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12 MONTH PERSPECTIVE OCTOBER 2017 12 MONTH PERSPECTIVE 12 MONTH PERSPECTIVE OCTOBER 2017

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

OCTOBER 2017

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

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

luxury activity 10 current luxury property report

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

property types

12 MONTHS - 15% FEWER SELLERS. 27% MORE BUYERS. 47% MORE SPENT. YTD - 15% FEWER SELLERS. 30% MORE BUYERS. 68% MORE SPENT.

21 28 34 38 39

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


ytd market activity

with and without luxury properties

YTD performance, at 10/31 ##

with Viceroy* without Viceroy*

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

Change YTD 12-mo

Change

$ VOLUME

INVENTORY

Change

$/SF

566

-15%

$1,101,768,729 $275,500,358 $775,677,871 $50,590,500 $207,605,917 $78,989,917 $112,691,000 $15,925,000 $76,386,628 $30,512,728 $42,310,900 $3,563,000

271 65 172 34 194 116 68 10 101 26 50 25

-18%

$996 * $1,427 $1,390 $1,472 N/A $688 $645 $784 N/A $379 $383 $374 N/A

YTD 12-mo

TOTAL VALLEY (incl. rural)

522

30% 27% $1,430,290,804 68% 47%

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

261 136 112 13 118 78 35 5 113 57 41 15 9%

59%

41%

30% 138% 8% 9% 15% -3% 25% 1% -12% 11% 50%

17% 90% 7% 8% 17% -9% 0% 17% 7% 28% 45%

104% 64% 38% 175% -12% 0% 30% -19% 94% 4% -8% 10% 88%

16% 102% 0% -6% 30% -25% 64% 26% 18% 30% 81%

-39% -3% -24% -16% -22% 3% -38% -11% 0% -11% -19%

Change

9% 11% 6%

12-mo

6.0%

0.1

6%

$4,221,336 28% 16% $2,025,738 6% -1% $6,925,695 15% 6% $3,891,577 -19% -7% -8% $1,759,372 -8% -13% -2% $1,012,691 14% 11% -13% $3,219,743 -16% -17% $3,185,000 55% 64% 12% 3% 8% $675,988 17% 5% 10% $535,311 4% $1,031,973 -1% 2% $237,533 25% 24%

9.9% 6.8% 13.2% 14.6% 11.6% 11.0% 12.5% 13.5% 6.0% 2.9% 8.1% 12.5%

6.6% 4.7% 8.2% 12.9% 6.4% 5.5% 7.3% 13.5% 4.1% 2.2% 4.8% 9.4%

-0.3

6% 5%

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

YTD 12-mo 29%

0.0 -0.4 -0.1 -0.2 0.1 -0.3 0.9 0.1 0.1 0.0 0.2

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

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

Change

9.7%

7%

-6% 0% -12%

DISCOUNT

16%

14% 8% 6%

Change

LIST

12-mo

8%

AVG SOLD PRICE $2,740,021*

ORIG.

YTD

Change YTD 12-mo

480

27% 25%

223 134 77 12 115 78 33 4 113 57 41 15

55%

37%

30%

19%

148% 90% 20%

8%

11%

10%

15%

17%

3%

-3%

0%

-20%

1%

17%

-12%

7%

11%

28%

50%

45%

$ VOLUME

Change YTD 12-mo

58%

INVENTORY

Change

$/SF

Change YTD 12-mo

12%

5%

3%

2%

10%

8%

-8%

-8%

-4%

-4%

0%

-2%

-10%

-6%

$884,010,833 46% 33%

439

-20%

$895 *

$595,288,758 $257,169,358 $309,528,900 $28,590,500 $180,805,917 $78,989,917 $94,941,000 $6,875,000 $76,386,628 $30,512,728 $42,310,900 $3,563,000

171 58 83 30 166 116 42 8 102 26 51 25

-26%

$1,297 $1,371 $1,167 N/A $671 $645 $733 N/A $379 $383 $374 N/A with Viceroy*

80%

47%

46%

34%

157% 81% -17% -36% 4%

2%

30%

30%

-10% -12% -16% -29% 4%

26%

-8%

18%

10%

30%

88%

81%

-40% -12% -25% -20% -22% -9% -38% -9% 0% -7% -19%

9%

12%

11%

17%

6%

4%

AVG SOLD PRICE $1,841,689*

DISCOUNT ORIG. LIST 6% 8.1% 5.8%

Change YTD 12-mo 15%

$2,669,456 16% 8% $1,919,174 12% 13% $4,019,856 3% -5% $2,382,542 -31% -41% $1,572,225 -6% -7% $1,012,691 14% 11% $2,877,000 -12% -10% $1,718,750 -16% -11% 3% 8% $675,988 5% 10% $535,311 $1,031,973 -1% 2% $237,533 25% 24%

9.9% 6.8% 14.4% 15.8% 11.4% 11.0% 12.4% 10.0% 6.0% 2.9% 8.1% 12.5%

6.3% 4.7% 7.9% 13.9% 6.1% 5.5% 7.2% 10.0% 4.1% 2.2% 4.8% 9.4%

Change 12-mo

0.0 0.1 0.1 -0.1 -0.4 -0.1 0.1 -0.1 -0.1 0.1 0.1 0.0 0.2

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

##

ytd market activity Copyright © 2017

2


quarterly general market activity

excludes luxury properties

(excludes luxury property)

due to distortion of averages 10/31/2017

Q4

Q3

Q2

number sold

2017

what are the BUBBLES? A CONDENSED VISUAL QUARTERLY SYNOPSIS

SIZE = volume HEIGHT = activity

Q2

Q1

Q3 2017 change

158

148

95

139

128

96

86

23.4%

52 28 20 4 43 28 14 1 51 30 19 2

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

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

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

33 23 5 5 28 17 10 1 35 20 12 3

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

46.3% 39.5% 50.0% 150.0% 9.7% 33.3% -38.5% N/A 4.7% -26.9% 42.9% 100.0%

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

Q3

Farm/Ranch

Farm/Ranch

Farm/Ranch

ng

$267,715,850 $146,547,400 $61,427,500 $71,394,900 $13,725,000 $74,040,650 $25,112,150 $45,978,500 $2,950,000 $47,127,800 $16,859,800 $29,649,000 $619,000

Q3

$301,801,725 $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

Q4

Q3

2016 Q2

Q1

Q4

Q3

Q2

Q1

Q3 2017 change

$265,721,958

$188,181,170

$217,429,816

$213,848,880

$159,950,984

$126,959,630

41.1%

$80,439,700 $47,541,500 $17,698,200 $15,200,000 $56,154,000 $18,701,500 $36,415,000 $1,037,500 $23,357,284 $11,964,000 $10,926,784 $466,500

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

67.2% 68.6% 72.1% 21.0% -15.7% 91.5% -59.9% N/A 32.1% -17.3% 66.1% 173.0%

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

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

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

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

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

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

Q1

2017 Q4 thru Oct+Pending

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

Q2

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

sales volume TOTAL

2016

146

Q4 thru Oct+Pending TOTAL

(reported separately)

Q1

2017

2016

Q4 thru Oct

Q3

Q2

Q1

Q4

Q3

Q2

Q1

Q3 2017 change

$861

$996

$855

$917

$733

$813

$755

$843

22.5%

$1,268 $1,456 $1,011 $791 $761 $834 $393 $397 $377

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

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

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

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

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

$1,295 $1,314 $1,209 $707 $628 $840 $324 $321 $329

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

18.4% 24.8% 2.2% -8.6% 3.1% -23.8% 15.9% 15.3% 9.5%

quarterly general market activity (excludes luxury property)

Copyright Š 2017

3


monthly general market activity

50

50

change 0.0%

19 11 8 0 17 10 7 0 14 11 3 0

23 15 6 2 16 14 2 0 11 8 3 0

-17.4% -26.7% 33.3% N/A 6.3% -28.6% 250.0% N/A 27.3% 37.5% 0.0% N/A

2017

2016

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

prices

average $/sf

Avg $/sf

TOTAL Aspen

2017

2016

change

$861

$875

-1.7%

$1,268 $1,456 $1,011

$1,292 $1,248 $1,402

-1.8% 16.7% -27.9%

$791 $761 $834

$690 $659 $908

14.6% 15.5% -8.1%

$393 $397 $377

$350 $389 $245

12.3% 2.1% 53.6%

TOTAL Aspen CCondominiums/Townhomes S Single Family Homes Land

Snowmass Village CCondominiums/Townhomes S Single Family Homes Land

Basalt CCondominiums/Townhomes S Single Family Homes Land

2017

2016

$96,776,450

$78,296,075

change 23.6%

$54,086,900 $26,846,000 $27,240,900 $0 $33,067,650 $11,571,150 $21,496,500 $0 $9,621,900 $5,701,900 $3,920,000 $0

