$1,090

$5,378,750

$4,000,000

102

517

$1,208 $4,888,333 $5,410,000 8.9% 213

10% 125% 146% 5.2 17%

$1,102 $2,169,100 $2,198,600 3.7% 182

$1,138 $4,421,429 $4,892,143 9.3% 221

$1,091 $3,437,200 $3,735,367 7.6% 212

$961 $4,612,500 $4,874,750 6.5% 273

$852 $4,387,500 $4,650,000 5.6% 170

$811 $3,505,000 $3,620,000 3.0% 47

$703 $3,057,500 $3,560,667 13.0% 687

$878 $4,257,667 $4,498,333 5.0% 373

$862 $5,450,000 $6,497,000 16.1% 535

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

9

3

8

167%

3

11

6

12

15

5

10

6

10

$2,472

$3,932

6% 7% 2% -5.3 289%

$1,752 $7,258,333 $8,166,667 12.6% 78

$1,814 $6,894,773 $7,429,091 6.9% 290

$1,733 $5,950,000 $6,549,167 9.2% 165

$1,796 $7,057,708 $7,605,375 6.2% 252

$1,438 $7,639,167 $7,999,533 5.2% 222

$1,383 $3,380,000 $3,839,600 11.7% 309

$1,149 $4,310,615 $4,733,200 7.4% 422

$1,288 $5,262,500 $6,158,333 13.4% 347

$1,414 $5,633,000 $6,739,000 13.3% 367

289

103

$1,852 $7,739,688 $8,365,625 7.4% 305

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

17

2

8

100%

4

12

8

18

15

14

13

7

7

$2,254

$2,619

$2,107 $11,822,750 $13,062,500 7.0% 266

26% 58% 38% -12.5 -29%

$1,667 $7,506,364 $9,497,250 19.5% 374

$11,882,222 $13,353,333

$16,099,118 $16,425,000 390

756

$1,980 $1,697 $1,606 $1,316 $12,131,833 $10,128,182 $10,486,880 $8,935,685 $13,195,750 $11,479,750 $13,018,056 $9,935,667 6.7% 12.8% 13.4% 11.1% 291 358 408 368

$1,301 $1,546 $1,080 $1,343 $7,760,464 $11,025,000 $8,425,000 $10,130,429 $8,822,786 $12,641,538 $9,809,286 $13,163,571 11.9% 11.7% 10.0% 19.7% 536 346 571 341

single family home comparative activity Copyright © 2017

23

by area, as of 07/31


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed WEST END Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WEST ASPEN Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MCLAIN FL/STARWOOD (incl. lux.) Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SNOWMASS VILLAGE - Ski Access Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

10

4

8

700%

1

20

13

23

19

11

17

13

2010 22

$1,664

$1,596

$4,431,900

$3,523,750

245

161

$1,376 $4,025,313 $4,441,250 10.1% 360

17% -21% -26% -5.4 -6%

$1,173 $5,065,000 $5,995,000 15.5% 381

$1,370 $4,237,075 $4,563,700 7.6% 359

$1,352 $4,431,077 $4,749,154 6.7% 361

$1,518 $4,462,391 $4,748,478 6.5% 227

$1,368 $3,921,263 $4,088,947 4.7% 222

$1,419 $4,764,545 $5,108,727 6.3% 197

$1,253 $3,876,362 $4,383,824 10.6% 325

$1,131 $4,436,538 $4,842,923 8.6% 251

$1,031 $3,985,409 $4,582,727 12.6% 454

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

39

1

14

367%

3

20

9

26

25

21

25

19

17

$1,108

$920

$4,855,436

$1,295,000

329

54

$1,021 $4,447,000 $4,788,929 6.4% 305

-4% 0% 29% -0.7 26%

$1,067 $4,447,000 $3,713,333 7.2% 243

$1,003 $4,224,150 $4,542,950 6.5% 296

$996 $3,622,222 $3,883,778 6.8% 263

$949 $4,151,261 $4,591,885 7.2% 241

$927 $4,001,400 $4,449,400 10.4% 322

$947 $3,326,905 $3,716,905 11.1% 407

$934 $3,889,800 $4,366,720 10.3% 463

$806 $3,693,289 $4,155,947 11.8% 332

$762 $3,333,176 $3,679,529 9.6% 310

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

21

1

7

0

9

2

5

7

6

8

7

8

$1,270

$668

$10,655,476

$7,450,000

435

638

$910 $8,120,143 $10,412,857 14.1% 510

$0 $0 $0 0.0% 0

$845 $7,454,556 $9,353,889 13.5% 450

active

pending

2017 YTD

change

2016 YTD

last 12 mo

$616 $1,253 $1,194 $1,180 $817 $824 $1,076 $5,125,000 $10,582,500 $10,064,286 $3,640,417 $10,965,625 $7,101,714 $9,100,000 $5,647,500 $12,387,000 $11,177,857 $4,156,500 $11,712,375 $8,242,000 $10,280,000 11.4% 10.9% 8.8% 10.6% 7.7% 13.6% 9.3% 239 199 264 819 450 475 255

