Aspen Report Current Full Stats

12 MONTH PERSPECTIVE JULY 2018 12 MONTH PERSPECTIVE 12 MONTH PERSPECTIVE JULY 2018

THE ASPEN REPORT© MARKET ANALYSES | ASPEN • SNOWMASS • BASALT

JULY 2018

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 21 28 34 38 39

YTD - 6% MORE SELLERS. 4% MORE BUYERS. 4% LESS SPENT. 12 MONTHS - 6% MORE SELLERS. 12% MORE BUYERS. 13% MORE SPENT.

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 (incl. 12-mo change), at 7/31 ##

with Viceroy* without Viceroy*

2018 YTD including Luxury Properties (over $7.5M) SALES

Change YTD

12-mo

$ VOLUME

Change YTD

12-mo

13%

TOTAL VALLEY (incl. rural)

337

4%

12%

$824,746,118

-4%

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

113 59 49 5 100 71 27 2 94 39 32 23 9%

-31%

-9% -1% -15% -31% 31% 28% 33% 67% 27% 9% 25% 143%

$511,570,061 $165,405,354 $315,764,707 $30,400,000 $144,990,377 $49,295,700 $79,594,677 $16,100,000 $85,644,180 $23,094,130 $38,797,800 $23,752,250

-23%

-26% -34% -50% 39% 48% 29% -33% 38% 22% 23% 130%

INVENTORY 727

Change from 1/1 12-mo

24%

6%

$/SF $928*

AVG SOLD PRICE 6% $2,447,318*

Change

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

309 90 50 37 3 98 71 26 1 94 39 32 23

4%

11%

-36%

-14%

-37%

-9%

-29%

-18%

-67%

-31%

42%

31%

48%

28%

37%

35%

-50%

100%

38%

27%

22%

9%

23%

25%

130%

143%

$ VOLUME $491,232,514

12-mo

ORIG.

-2%

-8%

1%

8.6%

$237,506,457 $75,112,750 $154,693,707 $7,700,000 $120,690,377 $49,295,700 $70,044,677 $1,350,000 $85,644,180 $23,094,130 $38,797,800 $23,752,250

LIST

Change 12-mo

5.7% -0.1

8% $1,501* 13% 18% $4,527,169 * 12% 16% 9.3% 6.7% -0.3 22% 17% 21% $2,803,481 70% 58% 8.6% 5.7% 0.1 $1,481 9% 9% 16% $6,444,178 -2% 13% 9.1% 7.4% -0.3 $1,525 -27% N/A $6,080,000 33% -24% 21.3% 12.3% -0.2 5% -3% -1% $1,449,904 -22% -12% 7.4% 5.4% -0.2 $661 5% 2% 4% $632 $694,306 -28% -10% 6.2% 4.7% -0.1 9% -10% -10% $2,947,951 -19% -18% 9.7% 7.3% -0.3 $738 -33% N/A $8,050,000 102% 14% 17.9% 2.4% -0.1 -7% 28% 14% 51% 23% 6.6% 4.0% 0.2 $455 $911,108 23% 18% 8% 12% 6% 1.7% 1.5% 0.1 $447 $592,157 -22% 43% 23% $1,212,431 40% 15% 11.5% 5.5% 0.1 $464 -19% N/A $1,032,707 471% 334% 7.8% 6.2% 2.9 * note how much the inclusion of luxury sales (only 9% of activity) distorts average sold prices from averages below…by 72% in Aspen

26% -35% -34% 8% 7% 4% 34% 108% 37% 73% 1214%

333 106 197 30 231 138 85 8 128 54 53 21

5%

57% -4% -48% 16% 15% 9% 90% 57% 15% 45% 954%

Change YTD 12-mo

-7%

DISCOUNT

YTD

15%

66% 7% -27% 20% 16% 33% -20% 47% 184% 18% -9%

2018 YTD General Market (excluding Luxury Properties over $7.5M) Change YTD 12-mo

Change

YTD 12-mo

7%

-34%

-6%

-39%

8%

-27%

-13%

-68%

-33%

12%

15%

7%

15%

20%

10%

-54% 174% 108%

57%

37%

15%

73%

45%

1214% 954%

72%

INVENTORY 549 209 91 95 23 209 145 57 7 131 54 56 21

Change YTD

12-mo

3%

3%

5% 21% 8% -36% 7% 11% 6% -30% -4% 23% -18% -16%

5% 21% 8% -36% 7% 11% 6% -30% -4% 23% -18% -16%

AVG SOLD PRICE 4% $1,589,749*

$/SF

Change YTD 12-mo

$812 *

-4%

8% $1,309* 8% $1,355 9% $1,245 N/A 0% $653 2% $632 -4% $708 N/A 28% $455 18% $447 43% $464 N/A with Viceroy*

14% 15% 12% 0% 4% -8% 14% 8% 23%

$2,638,961* $1,502,255 $4,180,911 $2,566,667 $1,231,534 $694,306 $2,694,026 $1,350,000 $911,108 $592,157 $1,212,431 $1,032,707

DISCOUNT Change ORIG. LIST 12-mo -4% 11.5% 5.4% -0.1

Change YTD 12-mo -11% 3% -4% 3% -3% -21% -28% -12% -8% 51% 12% 40% 471%

6.3% 0.1 5.5% 0.2 6% 9.5% 7.0% 0.1 -3% 20.5% 10.1% 0.0 -13% 7.1% 5.3% -0.1 -10% 6.2% 4.7% -0.1 -18% 9.4% 6.8% -0.2 37% 9.7% 3.2% 0.2 23% 6.6% 4.0% 0.2 6% 1.7% 1.5% 0.1 15% 11.5% 5.5% 0.1 334% 7.8% 6.2% 2.9 8%

9.5%

18%

8.9%

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 © 2018

2

quarterly general market activity

excludes luxury properties

(excludes luxury property)

due to distortion of averages 7/31/2018

Q3

Q2

number sold

2018

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

Q4 162

Q3 158

Q2 148

Q1 95

Q2 2018 change

117

Q1 112

46 20 15 11 36 30 4 2 35 11 18 6

44 26 17 1 46 32 14 0 54 21 22 11

37 19 16 2 44 34 10 0 31 15 7 9

51 30 18 3 49 31 17 1 62 36 20 6

79 53 21 5 34 24 8 2 45 19 20 6

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

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

-41.3% -40.9% -39.3% -66.7% 31.4% 45.5% 16.7% -100.0% 42.1% 40.0% 37.5% 57.1%

Farm/Ranch

Farm/Ranch

Farm/Ranch

2018

ng

$129,483,666 $30,413,666 $62,100,000 $36,970,000 $47,466,400 $33,596,400 $11,020,000 $2,850,000 $49,456,921 $8,637,111 $34,350,560 $6,469,250

$110,025,500 $43,691,000 $63,484,500 $2,850,000 $70,423,000 $29,833,500 $40,589,500 $0 $47,211,150 $13,558,850 $28,167,800 $5,484,500

$101,423,957 $24,364,750 $72,209,207 $4,850,000 $38,726,877 $14,346,700 $24,380,177 $0 $32,173,780 $7,896,280 $8,635,000 $15,642,500

Q4 Q3 Q2 Q1 $254,689,919 $301,801,725 $265,721,958 $188,181,170 $137,574,400 $55,361,000 $72,113,400 $10,100,000 $73,336,725 $25,412,725 $45,224,000 $2,700,000 $43,778,794 $18,222,875 $22,920,919 $2,635,000

$218,061,750 $118,525,250 $90,101,000 $9,435,500 $46,600,875 $25,898,875 $16,752,000 $3,950,000 $37,139,100 $10,199,000 $25,120,600 $1,819,500

$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

Q2 2018 change

-14.3% -40.6% -34.1% -43.9% -51.0% 17.7% 59.1% 2.9% -100.0% 129.1% 69.1% 147.6% 350.8%

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

2017

Q3 thru Jul+Pending Q2 Q1 $226,406,987 $227,659,650 $172,324,614

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

-2.7%

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

sales volume TOTAL

2017

Q2 144

Q3 thru Jul+Pending

TOTAL

(reported separately)

Q1

2018 Q3 thru Jul $828 $1,210 $1,361 $1,021 $687 $722 $598 $421 $447 $394

Q2 $830 $1,364 $1,407 $1,298 $676 $639 $760 $460 $419 $498

2017 Q1 $809 $1,266 $1,283 $1,245 $623 $613 $657 $454 $485 $388

Q4 $773 $1,294 $1,317 $1,257 $689 $663 $737 $399 $402 $393

Q3 $996 $1,455 $1,532 $1,260 $638 $650 $603 $420 $386 $452

Q2 $855 $1,163 $1,234 $1,050 $678 $619 $788 $332 $395 $274

Q1 $917 $1,264 $1,239 $1,297 $628 $615 $677 $356 $351 $386

Q2 2018 change

-2.9% 17.3% 14.0% 23.6% -0.4% 3.3% -3.6% 38.3% 6.3% 81.7%

quarterly general market activity (excludes luxury property)

Copyright Š 2018

3

monthly general market activity

Farm/Ranch Activity

change

26

34

-23.5%

9 5 4 0 8 5 2 1 9 3 3 3

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

-40.0% -44.4% 0.0% N/A 60.0% 25.0% 100.0% N/A -35.7% -40.0% -62.5% 200.0%

2018

2017

TOTAL Aspen 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 sales volume

2018

2017

change

$828

$815

1.6%

$1,210 $1,361 $1,021

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

-7.2% -3.7% -3.6%

$687 $722 $598

$599 $637 $447

14.7% 13.4% 33.7%

$421 $447 $394

$410 $407 $411

2.7% 9.8% -4.1%

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

2018

2017

change

$43,856,750

$53,276,125

-17.7%

$26,057,000 $7,057,000 $19,000,000 $0 $11,540,500 $5,115,500 $5,075,000 $1,350,000 $6,259,250 $1,639,000 $1,995,000 $2,625,250

$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

-26.0% -41.5% 2.2% N/A 76.3% 7.8% 181.9% N/A -45.6% -26.6% -78.3% 3970.2%

2018

2017

july

Volume

average sold prices

2018

2017

change

$1,686,798

$1,566,945

7.6%

$2,895,222 $1,411,400 $4,750,000 $0 $1,442,563 $1,023,100 $2,537,500 $1,350,000 $695,472 $546,333 $665,000 $875,083

$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

23.3% 5.3% 2.2% N/A 10.2% -13.8% 41.0% N/A -15.4% 22.3% -42.2% 1256.7%

2018

2018

2017

Farm/Ranch

2018

(reported separately)

2017

number sold

Farm/Ranch

Jul 7

7

2017

july 2018 compared with july 2017 Jul

excludes luxury properties due to distortion of averages

Avg Pr.

monthly general market activity Copyright Š 2018

4

july 2018 compared with july 2017

ytd overall market activity

includes luxury properties

all YTD sales and pending sales, at 7/31/18

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 TOTAL (incl. Rural) TOTAL (in Towns) 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