$55,597,000 $22,862,000 $25,610,000 $7,125,000 $16,975,200 $10,030,200 $6,945,000 $0 $5,723,875 $3,097,000 $2,626,875 $0

-2.7% 17.4% 6.4% N/A 94.8% 15.4% 209.5% N/A 68.1% 84.1% 49.2% N/A

2017

2016

Volume

average sold prices

2017

2016

change

$1,935,529

$1,565,922

23.6%

$2,846,679 $2,440,545 $3,405,113 $0 $1,945,156 $1,157,115 $3,070,929 $0 $687,279 $518,355 $1,306,667 $0

$2,417,261 $1,524,133 $4,268,333 $3,562,500 $1,060,950 $716,443 $3,472,500 $0 $520,352 $387,125 $875,625 $0

17.8% 60.1% -20.2% N/A 83.3% 61.5% -11.6% N/A 32.1% 33.9% 49.2% N/A

2017

Farm/Ranch Activity

2017

total sales volume

2016

2017

2016

Farm/Ranch

(reported separately)

october

number sold

Farm/Ranch

Oct 10

2016

october 2017 compared with october 2016 Oct 10

excludes luxury properties due to distortion of averages

Avg Pr.

monthly general market activity Copyright Š 2017

4

october 2017 compared with october 2016


ytd overall market activity

includes luxury properties

all YTD sales and pending sales, at 10/31/17

oct oct

A

P

10

10

7/2/1905

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

number sold/pending

2017 YTD

2016 YTD

Listed

Pending

2017 Sold

Sold + Pending

Sold + Pending

change

TOTAL (incl. Rural)

577

109

522

631

495

27.5%

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

275 67 172 36 194 116 68 10 108 26 51 31

45 23 18 4 27 18 8 1 37 19 16 2

261 136 112 13 118 78 35 5 113 57 41 15

306 159 130 17 145 96 43 6 150 76 57 17

207 125 65 17 121 76 40 5 148 88 49 11

2017 YTD

2016 YTD

Sold + Pending

Sold + Pending $1,122,805,087

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

Listed

Pending

2017 Sold

$3,118,463,483

$335,524,400

$1,430,290,804

$1,765,815,204

$2,329,123,494 $240,865,500 $1,892,202,994 $196,055,000 $637,542,100 $130,224,100 $455,588,000 $51,730,000 $151,797,889 $17,950,000 $89,343,990 $44,503,899

$247,095,500 $110,326,500 $123,044,000 $13,725,000 $50,923,000 $13,541,000 $34,432,000 $2,950,000 $37,505,900 $11,157,900 $25,729,000 $619,000

$1,101,768,729 $275,500,358 $775,677,871 $50,590,500 $207,605,917 $78,989,917 $112,691,000 $15,925,000 $76,386,628 $30,512,728 $42,310,900 $3,563,000

$1,348,864,229 $385,826,858 $898,721,871 $64,315,500 $258,528,917 $92,530,917 $147,123,000 $18,875,000 $113,892,528 $41,670,628 $68,039,900 $4,182,000

$739,226,793 $266,657,150 $385,338,143 $87,231,500 $237,349,675 $68,535,175 $148,112,000 $20,702,500 $104,004,619 $46,995,725 $54,846,894 $2,162,000

47.8% 27.2% 100.0% 0.0% 19.8% 26.3% 7.5% 20.0% 1.4% -13.6% 16.3% 54.5%

change 57.3% 82.5% 44.7% 133.2% -26.3% 8.9% 35.0% -0.7% -8.8% 9.5% -11.3% 24.1% 93.4%

ytd overall market activity Copyright Š 2017

5

all YTD sales and pending sales, at 10/31/17


annual changes in median sales prices

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

as of 10/31 of each year

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

$2,052,950 $1,412,500 $3,902,500 $2,000,000 $1,100,000 $621,500 $2,425,000 $1,525,000 $509,500 $485,000 $800,000 $197,500

16.5% 15.3% 2.1% -36.0% 5.4% -5.8% -13.3% -21.1% -7.4% 6.2% -7.8% 1.3%

$1,762,500 $1,225,000 $3,824,000 $3,125,000 $1,043,750 $660,000 $2,797,500 $1,932,500 $550,000 $456,500 $867,778 $195,000

-13.0% 16.4% -6.7% -13.2% 11.6% 6.5% 17.0% 64.5% 0.0% 6.8% 11.8% 0.8%

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

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

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

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

2013 $1,650,000 $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

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%

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

annual changes in median sales prices Copyright Š 2017

6

as of 10/31 of each year

1 Yr Chg

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


changes in average discounts

includes luxury properties

average price discounts at 10/31/17

2017

2016

2015

2014

2013

2012

asking vs. selling price discount %

Average Asking vs. Selling Price Discount 15%

Decreasing Sales Discounts

Stabilizing

10% 5% 0% 2012

2013

Aspen

2014

2015

2016

Snowmass Village

Basalt

last 12 mo

2017 YTD

last 12 mo

2016

2015

2014

2013

2012

OVERALL AVERAGE

6.0%

6.2%

6.4%

6.2%

7.1%

8.2%

9.0%

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

6.6% 4.7% 8.2% 12.9% 6.4% 5.5% 7.3% 13.5%

6.9% 4.8% 8.4% 12.9% 6.5% 5.8% 7.4% 13.5%

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

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

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

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

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

4.1% 2.2% 4.8% 9.4%

4.2% 2.0% 5.8% 9.6%

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%

5.9% 3.7% 6.4% 16.0%

2016 2015

2014

2013

2012

original vs. selling price discount %

Average Original vs. Selling Price Discount 20%

Decreasing Sales Discounts

Stabilizing

15% 10% 5% 0% 2012

2013

Aspen

2014

2015

Snowmass Village

2016

Basalt

last 12 mo

2017 YTD

last 12 mo

OVERALL AVERAGE

9.4%

10.2%

9.8%

9.2%

10.6%

13.3%

16.2%

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

9.9% 6.8% 13.2% 14.6% 11.6% 11.0% 12.5% 13.5% 6.0% 2.9% 8.1% 12.5%

10.8% 7.3% 13.8% 17.6% 11.6% 11.0% 12.7% 13.5% 6.5% 2.9% 9.8% 12.5%

10.5% 8.5% 13.2% 14.0% 11.5% 10.9% 12.6% 13.0% 7.4% 3.7% 11.4% 17.4%

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

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

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

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

changes in average discounts Copyright Š 2017

7

average price discounts at 10/31/17


changes in inventory as of 10/31

oct

A

P

10

luxury properties separated to better reflect volume

oct

10

2010

listing inventory ALL LISTINGS

oct 2017 oct 2016 change -14.8% 592 695

Luxury Market Condominiums/Townhomes Single Family Homes Land

153 9 128 16

145 11 112 22

5.5% -18.2% 14.3% -27.3%

GENERAL LISTINGS

439

550

-20.2%

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

171 58 83 30 166 116 42 8 102 26 51 25

230 96 94 40 208 149 46 13 112 26 55 31

-25.7% -39.6% -11.7% -25.0% -20.2% -22.1% -8.7% -38.5% -8.9% 0.0% -7.3% -19.4%

pending inventory ALL PENDING

oct 2017 oct 2016 change 19.4% 111 93

ALL LISTINGS

Luxury Market Condominiums/Townhomes Single Family Homes Land

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

$3,444,473,483 $2,385,117,999 $127,355,000 $1,980,622,999 $277,140,000

$1,059,355,484 $614,605,495 $113,510,500 $393,989,995 $107,105,000 $308,902,100 $130,224,100 $154,438,000 $24,240,000 $135,847,889 $17,950,000 $89,343,990 $14,714,900