2016

2015

2014

2013

2012

2011

2010

16

0

7

-13%

8

14

15

11

8

6

8

9

11

$1,112

$632

$5,049,250

$1,864,286

217

176

$897 $4,532,143 $5,000,000 9.3% 606

-9% -15% 3% 0.1 11%

$988 $5,323,938 $4,860,000 9.2% 545

$958 $4,646,250 $4,965,929 6.4% 454

$1,002 $4,556,767 $4,893,533 6.5% 431

$990 $4,789,227 $5,382,273 10.1% 343

$627 $2,297,441 $2,522,291 8.7% 221

$586 $2,027,460 $2,281,196 10.1% 367

$641 $2,565,687 $3,017,364 12.1% 477

$728 $2,890,238 $3,276,476 10.9% 314

$780 $3,338,907 $3,879,126 13.3% 257

single family home comparative activity Copyright © 2017

24

by area, as of 07/31


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed

closed

SNOWMASS VILLAGE - Off-Mtn

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

Number of Listings or Sales

37

7

12

9%

11

23

22

24

26

19

14

12

12

$776

$632

$2,928,527

$1,864,286

281

176

$641 $2,230,625 $2,449,083 8.5% 214

-4% -12% -6% 0.6 9%

$667 $2,548,250 $2,593,727 7.9% 196

$658 $2,309,565 $2,545,087 9.0% 271

$672 $2,393,477 $2,621,773 8.7% 264

$648 $2,380,413 $2,594,917 8.3% 270

$564 $1,869,346 $2,058,765 9.0% 228

$572 $1,870,553 $2,050,258 8.2% 339

$518 $1,706,329 $1,894,500 9.6% 515

$580 $2,105,833 $2,341,333 9.9% 327

$655 $2,418,750 $2,832,492 14.1% 209

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

10

2

2

0%

2

4

4

2

3

5

6

3

4

$1,178

$816

$3,620,400

$3,212,500

613

302

$717 $2,497,500 $2,747,500 6.0% 581

-9% -32% -38% -12.6 111%

$788 $3,650,000 $4,400,000 18.6% 275

$800 $4,111,250 $4,536,250 7.7% 499

$836 $4,687,500 $5,362,500 14.0% 346

$847 $2,500,000 $2,805,000 11.0% 1022

$1,058 $2,824,667 $3,081,333 8.0% 323

$596 $2,126,000 $2,403,800 10.4% 225

$503 $2,112,333 $2,490,500 13.4% 391

$725 $3,375,000 $4,046,667 16.1% 489

$835 $3,504,500 $4,033,750 13.2% 458

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

32

1

9

13%

8

15

14

14

13

9

7

15

8

$675

$343

$2,518,563

$695,000

258

378

$286 $1,129,944 $1,187,056 6.1% 212

-6% 22% 15% -3.2 8%

$305 $923,313 $1,028,000 9.3% 196

$371 $1,569,833 $1,650,567 5.1% 363

$388 $1,483,179 $1,592,786 6.9% 364

$655 $2,040,226 $2,314,993 9.5% 475

$450 $1,486,385 $1,612,962 5.2% 382

$246 $560,655 $598,489 6.3% 441

$667 $3,148,018 $3,970,700 16.1% 613

$297 $1,218,000 $1,381,320 12.1% 550

$330 $1,374,063 $1,696,100 17.7% 278

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WOODY CREEK Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

OLD SNOWMASS Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

BRUSH CREEK VLG Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

2010

5

2

4

0

8

4

2

10

4

1

7

1

$389

$572

$2,448,600

$1,785,000

$512 $1,906,500 $2,021,000 6.1%

$0 $0 $0 0.0%

$502 $1,835,500 $2,024,250 9.4%

$491 $1,764,500 $2,027,500 12.8%

$532 $1,637,500 $1,687,500 3.3%

$423 $1,423,810 $1,489,690 4.2%

$379 $1,138,000 $1,336,975 14.4%

$321 $862,500 $975,000 11.5%

$407 $1,294,786 $1,502,571 13.6%

$443 $750,000 $724,900 -3.5%

50

213

131

0

163

194

366

449

492

246

511

49

single family home comparative activity Copyright © 2017

25

by area, as of 07/31


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed BASALT PROPER Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

BASALT RURAL Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

EL JEBEL Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MISSOURI HEIGHTS Number of Listings or Sales AVG Price per SQ FT AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