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

Copyright Š 2018

2017 YTD

Listed

Pending

2018 Sold

Sold + Pending

Sold + Pending

change

852 709

120 102

365 337

485 439

490 440

-1% 0%

338 107 199 32 238 145 85 8 133 54 56 23

48 21 15 12 28 25 2 1 26 8 15 3

113 59 49 5 100 71 27 2 94 39 32 23

161 80 64 17 128 96 29 3 120 47 47 26

226 115 98 13 94 62 28 4 99 48 39 12

2018 YTD

2017 YTD

dollar volume TOTAL (incl. Rural) TOTAL (in Towns)

2018 YTD

-29% -30% -35% 31% 36% 55% 4% -25% 21% -2% 21% 117%

Listed

Pending

2018 Sold

Sold + Pending

Sold + Pending

change

$4,273,188,028

$333,207,637

$845,725,934

$1,178,933,571

$1,315,772,680

-10%

$4,147,886,934

$322,195,137

$824,746,118

$1,146,941,255

$2,786,400,439 $421,180,440 $2,160,520,999 $204,699,000 $783,407,900 $187,044,400 $564,139,500 $32,224,000 $154,183,395 $34,389,400 $82,841,000 $36,952,995

$234,046,666 $99,281,666 $90,295,000 $44,470,000 $35,925,900 $28,480,900 $5,945,000 $1,500,000 $43,197,671 $6,998,111 $32,355,560 $3,844,000

$511,570,061 $165,405,354 $315,764,707 $30,400,000 $144,990,377 $49,295,700 $79,594,677 $16,100,000 $85,644,180 $23,094,130 $38,797,800 $23,752,250

5

$745,616,727 $264,687,020 $406,059,707 $74,870,000 $180,916,277 $77,776,600 $85,539,677 $17,600,000 $128,841,851 $30,092,241 $71,153,360 $27,596,250

$1,282,603,022 $1,005,658,879 $281,806,608 $670,086,771 $53,765,500 $171,349,015 $61,006,515 $96,817,500 $13,525,000 $71,330,628 $25,586,328 $43,416,300 $2,328,000

-11% -26% -6% -39% 39% 6% 27% -12% 30% 81% 18% 64% 1085%

ytd overall market activity all YTD sales and pending sales, at 7/31/18

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) 2018 YTD 1 Yr Chg 2017 1 Yr Chg 2016 1 Yr Chg 2015 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

$2,279,500 $1,112,500 $3,790,000 $2,600,000 $693,750 $472,500 $2,218,839 $1,350,000 $669,500 $529,000 $879,500 $450,000

10.9% -21.9% -2.1% 14.3% -29.6% -28.1% -8.5% -15.6% 21.7% 8.6% 7.3% 75.1%

$2,055,900 $1,425,000 $3,870,000 $2,275,000 $985,000 $657,288 $2,425,000 $1,600,000 $550,000 $487,000 $820,000 $257,000

15.2% 16.3% 1.2% -27.2% -5.6% -0.4% -13.3% -17.2% 0.0% 6.7% -5.5% 31.8%

$1,785,000 $1,225,000 $3,824,000 $3,125,000 $1,043,750 $660,000 $2,797,500 $1,932,500 $550,000 $456,500 $867,778 $195,000

-16.4% 10.7% -6.7% -13.2% 11.6% 6.5% 17.0% 64.5% 0.0% 6.8% 11.8% 0.8%

$2,135,000 $1,106,250 $4,100,000 $3,600,000 $935,000 $620,000 $2,391,900 $1,175,000 $550,000 $427,500 $776,000 $193,500

0.0% -11.0% 9.3% 56.5% -11% 5.5% 27.6% -7.3% 10.0% 3.0% 19.8% 7.5%

2014 $2,135,000 $1,242,500 $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

1 Yr Chg

29.4% 24.3% 17.1% -1.1% 58.3% 15.4% -9.7% -1.2% 20.5% 29.7% 6.3% 2.9%

2013 $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

annual changes in median sales prices Copyright Š 2018

6

as of 7/31 of each year

1 Yr Chg

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

changes in average discounts

includes luxury properties

average price discounts at 7/31/18

2018

2017

2016

2015

2014

2013

asking vs. selling price discount %

Average Asking vs. Selling Price Discount 10%

Decreasing Sales Discounts

5%

0% 2013

2014

Aspen

2015

2016

2017

Snowmass Village

Basalt

last 12 mo

2018 YTD

last 12 mo

2017

2016

2015

2014

2013

OVERALL AVERAGE

5.4%

5.7%

6.0%

6.4%

6.2%

7.1%

8.2%

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

6.7% 5.7% 7.4% 12.3% 5.4% 4.7% 7.3% 2.4%

6.6% 5.1% 7.8% 14.9% 5.6% 5.0% 7.3% 4.7%

6.7% 4.8% 8.0% 14.0% 6.6% 5.5% 8.1% 12.7%

7.1% 5.7% 9.1% 9.3% 7.2% 6.6% 8.3% 8.3%

6.7% 5.1% 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%

4.0% 1.5% 5.5% 6.2%

4.1% 1.9% 5.8% 6.5%

4.1% 2.2% 5.1% 8.9%

4.7% 2.6% 7.1% 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%

2017 2016

original vs. selling price discount %

Average Original vs. Selling Price Discount 20%

Decreasing Sales Discounts

15% 10% 5% 0% 2013

2014

Aspen

2015

2016

Snowmass Village

2017

Basalt

last 12 mo

2018 YTD

2015

2014

2013

OVERALL AVERAGE

7.8%

8.9%

9.4%

9.8%

9.3%

10.6%

13.3%

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

9.3% 8.6% 9.1% 21.3% 7.4% 6.2% 9.7% 17.9% 6.6% 1.7% 11.5% 7.8%

9.4% 7.0% 11.2% 21.5% 9.3% 8.6% 10.9% 10.9% 6.4% 2.2% 11.1% 8.4%

10.0% 6.8% 13.0% 16.8% 11.8% 11.0% 13.4% 12.7% 6.0% 2.5% 8.9% 11.7%

10.6% 8.6% 13.2% 14.0% 11.5% 10.9% 12.6% 13.0% 7.4% 3.7% 11.4% 17.4%

9.9% 7.4% 11.4% 17.9% 11.0% 11.7% 10.5% 4.5% 6.5% 4.1% 8.9% 16.7%

11.1% 9.0% 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%

last 12 mo

changes in average discounts Copyright Š 2018

7

average price discounts at 7/31/18

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 2018 jul 2017

change

ALL LISTINGS

727

685

6.1%

Luxury Market Condominiums/Townhomes Single Family Homes Land

178 16 147 15

154 12 127 15

15.6% 33.3% 15.7% 0.0%

GENERAL LISTINGS

549

531

3.4%

GENERAL LISTINGS

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

209 91 95 23 209 145 57 7 131 54 56 21

199 75 88 36 195 131 54 10 137 44 68 25

5.0% 21.3% 8.0% -36.1% 7.2% 10.7% 5.6% -30.0% -4.4% 22.7% -17.6% -16.0%

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

pending inventory ALL PENDING

Luxury Market Condominiums/Townhomes Single Family Homes Land

jul 2018 $4,047,926,734 $2,731,821,000 $243,957,000 $2,264,539,000 $223,325,000

$1,316,105,734 $717,449,439 $177,223,440 $470,911,999 $69,314,000 $458,422,900 $187,044,400 $249,144,500 $22,234,000 $140,233,395 $34,389,400 $82,841,000 $17,052,995

listing volume change jul 2017 $3,619,395,176 $2,394,944,999 $157,582,000 $1,989,512,999 $247,850,000

$1,224,450,177 $682,237,999 $147,275,500 $403,642,999 $131,319,500 $372,240,199 $152,102,699 $191,568,500 $28,569,000 $169,971,979 $29,588,180 $111,396,400 $12,658,400

pending volume jul 2018 jul 2017 change

ALL PENDING

101

116

-12.9%

Luxury Market Condominiums/Townhomes Single Family Homes Land

11 6 4 1

18 7 11 0

-38.9% -14.3% -63.6% N/A

GENERAL PENDING

90

98

-8.2%

GENERAL PENDING

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

37 15 11 11 28 25 2 1 25 8 15 2

46 28 15 3 21 14 6 1 31 16 13 2

-19.6% -46.4% -26.7% 266.7% 33.3% 78.6% -66.7% 0.0% -19.4% -50.0% 15.4%

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

0.0%

Luxury Market Condominiums/Townhomes Single Family Homes Land

11.8% 14.1% 54.8% 13.8% -9.9%

7.5% 5.2% 20.3% 16.7% -47.2% 23.2% 23.0% 30.1% -22.2% -17.5% 16.2% -25.6% 34.7%

jul 2018

jul 2017

change

$313,170,237

$421,094,498

-25.6%

$130,620,000 $75,925,000 $47,195,000 $7,500,000

$182,550,237 $103,426,666 $23,356,666 $43,100,000 $36,970,000 $35,925,900 $28,480,900 $5,945,000 $1,500,000 $43,197,671 $6,998,111 $32,355,560 $1,494,000

$228,690,000 $82,545,000 $146,145,000 $0

$192,404,498 $135,294,000 $67,695,000 $59,554,000 $8,045,000 $26,914,998 $14,739,998 $10,625,000 $1,550,000 $30,195,500 $8,741,500 $20,934,000 $520,000

-42.9% -8.0% -67.7% N/A

-5.1% -23.6% -65.5% -27.6% 359.5% 33.5% 93.2% -44.0% -3.2% 43.1% -19.9% 54.6% 187.3%

changes in inventory Copyright Š 2018

8

as of 7/31

LUXURY PROPERTY MARKET ACTIVITY July 31, 2018 'Luxury' is defined as property priced over $7.5 million, nearly always limited to single family homes or ranches.