$3,412,052,024 $2,134,389,999 $138,295,000 $1,586,599,999 $409,495,000

$1,277,662,025 $777,334,300 $184,646,800 $437,529,000 $155,158,500 $380,441,595 $178,615,695 $166,561,900 $35,264,000 $119,886,130 $17,991,080 $83,737,650 $13,175,400

pending volume ALL PENDING

Luxury Market Condominiums/Townhomes Single Family Homes Land

15 6 8 1

12 4 6 2

25.0% 50.0% 33.3% -50.0%

GENERAL PENDING

96

81

18.5%

GENERAL PENDING

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

33 17 12 4 26 18 7 1 37 19 16 2

33 16 13 4 12 8 4 0 36 23 12 1

0.0% 6.3% -7.7% 0.0% 116.7% 125.0% 75.0% N/A 2.8% -17.4% 33.3%

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

100.0%

listing volume oct 2017 oct 2016

Luxury Market Condominiums/Townhomes Single Family Homes Land

change 1.0% 11.7% -7.9% 24.8% -32.3%

-17.1% -20.9% -38.5% -10.0% -31.0% -18.8% -27.1% -7.3% -31.3% 13.3% -0.2% 6.7% 11.7%

oct 2017

oct 2016

change

$361,974,400

$269,488,575

34.3%

$191,035,000 $75,745,000 $101,340,000 $13,950,000

$170,939,400 $92,460,500 $34,581,500 $44,154,000 $13,725,000 $40,973,000 $13,541,000 $24,482,000 $2,950,000 $37,505,900 $11,157,900 $25,729,000 $619,000

$136,585,000 $39,800,000 $62,785,000 $34,000,000

$132,903,575 $85,293,900 $27,010,900 $50,069,000 $8,214,000 $17,283,000 $7,889,000 $9,394,000 $0 $30,326,675 $13,781,175 $16,280,500 $265,000

39.9% 90.3% 61.4% -59.0%

28.6% 8.4% 28.0% -11.8% 67.1% 137.1% 71.6% 160.6% N/A 23.7% -19.0% 58.0% 133.6%

changes in inventory Copyright Š 2017

8

as of 10/31


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

Copyright © 2017

9


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

Valley Luxury Sales

$2,500

200

$2,000

160

$1,500

120

$1,000

80

$500

40

$0

0

2007

2008

2009

2010

PRICES: Avg $/SF

153

Inventory

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

2013

2014

2015

DEMAND: # of Sales

Avg Sales Price/SF

2016 LAST 12 MO

SUPPLY: Inventory

$2,051 Sales Last 12 Mo 56.3%

6%

3% from Oct 2016:

from Oct 2016:

145

$1,989

32

$15,589,007

Current Avg. Asking Price/SF:

2017

Number Dollar Volume

2012

from Oct 2016:

Current Avg. Asking Price:

total luxury sales

2011

inventory

$15,589,007 $7,500,000 $58,500,000 392

Average Sold Price: Median Sold Price:

$2,293

$12,735,667 $8,995,000 $25,000,000 594

$13,006,666 $10,706,250

1.041666667

pending

at 10/31/2017 at 10/31/2017 153 15 $2,385,117,999 $191,035,000 $2,425

$2,425

50

closed last 12 mo

change

prev 12 mo

50 $651,239,971

56% 78% 3% 14% 0% 2% 10% -2% -11% -0.23 69%

32 $366,821,943

$2,051 $13,024,799 $7,500,000 $30,000,000 $14,756,400 $7,800,000 $44,000,000 9.3% 435

$1,989 $11,463,186 $7,500,000 $29,500,000 $13,445,094 $7,975,000 $49,500,000 12.0% 258

2017 YTD

2016 YTD

2016

2015

42 25 33 $546,279,971 $249,436,943 $354,396,943 $2,115 $13,006,666 $7,600,000 $30,000,000 $14,739,881 $7,800,000 $44,000,000 8.8% 455

$1,984 $9,977,478 $7,500,000 $15,000,000 $11,297,920 $7,975,000 $15,000,000 11.0% 241

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

2014

2013

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

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

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

current luxury property report Copyright Š 2017

10


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

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

rural

inventory

pending

at 10/31/2017

at 10/31/2017

104 12 $1,714,517,999 $154,635,000 $2,759

$16,485,750 $7,500,000 $50,000,000 326

$2,456

$12,886,250 $8,995,000 $25,000,000 634

closed prev 12 mo

44 $589,779,971

26 $313,876,943

$2,107

69% 88% 17%

$1,798

$2,172

$1,782

$13,404,090 $7,500,000 $30,000,000 $15,114,091 $7,800,000 $44,000,000 8.5% 408

11% 0% 2% 8% -2% -11% -0.16 76%

$12,072,190 $7,500,000 $29,500,000 $13,938,192 $7,975,000 $49,500,000 10.2% 232

$13,328,420 $7,600,000 $30,000,000 $15,083,553 $7,800,000 $44,000,000 8.4% 416

$10,409,597 $7,800,000 $15,000,000 $11,474,900 $7,975,000 $15,000,000 8.9% 204

prev 12 mo

2017 YTD

2016 YTD

inventory

pending at 10/31/2017

last 12 mo

change

28 $328,640,000

1 $9,950,000

3 $26,800,000

-40%

$1,729

$1,366

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

-41% -9% -2% 2% -14% -1% 3% -16% 0.03 137%

476

$9,950,000 $9,950,000 $9,950,000 519

inventory

pending

at 10/31/2017

at 10/31/2017

last 12 mo

change

Number Dollar Volume

21 $341,960,000

2 $26,450,000

3 $34,660,000

200%

$1,575

$1,781

$1,542 $11,553,333 $8,250,000 $13,410,000 $13,616,667 $9,900,000 $17,000,000 $13,850,000 16.7% 351

Avg Original Price Avg Ask/Sold Discount Avg Days on Market

$16,283,810 $58,500,000 $7,895,000 $0 611

$13,225,000 $13,950,000 $12,500,000 $0 391

2016

2015

38 20 26 $506,479,971 $208,191,943 $291,491,943 $1,749

$1,777

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

2014

2013

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

$1,585

$1,601

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

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

closed

woody creek to missouri heights

Avg Price/SF Avg Price Paid Lowest Selling Price Highest Selling Price Avg Asking Price Lowest Asking Price Highest Asking Price

2016 YTD

change

at 10/31/2017

$11,737,143 $7,500,000 $29,995,000

2017 YTD

last 12 mo

5 $45,445,000

3 $26,800,000

4 $33,745,000

$1,793 $9,089,000 $7,500,000 $11,700,000 $10,790,000 $8,250,000 $14,900,000 14.7% 386

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

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

prev 12 mo

2017 YTD

2016

2015

2014

2013

4 $33,745,000

4 $39,850,000

2 $17,400,000

3 $61,730,500

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

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

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

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

closed

362% -80% 54% 10% 79% -2% -29% 22% 0% -0.64 20%

2016 YTD

1 $7,500,000

0 $0

1 $7,500,000

$7,560 $7,500,000 $7,500,000 $7,500,000 $13,900,000 $13,900,000 $13,900,000 $13,900,000 46.0% 293

$0 $0

$7,560 $7,500,000 $7,500,000 $7,500,000 $13,900,000 $13,900,000 $13,900,000

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

46.0% 293

2016

2015

2014

2013

3 $29,160,000

2 $40,650,000

0 $0

1 $27,000,000

$0 $0

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

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

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

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

current luxury property report Copyright Š 2017

11


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

Copyright © 2017

12


current aspen general activity report

excludes luxury properties due to distortion of averages

2016

(reported separately)

Aspen Sales $1,500

500

$1,200

400

$900

300

$600

200

$300

100 PRICES: Avg $/SF

SUPPLY: Inventory

DEMAND: # of Sales

$0

0 2006

2007

171

Inventory

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

2012

2013

2014

2015

2016

LAST 12 MO

$1,256 Sales Last 12 Mo

Avg Sales Price/SF

2%

37% from Oct 2016:

230

$1,237

186

pending

Avg Price/SF Avg Price Paid

2011

from Oct 2016:

inventory

Number Dollar Volume

2010

-26%

$3,594,184

(excluding luxury & ranch)

2009

from Oct 2016:

Current Avg. Asking Price:

all general aspen property

2008

at 10/31/2017 at 10/31/2017 171 33 $614,605,495 $92,460,500 $1,461

$1,305

$3,594,184 $439,000 $7,295,000 343

$2,801,833 $582,500 $7,000,000 258

Current Avg. Asking Price/SF:

$1,461

Average Sold Price: Median Sold Price:

254

$2,669,456 $2,052,950

closed last 12 mo

change

prev 12 mo

254 $672,561,758

37% 47% 2% 8% 49% 1% 7% -6% -15% 0.14 9%

186 $457,196,746

$1,256 $2,647,881 $149,000 $7,400,000 $2,859,941 $149,000 $8,295,000 6.6% 273

$1,237 $2,458,047 $100,000 $7,350,000 $2,670,509 $159,000 $9,800,000 6.5% 251

2017 YTD

2016 YTD

2016

2015

2014

2013

269 211 223 144 175 242 $595,288,758 $331,555,950 $408,828,950 $705,093,008 $621,856,020 $479,365,295 $1,297 $2,669,456 $149,000 $7,400,000 $2,876,360 $149,000 $8,295,000 6.3% 259

$1,255 $2,302,472 $100,000 $7,300,000 $2,472,185 $159,000 $7,650,000 6.3% 253

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

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

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

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

0

Copyright Š 2017

13

current aspen general activity report


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

inventory

$1,693

$1,957,078 $439,000 $6,999,000 267

2016

pending

at 10/31/2017 at 10/31/2017 58 17 $113,510,500 $34,581,500 $1,314

$2,034,206 $582,500 $4,795,000 189

excludes luxury properties due to distortion of averages

closed last 12 mo

ytd chg

prev 12 mo

147 $277,664,358

19% 34% 8%

124 $206,932,250

$1,345 $1,888,873 $149,000 $7,400,000 $2,015,644 $149,000 $8,000,000 4.8% 251

13% 49% 1% 14% -6% 5% -0.53 6%

$1,245 $1,668,808 $100,000 $7,300,000 $1,764,802 $159,000 $7,650,000 5.4% 238

2017 YTD

2016 YTD

2016

2015

2014

2013

155 119 134 103 116 131 $257,169,358 $176,546,250 $197,041,250 $236,849,568 $224,492,326 $167,047,663 $1,371 $1,919,174 $149,000 $7,400,000 $2,046,878 $149,000 $8,000,000 4.7% 234

$1,249 $1,714,041 $100,000 $7,300,000 $1,810,733 $159,000 $7,650,000 5.5% 237

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

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

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

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

1300.039035

single family homes (excluding luxury)

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

single family lots Number Dollar Volume

inventory

pending

at 10/31/2017

at 10/31/2017

83 12 $393,989,995 $44,154,000 $1,299

$4,746,867 $650,000 $7,295,000

$1,293

$3,679,500 $1,495,000 $7,000,000

304

335

inventory

pending

at 10/31/2017 at 10/31/2017 30 4 $107,105,000 $13,725,000

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

$3,570,167 $695,000 $6,750,000 597

$3,431,250 $875,000 $4,350,000 314

closed

2017 YTD

2016 YTD

2016

2015

2014

2013

last 12 mo

ytd chg

prev 12 mo

93 $363,306,900

90% 81% -8% -5% 49% -1% -7% 62% -15% -0.51 6%

49 $200,946,996

last 12 mo

ytd chg

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

14 $31,590,500

8% -36%

13 $49,317,500

12 $28,590,500

10 $34,517,500 N/A

12 $37,517,500

23 $79,732,500

21 $53,464,590

18 $46,135,500

$2,256,464 $260,000 $6,250,000 $2,516,714 $395,000 $6,500,000 13.7% 468

-41% -83% -2% -40% -77% -17% 5.69 43%

$3,793,654 $1,500,000 $6,400,000 $4,160,385 $1,750,000 $7,800,000 8.0% 327

$2,382,542 $260,000 $6,250,000 $2,651,167 $395,000 $6,500,000 13.9% 417

$3,451,750 $1,500,000 $6,200,000 $3,779,000 $1,750,000 $7,350,000 8.4% 372

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

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

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

$1,115 $3,906,526 $1,100,000 $7,300,000 $4,246,145 $1,295,000 $8,295,000 8.3% 279

$1,217 $4,100,959 $740,000 $7,350,000 $4,567,229 $799,000 $9,800,000 8.8% 263

91 74 77 31 47 90 $309,528,900 $120,492,200 $174,270,200 $388,510,940 $343,899,104 $266,182,132 $1,167 $4,019,856 $1,100,000 $7,300,000 $4,354,968 $1,295,000 $8,295,000 7.9% 278

$1,274 $3,886,845 $740,000 $7,200,000 $4,248,361 $799,000 $7,400,000 8.3% 266

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

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

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

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

closed

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

current aspen general activity report Copyright Š 2017

14


excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report with Viceroy

Snowmass Village Sales

$1,500

240

$900

180

$600

120

$300

60 PRICES: Avg $/SF

2007

161

Inventory

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

2009

2010

DEMAND: # of Sales

2011

2012

2013

SUPPLY: Inventory

2014

2015

2016

0

LAST 12 MO

$663 Sales Last 12 Mo

Avg Sales Price/SF

137

-23%

-4%

10%

from Oct 2016:

from Oct 2016:

from Oct 2016:

208

$689

Average Asking Price:

(under $7.5M)

2008

inventory

$1,860,856

$786

$1,860,856 $74,500 $7,350,000 377

125

Current Avg. Asking Price/SF:

$786

Average Sold Price: Median Sold Price:

pending

at 10/31/2017 at 10/31/2017 161 25 $289,007,100 $22,935,000 $709

$1,575,885 $199,000 $6,995,000 325

(reported separately)

300

$1,200

$0

all snowmass vlg property

2016

without Viceroy

$1,572,225 $1,100,000

closed last 12 mo

change

prev 12 mo

137 $211,745,917

10% 2% -4% -7% -22% 2% -8% -26% 7% -0.83 0%

125 $208,148,175

$663 $1,545,591 $61,114 $6,900,000 $1,667,985 $59,000 $7,500,000 6.4% 375

$689 $1,665,185 $78,000 $6,750,000 $1,805,867 $79,500 $6,998,000 7.2% 375

2017 YTD

2016 YTD

2016

2015

2014

2013

128 155 115 104 126 126 $180,805,917 $173,821,675 $204,761,675 $192,592,213 $171,104,532 $144,150,284 $671 $1,572,225 $61,114 $6,900,000 $1,694,078 $59,000 $7,500,000 6.1% 381

$699 $1,671,362 $78,000 $6,750,000 $1,807,726 $79,500 $6,998,000 6.9% 357

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

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

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

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

current snowmass village general activity report Copyright Š 2017

15


excludes luxury properties except where noted due to distortion of averages

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

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

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

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

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

inventory

pending

at 10/31/2017 28 $78,945,000

at 10/31/2017 4 -$4,891,000

closed

$759 $709 est. $2,635,299 est. $2,382,735

$2,819,464 $1,025,000 $6,500,000

$2,549,250 $1,150,000 $4,100,000

329

258

at 10/31/2017 14 $75,493,000

at 10/31/2017 3 $14,285,000

$1,173

$949

$5,392,357 $2,950,000 $7,350,000 229

$4,761,667 $3,295,000 $6,995,000 433

at 10/31/2017 at 10/31/2017 20 0 $207,055,000 $0 $1,654

$0

$10,352,750 $7,500,000 $24,950,000

$0

414

0

$0 $0

at 10/31/2017 at 10/31/2017 34 3 $282,548,000 $14,285,000 $1,456

$8,310,235 $2,950,000 $24,950,000 338

$949

$4,761,667 $3,295,000 $6,995,000 433

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

28 $64,356,000

27% 27% 1% 0% -33% 12% -1% -39% 22% -1.68 7%

22 $50,654,000

24 $51,421,000

18 $39,721,500

22 $52,656,500

24 $57,129,900

26 $48,603,000

19 $35,540,500

$646 $2,302,455 $1,262,500 $4,650,000 $2,513,636 $1,399,000 $4,895,000 8.6% 244

$640 $2,142,542 $844,500 $4,845,000 $2,306,229 $847,500 $5,295,000 6.5% 245

$656 $2,206,750 $1,262,500 $4,650,000 $2,403,333 $1,399,000 $4,895,000 8.6% 244

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

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

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

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

10 $46,620,000

-41% -38% 0% 5% 11% 2% 6% 10% 7% 0.67 -2%

17 $75,341,500

9 $43,520,000

14 $65,251,500

15 $68,351,500

11 $52,681,500

8 $29,510,000

6 $15,146,000

$968 $4,431,853 $2,797,500 $6,750,000 $4,800,176 $2,895,000 $6,998,000 7.7% 483

$980 $4,835,556 $3,200,000 $6,900,000 $5,298,889 $3,495,000 $7,500,000 9.0% 486

$1,013 $4,660,821 $2,797,500 $6,750,000 $5,015,571 $2,895,000 $6,998,000 6.8% 436