active

closed pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

43

9

23

5%

22

39

38

37

28

25

40

43

20

$464

$714

$1,316,721

$1,820,000

178

104

$309 $752,535 $790,739 4.4% 239

-12% -25% -27% -0.9 44%

$352 $1,005,697 $1,081,591 5.2% 167

$361 $991,269 $1,050,936 5.1% 245

$388 $1,144,119 $1,226,171 5.7% 202

$321 $916,135 $962,662 4.5% 186

$309 $832,482 $871,193 3.9% 192

$328 $704,720 $763,896 4.6% 269

$302 $816,148 $876,282 5.7% 200

$274 $691,967 $764,826 6.5% 227

$284 $685,647 $738,302 6.9% 237

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

32

4

4

-33%

6

14

16

17

20

9

15

12

6

$553

$316

$1,881,981

$1,138,500

217

335

$433 $1,427,250 $1,526,000 0.4% 201

90% 64% 63% -7.1 -56%

$228 $868,125 $936,150 7.5% 458

$354 $1,159,705 $1,281,786 7.3% 253

$287 $983,477 $1,091,119 9.0% 343

$350 $1,251,746 $1,446,000 7.5% 320

$314 $893,125 $1,012,825 9.5% 325

$322 $1,368,111 $1,609,333 11.5% 412

$284 $659,252 $756,267 8.1% 322

$371 $1,151,683 $1,292,192 9.4% 255

$443 $1,324,167 $1,550,317 13.2% 366

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

2

4

16

7%

15

33

32

28

22

33

45

17

6

$323

$282

$687,000

$568,000

38

71

$280 $551,375 $567,563 2.8% 278

9% 2% 3% 0.5 184%

$257 $538,995 $553,220 2.3% 98

$280 $571,091 $583,121 2.4% 110

$269 $565,904 $576,884 2.1% 98

$259 $532,468 $550,425 2.9% 113

$237 $484,836 $501,109 3.5% 105

$219 $505,574 $517,245 1.2% 122

$195 $439,934 $461,802 3.6% 173

$189 $424,849 $462,056 4.9% 241

$217 $404,567 $432,233 6.2% 199

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

33

8

14

-33%

21

24

31

30

36

30

24

23

12

$389

$334

$1,578,364

$936,875

227

180

$290 $1,156,297 $1,191,980 3.7% 278

-11% 0% -9% -4.1 -16%

$325 $1,160,958 $1,303,983 7.8% 332

$287 $1,106,074 $1,150,729 4.1% 253

$312 $1,120,572 $1,235,917 6.8% 295

$283 $884,367 $977,397 5.8% 224

$278 $1,066,639 $1,175,683 8.2% 416

$208 $613,028 $650,774 4.5% 276

$210 $936,862 $1,036,233 9.7% 473

$190 $571,235 $662,265 11.1% 266

$286 $864,833 $1,002,833 10.0% 265

single family home comparative activity Copyright © 2017

26

by area, as of 07/31


CONDOMINIUM/TOWNHOME MARKET DISTRIBUTION July 31, 2017

Copyright © 2017

27


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales) 2017

listed ALL CONDOMINIUMS Aspen East Aspen Smuggler Central Core Red Mountain West End West Aspen

Snowmass Village Ski Accessible Non Ski Accessible

Basalt Basalt Proper El Jebel

Aspen

pending

2017 YTD

2016

2015

260

68

162

289

85

35

79

117

1 9 58 0 9 8

3 3 25 0 2 2

5 8 47 0 9 10

131

14

105 26

9 5

42 35 7

active 35

closed

2014

2013

2012

334

279

290

236

159

134

122

110

3 13 73 0 16 12

6 15 98 0 16 24

3 15 92 0 13 11

6 13 77 0 12 14

4 8 83 0 9 6

48

85

87

90

122

58

35 13

50 35

63 24

62 39

35 17

37 17

18

32

86

85

55

39

64

15 3

30 2

74 12

71 14

45 10

23 16

40 24

condominiums/townhomes by number of bedrooms pending 2017 YTD 2016 2015 2014

2013

2012

79

79

117

159

134

122

110

Studios 1 Bedrooms 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms

0 4 7 18 6 0

17 12 27 18 4 1

16 14 45 29 11 -36

19 27 58 33 15 -35

17 23 36 35 17 31

9 20 41 36 12 16

13 18 37 28 12 14

8 8 32 31 11 20

Snowmass Village

14

48

48

85

87

90

122

58

Studios 1 Bedrooms 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms

0 3 7 1 3 0

8 1 19 12 8 0

9 11 39 17 9 -37

9 18 37 16 7 -2

10 14 34 24 8 -3

19 33 41 23 5 -31

6 8 27 14 3 64

1 4 24 21 4 4

42

18

32

85

85

55

39

64

0 6 6 6 0 24

1 2 18 9 1 -13

3 12 31 30 6 -50

1 12 25 39 7 1

1 9 16 27 2 30

1 7 16 11 3 17

1 9 30 20 4 -25

0 3 26 14 5 16

Basalt

.

active

Studios 1 Bedrooms 2 Bedrooms 3 Bedrooms 4 Bedrooms 5+ Bedrooms

condominium/townhome current market activity

Copyright Š 2017

$1000-

28 $1500-

$1250-

distribution of listings/sales)


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales) $1750$2000 5%

$1500$1750 17%

over $2000 4%

$1250$1500 24%

under $750 13%

$1250$1500 0%

$1000$1250 5% $750-$1000 21%

$750-$1000 17%

$1000$1250 20%

$1500$1750 0%

under $500 26%

$300-$400 34%

Basalt

Snowmass

Aspen

$200-$300 26%

$400$500 12%

$500-$750 48%

under $200 0%

$600-$700 0%

$500-$600 14%

condominiums/townhomes by average price per square foot listed

closed

active 85

pending 35

2017 YTD

2016

2015

2014

2013

2012

79

117

159

134

122

110

under $750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 $1750-$2000 over $2000

0 13 15 15 13 8 21

0 4 1 10 9 1 10

9 15 11 21 14 6 3

17 19 27 26 19 4 5

24 37 42 23 9 6 12

18 30 33 27 14 5 7

36 31 37 8 5 1 4

31 32 30 14 2 0 1

Snowmass Village

131

14

48

85

87

90

122

58

under $500 $500-$750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 over $1750

14 55 41 17 1 3 0

2 9 2 1 0 0 0

11 26 9 2 0 0 0

23 38 19 5 0 0 0

28 38 13 6 2 0 0

27 44 13 4 2 0 0

29 59 28 5 1 0 0

19 28 9 2 0 0 0

42

18

32

85

85

55

39

64

0 9 6 11 14 2 0

0 2 6 2 3 5 0

0 7 11 8 6 0 0

0 24 29 22 10 0 0

5 41 21 17 1 0 0

5 30 11 8 0 0 1

7 22 7 3 0 0 0

29 26 6 2 1 0 0

Aspen

Basalt under $200 $200-$300 $300-$400 $400-$500 $500-$600 $600-$700 over $700

condominium/townhome current market activity Copyright Š 2017

29

distribution of listings/sales)