Copyright © 2018

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 2005

2006

2007

2008

2009

PRICES: Avg $/SF

178

Inventory

7%

154

$2,019

inventory

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

$2,214

$2,454

$14,054,012?

est. $10,873,893

Copyright Š 2018

$15,347,309 $7,500,000 $58,500,000 355

2015

2016

2017 LAST 12 MO

SUPPLY: Inventory

$11,874,545 $7,500,000 $17,000,000 646

53

from Jul 2017:

45

Current Avg. Asking Price/SF:

$2,214

Average Sold Price: Median Sold Price:

$11,911,200 $12,550,000

1.606060606

pending

Lowest Selling Price Highest Selling Price Avg Asking Price

2014

$2,155 Sales Last 12 Mo 18%

from Jul 2017:

$15,347,309

2013

DEMAND: # of Sales

16%

at 07/31/2018 at 07/31/2018 178 11 $2,731,821,000 $130,620,000

Avg Price/SF Avg Sales Price

2012

Avg Sales Price/SF

2018

Number Dollar Volume

2011

from Jul 2017:

Current Avg. Asking Price:

total luxury sales

2010

closed last 12 mo

change

prev 12 mo

53 $661,318,804

18% 22% 7% 4% 0% -3% 3% 2% 21% -0.06 22%

45 $541,599,771

$2,155 $12,477,713 $7,500,000 $29,000,000 $13,925,509 $7,950,000 $44,000,000 8.6% 457

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

10

2018 YTD

2017 YTD

2017

2016

28 27 52 $333,513,604 $332,564,771 $660,369,971 $2,192 $11,911,200 $7,500,000 $21,500,000 $13,155,000 $7,950,000 $25,000,000 8.5% 512

$1,967 $12,317,214 $7,600,000 $30,000,000 $13,777,407 $7,800,000 $36,500,000 8.3% 446

$2,043 $12,699,423 $7,600,000 $30,000,000 $14,263,500 $7,800,000 $44,000,000 8.4% 421

2015

2014

33 38 48 $354,396,943 $611,035,833 $458,717,886 $1,913 $10,739,301 $7,500,000 $24,000,000 $12,157,364 $7,975,000 $24,500,000 11.2% 263

$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

current luxury property report

current luxury property report aspen Number Dollar Volume

inventory

pending

at 07/31/2018

at 07/31/2018

closed

129 11 $2,068,951,000 $130,620,000

Avg Price/SF Avg Sales Price

$2,389

$2,454

$14,762,256?

est. $10,929,725

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

$16,038,380 $7,500,000 $42,000,000 297

$11,874,545 $7,500,000 $17,000,000 646

2018 YTD

2017 YTD

last 12 mo

change

prev 12 mo

46* $580,118,804

39 $485,639,771

$2,249

18% 19% 18%

$1,899

$2,296

$1,997

$12,611,278 $7,500,000 $29,000,000 $14,108,739 $7,950,000 $44,000,000 8.5% 428

1% 0% -3% 3% 2% 21% 0.18 26%

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

$11,915,809 $7,500,000 $21,500,000 $13,182,174 $7,950,000 $25,000,000 8.4% 472

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

2017

2016

23 24 47 $274,063,604 $305,764,771 $611,819,971 $2,102

$1,749

$13,017,446 $7,600,000 $30,000,000 $14,592,596 $7,800,000 $44,000,000 8.0% 385

2015

2014

26 36 42 $291,491,943 $530,535,833 $441,317,886 $11,211,229 $7,500,000 $24,000,000 $12,359,346 $7,975,000 $24,500,000 9.0% 240

$1,777 $12,631,806 $7,500,000 $29,500,000 $14,563,262 $7,500,000 $49,500,000 10.4% 295

$1,585 $12,258,830 $7,500,000 $26,000,000 $13,485,044 $7,750,000 $29,900,000 8.9% 300

*32 SF Homes and 12 Townhomes, plus land

snowmass village Number Dollar Volume Avg Price/SF Avg Sales Price

inventory

pending

at 07/31/2018

at 07/31/2018

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

29 $324,985,000

0 $0

3* $33,050,000

0% 23%

3 $26,800,000

2 $24,300,000

3 $26,800,000

4 $35,550,000

4 $33,745,000

4 $39,850,000

2 $17,400,000

$1,359 $11,016,667 $8,750,000 $14,750,000 $12,233,333 $9,950,000 $15,000,000 10.8% 592

-16% 23% 14% 46% 15% 17% 20% -0.28 -35%

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

$1,516 $12,150,000 $9,550,000 $14,750,000 $13,375,000 $11,750,000 $15,000,000 10.2% 629

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

$1,726

$0

$9,597,623?

N/A

$11,206,379 $7,750,000 $29,995,000

$0

closed

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

576

$0 $0 0

$1,483 $8,887,500 $7,650,000 $10,100,000 $10,475,000 $8,500,000 $12,500,000 14.4% 817

$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

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

*2 SF Homes, 1 of which is ski-accessible, plus land

rural

inventory

pending

woody creek to missouri heights

at 07/31/2018

at 07/31/2018

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

Number Dollar Volume

20 $337,885,000

0 $0

4* $48,150,000

33% 65%

3 $29,160,000

3 $35,150,000

0 $0

1 $13,000,000

3 $29,160,000

2 $40,650,000

0 $0

$1,783

$0

$1,519 $12,037,500 $10,250,000 $13,400,000 $13,087,500 $11,000,000 $14,900,000 $18,112,500 23.2% 688

-59% 24% 37% 0% -4% 11% -12% 31% -0.17 156%

$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

$1,686 $11,716,667 $10,250,000 $13,400,000 $12,800,000 $11,000,000 $14,900,000 $19,500,000 8.3% 738

$0 $0

Avg Price/SF Avg Sales Price

closed

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

$16,894,250 $58,500,000 $7,995,000 $18,563,250 408

$0 $0 $0 $0 0

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

$1,017 $13,000,000 $13,000,000 $13,000,000 $13,950,000 $13,950,000 $13,950,000 $13,950,000 6.8% 540

$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 0.0% 0

*4 SF Homes

current luxury property report Copyright Š 2018

11

GENERAL MARKET ACTIVITY BY COMMUNITY ASPEN · SNOWMASS VILLAGE · BASALT July 31, 2018

Copyright © 2018

12

current aspen general activity report

excludes luxury properties due to distortion of averages

2017

(reported separately)

Aspen Sales $1,500

500

$1,200

400

$900

300

$600

200

$300

100

$0

0 2005

2006

2007

2008

PRICES: Avg $/SF

209

Inventory

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

Copyright Š 2018

4% Growth

2013

2014

SUPPLY: Inventory

2015

2016

2017 LAST 12 MO

DEMAND: # of Sales

$1,360 Sales Last 12 Mo

Avg Sales Price/SF

14%

-14% from Jul 2017:

199

$1,191

237

pending

Avg Price/SF Avg Sales Price

2012

from Jul 2017:

inventory

Number Dollar Volume

2011

5%

$3,432,772

(under $7.5M)

2010

from Jul 2017:

Current Avg. Asking Price:

all general aspen property

2009

at 07/31/2018 at 07/31/2018 209 37 $717,449,439 $103,426,666 $1,548

$3,432,772 $226,000 $7,495,000 238

$1,437 est. $2,619,800

$2,795,315 $465,000 $6,500,000 604

Current Avg. Asking Price/SF:

$1,548

Average Sold Price: Median Sold Price:

205

$2,721,574 $2,300,000

closed last 12 mo

change

prev 12 mo

205 $557,922,607

-14% -6% 14% 8% 28% 1% 7% 34% 19% -0.48 -16%

237 $596,229,858

$1,360 $2,721,574 $190,000 $7,400,000 $2,921,593 $199,500 $9,900,000 6.2% 247

$1,191 $2,515,738 $149,000 $7,300,000 $2,726,070 $149,000 $8,295,000 6.7% 293

13

2018 YTD

2017 YTD

2017

2016

2015

2014

173 241 90 140 255 265 $237,506,457 $358,360,108 $678,776,258 $407,818,950 $703,120,355 $621,131,020 $1,309 $2,638,961 $239,000 $7,400,000 $2,846,140 $239,000 $9,900,000 6.3% 249

$1,212 $2,559,715 $149,000 $7,300,000 $2,782,351 $149,000 $8,295,000 6.6% 279

$1,298 $2,661,868 $149,000 $7,400,000 $2,871,777 $149,000 $8,295,000 6.4% 264

$1,210 $2,357,335 $100,000 $7,300,000 $2,543,131 $159,000 $7,650,000 6.8% 277

$1,176 $2,653,284 $100,000 $7,400,000 $2,857,180 $110,000 $9,800,000 6.1% 282

$1,109 $2,576,483 $107,000 $7,250,000 $2,792,291 $122,500 $7,995,000 7.3% 282

current aspen general activity report

current aspen general activity report condominiums/townhomes Number Dollar Volume

inventory

Avg Price/SF Avg Sales Price

$1,641 $1,839,559?

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

$1,947,510 $226,000 $7,295,000 206

2017

pending

at 07/31/2018 at 07/31/2018 91 15 $177,223,440 $23,356,666 $1,459 est. $1,470,800

$1,557,111 $465,000 $4,995,000 429

excludes luxury properties due to distortion of averages

closed last 12 mo*

ytd chg

prev 12 mo

124 $236,930,500

-9% 8% 15%

136 $219,879,358

$1,417 $1,910,730 $190,000 $7,400,000 $2,021,602 $199,500 $8,000,000 4.9% 205

18% 28% 1% 16% 34% 3% -0.35 -25%

$1,233 $1,616,760 $149,000 $7,300,000 $1,742,023 $149,000 $7,750,000 5.3% 276

2018 YTD

2017 YTD

2017

2016

2015

2014

114 130 50 79 153 151 $75,112,750 $123,866,608 $285,684,358 $196,031,250 $234,876,915 $223,767,326 $1,355 $1,502,255 $239,000 $5,550,000 $1,604,372 $239,000 $5,995,000 5.5% 200

$1,256 $1,567,932 $149,000 $6,750,000 $1,702,363 $149,000 $7,750,000 5.0% 243

$1,354 $1,867,218 $149,000 $7,400,000 $1,993,116 $149,000 $8,000,000 4.8% 226

$1,242 $1,719,572 $100,000 $7,300,000 $1,820,118 $159,000 $7,650,000 5.7% 261

$1,170 $1,555,476 $100,000 $7,250,000 $1,642,009 $110,000 $7,495,000 5.0% 256

$1,161 $1,721,287 $107,000 $6,425,000 $1,831,630 $122,500 $6,500,000 6.0% 254

*excluding 12 luxury townhomes

single family homes (excluding luxury)

Number Dollar Volume

inventory

pending

at 07/31/2018

at 07/31/2018

95 11 $470,911,999 $43,100,000

Avg Price/SF Avg Sales Price

$1,459 $4,611,825?