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

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

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

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

2 $17,750,000

-50% -47% 8% 5% 2% -5% 0% 3% -15% -4.07 -23%

4 $33,745,000

2 $17,750,000

4 $33,745,000

4 $33,745,000

3 $28,150,000

2 $17,400,000

2 $17,730,500

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

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

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

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

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

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

last 12 mo

ytd chg

prev 12 mo

2017 YTD

2016 YTD

2014

2013

12 $64,370,000

-43% -41% 1% 3% 11% -5% 2% 10% -15% -0.24 -5%

21 $109,086,500

11 $61,270,000

14 18 19 $98,996,500 $102,096,500 $80,831,500

10 $46,910,000

8 $32,876,500

$1,069 $5,194,595 $2,797,500 $10,595,000 $5,745,381 $2,895,000 $12,900,000 8.7% 469

$1,097 $5,570,000 $3,200,000 $10,100,000 $6,103,636 $3,495,000 $10,950,000 9.0% 454

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

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

$655 $2,298,429 $844,500 $5,185,000 $2,491,732 $847,500 $5,995,000 6.9% 261

$967 $4,662,000 $3,100,000 $6,900,000 $5,087,500 $3,185,000 $7,500,000 8.3% 473

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

$1,077 $5,364,167 $3,100,000 $10,100,000 $5,860,417 $3,185,000 $10,950,000 8.4% 447

$1,121 $5,499,806 $2,797,500 $10,595,000 $6,070,444 $2,895,000 $12,900,000 8.1% 430

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

2015

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

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

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

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

current snowmass village general activity report

Copyright Š 2017

16


excludes luxury properties except where noted due to distortion of averages

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

Number Dollar Volume Avg Price/SF Avg Price Paid

inventory

pending

at 10/31/2017 25 $26,603,000

at 10/31/2017 5 $4,408,000

closed

$672

$604

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

$395,000 $3,100,000

278

Avg Price/SF Avg Price Paid

$881,600

Avg Ask/Sold Discount Avg Days on Market

single family lots general off-mountain

Number Dollar Volume

2016

2015

2014

2013

27 $23,462,000

-16% -20% -1% -6%

32 $29,444,000

20 $19,404,500

28 $26,489,000

35 $30,546,500

24 $20,154,900

28 $23,634,750

39 $32,328,654

$588 $920,125

$608 $970,225

$597 $946,036

$580 $872,757

$567 $839,788

$549 $844,098

$523 $828,940

$445,000 $3,495,000

Number Dollar Volume

$929,671

$881,158

$360,000 $1,795,000

$902,232

$362,500 $3,595,000

$445,000 $3,495,000

$362,500 $3,595,000

$362,500 $3,595,000

$415,000 $3,300,000

$385,000 $1,895,000

$295,000 $2,809,226

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

6.3% 383

5.2% 394

5.3% 344

4.9% 296

6.0% 286

7.4% 276

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

68 $70,432,917

49 $43,006,175

58 $59,585,417

40 $34,157,175

50 $45,004,675

63 $55,405,913

46 $39,255,782

83 $53,625,130

$766

$685

$652 $1,035,778

39% 64% -4% 18%

$678 $877,677

$658 $1,027,335

$681

$853,929

$668 $900,094

$664 $879,459

$657 $853,387

$721 $646,086

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

373

$702,538

$1,105,044

$199,000 $2,100,000

312

inventory

pending

at 10/31/2017 3 $4,345,000

at 10/31/2017 0 $0

$0

0

at 10/31/2017 0 $0

at 10/31/2017 0 $0

0

$0

$935,950

$984,580

$76,500 $3,500,000

$944,259

$64,000 $3,750,000

$925,895

$183,500 $3,300,000

$694,687

$79,500 $2,795,000

$79,500 $3,495,000

$89,000 $3,795,000

$75,000 $3,995,000

5.7% 433

-1.66 13%

7.4% 383

5.2% 426

7.3% 364

7.6% 385

8.1% 365

8.2% 381

6.7% 217

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2014

2013

2 $2,775,000

0% 32% 32%

2 $2,102,500

2 $2,775,000

2 $2,102,500

2 $2,102,500

5 $5,720,000

12 $12,926,000

6 $6,010,000

$1,051,250

$1,387,500

$1,051,250

$1,051,250

$1,144,000

$1,077,167

$1,001,667

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

$184,900 $3,600,000

28% 36%

30%

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

$1,175,000

30% 29%

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

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

$1,525,000

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

$1,175,000

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

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

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

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

2015

$950,000 $1,450,000

$1,195,000

$695,000 $1,725,000

$1,225,250

$950,000 $1,450,000

$749,000 $2,495,000

$575,000 $1,400,000

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

9.1% 358

-1.46 244%

10.5% 104

9.1% 358

10.5% 104

10.5% 104

4.3% 156

9.0% 281

20.3% 547

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

2 $4,100,000

-33% -46% -19%

3 $7,600,000

2 $4,100,000

2 $6,100,000

2 $6,100,000

1 $1,500,000

6 $17,175,000

2 $3,425,000

$2,533,333

$2,050,000

$3,050,000

$3,050,000

$1,500,000

$2,862,500

$1,712,500

$2,275,000 $0 $0

0

$1,092,276

$78,000 $3,300,000

$59,000 $3,725,000

$1,600,000 $2,500,000 $0 $0

$957,755

$78,000 $2,483,000

$79,500 $3,674,999

$2,050,000

$0

15%

$61,114 $3,590,000

-26% 1%

$1,525,000 $0 $0

626

Lowest Asking Price Highest Asking Price

$78,000 $3,500,000

$59,000 $3,725,000

$1,325,000 $1,450,000 $1,395,000 $1,500,000

-22% 3%

closed

Lowest Selling Price Highest Selling Price

Avg Ask/Sold Discount Avg Days on Market

$1,008,518

$375,000 $3,100,000

5.6% 412

Avg Price Paid

Avg Asking Price

$1,041,375

$339,500 $3,200,000

13 $9,133,000

$1,448,333

general ski-accessible

$983,012

23% -3%

$339,500 $3,200,000

0.59 -22%

$1,387,500

Avg Ask/Sold Discount Avg Days on Market

-5%

$397,000 $3,250,000

6.2% 320

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

$339,500 $3,200,000

386

Avg Price Paid

Avg Asking Price

17% 2%

at 10/31/2017

$1,138,693 Lowest Asking Price Highest Asking Price

2016 YTD

$930,648

$494,000 $1,675,000

Lowest Selling Price Highest Selling Price

Avg Asking Price

2017 YTD

91 $103,621,100

with Viceroy at 10/31/2017

Number Dollar Volume

prev 12 mo

$397,000 $3,250,000

$1,064,120 Lowest Asking Price Highest Asking Price

change

$584 $868,963

Lowest Selling Price Highest Selling Price

Avg Asking Price

last 12 mo

$1,950,000 $2,600,000

10.9% 259

7% -24%

-16%

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

$2,698,000

$1,600,000 $2,500,000

$2,275,000

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

$3,249,500

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

$3,249,500

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

$1,595,000

22% -26%

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

$1,950,000 $2,600,000

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

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

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

4.80 -32%

6.1% 382

10.9% 259

6.2% 440

6.2% 440

6.0% 265

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

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

16.7% 820

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

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

11.5% 1687

current snowmass village general activity report

Copyright Š 2017

17


excludes luxury properties due to distortion of averages

current basalt general activity report 2016

Basalt Sales

$600

225

$300

150

$150

75

PRICES: Avg $/SF

2007

2008

2009

102

Inventory

2010

DEMAND: # of Sales

2011

2012

2013

SUPPLY: Inventory

2014

2015

2016

0

LAST 12 MO

$390 Sales Last 12 Mo

Avg Sales Price/SF

-9%

12%

17%

from Oct 2016:

from Oct 2016:

from Oct 2016:

112

$349

Current Avg. Asking Price:

$1,196,166

listed

pending

all basalt property (under $7.5M)

at 10/31/2017 at 10/31/2017 102 37 $135,847,889 $37,505,900

Number Dollar Volume Avg Price/SF Avg Price Paid

$500

$486

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 2017

300

$450

$0

$1,196,166 $79,000 $6,950,000 293

$1,013,673 $284,000 $5,495,000 173

(reported separately)

149

127

Current Avg. Asking Price/SF:

$1,013,673

Average Sold Price: Median Sold Price:

$675,988 $509,500

closed

2016

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

149 $107,307,369

17% 26% 12% 8% 41% 10% 6% 49% -17% -0.68 9%

127 $85,034,444

113 $76,386,628

112 148 $73,677,944 $104,598,685

$349 $669,563 $39,000 $3,640,000 $718,124 $39,000 $5,395,000 4.9% 212

$379 $675,988 $55,000 $4,000,000 $711,102 $58,000 $4,495,000 4.1% 212

$390 $720,184 $55,000 $4,000,000 $760,592 $58,000 $4,495,000 4.2% 232

18

$347 $657,839 $39,000 $3,640,000 $694,556 $39,000 $3,640,000 4.8% 215

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

2015

2014

2013

147 $98,513,792

113 $78,822,805

89 $51,003,912

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

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

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

current basalt general activity report


excludes luxury properties due to distortion of averages

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

listed

pending

at 10/31/2017 26 $17,950,000

at 10/31/2017 19 $11,157,900

$452

$404

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 Price Paid

$690,385 $336,000 $1,599,000 211

$587,258 $284,000 $1,141,000 140

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

single family lots Number Dollar Volume

2017 YTD

2016 YTD

2016

2015

2014

2013

78 $43,850,469

7% 18%

73 $37,172,050

57 $30,512,728

65 $33,214,550

86 $46,552,291

85 $38,827,112

55 $25,153,615

39 $14,423,785

$402 $562,185 $242,000 $1,580,938 $574,638 $242,000 $1,699,000 2.0% 191

17% 10% 21% -12% 10% 13% -6% -0.91 9%

$343 $509,206 $200,000 $1,800,000 $522,518 $215,000 $1,800,000 2.9% 176

$383 $535,311 $242,000 $1,450,000 $549,168 $242,000 $1,525,000 2.2% 152

$344 $510,993 $200,000 $1,800,000 $524,852 $215,000 $1,800,000 2.9% 178

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

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

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

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

pending at 10/31/2017

last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

51 $89,343,990

16 $25,729,000

55 $59,698,900

28% 30%

43 $45,783,394

41 $42,310,900

37 $38,566,394

51 $55,954,394

56 $56,751,680

50 $42,676,900

39 $34,004,827

$524

$583

$374 $1,085,435 $179,000 $4,000,000 $1,171,336 $179,000 $4,495,000 5.8% 250

4% 2% -58% 10% -1% -60% -17% -1.05 24%

$360 $1,064,730 $425,000 $3,640,000 $1,179,465 $450,000 $5,395,000 6.8% 202

$374 $1,031,973 $179,000 $4,000,000 $1,102,293 $179,000 $4,495,000 4.8% 241

$353 $1,042,335 $425,000 $3,640,000 $1,122,541 $450,000 $3,640,000 6.5% 213

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

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

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

$1,751,843 $499,000 $6,950,000 239

$1,608,063 $569,000 $5,495,000 173

listed

pending

at 10/31/2017 30 $28,553,899

at 10/31/2017 2 $619,000

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

prev 12 mo

listed

Avg Price Paid

Avg Asking Price

change

at 10/31/2017

Lowest Selling Price Highest Selling Price Avg Asking Price

closed last 12 mo

$951,797 $79,000 $5,999,999 518

$309,500 $289,000 $330,000 485

closed

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

closed last 12 mo

change

prev 12 mo

2017 YTD

2016 YTD

2016

2015

2014

2013

16 $3,758,000

45% 81%

11 $2,079,000

15 $3,563,000

10 $1,897,000

11 $2,092,000

6 $2,935,000

12 $10,992,290

11 $2,575,300

$234,875 $55,000 $900,000 $255,188 $58,000 $900,000 9.6% 370

24% 41% 162% 20% 49% 158% -0.90 -25%

$189,000 $39,000 $344,000 $212,809 $39,000 $349,000 10.5% 490

$237,533 $55,000 $900,000 $257,200 $58,000 $900,000 9.4% 358

$189,700 $39,000 $344,000 $214,090 $39,000 $349,000 10.7% 466

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

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

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

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

current basalt general activity report

Copyright Š 2017

19


SINGLE FAMILY HOME MARKET DISTRIBUTION October 31, 2017

Copyright © 2017

20


single family home current market activity

includes luxury properties

distribution of listings/sales

2017

listed active

pending

2017 YTD

2016

2015

ALL HOMES

336

49

204

180

Aspen

172

18

111

68

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

26 9 9 19 28 62 16 3

6 1 1 0 6 1 1 2

20 4 14 11 18 28 10 6

closed

2014

2013

2012

239

224

171

197

127

122

90

100

10 6 6 8 17 15 2 4

21 4 12 18 29 36 5 2

14 5 15 15 22 34 7 10

16 2 5 14 15 28 6 4

13 6 10 13 17 32 8 1

Snowmass Village

68

8

35

41

39

36

28

24

Ski Accessible Non Ski Accessible

34 34

3 5

11 24

19 22

14 25

10 26

8 20

10 14

Basalt

50

16

40

51

56

50

39

60

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

28 0 10 12

12 0 3 1

33 0 4 3

37 1 6 7

37 2 8 9

28 3 15 4

25 5 5 4

40 5 9 6

Aspen

active 172

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

2014

2013

2012

18

112

68

127

123

90

100

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

8 38 37 25 13 16 35

4 5 3 2 2 1 1

17 36 24 13 11 2 9

10 27 10 11 7 1 2

12 48 31 12 11 2 11

24 40 26 13 10 4 6

20 35 19 4 5 2 5

20 37 20 6 5 3 9

Snowmass Village

68

8

35

41

39

36

28

24

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

10 10 6 7 2 6 27

2 1 2 1 0 1 1

12 9 4 5 1 2 2

8 12 7 4 3 3 4

11 11 2 3 5 1 6

20 7 2 3 1 0 3

12 9 3 1 0 0 3

10 6 2 1 2 1 2

Basalt

51

16

41

51

56

50

39

60

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

1 5 11 7 2 7 18

0 5 4 2 1 0 4

3 13 15 4 0 1 5

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

23 19 4 6 2 1 5

single family home current market activity Copyright Š 2017

21

distribution of listings/sales


single family home current market activity

includes luxury properties

distribution of listings/sales over $2000 17%

2017

under $750 14%

$1750-$2000 8%

$1500-$1750 12% $1250-$1500 11%

$1250-$1500 14%

$600-$700 1%

$1500-$1750 0%

$500-$600 2% $400$500 11%

$750-$1000 17%

$1000-$1250 25%

$1000-$1250 21%

$750-$1000 61%

$300-$400 26%

$200-$300 44%

Basalt

Snowmass

Aspen

over $700 under $200 7% 5%

single family homes by average price per square foot listed

closed

active 172

pending 18

2017 YTD

2016

2015

2014

2013

2012

111

68

127

123

90

100

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

5 16 32 31 22 17 49

4 2 2 0 0 2 8

16 16 23 10 14 9 23

9 14 15 9 8 5 8

9 31 26 21 16 7 17

19 32 32 14 10 6 10

16 29 14 15 7 3 6

16 33 23 12 7 5 4

Snowmass Village

68

8

35

41

39

36

28

24

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

14 15 5 13 8

4 0 2 0 0

9 1 3 0 1

13 8 2 0 2

6 4 5 0 2

5 1 2 1 0

5 0 2 1 0

5 3 1 0 0

51

16

41

51

56

50

39

60

1 12 10 7 5 2 14

0 4 6 1 0 1 4

2 18 10 8 0 0 3

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

25 17 8 4 0 1 5

Aspen

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

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

22


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

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

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

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

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

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

17

4

18

260%

5

20

7

18

11

16

11

18

2010 10

$1,220

$2,084

$4,227,294

$4,398,750

185

152

$1,350 $4,158,861 $4,408,528 6.2% 218

34% 31% 24% -4.6 14%

$1,010 $3,177,000 $3,561,800 10.8% 192

$1,285 $4,072,475 $4,339,925 6.7% 230

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

5

1

4

-20%

5

5

5

4

1

2

6

3

2

$1,342

$556

$6,164,000

$1,950,000

237

141

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

3% 53% 62% 3.2 30%

$1,121 $2,984,640 $3,122,440 5.9% 201

$1,109 $4,793,000 $5,406,000 10.6% 263

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

15

6

9

1

14

180%

5

$2,799

$2,044

$15,004,333

$7,000,000

316

650

$2,318 $9,778,693 $10,748,214 7.5% 232

29% 55% 54% -2.1 53%

$1,803 $6,315,000 $6,969,000 9.6% 152