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales)

condominiums/townhomes by average price range listed Aspen under $1M $1M-$2M $2M-$3M $3M-$4M $4M-$5M $5M-$6M over $6M

Snowmass Village under $0.25M $0.25M-$0.5M $0.5M-$0.75M $0.75M-$1M $1M-$1.25M $1.25M-$1.5M over $1.5M

Basalt under $0.2M $0.2M-$0.3M $0.3M-$0.4M $0.4M-$0.5M $0.5M-$0.6M $0.6M-$0.7M over $0.7M

closed

active 85

pending 35

2017 YTD

2016

2015

2014

2013

2012

79

117

159

133

122

110

28 21 14 5 2 2 13

3 12 5 5 1 3 6

38 23 8 3 3 1 3

46 39 15 4 3 4 6

68 52 15 6 9 2 7

57 31 18 11 9 3 4

58 36 12 8 2 3 3

60 33 4 6 1 3 3

131

14

48

85

87

90

122

58

10 27 24 16 11 10 33

0 5 4 1 0 1 3

5 12 9 7 4 2 9

5 26 21 8 7 3 15

9 22 21 13 4 3 15

8 29 14 8 15 4 12

11 46 27 13 9 6 10

7 17 15 6 6 3 4

42

18

32

85

85

55

39

64

0 1 4 5 13 3 16

0 0 4 2 8 3 1

0 1 6 15 3 2 5

0 6 21 27 8 10 13

1 11 20 21 20 7 5

1 8 16 13 11 1 5

4 14 10 5 4 0 2

16 24 13 5 2 0 4

condominium/townhome current market activity Copyright Š 2017

30

distribution of listings/sales)


condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

listed EAST ASPEN Number of Listings or Sales

(reported separately)

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

1

3

5

67%

3

7

3

6

3

6

4

0

1

$1,375

$1,338

16% 19% 20% 0.0 25%

$955 $1,419,000 $1,424,667 2.4% 328

$0 $0 $0 0.0% 0

$752 $775,000 $925,000 16.2% 276

47

177

$1,109 $1,689,750 $1,707,800 2.4% 409

SMUGGLER Number of Listings or Sales

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

9

3

8

14%

7

17

13

15

15

13

8

6

4

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$993

$1,160

$781,778

$1,461,333

116

88

$1,012 $1,070,007 $1,110,625 4.3% 121

12% -1% -6% -3.6 -44%

$900 $1,076,471 $1,176,143 7.8% 216

$983 $1,061,386 $1,102,494 3.8% 181

$935 $892,462 $928,723 3.7% 184

$739 $694,735 $747,000 7.6% 299

$658 $621,639 $670,375 8.7% 366

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

49

19

47

-10%

52

79

72

94

89

74

83

74

56

$1,779

$1,634

7% 15% 22% 1.8 12%

$1,363 $1,544,817 $1,613,779 4.3% 247

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

CENTRAL CORE CONDOMINIUMS Number of Listings or Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

WEST END Number of Listings or Sales

$2,750,000 $3,080,000

$1,052 $848 $956 $890 $847 $753 $1,718,393 $1,343,333 $1,390,333 $1,887,500 $1,562,302 $903,750 $1,804,143 $1,513,333 $1,476,333 $2,074,633 $1,702,167 $1,005,750 4.0% 5.3% 5.9% 5.4% 8.0% 7.7% 369 191 229 317 300 431

2010

$951 $746 $1,080,687 $937,633 $1,154,133 $1,000,733 5.3% 5.3% 176 220

$826 $926 $1,295,000 $1,210,000 $1,444,000 $1,251,000 10.1% 5.8% 274 370

287

224

$1,460 $1,779,852 $1,969,128 6.1% 275

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

8

2

9

-10%

10

18

16

16

13

12

9

8

10

$1,205

$1,733

36% -2% -1% -1.4 -18%

$919 $1,319,000 $1,394,190 6.0% 194

$708 $906,198 $932,050 3.0% 254

$705 $993,800 $1,119,200 10.9% 297

$2,062,684 $1,902,474

$1,427 $1,401 $1,352 $1,301 $1,110 $1,022 $1,138 $1,120 $1,785,884 $1,832,677 $1,543,298 $1,770,150 $1,479,869 $1,514,924 $1,978,912 $1,606,720 $1,955,025 $1,945,597 $1,621,314 $1,876,972 $1,607,707 $1,667,245 $2,239,726 $1,880,164 6.4% 5.8% 4.7% 5.7% 7.8% 8.1% 11.0% 11.7% 277 240 240 240 289 292 334 341

105

148

$1,254 $1,291,883 $1,377,000 4.7% 159

WEST ASPEN Number of Listings or Sales

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

8

2

10

-33%

15

16

12

24

11

14

6

7

6

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$966

$910

$567 $1,157,780 $1,212,070 2.0% 182

-23% -53% -55% -5.1 -61%

$741 $2,485,333 $2,685,927 7.1% 465

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$1,419,875 $4,622,500

$2,986,125 $5,387,000 153

334

$1,185 $1,177 $913 $1,112 $729 $817 $1,286,914 $1,757,969 $1,058,486 $1,266,923 $1,156,333 $965,833 $1,350,444 $1,836,250 $1,116,003 $1,329,615 $1,229,667 $1,024,556 3.8% 7.5% 4.9% 5.8% 5.0% 5.2% 122 127 176 243 249 267