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

$4,956,968 $270,000 $7,495,000 257

$1,406 est. $3,645,367

$3,918,182 $1,495,000 $6,500,000 569

closed

2018 YTD

2017 YTD

2017

2016

2015

2014

last 12 mo*

ytd chg

prev 12 mo

72 $298,322,107

-18% -13% 12% 6% 14% 1% 6% 0% 19% -0.63 7%

88 $342,505,000

last 12 mo

ytd chg

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

9 $22,670,000

-31% -33%

13 $33,845,500

3 $7,700,000

9 $23,720,500 N/A

15 $38,690,500

12 $37,517,500

23 $79,732,500

21 $53,464,590

$2,518,889 $370,000 $4,000,000 $2,921,111 $800,000 $4,500,000 14.7% 327

-3% 42% -36% 1% 103% -31% 2.04 -35%

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

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

$2,579,367 $260,000 $6,250,000 $2,944,267 $395,000 $6,500,000 15.0% 394

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

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

$1,263 $4,143,363 $1,095,000 $7,400,000 $4,471,639 $1,095,000 $9,900,000 7.4% 309

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

47 90 37 52 87 91 $154,693,707 $210,773,000 $354,401,400 $174,270,200 $388,510,940 $343,899,104 $1,245 $4,180,911 $1,095,000 $7,400,000 $4,523,892 $1,095,000 $9,900,000 7.0% 296

$1,146 $4,053,327 $1,200,000 $7,300,000 $4,396,510 $1,295,000 $8,295,000 7.8% 298

$1,200 $4,073,579 $1,100,000 $7,300,000 $4,404,511 $1,295,000 $8,295,000 7.8% 308

$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

*excluding 32 luxury homes

single family lots

inventory

pending

at 07/31/2018 23 $69,314,000

at 07/31/2018 11 $36,970,000

Avg Sales Price

$2,709,013?

est. $3,021,167

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

$3,013,652 $875,000 $7,195,000

Number Dollar Volume

286

$3,360,909 $495,000 $6,500,000 877

closed

$2,566,667 $2,250,000 $2,850,000 $2,850,000 $2,600,000 $3,000,000 10.1% 468

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

current aspen general activity report Copyright Š 2018

14

excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report with Viceroy

2017

without Viceroy

(reported separately)

Snowmass Village Sales $1,500

300

$1,200

240

$900

180

$600

120

$300

60

$0

0 2005

2006

2007

2008

PRICES: Avg $/SF

197

Inventory

(under $7.5M)

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

2010

2012

4% Growth

2013

2014

DEMAND: # of Sales

2015

2016

2017 LAST 12 MO

SUPPLY: Inventory

$662 Sales Last 12 Mo

Avg Sales Price/SF

1%

0%

31%

from Jul 2017:

from Jul 2017:

195

$662

134

inventory

$2,193,411

$2,193,411 $74,500 $7,495,000 306

$890

Average Sold Price: Median Sold Price:

pending

at 07/31/2018 at 07/31/2018 197 21 $411,427,900 $19,470,900 $890 $2,077,567?

Current Avg. Asking Price/SF:

$842 est. $1,215,303

$1,283,068 $349,900 $3,300,000 342

176

$1,330,008 $770,000

closed last 12 mo

change

prev 12 mo

176 $234,081,352

31% 15% 0% -13% -6% 0% -13% 16% -7% -1.28 -20%

134 $204,418,817

$662 $1,330,008 $57,500 $6,895,000 $1,427,872 $68,500 $6,995,000 5.6% 283 CURRENT SKI ACCESS $/SF PREMIUM

Copyright Š 2018

2011

from Jul 2017:

Average Asking Price:

all snowmass vlg property

2009

$662 $1,525,514 $61,114 $6,900,000 $1,648,765 $59,000 $7,500,000 6.8% 353

2018 YTD

2017 YTD

2017

2016

2015

2014

126 142 98 69 147 115 $120,690,377 $107,684,017 $221,074,992 $204,761,675 $181,159,247 $173,683,718 $653 $1,231,534 $57,500 $5,950,000 $1,323,917 $68,500 $6,500,000 5.3% 209

$651 $1,560,638 $61,114 $6,900,000 $1,700,543 $59,000 $7,500,000 6.9% 370

$663 $1,503,912 $61,114 $6,900,000 $1,625,163 $59,000 $7,500,000 6.3% 373

$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

$148

15

current snowmass village general activity report

excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report single family homes general non ski-accessible

Number Dollar Volume Avg Price/SF Avg Sales Price 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 Sales Price 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 Sales Price 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 Sales Price 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 07/31/2018 at 07/31/2018 33 1 $106,305,500 $2,995,000 $854 $3,059,988?

$3,221,379 $1,290,000 $7,450,000 276

$842 est. $2,844,951

$2,995,000 $2,995,000 $2,995,000 253

at 07/31/2018 at 07/31/2018 24 1 $142,839,000 $2,950,000 $1,253 $4,723,324?

$5,951,625 $3,495,000 $7,495,000 196

$1,142 est. $2,341,177

$2,950,000 $2,950,000 $2,950,000 504

at 07/31/2018 at 07/31/2018 22 0 $213,100,000 $0 $1,645 $7,872,747?

$9,686,364 $7,750,000 $24,950,000 498

$0 N/A

$0 $0 $0 0

at 07/31/2018 at 07/31/2018 46 1 $355,939,000 $2,950,000 $1,440 $6,177,909?

$7,737,804 $3,495,000 $24,950,000 341

$1,142 est. $2,355,298

$2,950,000 $2,950,000 $2,950,000 504

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

41 $96,443,177

78% 82% 3% 2% -23% 15% -2% -23% 8% -3.34 0%

23 $53,120,000

23 $58,574,677

12 $26,767,500

30 $64,636,000

22 $52,656,500

24 $57,129,900

26 $48,603,000

$658 $2,309,565 $1,095,000 $5,185,000 $2,545,087 $1,095,000 $5,995,000 9.0% 277

$697 $2,546,725 $950,000 $5,950,000 $2,696,500 $1,025,000 $6,500,000 5.0% 282

$641 $2,230,625 $1,095,000 $4,845,000 $2,449,083 $1,095,000 $5,295,000 8.5% 225

$650 $2,154,533 $844,500 $4,845,000 $2,329,517 $847,500 $5,295,000 7.3% 253

$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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

9 $33,777,500

-36% -48% -14% -19% -44% 0% -15% -33% -7% 6.67 -48%

14 $65,047,500

3 $11,470,000

7 $31,725,000

13 $54,032,500

15 $68,351,500

11 $52,681,500

8 $29,510,000

$958 $4,646,250 $2,797,500 $6,900,000 $4,965,929 $2,895,000 $7,500,000 6.4% 461

$790 $3,823,333 $1,575,000 $5,495,000 $4,563,333 $3,400,000 $5,495,000 20.6% 205

$897 $4,532,143 $3,200,000 $6,900,000 $5,000,000 $3,495,000 $7,500,000 9.3% 621

$874 $4,156,346 $1,850,000 $6,900,000 $4,578,462 $1,945,000 $7,500,000 9.3% 452

$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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

1 $9,550,000

2 $17,750,000

1 $9,550,000

2 $17,750,000

2 $17,750,000

4 $33,745,000

3 $28,150,000

2 $17,400,000

$1,516 $9,550,000 $9,550,000 $9,550,000 $11,750,000 $11,750,000 $11,750,000 18.7% 511

-50% -46% -7% 8% 25% -5% 21% 38% 7% 9.84 63%

$1,516 $9,550,000 $9,550,000 $9,550,000 $11,750,000 $11,750,000 $11,750,000 18.7% 511

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

$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

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

last 12 mo

ytd chg

prev 12 mo

2018 YTD

2017 YTD

10 $43,327,500

-38% -48% -14% -16% -44% -5% -10% -33% 7% 6.92 -40%

16 $82,797,500

4 $21,020,000

9 $49,475,000

$1,041 $5,174,844 $2,797,500 $10,100,000 $5,560,813 $2,895,000 $10,950,000 6.7% 443

$972 $5,255,000 $1,575,000 $9,550,000 $6,360,000 $3,400,000 $11,750,000 20.2% 282

$1,059 $5,497,222 $3,200,000 $10,100,000 $6,050,000 $3,495,000 $10,950,000 9.2% 553

$680 $2,352,273 $844,500 $5,950,000 $2,500,390 $847,500 $6,500,000 5.7% 277

$828 $3,753,056 $1,575,000 $6,895,000 $4,245,556 $1,945,000 $6,995,000 13.0% 239

$897 $4,332,750 $1,575,000 $9,550,000 $4,996,000 $1,945,000 $11,750,000 13.6% 266

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

2017

2016

2015

19 15 14 $71,782,500 $102,096,500 $80,831,500 $974 $4,785,500 $1,850,000 $10,100,000 $5,264,667 $1,945,000 $10,950,000 9.2% 434

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

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

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

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

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

2014 10 $46,910,000 $957 $4,691,000 $1,899,000 $8,800,000 $5,213,000 $1,995,000 $9,950,000 8.8% 231

current snowmass village general activity report Copyright Š 2018

16

excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report condominiums/townhomes general non ski-accessible

Number Dollar Volume Avg Price/SF Avg Sales Price

inventory

pending

at 07/31/2018 30 $42,789,900

at 07/31/2018 10 $6,680,000

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

closed

2017

2016

2015

2014

35 $25,175,575

30 $27,467,000

20 $15,933,500

13 $15,031,500

28 $24,273,575

35 $30,546,500

24 $20,154,900

28 $23,634,750

$781 $1,365,132?

$587 est. $639,339

$563 $719,302

$595 $915,567

$591 $796,675

$655 $1,156,269

$586 $866,913

$580 $872,757

$567 $839,788

$549 $844,098

357

5.2% 280

17% -8% -5% -21% -9% -44% -21% -15% -40% -0.16 2%

Lowest Selling Price Highest Selling Price

Avg Asking Price

$360,000 $1,830,000

$1,426,330 Lowest Asking Price Highest Asking Price

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

$475,000 $3,575,000

158

Avg Price/SF Avg Sales Price

$765,943

$385,000 $1,775,000

Avg Ask/Sold Discount Avg Days on Market

$842,250

$1,231,269

$397,000 $3,250,000

$927,482

$339,500 $3,200,000

$929,671

$375,000 $3,100,000

$881,158

$360,000 $1,795,000

$902,232

$445,000 $3,495,000

$376,500 $2,089,000

$445,000 $3,495,000

$445,000 $3,495,000

$362,500 $3,595,000

$415,000 $3,300,000

$385,000 $1,895,000

5.3% 275

4.3% 164

5.7% 299

6.1% 372

5.3% 344

4.9% 296

6.0% 286

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

8 $5,345,900

87 $70,685,100

65 $55,859,317

51 $33,362,200

35 $31,235,017

71 $68,557,917

50 $45,004,675

50 $43,972,947

62 $52,909,968

$803 $1,028,166?