active

pending

2017 YTD

change

2016 YTD

last 12 mo

19

0

11

120%

5

14

$2,300

$0

$16,689,474

$0

384

0

$2,129 $12,184,727 $13,303,182 6.6% 371

35% 55% 40% -9.0 11%

$1,573 $7,885,091 $9,477,800 15.6% 333

12

15

5

10

6

10

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

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

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

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

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

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

2016

2015

2014

2013

2012

2011

2010

8

18

15

14

13

7

7

$2,256 $1,733 $9,401,780 $5,950,000 $10,328,333 $6,549,167 7.5% 9.2% 232 165

$2,080 $1,697 $1,606 $1,316 $12,545,143 $10,128,182 $10,486,880 $8,935,685 $13,627,429 $11,479,750 $13,018,056 $9,935,667 6.9% 12.8% 13.4% 11.1% 376 358 408 368

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

single family home comparative activity Copyright © 2017

23

by area, as of 10/31


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

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

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

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

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

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

15

2

12

33%

9

16

13

23

19

11

17

13

2010 22

$1,855

$1,036

$4,091,333

$2,874,500

277

126

$1,399 $4,092,292 $4,458,750 8.4% 340

-7% -10% -10% 0.7 -13%

$1,505 $4,564,333 $4,939,889 7.8% 388

$1,301 $4,102,031 $4,424,063 7.4% 329

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

32

1

21

250%

6

24

9

26

25

21

25

19

17

$1,146

$953

$5,013,844

$3,875,000

359

522

$967 $4,135,662 $4,492,143 8.0% 263

-3% 0% 10% 1.6 24%

$994 $4,135,662 $4,072,333 6.4% 211

$971 $4,023,913 $4,368,958 8.0% 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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

16

1

10

0

12

2

5

7

6

8

7

8

$1,414

$629

$11,380,000

$3,995,000

362

1190

$873 $7,689,600 $9,629,000 13.4% 496

$0 $0 $0 0.0% 0

$830 $7,262,167 $8,965,417 13.0% 453

active

pending

2017 YTD

change

2016 YTD

last 12 mo

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

2016

2015

2014

2013

2012

2011

2010

14

3

9

-36%

14

10

15

11

8

6

8

9

11

$1,173

$827

$5,392,357

$3,497,429

229

333

$980 $4,835,556 $5,298,889 9.0% 486

-3% -9% 6% 2.2 11%

$1,013 $5,323,938 $5,015,571 6.8% 436

$967 $4,662,000 $5,087,500 8.3% 473

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

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

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

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

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

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

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

single family home comparative activity Copyright © 2017

24

by area, as of 10/31


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

listed

closed

SNOWMASS VILLAGE - Off-Mtn

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

Number of Listings or Sales

28

4

24

33%

18

28

22

24

26

19

14

12

12

$759

$736

$2,819,464

$2,549,250

329

258

$640 $2,142,542 $2,306,229 6.5% 245

-2% -7% -4% -2.1 1%

$656 $2,309,870 $2,403,333 8.6% 244

$655 $2,298,429 $2,491,732 6.9% 261

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

8

3

3

50%

2

5

4

2

3

5

6

3

4

$957

$1,552

$4,185,500

$3,690,000

439

679

$665 $2,431,667 $2,665,000 6.6% 503

-16% -33% -39% -11.9 83%

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

$752 $3,749,000 $4,129,000 7.8% 468

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

26

3

14

40%

10

18

14

14

13

9

7

15

8

$713

$498

$2,714,385

$1,016,000

302

121

$392 $1,201,966 $1,292,321 7.4% 324

7% -10% -12% -1.6 11%

$366 $1,335,700 $1,466,900 9.0% 293

$404 $1,346,391 $1,429,028 6.1% 373

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

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

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

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

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

2010

3

2

6

500%

1

9

4

2

10

4

1

7

1

$383

$465

$3,481,000

$1,995,000

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

14% -1% 8%

$445 $1,795,000 $1,795,000 0.0%

$506 $1,773,778 $1,996,556 11.3%

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

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

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

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

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

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

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

127

332

168

45%

116

185

194

366

449

492

246

511

49

single family home comparative activity Copyright © 2017

25

by area, as of 10/31


single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

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

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

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

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

active

closed pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

29

12

33

22%

27

43

37

37

28

25

40

43

20

$489

$577

$1,508,448

$1,513,417

209

173

$378 $987,633 $1,046,545 4.7% 229

1% -7% -7% -0.2 28%

$376 $1,062,538 $1,130,704 4.9% 180

$383 $1,059,998 $1,134,919 5.5% 235

$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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

27

4

8

-27%

11

13

16

17

20

9

15

12

6

$533

$601

$1,898,593

$1,892,000

284

175

$356 $1,214,875 $1,332,250 5.5% 290

25% 26% 25% -3.5 -5%

$286 $964,602 $1,063,173 9.0% 303

$331 $1,141,846 $1,263,154 6.9% 344

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

3

3

23

0%

23

32

32

28

22

33

45

17

6

$346

$334

$709,633

$641,333

39

115

$290 $553,957 $571,109 2.9% 226

9% 1% 2% 0.7 134%

$266 $549,736 $562,404 2.2% 97

$287 $568,938 $583,141 2.7% 108

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

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

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

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

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

25

7

29

16%

25

35

31

30

36

30

24

23

12

$383

$288

$1,634,300

$806,700

336

116

$300 $1,019,586 $1,061,180 4.1% 226

-6% -9% -16% -3.3 -30%

$319 $1,125,405 $1,256,057 7.4% 321

$297 $1,033,446 $1,076,749 4.1% 219

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

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

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

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

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

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

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

single family home comparative activity Copyright © 2017

26

by area, as of 10/31


CONDOMINIUM/TOWNHOME MARKET DISTRIBUTION October 31, 2017

Copyright © 2017

27


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales 2017

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

Snowmass Village Ski Accessible Non Ski Accessible

Basalt Basalt Proper El Jebel

Aspen

pending

2017 YTD

2016

2015

209

60

274

286

65

23

134

117

0 6 52 0 3 4

3 1 16 0 1 2

8 16 84 0 12 14

116

18

91 25

13 5

26 20 6

active 23

closed

2014

2013

2012

334

279

290

236

159

134

122

110

3 13 73 0 16 12

6 15 98 0 16 24

3 15 92 0 13 11

6 13 77 0 12 14

4 8 83 0 9 6

78

85

87

90

122

58

58 20

50 35

63 24

62 39

35 17

37 17

18

57

83

85

55

39

64

14 4

52 5

75 8

71 14

45 10

23 16

40 24

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

2013

2012

134

134

117

159

134

122

110

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

1 2 5 10 4 1

20 19 44 36 13 2

16 14 45 29 11 19

19 27 58 33 15 -35

17 23 36 35 17 31

9 20 41 36 12 16

13 18 37 28 12 14

8 8 32 31 11 20

Snowmass Village

18

78

78

85

87

90

122

58

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

4 2 7 5 0 0

9 9 30 17 13 0

9 11 39 17 9 -7

9 18 37 16 7 -2

10 14 34 24 8 -3

19 33 41 23 5 -31

6 8 27 14 3 64

1 4 24 21 4 4

26

19

57

86

85

55

39

64

1 3 3 9 2 8

1 4 32 16 3 -37

3 12 31 30 7 -26

1 12 25 39 7 2

1 9 16 27 2 30

1 7 16 11 3 17

1 9 30 20 4 -25

0 3 26 14 5 16

Basalt

.