2010

$634 $689 $703 $670 $584 $494 $615 $637 $1,639,550 $1,777,417 $2,095,479 $2,795,636 $1,804,000 $1,499,167 $2,053,571 $2,650,917 $1,717,731 $1,870,583 $2,229,954 $3,028,318 $1,917,571 $1,660,500 $2,350,286 $3,053,233 3.4% 4.6% 5.2% 9.7% 7.4% 9.1% 8.8% 17.2% 492 643 396 457 318 110 439 249

condominium/townhome activity by neighborhood by area, as of 07/31 Copyright © 2017

31


condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed

closed

SNOWMASS VILLAGE - Ski Access

active

pending

Number of Listings or Sales

105

9

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$777

$651

$1,199,416 $1,041,000 408

481

SNOWMASS VILLAGE - Off-Mtn

active

pending

Number of Listings or Sales

26

5

$668

$652

Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

BASALT PROPER Number of Listings or Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

EL JEBEL Number of Listings or Sales Avg Price per Sq Ft Avg Sold Price Avg Asking Price Avg Ask/Sold Discount % Avg Days on Market

$1,162,308 $1,074,200 410

226

active

pending

35

15

$469

$487

$669,591

$519,033

234

129

active

pending

7

3

$299

$298

$729,643

$667,000

374

399

2017 YTD 35

change

2016 YTD 20

last 12 mo

2016

2015

2014

2013

2012

2011

2010

75%

65

50

63

62

35

37

38

18

$605 $892,429 $956,914 5.8% 380

-11% -12% -15% -1.8 1%

$676 $1,019,019 $1,121,275 7.6% 376

$631 $859,374 $927,623 6.6% 385

$668 $900,094 $984,580 7.6% 385

$664 $879,459 $944,259 8.1% 365

$657 $853,387 $927,696 8.2% 321

$600 $764,023 $839,346 8.9% 328

$621 $837,729 $929,792 9.7% 298

2017 YTD change 2016 YTD 13 -28% 18

last 12 mo

2016

2015

2014

2013

2012

2011

30

35

24

39

17

17

12

5

$655 $1,156,269 $1,231,269 5.7% 287

8% 15% 14% 0.1 -33%

$609 $1,006,167 $1,078,667 5.5% 427

$595 $915,567 $970,967 5.3% 269

$580 $872,757 $929,671 5.3% 344

$567 $839,788 $881,158 4.9% 296

$523 $828,940 $926,179 7.4% 286

$436 $483,265 $535,156 8.2% 276

$467 $780,007 $877,829 10.3% 433

$570 $793,167 $961,500 12.0% 353

$650 $959,000 $1,122,600 12.4% 295

2017 YTD 30

change

last 12 mo

2016

2015

2014

2013

2012

2011

2010

-9%

2016 YTD 33

79

77

71

45

23

40

31

24

$386 $517,678 $532,372 2.3% 135

31% 24% 24% -0.7 -20%

$294 $416,716 $428,709 3.0% 168

$391 $516,091 $527,935 2.2% 170

$377 $509,182 $522,515 2.8% 193

$327 $437,165 $449,292 2.9% 178

$313 $466,339 $476,236 2.4% 149

$286 $377,382 $383,926 2.0% 150

$242 $363,665 $386,260 5.1% 201

$247 $368,106 $411,284 8.2% 236

$301 $417,409 $486,740 8.4% 214

last 12 mo

2016

2015

2014

2013

2012

2011

2010

2017 YTD change 2016 YTD 2 -78% 9 $292 $657,250 $662,250 0.8% 240

20% 23% 23% -0.1 7%

$243 $534,544 $539,778 0.9% 223

$695 $760 $961,532 $1,131,417 $1,101,239 $1,322,689 11.9% 14.2% 228 258

2010

6

12

14

10

16

24

17

10

$292 $651,292 $658,583 1.1% 155

$292 $687,871 $694,575 1.0% 282

$250 $556,314 $560,750 0.8% 263

$262 $416,838 $430,845 3.1% 147

$218 $359,000 $382,519 5.9% 281

$194 $255,663 $261,154 1.5% 163

$198 $302,671 $329,433 7.6% 224

$265 $464,833 $479,004 3.8% 105

condominium/townhome activity by neighborhood by area, as of 07/31 Copyright © 2017

32


SINGLE FAMILY LOT MARKET DISTRIBUTION July 31, 2017

Copyright © 2017

33


single family lot current market activity

includes luxury properties

distribution of listings/sales) 2017

listed

closed

active

pending

2017 YTD

2016

2015

2014

2013

2012

132

8

45

52

74

67

58

48

40

3

9

6

12

10

10

14

East Aspen Smuggler Central Core Red Mountain West End West Aspen McLain Flats Brush Creek Village