$707 est. $635,297

$676 $812,472

$631 $859,374

$648 $654,161

$605

$892,429

$660 $965,604

$668 $900,094

$664 $879,459

$657 $853,387

4.9% 289

34% 27% 7% -5% -6% 23% -7% 16% 25% -1.73 -26%

$57,500 $4,425,000

$1,081,477 Lowest Asking Price Highest Asking Price

$970,967

$397,000 $3,250,000

at 07/31/2018

Lowest Selling Price Highest Selling Price

Avg Asking Price

$376,500 $2,089,000

$360,000 $1,830,000

108 $116,799,500

with Viceroy at 07/31/2018

Number Dollar Volume

$668,000

$397,000 $3,250,000

$74,500 $3,850,000

324

$668,238

$865,246

$349,900 $1,145,000

320

$68,500 $4,500,000

$61,114 $3,590,000

$927,623

$57,500 $4,425,000

$701,851

$61,114 $3,590,000

$956,914

$61,114 $3,590,000

$1,027,803

$78,000 $3,300,000

$984,580

$76,500 $3,500,000

$892,846

$64,000 $3,750,000

$927,696

$59,000 $3,590,000

$68,500 $4,500,000

$59,000 $3,590,000

$59,000 $3,725,000

$79,500 $3,495,000

$89,000 $3,795,000

$75,000 $3,995,000

6.6% 389

4.9% 181

5.8% 387

5.3% 416

7.6% 385

8.1% 349

8.2% 321

single family lots

inventory

pending

general non ski-accessible

at 07/31/2018 2 $2,694,000

at 07/31/2018 1 $1,500,000

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

2 $2,800,000

1 $1,325,000

1 $1,350,000

1 $1,325,000

2 $2,775,000

2 $2,102,500

5 $5,720,000

12 $12,926,000

$1,303,548?

est. $1,451,613

$1,400,000

$1,325,000

$1,350,000

$1,325,000

$1,387,500

$1,051,250

$1,144,000

$1,077,167

Number Dollar Volume Avg Sales Price

closed

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

$1,395,000 $1,550,000

315

1321

4.8% 577

100% 111% 6% 2% 9% -2% -7% 3% -6.83 33%

at 07/31/2018 0 $0

at 07/31/2018 0 $0

last 12 mo 2 $5,200,000

$?

N/A

$2,600,000

Lowest Selling Price Highest Selling Price

Avg Asking Price

$1,350,000 $1,450,000

$1,347,000 Lowest Asking Price Highest Asking Price

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

Number Dollar Volume Avg Sales Price

$1,345,000 $1,349,000

$1,500,000

Lowest Selling Price Highest Selling Price

Avg Asking Price

$2,500,000 $2,700,000

$0 Lowest Asking Price Highest Asking Price

Avg Ask/Sold Discount Avg Days on Market

$1,472,500

$0 $0 $0

0

$2,775,000 $0 $0

0

$2,600,000 $2,950,000

6.2% 86

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

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

$1,350,000 $1,350,000

$1,395,000

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

$1,500,000

$1,325,000 $1,450,000

$1,525,000

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

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

$950,000 $1,450,000

$1,195,000

$1,225,250 $749,000 $2,495,000

$1,395,000 $1,395,000

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

$1,500,000 $1,550,000

11.7% 435

3.2% 873

11.7% 435

9.1% 358

10.5% 104

4.3% 156

9.0% 281

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

100% 225% 63% 56% 69% 42% 33% 51% -11.79 -85%

1 $1,600,000

0 $0

1 $1,600,000

3 $6,800,000

2 $6,100,000

1 $1,500,000

6 $17,175,000

$1,600,000

$0

$1,600,000

$2,266,667

$3,050,000

$1,500,000

$2,862,500

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

$1,950,000

$0 $0

$0

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

17.9% 569

$1,950,000 $0 $0

0.0% 0

$1,600,000 $1,600,000 $1,950,000 $1,950,000

17.9% 569

$1,600,000 $2,700,000

$2,500,000 $1,950,000 $2,950,000

10.1% 247

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

$3,249,500

$950,000 $1,450,000

$695,000 $1,725,000

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

$1,595,000

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

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

6.2% 440

6.0% 265

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

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

16.7% 820

current snowmass village general activity report Copyright Š 2018

17

excludes luxury properties due to distortion of averages

current basalt general activity report 2017

(reported separately)

Basalt Sales $600

300

$450

225

$300

150

$150

75

$0

0 2005

2006

2007

2008

PRICES: Avg $/SF

131

Inventory

Avg Sales Price/SF

$429

2016

2017 LAST 12 MO

SUPPLY: Inventory

Sales Last 12 Mo

137

$378

$660 est. $1,568,940

Lowest Selling Price Highest Selling Price

Copyright Š 2018

DEMAND: # of Sales

2015

27%

$453 $984,306?

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

2014

from Jul 2017:

pending

Avg Asking Price

4% Growth

2013

14%

listed

Avg Price/SF Avg Sales Price

2012

from Jul 2017:

at 07/31/2018 at 07/31/2018 131 25 $140,233,395 $43,197,671

Number Dollar Volume

2011

-4%

$1,025,064

(under $7.5M)

2010

from Jul 2017:

Current Avg. Asking Price:

all basalt property

2009

$1,025,064 $69,000 $5,300,000 199

$1,633,907 $387,000 $5,279,400 191

Current Avg. Asking Price/SF:

187

147 $453

Average Sold Price: Median Sold Price:

$829,158 $640,000

closed last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2015

2014

187 $155,052,574

27% 57% 14% 23% 7% -11% 22% 36% -20% -0.30 8%

147 $99,026,774

94 $85,644,180

148 68 161 $41,135,128 $110,543,522 $104,598,685

147 $98,513,792

113 $78,822,805

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

$455 $911,108 $59,000 $3,575,000 $946,230 $79,000 $3,600,000 4.0% 251

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

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

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

$429 $829,158 $59,000 $3,575,000 $866,846 $79,000 $3,600,000 4.1% 237

18

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

2017 $386 $686,606 $55,000 $4,000,000 $721,984 $58,000 $4,495,000 4.1% 216

2016

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 Sales Price

listed

pending

at 07/31/2018 54 $34,389,400

at 07/31/2018 8 $6,998,111

$438 $627,557?

$520 est. $862,012

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 AVG Price per SQ FT Avg Sales Price

$636,841 $349,000 $1,499,000 145

$874,764 $387,000 $2,022,111 179

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

single family lots Number Dollar Volume Avg Sales Price

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

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

89 $49,283,005

9% 15% 8% 6% 26% -8% 6% 30% -10% -0.24 6%

82 $42,721,919

39 $23,094,130

32 $16,844,828

82 $43,033,703

86 $46,552,291

85 $38,827,112

55 $25,153,615

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

$447 $592,157 $314,000 $1,175,000 $600,748 $314,000 $1,175,000 1.5% 183

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

$389 $524,801 $242,000 $1,450,000 $538,254 $242,000 $1,525,000 2.2% 165

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

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

$418 $553,742 $271,000 $1,450,000 $564,836 $279,000 $1,525,000 1.9% 181

$371 $541,306 $200,000 $1,800,000 $553,890 $215,000 $1,800,000 2.6% 206

listed

pending at 07/31/2018

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

56 $82,841,000

15 $32,355,560

64 $77,627,319

51 $53,635,355

32 $38,797,800

26 $22,482,300

58 $61,311,819

51 $55,954,394

56 $56,751,680

50 $42,676,900

$467 $1,398,233?

$735 est. $2,038,825

25% 45% 23% 15% 96% -11% 15% 112% -20% 0.05 9%

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

$464 $1,212,431 $350,000 $3,575,000 $1,288,341 $385,000 $3,600,000 5.5% 283

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

$380 $1,057,100 $179,000 $4,000,000 $1,127,862 $179,000 $4,495,000 5.1% 238

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

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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

34 $28,142,250

143% 954%

14 $2,669,500

23 $23,752,250

10 $1,808,000

21 $6,198,000

11 $2,092,000

6 $2,935,000

12 $10,992,290

$827,713 $59,000 $2,100,000 $851,265 $79,000 $2,100,000 6.5% 338

334% 7% 577% 290% 36% 500% -5.94 -21%

$1,479,304 $569,000 $5,300,000 189

$2,157,037 $625,000 $5,279,400 139

listed

pending

at 07/31/2018 22 $23,002,995

at 07/31/2018 3 $3,844,000

$981,248?

est. $1,202,483

Lowest Selling Price Highest Selling Price Avg Asking Price

change

at 07/31/2018

Lowest Selling Price Highest Selling Price Avg Asking Price

closed last 12 mo

$1,045,591 $69,000 $5,950,000 444

$1,281,333 $499,000 $2,350,000 545

closed

$445 $1,212,927 $350,000 $3,575,000 $1,295,108 $380,000 $3,600,000 5.8% 260

$359 $1,097,145 $385,000 $3,640,000 $1,191,441 $389,000 $3,640,000 7.1% 231

closed

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

$1,032,707 $59,000 $2,100,000 $1,056,065 $79,000 $2,100,000 6.2% 322

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

$295,143 $55,000 $900,000 $318,405 $58,000 $900,000 8.9% 353

$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

current basalt general activity report

Copyright Š 2018

19

SINGLE FAMILY HOME MARKET DISTRIBUTION July 31, 2018

Copyright © 2018

20

single family home current market activity distribution of listings/sales (& % concentration)

includes luxury properties 2018

listed

2018 YTD

active

pending

ALL HOMES

387

36

124

Aspen

197

15

49

concentration

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

27 9 11 24 30 77 14 5

2 1 1 2 3 4 0 2

5 5 4 2 13 14 5 1

10% 10% 8% 4% 27% 29% 10% 2%

Snowmass Village

85

2

27

Ski Accessible Non Ski Accessible

46 39

1 1

4 23

Basalt

53

15

32

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

30 1 9 13

12 1 1 1

21 0 5 6

15% 85% 66% 0% 16% 19%

2017

2016

252 124

closed

2015

2014

2013

180

239

224

171

68

127

122

90

23 4 8 14 26 31 12 6

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

46

41

39

36

28

15 31

19 22

14 25

10 26

8 20

58

51

56

50

39

46 1 5 6

37 1 6 7

37 2 8 9

28 3 15 4

25 5 5 4

single family homes by average price range pending 2018 YTD 2017

(& % concentration)

active 199

2016

2015

2014

2013

15

49

concentration

129

68

127

123

90

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

6 43 46 34 14 14 42

3 5 3 1 1 2 0

6 20 11 3 2 4 3

12% 41% 22% 6% 4% 8% 6%

17 43 27 16 12 3 11

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

46

41

39

36

28

16 13 5 6 1 2 3

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

58

51

56

50

39

4 19 18 6 2 2 7

6 13 13 4 5 3 7

5 20 13 6 4 2 6

10 23 6 1 3 2 5

13 13 5 4 0 0 4

Aspen

Snowmass Village

85

2

27

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

9 11 5 9 9 8 34

0 2 0 0 0 0 0

10 8 3 3 2 0 1

Basalt

56

15

32

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

0 4 17 9 5 3 18

0 1 4 1 3 0 6

1 10 9 3 2 1 6

37% 30% 11% 11% 7% 0% 4% 3% 31% 28% 9% 6% 3% 19%

single family home current market activity Copyright Š 2018

21

distribution of listings/sales (& % concentration)

single family home current market activity

includes luxury properties

distribution of listings/sales (& % concentration) over $2000 21%

under $750 13%

2018 $1250-$1500 10%

$1000-$1250 17% $1250-$1500 10%

$600-$700 3%

$750-$1000 18%

$1750-$2000 9% $1500-$1750 11%

$1500-$1750 4%

$1000-$1250 18%

Aspen last yr + this YTD

$500-$600 3% $400$500 11%

$750-$1000 69%

Snowmass

Basalt

last yr + this YTD

last yr + this YTD

closed

2017

2016

2015

2014

2013

49

concentration

124

68

127

123

90

2 0 2 4 2 2 3

4 13 7 7 4 5 9

8%

18 18 25 11 15 10 27

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

85

2

27

46

41

39

36

28

0 15 11 19 16 14 10

0 0 1 1 0 0 0

3 12 8 3 0 1 0

4 24 12 2 3 0 1

1 15 13 8 2 0 2

8 14 6 4 5 0 2

10 17 5 1 2 1 0

9 11 5 0 2 1 0

56

15

32

58

51

56

50

39

1 12 15 6 7 9 6

0 2 4 1 1 0 7

0 9 13 2 3 2 3

2 25 15 11 0 1 4

4 22 14 6 2 1 2

3 23 20 5 3 0 2

10 20 11 5 1 1 2

10 20 3 1 0 3 2

active 197

pending 15

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

8 18 32 33 29 18 59

Snowmass Village under $500 $500-$750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 over $1750 under $200 $200-$300 $300-$400 $400-$500 $500-$600 $600-$700 over $700

$200-$300 38%

(& % concentration)

listed

Basalt

under $200 2%

$300-$400 31%

single family homes by average price per square foot

Aspen

over $700 8%

2018 YTD 27% 14% 14% 8% 10% 18% 11% 44% 30% 11% 0% 4% 0% 0% 28% 41% 6% 9% 6% 9%

single family home current market activity Copyright Š 2018

22

distribution of listings/sales (& % concentration)

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31

(reported separately)

2018

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

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

14

2

4

-64%

11

14

16

-13%

21

7

18

11

16

11

18

$1,378

$1,372

$4,519,571

$3,025,000

265

952

$1,106 $3,684,375 $3,841,250 4.3% 317

-15% -5% -8% -2.3 24%

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

$1,429 $4,281,429 $4,514,571 6.1% 221

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

22% 21% 17% -2.0 -9%

$1,427 $4,194,381 $4,459,690 6.7% 221

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

6

1

3

0%

3

4

7

-43%

6

6

4

1

2

6

3

$1,406

$1,676

$5,215,833

$5,995,000

104

183

$1,049 $3,498,333 $3,663,333 3.6% 262

-13% -28% -32% -5.3 23%

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

$1,032 $3,523,750 $3,747,500 5.2% 298

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

-9% -20% -23% -4.1 35%

$1,151 $4,566,250 $5,057,500 9.2% 262

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

13

1

4

-43%

7

9

10

-10%

12

6

12

15

5

10

6

$2,460

$1,267

33% 36% 40% 2.4 57%

$1,948 $8,231,071 $8,847,143 6.4% 293

$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

124

270

$2,583 $11,161,500 $12,361,250 8.8% 459

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

24

2

2

-75%

8

8

12

-33%

14

8

18

15

14

13

7

$2,350

$2,212

$3,046 $12,650,000 $13,525,000 5.9% 35

45% 7% 4% -1.1 -87%

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

$15,525,769 $3,995,000

$16,940,833 $8,825,000 336

426

$2,488 $1,878 $10,656,133 $7,154,250 $12,088,333 $7,672,500 8.5% 6.2% 353 281

$2,643 $1,980 $13,450,000 $12,131,833 $14,029,375 $13,195,750 3.8% 6.7% 275 291

32% 49% 58% 2.3 26%

33% 11% 6% -2.9 -6%

$2,141 $1,733 $9,073,058 $5,950,000 $10,106,667 $6,549,167 7.2% 9.2% 283 165

2011

$2,279 $1,697 $1,606 $1,316 $12,634,429 $10,128,182 $10,486,880 $8,935,685 $13,548,929 $11,479,750 $13,018,056 $9,935,667 5.3% 12.8% 13.4% 11.1% 304 358 408 368

$1,301 $1,546 $1,080 $7,760,464 $11,025,000 $8,425,000 $8,822,786 $12,641,538 $9,809,286 11.9% 11.7% 10.0% 536 346 571

single family home comparative activity Copyright © 2018

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

(reported separately)

2018

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

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

14

2

10

11%

9

17

21

-19%

16

13

23

19

11

17

2011 13

$2,557

$2,310

$4,976,071

$5,997,500

324

240

$1,749 $4,644,071 $4,946,900 6.4% 264

29% 15% 10% -4.1 -27%

$1,354 $4,055,833 $4,502,778 10.5% 363

$1,688 $4,374,747 $4,675,824 6.4% 292

$1,361 $4,240,071 $4,584,238 7.9% 361

24% 3% 2% -1.6 -19%

$1,461 $4,027,031 $4,409,063 8.7% 350

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

42

2

14

0%

14

22

20

10%

22

9

26

25

21

25

19

$1,232

$1,243

$5,025,810

$3,447,500

294

724

$993 $3,759,607 $4,223,571 8.5% 245

-3% 0% -12% 2.1 -20%

$1,021 $3,759,607 $4,788,929 6.4% 305

$946 $3,678,427 $4,104,318 9.1% 237

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

-6% -13% -10% 2.7 -20%

$964 $4,115,859 $4,464,091 7.8% 276

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

14

0

5

-29%

7

10

9

11%

12

2

5

7

6

8

7

$1,278

$0

$11,612,500

$0

314

0

$1,062 $6,570,000 $7,007,000 5.8% 423

17% -19% -33% -8.3 -17%

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

$881 $6,020,500 $6,642,500 8.1% 578

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

4% -19% -29% -5.4 28%

$823 $7,016,333 $8,690,000 12.6% 603

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

24

1

3

-57%

7

9

14

-36%

13

15

11

8

6

8

9

$1,253

$1,001

$5,951,625

$2,972,500

196

379

$790 $3,823,333 $4,563,333 20.6% 205

-12% -13% -9% 11.3 -67%

$897 $4,378,625 $5,000,000 9.3% 621

$828 $3,753,056 $4,245,556 13.0% 239

$958 $4,646,250 $4,965,929 6.4% 461

-14% -19% -15% 6.7 -48%

$874 $4,156,346 $4,578,462 9.3% 452

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

$756 $3,137,469 $3,470,943 8.9% 293

$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

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

2011

single family home comparative activity by area, as of 07/31 Copyright © 2018

24

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31

(reported separately)

2018

listed

closed

SNOWMASS VILLAGE - Off-Mtn

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

Number of Listings or Sales

33

1

23

92%

12

41

23

78%

30

22

24

26

19

14

12

$854

$859

$3,221,379

$2,995,000

276

253

$697 $2,546,725 $2,696,500 5.0% 282

9% 7% 10% -3.5 25%

$641 $2,391,273 $2,449,083 8.5% 225

$680 $2,352,273 $2,500,390 5.7% 277

$658 $2,309,565 $2,545,087 9.0% 277

3% 2% -2% -3.3 0%

$650 $2,154,533 $2,329,517 7.3% 253

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

10

1

3

50%

2

8

4

100%

7

4

2

3

5

6

3

$959

$1,171

$3,912,900

$6,500,000

281

421

$611 $1,694,167 $1,889,667 10.0% 700

-15% -32% -31% 4.1 20%

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

$904 $2,229,063 $2,375,500 7.2% 632

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

13% -46% -48% -0.6 27%

$976 $2,535,000 $2,690,000 5.6% 588

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

26

3

10

11%

9

17

15

13%

16

14

14

13

9

7

15

$659

$251

$2,688,988

$291,633

372

129

$754 $2,526,900 $2,712,400 6.1% 354

163% 124% 128% 0.0 61%

$286 $1,129,944 $1,187,056 6.1% 219

$674 $1,998,678 $2,160,647 6.9% 385

$371 $1,569,833 $1,650,567 5.1% 367

81% 27% 31% 1.7 5%

$406 $1,179,877 $1,268,156 6.9% 311

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

5

2

1

-75%

4

3

8

-63%

6

4

2

10

4

1

7

$412

$407

$2,439,800

$1,635,000

$461 $1,961,000 $2,495,000 21.4%

-10% 3% 23% 15.3

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

$483 $1,678,667 $2,021,667 16.0%

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

-4% -9% 0% 6.6

$506 $1,783,500 $1,942,333 8.5%

$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%

37

593

221

69%

131

234

163

44%

168

194

366

449

492

246

511

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

2011

single family home comparative activity

by area, as of 07/31

Copyright © 2018

25

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31

(reported separately)

2018

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

closed

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

33

12

21

-5%

22

45

38

18%

46

37

37

28

25

40

2011 43

$454

$790

$1,314,606

$2,456,797

142

147

$508 $1,315,657 $1,379,810 4.6% 206

67% 73% 72% 0.0 -16%

$305 $762,423 $802,364 4.6% 246

$488 $1,337,518 $1,416,067 5.2% 214

$361 $1,003,276 $1,064,513 5.3% 249

35% 33% 33% -0.1 -14%

$391 $1,072,453 $1,139,109 5.2% 233

$382 $1,126,392 $1,210,662 5.8% 200

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

27

2

12

200%

4

20

14

43%

12

16

17

20

9

15

12

$473

$301

$1,667,587

$787,000

280

37

$367 $977,833 $1,072,992 7.4% 437

-15% -31% -30% 7.0 118%

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

$340 $900,450 $990,395 7.5% 387

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

-4% -22% -23% 0.3 53%

$345 $998,667 $1,086,333 5.2% 275

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

9

5

6

-65%

17

16

34

-53%

27

32

28

22

33

45

17

$315

$399

$688,667

$783,600

68

185

$309 $660,618 $674,650 2.1% 342

8% 20% 19% -0.6 182%

$286 $550,412 $565,647 2.7% 121

$312 $600,169 $616,963 2.7% 98

$283 $570,029 $581,706 2.3% 110

10% 5% 6% 0.4 -11%

$296 $555,407 $571,833 2.8% 109

$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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

32

9

19

36%

14

47

24

96%

42

31

30

36

30

24

23

$412

$314

$1,985,278

$1,117,500

196

154

$290 $828,016 $871,368 3.8% 342

0% -28% -27% 0.1 23%

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

$294 $823,684 $864,815 4.0% 231

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

3% -26% -25% -0.1 -9%

$295 $932,595 $970,905 4.0% 197

$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

single family home comparative activity by area, as of 07/31 Copyright © 2018

26

CONDOMINIUM/TOWNHOME MARKET DISTRIBUTION July 31, 2018

Copyright © 2018

27

condominium/townhome current market activity

includes luxury properties

distribution of listings/sales (& % concentration) 2018

listed

2018 YTD

active

pending

ALL CONDOMINIUMS

298

47

170

Aspen

106

21

1 10 72 0 11 12

0 3 15 0 3 0

138

18

71

108 30

8 10

51 20

54

8

39

44 10

7 1

35 4

East Aspen Smuggler Central Core Red Mountain West End West Aspen

Snowmass Village Ski Accessible Non Ski Accessible

Basalt Basalt Proper El Jebel

2017

2016

closed

2015

2014

2013

343

288

330

278

290

58

concentration

155

116

155

133

122

2 4 40 0 4 8

3% 7% 69% 0% 7% 14%

10 16 98 0 16 15

3 13 74 0 16 10

6 15 98 0 15 21

3 15 92 0 13 10

4 13 79 0 12 14

99

85

87

90

122

71 28

50 35

63 28

46 39

35 17

82

86

85

55

39

75 7

78 8

71 14

45 10

23 16

72% 28% 90% 10%

condominiums/townhomes by number of bedrooms (& % concentration) active pending 2018 YTD 2017 2016 2015 2014 Aspen

21

58

concentration

155

116

155

133

122

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

8 19 35 28 14 2

2 4 5 8 2 0

9 8 16 19 3 3

16% 14% 28% 33% 5% 5%

21 21 51 44 16 2

16 13 44 30 11 2

18 26 58 31 15 7

17 23 35 35 17 6

9 20 41 36 12 4

Snowmass Village

138

18

71

99

85

87

90

122

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

6 27 53 35 13 4

0 6 9 3 0 0

22 14 19 10 5 1

12 11 41 22 13 0

9 11 39 17 9 0

9 18 37 16 7 0

10 14 34 24 8 0

19 33 41 23 5 1

54

8

39

82

86

85

55

39

1 6 22 13 11 1

0 2 1 4 1 0

2 8 14 13 2 0

1 10 41 24 5 1

3 12 34 30 7 0

1 12 25 39 7 1

1 9 16 27 2 0

1 7 16 11 3 1

Basalt

.