4 2 2 2 6 18 3 3

0 0 1 0 0 2 0 0

1 1 0 1 2 2 2 0

1 1 0 3 1 6 0 2

3 2 2 0 5 8 4 1

6 0 1 1 2 9 1 1

4 1 1 1 3 6 2 0

6 2 1 3 2 6 4 1

Snowmass Village Basalt

12 27

1 2

3 10

4 11

6 8

18 11

8 13

3 29

12 4 7 4

1 1 0 0

4 1 5 0

5 2 3 1

3 3 2 0

5 3 3 0

6 2 3 2

6 1 3 1

ALL LOTS Aspen

Basalt Proper El Jebel Frying Pan/Reudi Emma/Sopris Creek

Aspen

active 37

single family lots by average price range pending 2017 YTD 2016 2015

2014

2013

2012

3

10

15

25

21

18

25

under $1M $1M-$2M $2M-$3M $3M-$4M $4M-$5M $5M-$6M over $6M

0 2 8 12 7 1 7

1 0 1 0 1 0 0

1 3 1 3 0 0 2

0 5 0 2 4 0 4

2 4 3 7 2 3 4

3 6 6 3 1 1 1

1 4 7 5 0 1 0

2 6 6 2 4 3 2

Snowmass Village

12

1

3

4

6

18

8

3

0 2 2 0 3 0 5

0 0 1 0 0 0 0

0 1 1 0 0 0 1

0 2 0 0 1 1 0

2 3 1 0 0 0 0

6 6 2 0 0 1 3

3 3 2 0 0 0 0

1 0 0 0 0 1 1

25

2

10

11

6

8

11

11

2 2 6 6 2 2 5

0 0 2 0 0 0 0

4 1 4 1 0 0 0

2 4 4 1 0 0 0

0 3 2 0 0 0 1

2 2 1 3 0 0 0

1 6 2 0 1 0 1

4 2 1 0 0 1 3

under $1M $1M-$1.5M $1.5M-$2M $2M-$2.5M $2.5M-$3M $3M-$3.5M over $3.5M

Basalt under $0.1M $0.1M-$0.2M $0.2M-$0.3M $0.3M-$0.4M $0.4M-$0.5M $0.5M-$0.6M over $0.6M

single family lot current market activity Copyright Š 2017

34

distribution of listings/sales)


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed EAST ASPEN Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SMUGGLER Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

CENTRAL CORE Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

RED MOUNTAIN Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WEST END Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WEST ASPEN Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MCLAIN FLATS Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market Copyright © 2017

closed 2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

1

0

2

1

3

6

4

6

2

$0 $0 0.0% 0

active

pending

2017 YTD

4

0

change

$2,317,500 $3,000,000 $3,183,333 $2,087,500 $2,263,875 $2,864,833 $2,500,000 $2,545,000 $3,295,000 $3,633,333 $2,699,833 $2,573,750 $3,309,917 $2,847,500 8.9% 9.0% 11.4% 21.2% 14.3% 19.0% 12.5% 295 465 1581 197 375 487 505

2010 0

$3,275,000

$0

930

0

$1,635,000 $1,795,000 8.9% 125

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2

0

1

0%

1

1

1

1

0

1

2

0

0

-8% -5% 42%

$1,900,000 $1,900,000 0.0% 303

$0 $0 0.0% 0

$0 $0 0.0% 0

change

2010

$4,600,000

$0

246

0

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2

1

0

0

0

0

1

1

1

1

0

1

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$2,500,000 $3,995,000 37.4% 147

2016 YTD

last 12 mo

2016

2011

2010

388

342

Listed

Pending

2017 YTD

change

1

0

$5,397,500 $4,250,000

$0 $0 0.0% 0

$1,100,000 $2,570,000 $1,300,000 $3,550,000 15.4% 38.4% 401 396

2010

$1,745,000 $1,799,000 3.0% 429

$0 $0 0.0% 0

$1,745,000 $1,900,000 $2,070,000 $1,799,000 $1,900,000 $2,070,000 3.0% 0.0% 0.0% 429 303 0

$0 $0 0.0% 0

$4,400,000 $1,600,000 $2,950,000 $2,400,000 $4,950,000 $1,725,000 $2,950,000 $2,695,000 11.1% 7.2% 0.0% 10.9% 428 430 286 2677

2015

0

-100%

1

0

1

0

-100% -100% -1.0 -100%

$6,200,000 $7,350,000 15.6% 775

$0 $0 0.0% 0

$6,200,000 $7,350,000 15.6% 775

$0 $0 0.0% 0

change

2014

2013

2012

1

1

3

$7,000,000 $5,250,000 $6,055,555 $7,500,000 $5,995,000 $6,966,667 6.7% 12.4% 12.5% 477 490 292

0

0

$0 $0 0.0% 0

$0 $0 0.0% 0

$3,500,000

$0

691

0

$0 $0 0.0% 0

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

6

0

3

0

4

1

5

2

3

2

2

2

$0 $0 0.0% 0

$4,196,583

$0

788

0

$4,366,667 $4,598,333 5.3% 427

$3,712,500 $1,750,000 $3,862,500 $3,687,500 $2,493,333 $3,000,000 $1,801,750 $2,000,000 $3,947,500 $1,995,000 $3,927,800 $3,697,500 $2,681,833 $3,375,000 $2,384,000 $2,395,000 7.0% 12.3% 2.0% 0.3% 7.5% 13.6% 24.8% 16.5% 435 460 399 131 583 425 278 738

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

16

2

2

-50%

4

4

6

8

9

6

6

3

4

-83% -$1 3.9 169%

$4,048,125 $4,275,000 5.5% 296

change

453

247

$687,750 $895,000 27.1% 796

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

2

0

2

0

2

0

4

1

2

4

3

4

$2,932,500 $3,622,500 20.3% 470

$0 $0 0.0% 0

$2,932,500 $3,622,500 20.3% 470

$0 $0 0.0% 0

$3,710,938 $1,897,500

$3,600,000

$0

370

0

35

$1,687,625 $3,594,583 $4,337,500 $2,627,177 $2,525,000 $2,446,667 $2,532,333 $4,112,500 $1,928,750 $3,837,500 $4,730,625 $3,171,111 $3,030,833 $2,910,000 $2,946,667 $5,962,500 18.7% 7.1% 7.1% 17.6% 16.7% 13.6% 13.9% 31.7% 700 399 240 539 617 270 814 468