2013

106

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

31% 20% 27% 14% 7% 1% 5% 21% 36% 33% 5% 0%

condominium/townhome current market activity

Copyright Š 2018

28

$1250-$1500

distribution of listings/sales (& % concentration)

condominium/townhome current market activity

includes luxury properties

distribution of listings/sales (& % concentration) $1750$2000 8%

over $2000 10%

$1500-$1750 19%

under $750 6%

$1250$1500 23%

$1250-$1500 0%

$1000-$1250 2%

$750-$1000 16%

$750-$1000 19%

$1000-$1250 18%

$1500-$1750 1%

under $500 20%

Snowmass

last yr + this YTD

last yr + this YTD

$200-$300 22%

$500-$600 20%

$300-$400 32%

$400-$500 12%

$500-$750 58%

Aspen

under $200 0%

$600-$700 6%

Basalt last yr + this YTD

condominiums/townhomes by average price per square foot (& % concentration) listed

closed

2015

2014

2013

58

concentration

155

116

155

133

122

1 2 0 5 4 1 8

2 9 11 12 10 8 6

3%

11 25 27 37 30 9 16

15 19 27 26 9 4 12

20 37 42 23 18 6 9

17 30 33 27 14 5 7

36 31 37 8 5 1 4

145

25

71

99

85

87

90

122

10 56 47 19 5 6 2

2 11 6 2 2 2 0

12 45 13 1 0 0 0

22 54 19 2 1 1 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

54

8

39

82

86

85

55

39

0 9 14 15 12 2 2

0 0 2 0 5 1 0

0 6 11 7 9 5 1

0 20 27 17 15 3 0

0 24 29 22 11 0 0

5 41 21 17 1 0 0

5 30 11 8 0 0 1

7 22 7 3 0 0 0

active 106

pending 21

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

5 13 9 12 10 21 36

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

Aspen

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

2018 YTD 16% 19% 21% 17% 14% 10% 17% 63% 18% 1% 0% 0% 0% 0% 15% 28% 18% 23% 13% 3%

2017

2016

condominium/townhome current market activity Copyright Š 2018

29

distribution of listings/sales (& % concentration)

condominium/townhome current market activity

includes luxury properties

distribution of listings/sales (& % concentration)

condominiums/townhomes by average price range (& % concentration) 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

2015

2014

2013

concentration

153

115

155

132

122

6 5 3 0 1 0 6

22 15 8 0 3 1 8

39%

56 47 22 8 10 4 6

44 39 15 4 3 4 6

64 52 15 6 9 2 7

56 31 18 11 9 3 4

58 36 12 8 2 3 3

145

25

71

99

85

87

90

122

6 24 27 19 14 12 43

0 10 4 1 2 0 8

16 21 13 9 4 2 6

7 31 22 13 6 2 18

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

54

8

39

82

86

85

55

39

0 0 3 7 24 9 11

0 0 2 0 2 1 3

0 0 7 9 11 5 7

0 3 16 29 15 7 12

0 6 21 27 8 10 14

1 11 20 21 20 7 5

1 8 16 13 11 1 5

4 14 10 5 4 0 2

pending 21

33 25 17 7 2 3 18

2018 YTD 26% 14% 0% 5% 2% 14% 23% 30% 18% 13% 6% 3% 8% 0% 0% 18% 23% 28% 13% 18%

2017

2016

closed

57

active 105

condominium/townhome current market activity distribution of listings/sales (& % concentration) Copyright Š 2018

30

condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 07/31 2018

listed

(reported separately)

closed

EAST ASPEN Number of Listings or Sales

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

1

0

2

-60%

5

7

10

3

6

3

4

4

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

$929

$0

$780,000

$0

56

0

$1,173 $2,525,000 $2,800,000 10.0% 158

6% 49% 64% 7.6 -61%

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

SMUGGLER Number of Listings or Sales

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

10

3

4

-50%

8

12

16

13

15

15

13

8

6

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

$831

$1,108

$670,000

$2,120,555

145

198

$1,056 $1,522,500 $1,631,250 5.1% 163

4% 42% 47% 0.9 34%

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

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

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

$826 $1,295,000 $1,444,000 10.1% 274

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

57

10

31

-34%

47

81

94

72

94

89

76

83

74

$1,983

$1,537

6% -26% -29% -0.5 -23%

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

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

$1,321 $1,244 $848 $956 $890 $800 $753 $2,746,429 $2,262,375 $1,343,333 $1,390,333 $1,887,500 $1,893,453 $903,750 $2,889,286 $2,316,400 $1,513,333 $1,476,333 $2,074,633 $2,060,750 $1,005,750 5.2% 2.8% 5.3% 5.9% 5.4% 7.9% 7.7% 164 288 191 229 317 372 431

$1,023 $1,009 $1,141,833 $1,010,753 $1,213,500 $1,057,625 4.9% 4.5% 140 125

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

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

2011 0 $0 $0 $0 0.0% 0

2011

244

575

$1,549 $1,323,266 $1,405,161 5.6% 211

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

10

2

4

-56%

9

11

16

16

15

13

12

9

7

$1,407

$1,594

-12% 10% 9% 1.3 -6%

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

$2,386,088 $1,289,000

$1,610 $1,537 $1,401 $1,352 $1,301 $1,105 $1,022 $1,138 $1,872,926 $1,973,259 $1,832,677 $1,543,298 $1,770,150 $1,464,609 $1,514,924 $1,978,912 $1,974,216 $2,125,324 $1,945,597 $1,621,314 $1,876,972 $1,591,320 $1,667,245 $2,239,726 5.0% 5.4% 5.8% 4.7% 5.7% 7.9% 8.1% 11.0% 227 257 240 240 240 285 292 334

171

41

$1,098 $1,415,000 $1,494,750 5.9% 150

WEST ASPEN Number of Listings or Sales

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

12

0

8

-20%

10

13

15

10

21

10

14

6

6

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

$925

$0

$1,532,462

$0

126

0

$875 $1,952,063 $2,082,450 3.4% 223

54% 69% 72% 1.4 23%

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

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

$1,364,690 $2,052,500

$1,192 $1,251 $1,177 $954 $1,112 $729 $817 $763 $1,936,364 $1,704,184 $1,757,969 $1,122,708 $1,266,923 $1,156,333 $965,833 $1,010,655 $2,021,545 $1,790,688 $1,836,250 $1,184,060 $1,329,615 $1,229,667 $1,024,556 $1,040,200 4.1% 4.0% 7.5% 5.3% 5.8% 5.0% 5.2% 3.4% 137 146 127 182 243 249 267 286

$822 $624 $715 $730 $681 $584 $494 $641 $2,384,346 $1,797,187 $2,031,900 $2,305,429 $3,002,700 $1,804,000 $1,499,167 $2,314,583 $2,595,623 $1,946,947 $2,141,700 $2,457,567 $3,254,150 $1,917,571 $1,660,500 $2,654,500 5.0% 3.8% 5.2% 5.7% 10.0% 7.4% 9.1% 9.0% 211 185 752 444 428 318 110 434

condominium/townhome activity by neighborhood by area, as of 07/31 Copyright © 2018

31

condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 07/31 2018

(reported separately)

listed

closed

SNOWMASS VILLAGE - Ski Access

active

pending

Number of Listings or Sales

108

8

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

$766

$533

$1,096,309

$748,133

342

574

active

pending

SNOWMASS VILLAGE - Off-Mtn 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 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

30

10

$781

$587

$1,426,330

$668,000

158

357

active

pending

44

7

$460

$551

$595,623

$900,444

141

178

active

pending

10

1

$339

$304

$818,200

$695,000

161

186

2018 YTD 51

change

2017 YTD 35

last 12 mo

2017

2016

2015

2014

2013

2012

46%

87

71

50

63

46

35

37

38

$648 $654,161 $701,851 4.9% 181

7% -27% -27% -0.8 -53%

$605 $892,429 $956,914 5.8% 387

$676 $812,472 $865,246 4.9% 289

$660 $965,604 $1,027,803 5.3% 416

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

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

$594 $842,715 $925,895 9.2% 381

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

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

$695 $961,532 $1,101,239 11.9% 228

2018 YTD 20

change

last 12 mo

2017

2016

2015

2014

2013

2012

2011

54%

2017 YTD 13

35

28

35

28

39

17

17

12

$591 $796,675 $842,250 4.3% 164

-10% -31% -32% -1.4 -45%

$655 $1,156,269 $1,231,269 5.7% 299

$563 $719,302 $765,943 5.2% 280

$586 $866,913 $927,482 6.1% 372

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

$549 $844,098 $902,232 6.0% 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

2018 YTD 35

change

last 12 mo

2017

2016

2015

2014

2013

2012

2011

17%

2017 YTD 30

80

75

78

71

45

23

40

31

$463 $582,747 $591,805 1.5% 174

20% 13% 11% -0.7 28%

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

$432 $539,574 $550,624 1.9% 171

$399 $510,668 $524,105 2.2% 155

$379 $525,731 $538,893 2.7% 194

$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

last 12 mo

2017

2016

2015

2014

2013

2012

2011

9

7

12

14

10

16

24

17

$294 $679,681 $691,167 1.6% 279

$289 $676,232 $689,857 1.9% 274

$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

2018 YTD change 2017 YTD 4 100% 2 $303 $674,500 $679,000 0.7% 268

4% 3% 3% -0.1 12%

$292 $657,250 $662,250 0.8% 240

2011

condominium/townhome activity by neighborhood by area, as of 07/31 Copyright © 2018