$2,300,000 $1,070,000 $2,575,000 $3,631,250 $1,435,000 $2,175,000 $2,875,000 $1,500,000 $2,947,500 $4,617,500 $1,895,000 $2,762,500 20.6% 28.7% 11.9% 16.8% 23.3% 15.9% 855 0 327 817 302 220


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed SNOWMASS VILLAGE - Ski Access Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

SNOWMASS VILLAGE - Off-Mtn Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

WOODY CREEK Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

OLD SNOWMASS Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

BRUSH CREEK VLG Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

Copyright © 2017

closed

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

6

0

1

-92%

12

1

2

1

6

2

2

0

1

-48% $0 -1.0 18%

$3,050,000 $3,249,500 2000.0% 440

$0 $0 0.0% 0

$3,000,000 $3,995,000 24.9% 156

$3,807,500

$0

1168

0

$1,600,000 $1,950,000 17.9% 517

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

4

1

1

-50%

2

1

2

5

12

6

1

5

4

$1,431,000 $1,550,000 589

272

Listed

Pending

5

1

$1,868,800 $3,000,000

$1,325,000 26% $1,500,000 $0 11.7% 0.1 435 318%

$1,051,250 $1,175,000 10.5% 104

2017 YTD

change

2016 YTD

2

100%

$1,600,000 $3,050,000 $1,500,000 $2,862,500 $1,712,500 $3,925,000 $1,950,000 $3,249,500 $1,595,000 $3,457,500 $1,947,500 $4,247,500 17.9% 6.2% 6.0% 16.7% 11.5% 7.1% 517 440 265 820 1687 211

2010

$1,325,000 $1,051,250 $1,144,000 $1,077,167 $1,001,667 $1,500,000 $1,175,000 $1,195,000 $1,225,250 $1,272,167 11.7% 10.5% 4.3% 9.0% 20.3% 435 104 156 281 547

1

$1,800,000 1% $1,947,500 $0 7.5% 0.3 594 247%

$1,790,000 $1,895,000 5.5% 171

last 12 mo

2016

4

3

$1,387,500 $1,246,667 $1,536,250 $1,381,667 9.8% 9.9% 461 276

2015

2014

3

0

$758,021 $831,667 8.6% 827

$0 $0 0.0% 0

$650,000 $725,000 10.3% 37

$1,035,000 $1,401,250 $1,143,800 $1,416,250 7.8% 2.2% 316 26

2013

2012

2011

2010

1

3

3

1

$2,350,000 $1,418,333 $1,188,333 $1,350,000 $2,580,000 $1,948,333 $1,405,000 $1,550,000 8.9% 25.3% 34.3% 12.9% 149 1088 936 525

388

66

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

16

1

4

100%

2

4

2

3

4

3

3

1

0

2% $0 0.0 394%

$537,500 $625,000 13.2% 182

$550,000 $636,250 13.3% 898

$537,500 $625,000 13.2% 182

$1,131,667 $1,304,667 9.5% 513

$681,250 $756,250 10.0% 382

$325,000 $409,633 27.8% 553

$1,045,000 $1,238,000 12.8% 309

$220,000 $248,000 11.3% 507

$0 $0 0.0% 0

2010

2010

$616,406

$1,150,000

349

1879

$550,000 $636,250 13.3% 898

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

39

0

0

-100%

2

0

2

1

1

0

1

1

0

$0 $0 0.0% 0

-100% -$1 -1.0 -100%

$1,550,000 $1,822,500 14.7% 438

$0 $0 0.0% 0

$1,550,000 $1,822,500 14.7% 438

$500,000 $595,000 16.0% 127

$250,000 $299,000 16.4% 470

$0 $0 0.0% 0

$1,000,000 $1,825,000 45.2% 239

$325,000 $379,000 14.2% 330

$0 $0 0.0% 0

$458,269

$0

570

0

36

single family lot comparative activity by area, as of 07/31


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2017

(reported separately)

listed BASALT PROPER Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

FRYING PAN/REUDI Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

EMMA/SOPRIS CREEK Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

EL JEBEL Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

MISSOURI HEIGHTS Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market

closed

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

12

1

4

33%

3

6

5

3

5

6

6

2

2010 3

24% $0 1.6 -19%

$193,333 $202,667 4.7% 463

$240,250 $276,667 12.5% 384

$212,300 $232,600 8.1% 438

$220,000 $245,000 10.2% 434

$263,150 $285,000 8.3% 483

$169,050 $187,500 9.5% 188

$197,244 $239,167 16.9% 351

$175,000 $204,500 18.6% 595

$196,667 $212,300 0.4% 313

2010

$352,742

$295,000

566

375

$240,000 $276,250 12.0% 376

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

8

0

6

100%

3

7

4

2

3

3

3

3

2

-25% $0 1.1 111%

$144,333 $149,300 6.0% 190

$106,714 $118,214 10.9% 366

$133,000 $136,725 4.5% 181

$1,046,500 $1,311,500 12.2% 549

$91,000 $95,833 6.0% 221

$127,000 $151,833 15.0% 397

$231,667 $267,333 12.0% 347

$88,333 $101,000 17.6% 241

$203,750 $247,000 10.8% 264

change

2010

$726,313

$0

279

0

$108,000 $121,417 12.7% 401

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

4

0

0

0

1

1

0

0

2

1

3

1

N/A $463,750 N/A 563

N/A $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$185,000 $245,000 24.5% 1319