32

SINGLE FAMILY LOT MARKET DISTRIBUTION July 31, 2018

Copyright © 2018

33

single family lot current market activity

includes luxury properties

distribution of listings/sales (& % concentration) 2018

listed

closed

active

pending

2018 YTD

2017

2016

2015

2014

2013

ALL LOTS (incl. rural)

73

16

39

49

35

43

51

41

Aspen

30

12

5

16

15

25

21

18

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

4 1 1 3 1 14 3 3

0 1 0 0 5 3 1 2

1 0 0 1 0 2 1 0

1 2 0 1 3 5 4 0

1 1 0 4 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

Snowmass Village Basalt

8 21

1 2

2 23

6 21

4 11

6 6

18 8

8 11

9 1 7 4

1 0 1 0

19 0 4 0

7 4 7 3

5 2 3 1

3 1 2 0

5 0 3 0

6 0 3 2

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

Aspen

active 27

single family lots by average price range pending 2018 YTD 2017 2016

2015

2014

2013

10

5

16

15

25

21

18

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

0 3 7 8 1 0 8

0 0 3 2 2 0 3

0 0 3 0 0 0 2

2 3 4 4 1 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

Snowmass Village

8

1

2

6

4

6

18

8

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

0 2 0 1 1 0 4

0 0 1 0 0 0 0

0 1 0 0 0 0 1

0 2 1 0 2 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

Basalt

21

2

23

21

11

6

8

11

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

2 1 4 1 3 0 10

0 0 0 0 1 0 1

3 1 6 1 1 0 11

4 4 7 2 1 0 3

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

single family lot current market activity Copyright Š 2018

34

distribution of listings/sales (& % concentration)

single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2018

(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 © 2018

closed

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

4

0

1

0%

1

1

1

1

3

6

4

6

2

38% 45% 0.5 -70%

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

$2,966,250

$0

38

0

$2,250,000 $2,600,000 13.5% 38

$2,250,000 $1,635,000 $3,000,000 $3,183,333 $2,087,500 $2,263,875 $2,864,833 $2,500,000 $2,600,000 $1,795,000 $3,295,000 $3,633,333 $2,699,833 $2,573,750 $3,309,917 $2,847,500 13.5% 8.9% 9.0% 11.4% 21.2% 14.3% 19.0% 12.5% 38 125 465 1581 197 375 487 505

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

1

1

0

-100%

1

1

2

1

1

0

1

2

-100% -100% -1.0 -100%

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

change

7

805

$0 $0 0.0% 0

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

1

0

0

0

0

0

0

1

1

1

1

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$4,990,000 $4,950,000

$3,600,000 $2,672,500 $1,900,000 $2,070,000 $4,250,000 $3,024,500 $1,900,000 $2,070,000 15.3% 9.1% 0.0% 0.0% 152 291 303 0

$0 $0 0.0% 0

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

$2,999,000

$0

466

0

$0 $0 0.0% 0

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

0

0

0

0

0

0

1

0

1

1

3

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

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

$0 $0 0.0% 0

change

$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

$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

2011 0 $0 $0 0.0% 0

2011 0 $0 $0 0.0% 0

2011 0

$0

$0

0

0

$0 $0 0.0% 0

$0 $0 0.0% 0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

1

5

0

-100%

3

0

3

1

5

2

3

2

2

-100% -$1 -1.0 -100%

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

$0 $0 0.0% 0

0

1169

$0 $0 0.0% 0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

10

2

2

100%

1

6

5

6

8

9

6

6

3

$2,495,000 $3,376,000

$3,371,000 $3,750,000

$2,725,000 948% $2,975,000 $7 8.4% -0.8 683 40%

$260,000 $395,000 34.2% 487

$4,366,667 $1,750,000 $3,862,500 $3,687,500 $2,493,333 $3,000,000 $1,801,750 $4,598,333 $1,995,000 $3,927,800 $3,697,500 $2,681,833 $3,375,000 $2,384,000 5.3% 12.3% 2.0% 0.3% 7.5% 13.6% 24.8% 427 460 399 131 583 425 278

$2,386,667 $1,826,000 $3,594,583 $4,337,500 $2,627,177 $2,525,000 $2,446,667 $2,532,333 $2,640,000 $2,057,000 $3,837,500 $4,730,625 $3,171,111 $3,030,833 $2,910,000 $2,946,667 12.1% 18.0% 7.1% 7.1% 17.6% 16.7% 13.6% 13.9% 363 259 399 240 539 617 270 814

526

1111

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

3

1

0

-100%

3

1

4

0

4

1

2

4

3

$0 $0 0.0% 0

-100% -$1 -1.0 -100%

$2,326,833 $2,880,000 20.2% 682

$3,295,000 $6,500,000 59

85

35

$2,500,000 $2,370,125 $3,600,000 $3,060,000 30.6% 22.8% 577 656

$0 $0 0.0% 0

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

single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 07/31 2018

(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

closed

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

5

0

0

-100%

12

2

3

2

1

6

2

2

-100% -$1 -1.0 -100%

$1,600,000 $1,950,000 2000.0% 569

0

$3,908,000

$0

1669

0

$0 $0 0.0% 0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2

1

1

0%

1

2

2

2

5

12

6

1

5

$650,000 $725,000 10.3% 37

$1,035,000 $1,143,800 7.8% 316

$1,347,000 $1,500,000

$1,350,000 2% $1,395,000 $0 3.2% -0.7 873 101%

$1,325,000 $1,500,000 11.7% 435

$2,600,000 $2,266,667 $3,050,000 $1,500,000 $2,862,500 $1,712,500 $3,925,000 $2,775,000 $2,500,000 $3,249,500 $1,595,000 $3,457,500 $1,947,500 $4,247,500 6.2% 10.1% 6.2% 6.0% 16.7% 11.5% 7.1% 86 247 440 265 820 1687 211

2011

$1,400,000 $1,387,500 $1,051,250 $1,144,000 $1,077,167 $1,001,667 $1,472,500 $1,525,000 $1,175,000 $1,195,000 $1,225,250 $1,272,167 4.8% 9.1% 10.5% 4.3% 9.0% 20.3% 577 358 104 156 281 547

$0 $0 0.0% 0

2011

315

1321

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

3

1

4

100%

2

4

2

3

3

0

1

3

3

16% $0 1.3 -28%

$1,800,000 $1,947,500 7.5% 594

$2,096,250 $1,800,000 $1,246,667 $2,573,750 $1,947,500 $1,381,667 17.0% 7.5% 9.9% 428 594 276

$758,021 $831,667 8.6% 827

$0 $0 0.0% 0

333

466

$2,096,250 $2,573,750 17.0% 428

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

11

0

6

50%

4

6

4

2

3

4

3

3

1

-26% $0 -0.5 -40%

$550,000 $636,250 13.3% 899

$405,167 $441,333 7.0% 540

$550,000 $636,250 13.3% 899

$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

change

2011

$2,700,000 $1,650,000

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

2011

$756,136

$0

427

0

$405,167 $441,333 7.0% 540

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

35

4

0

0

0

0

2

1

1

0

1

1

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$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

$364,349

$238,750

607

260

single family lot comparative activity Copyright © 2018

36

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 2018

(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/RUEDI 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

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

9

1

19

375%

4

22

7

5

3

5

6

6

2

$240,000 $276,250 12.0% 376

$1,037,420 $1,061,386 4.7% 345

$332,857 $357,714 8.6% 413

$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

2011

$1,129,118 370% $1,155,342 $3 4.9% -0.6 326 -13%

2011

$905,555

$499,000

183

141

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

9

1

4

-33%

6

6

8

4

2

3

3

3

3

432% $4 0.0 -25%

$108,000 $121,417 12.7% 401

$556,500 $568,750 9.2% 267

$211,000 $225,375 10.3% 352

$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

change

2011

$697,556

$995,000

388

1124

$574,750 $584,500 12.3% 300

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

4

0

0

0

3

3

1

0

0

2

1

3

N/A $497,500 N/A 729

N/A $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$440,000 $488,333 11.9% 253

$440,000 $488,333 11.9% 253

$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

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

2

0

change

1

0%

1

4

4

2

3

3

2

1

3

-50% $0 0.8 12%

$310,000 $349,500 11.3% 90

$203,750 $227,500 11.2% 411

$242,500 $266,125 8.9% 408

$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

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

$872,500

$0

426

0

$155,000 $195,000 20.5% 101

Listed

Pending

2018 YTD

change

35

4

9

-50%

18

17

26

19

29

14

15

3

3

$583,057 $653,111 9.0% 716

154% $1 -0.3 -1%

$229,417 $263,656 12.3% 723

$436,001 $501,500 9.9% 566

$242,077 $284,358 11.9% 623

$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

$364,349

$238,750

607

260

single family lot comparative activity Copyright © 2018

37

by area, as of 07/31

resort market index index suggests continued price growth

July 31, 2018 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).

RESORT MARKET INDEX 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

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, translating to prices in 2014, and beginning an upward trend interrupted only by the 2016 election year uncertainty (anticipating price declines 6 quarters in advance of actual declines).

Aspen/Snowmass real estate fundamentals are strong - listing inventory (supply) has slowly decreased as sales have increased at an average annual pace of about 20% since the low point of the recession. At the same time, prices have increased at about 8% per year since the recovery began. And while sales (demand) fell from the 2015 spike in Aspen, the relative values in Snowmass began to drive that single family home market, especially the ski-accessible segment.

The 2016 Index drop typified election year disruption, and 2017 growth continued 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.

13,500

$1250

13,000

$1150

12,500

$1050

12,000

$950

11,500

$850

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

A general uptrend in the Index (blue), with occasional corrections, continues to support the stabilized upward price movement (gold) we began to see in 2013-14, and is now indicating a stronger upward price trend for approx. 3 quarters.

11,000 10,500 10,000

$650 $550 $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 Q3 Q4 Q1 Q2

9,500

$750

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

resort market index Copyright Š 2018

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 Q3 Q4 Q1 2009

2010

Aspen

2011

2012

Snowmass Village

2013

2014

Basalt

2015

2016

4 QTR Moving Avg

2017

$0

2018

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

2009

Trend

2010

2011

Aspen

Average $/SQ FT Trendlines - Condominiums/Townhomes

2012

Snowmass Village

2013

2014

Basalt

2015

2016

4 QTR Moving Avg

2017

2018

Trend

Average $/SQ FT Trendlines - Single Family Homes

$1,600

$1,600

$1,400

$1,400

$1,200

$1,200

$1,000 $1,000

$800

$800

$600 $400

$600

$200

$400

$0

$200

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2009

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

2017

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

2018

2009

Basalt

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

2017

2018

Basalt

residential sales activity summary graphs Copyright © 2018

39

THE ASPEN REPORT© MONTHLY

©2018 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 © 2018

40