$185,000 $245,000 24.5% 1319

$0 $0 0.0% 0

$0 $0 0.0% 0

$590,000 $722,500 16.9% 195

$3,000,000 $3,500,000 14.3% 139

$535,000 $623,000 11.9% 296

$650,000 $950,000 31.6% 294

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

4

1

change

1

0%

1

2

2

3

3

2

1

3

1

43% $0 -0.5 -84%

$217,500 $285,000 23.7% 576

$252,500 $287,250 12.3% 318

$206,250 $255,000 18.5% 561

$139,000 $159,333 12.5% 453

$153,333 $164,333 6.1% 360

$147,500 $169,000 13.1% 227

$2,900,000 $3,850,000 24.7% 560

$102,667 $194,000 31.2% 265

$150,000 $250,000 40.0% 424

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

$522,500

$225,000

268

776

$310,000 $349,500 11.3% 90

Listed

Pending

2017 YTD

change

39

0

18

38%

13

24

19

29

14

15

3

3

4

$229,417 $263,656 12.3% 723

33% $0 0.7 4%

$173,058 $189,577 7.1% 697

$218,438 $256,950 14.5% 890

$176,987 $204,500 11.5% 916

$209,759 $233,843 8.5% 507

$457,966 $569,786 14.1% 567

$190,933 $204,027 5.3% 160

$141,667 $170,833 18.9% 341

$261,667 $356,333 13.6% 383

$310,000 $407,250 29.1% 263

$458,269

$0

570

0

single family lot comparative activity Copyright © 2017

37

by area, as of 07/31


resort market index index suggests renewed price growth

July 31, 2017

Our Resort Market Index measures the "strength" of the Aspen/Snowmass real estate market by tracking a variety of real estate trends. Different than a stock index, our Index (blue line) can be an excellent predictor of the future direction of pricing for our local real estate market. Because it is a composite of metrics, we have highs and lows during each quarter before the "close," which is represented by the blue line. The gold line is the average price per square foot of property sold in the resort market each quarter, and illustrates how prices trail the index (further behind index upswings than downturns, as buyers are slower to accept upward price pressures than downward ones) Click to view the relative accuracy of this index.

RESORT MARKET INDEX

Election Year Disruption

Price trends historically trail the Index by 12-24 months, reacting more quickly to Index downtrends than uptrends.

15,000 14,500

$1550

MARKET INDEX

$1450

AVG, PRICE/SF

14,000

$1350 $1250

13,500

The Index has reliably indicated future price movement, approximately 8-14 quarters before a rise and 4-8 quarters before a fall. It has continued an upward climb that began in 2010 (with seasonal and/or election year pullbacks in 2012, 2014 & 2016), and prices began following upward in 2013. Aspen/Snowmass real estate fundamentals are strong - listing inventory (supply) has been mostly stable to rising for 3 years; and while sales (demand) fell from their 2015 spike in Aspen, the relative values in Snowmass began to drive that single family home market, especially the ski-accessible segment. The recent Index drop typified election year disruption, and 2017 growth points to a continuation of the overall Index direction and renewed upward pressure on prices consistent with the sustained Index climb in 2014-15. Note the reasonable Index variation around a 4% growth trend line, unlike the 2003-05 Index, which forecast the 2006-08 price runup.

$1150

13,000

$1050

12,500 $950

12,000 $850

11,500 $750

11,000 $650

A general uptrend in the Index (blue), with occasional corrections, even with the 6-qtr surge and subsequent election year correction, continues to support the stabilized upward price movement

10,500 10,000

Among a number of metrics tracked by the index are transaction and dollar volume changes, and variation in sales prices per square foot. The accompanying graphs illustrate a general stabilization and gathering strength, with still growing sales volumes from the 2009 collapse levels.

9,000

$450

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

9,500

$550

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

resort market index Copyright Š 2017

38


residential sales activity summary graphs quarterly sales, volume, and price trendlines

Number of Residential Sales

Residential Sales Dollar Volume

200

$600

180

$500

160 140

$400

120 100

$300

80

$200

60

40

Millions

$100

20 0

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2009

2010

2011

Aspen

2012

2013

2014

Snowmass Village

2015

2016

$0

2017

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2009

Basalt

Average $/SQ FT Trendlines - Condominiums/Townhomes $1,200

$1,400

$1,000

$1,200

$800

$1,000

$600

$800

$400

$600

$200

$400

$0

Aspen

2012

2013

Snowmass Village

2014

2015

2016

2013

2014

Snowmass Village

2015

2016

2017

Basalt

$200

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2011

2012

Average $/SQ FT Trendlines - Single Family Homes $1,600

2010

2011

Aspen

$1,400

2009

2010

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2017

2009

Basalt

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

2017

Basalt

residential sales activity summary graphs Copyright © 2017

39


THE ASPEN REPORT© MONTHLY

©2017 BERKSHIRE HATHAWAY HomeServices | Aspen Snowmass Properties. Independently owned and operated. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc,® Information deemed accurate but not guaranteed. If your property is listed with a broker, this is not intended as a solicitation. Equal Housing Opportunity. Data collected from Aspen Glenwood Springs Multiple Listing Service; deemed accurate but not guaranteed. Subject to change with additional data. .

Copyright © 2017

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The Aspen analyses for a global market.

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