active

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

condominium/townhome current market activity

Copyright Š 2017

$1000-

$1250-

28 $1500-

distribution of listings/sales


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales $1500$1750 19%

$1750$2000 5%

over $2000 7%

$1250$1500 22%

under $750 11%

$1250$1500 1%

$1000$1250 4% $750-$1000 21%

$750-$1000 18%

$1000$1250 18%

$1500$1750 1%

under $500 25%

$300-$400 33%

Basalt

Snowmass

Aspen

$200-$300 27%

$400$500 12%

$500-$750 48%

under $200 0%

$600-$700 0%

$500-$600 15%

condominiums/townhomes by average price per square foot listed

closed

active 65

pending 23

2017 YTD

2016

2015

2014

2013

2012

134

117

159

134

122

110

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

0 8 6 12 10 7 22

0 1 7 4 5 0 6

10 25 19 29 30 8 13

17 19 27 26 19 4 5

24 37 42 23 9 6 12

18 30 33 27 14 5 7

36 31 37 8 5 1 4

31 32 30 14 2 0 1

Snowmass Village

116

18

78

85

87

90

122

58

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

11 49 38 17 0 1 0

1 13 4 0 0 0 0

18 41 15 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

19 28 9 2 0 0 0

26

19

57

86

85

55

39

64

0 4 4 10 5 3 0

0 4 8 1 5 1 0

0 14 18 14 11 0 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

29 26 6 2 1 0 0

Aspen

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

condominium/townhome current market activity Copyright Š 2017

29

distribution of listings/sales


condominium/townhome current market activity

includes luxury properties

distribution of listings/sales

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

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

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

closed

active 65

pending 23

2017 YTD

2016

2015

2014

2013

2012

134

117

159

133

122

110

21 15 13 3 3 0 10

4 5 6 0 2 0 6

51 40 17 8 9 4 5

46 39 15 4 3 4 6

68 52 15 6 9 2 7

57 31 18 11 9 3 4

58 36 12 8 2 3 3

60 33 4 6 1 3 3

116

18

78

85

87

90

122

58

10 20 21 17 15 5 28

1 7 4 2 2 0 2

6 24 15 9 5 2 17

5 26 21 8 7 3 15

9 22 21 13 4 3 15

8 29 14 8 15 4 12

11 46 27 13 9 6 10

7 17 15 6 6 3 4

26

19

57

86

85

55

39

64

0 0 4 2 9 2 9

0 1 4 4 1 4 5

0 2 9 21 13 4 8

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

16 24 13 5 2 0 4

condominium/townhome current market activity Copyright Š 2017

30

distribution of listings/sales


condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

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 CONDOMINIUMS Number of Listings or Sales

(reported separately)

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

0

3

8

60%

5

9

3

6

3

6

4

0

1

$0

$1,457

$0

$2,766,667

0

132

$1,151 $2,115,469 $2,164,250 3.1% 322

21% 40% 35% -3.3 37%

$954 $1,506,400 $1,603,800 6.4% 235

$0 $0 $0 0.0% 0

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

6

1

16

7%

15

18

13

15

15

13

8

6

4

$1,057

$997

$1,443,167

$875,000

87

21

$1,009 $1,010,753 $1,057,625 4.5% 125

6% -6% -8% -0.7 -29%

$951 $1,080,687 $1,154,133 5.3% 176

$993 $968,448 $1,011,494 4.2% 118

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

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

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

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

45

10

84

8%

78

91

72

94

89

74

83

74

56

$1,873

$1,369

18% 33% 36% 0.3 14%

$1,353 $1,571,974 $1,647,071 4.7% 231

$1,100 $848 $956 $890 $847 $753 $1,945,417 $1,343,333 $1,390,333 $1,887,500 $1,562,302 $903,750 $1,989,889 $1,513,333 $1,476,333 $2,074,633 $1,702,167 $1,005,750 2.9% 5.3% 5.9% 5.4% 8.0% 7.7% 334 191 229 317 300 431

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

2010

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

294

201

$1,597 $2,092,367 $2,241,762 5.0% 264

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

3

1

12

-20%

15

13

16

16

13

12

9

8

10

$1,296

$1,042

$1,306,500

$859,000

246

98

$1,284 $1,795,579 $1,894,417 4.3% 159

43% 63% 63% -0.9 -12%

$895 $1,102,552 $1,163,804 5.2% 181

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

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

WEST ASPEN Number of Listings or Sales

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

4

2

14

-33%

21

16

12

24

11

14

6

7

6

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

$917

$1,115

$630 $1,911,986 $2,071,764 3.8% 195

-11% -8% -6% -1.6 -56%

$705 $2,074,714 $2,207,567 5.4% 443

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

$2,029,933 $1,675,350

$2,396,250 $3,897,000 252

346

$1,574 $1,401 $1,352 $1,301 $1,110 $1,022 $1,138 $1,120 $2,060,262 $1,832,677 $1,543,298 $1,770,150 $1,479,869 $1,514,924 $1,978,912 $1,606,720 $2,209,846 $1,945,597 $1,621,314 $1,876,972 $1,607,707 $1,667,245 $2,239,726 $1,880,164 5.4% 5.8% 4.7% 5.7% 7.8% 8.1% 11.0% 11.7% 265 240 240 240 289 292 334 341

$1,256 $1,177 $913 $1,112 $729 $817 $1,757,073 $1,757,969 $1,058,486 $1,266,923 $1,156,333 $965,833 $1,852,538 $1,836,250 $1,116,003 $1,329,615 $1,229,667 $1,024,556 4.3% 7.5% 4.9% 5.8% 5.0% 5.2% 155 127 176 243 249 267

2010

$649 $689 $703 $670 $584 $494 $615 $637 $2,024,863 $1,777,417 $2,095,479 $2,795,636 $1,804,000 $1,499,167 $2,053,571 $2,650,917 $2,187,794 $1,870,583 $2,229,954 $3,028,318 $1,917,571 $1,660,500 $2,350,286 $3,053,233 4.1% 4.6% 5.2% 9.7% 7.4% 9.1% 8.8% 17.2% 352 643 396 457 318 110 439 249

condominium/townhome activity by neighborhood by area, as of 10/31 Copyright © 2017

31


condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

listed SNOWMASS VILLAGE - Ski Access

closed

active

pending

91

13

$752

$699

$1,170,476

$744,500

396

320

SNOWMASS VILLAGE - Off-Mtn

active

pending

Number of Listings or Sales

25

5

$672

$604

$1,064,120

$881,600

278

386

active

pending

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

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

20

15

$486

$431

$633,150

$551,027

227

127

active

pending

6

4

$337

$299

$881,167

$723,125

157

190

2017 YTD 58

change

2016 YTD 40

last 12 mo

2016

2015

2014

2013

2012

2011

2010

45%

68

50

63

62

35

37

38

18

$658 $1,027,335 $1,092,276 5.2% 426

-3% 20% 17% -2.1 17%

$681 $853,929 $935,950 7.3% 364

$652 $1,035,778 $1,105,044 5.7% 433

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

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

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

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

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

2017 YTD change 2016 YTD 20 -29% 28

last 12 mo

2016

2015

2014

2013

2012

2011

27

35

24

39

17

17

12

5

$608 $970,225 $1,041,375 6.3% 383

$597 $946,036 $1,008,518 5.2% 394

$584 $868,963 $930,648 6.2% 320

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

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

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

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

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

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

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

2017 YTD change 2016 YTD 52 -19% 64

last 12 mo

2016

2015

2014

2013

2012

2011

2010

$392 $524,504 $538,992 2.3% 135

2% 3% 3% 1.1 -3%

20% 21% 21% -0.7 -27%

$325 $433,261 $445,605 3.0% 183

2017 YTD change 2016 YTD 5 -62% 13 $289 $647,700 $655,000 1.1% 337

16% 18% 18% 0.3 33%

$250 $549,300 $554,077 0.8% 254

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

2010

73

78

71

45

23

40

31

24

$410 $556,328 $569,134 2.0% 181

$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

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

last 12 mo

2016

2015

2014

2013

2012

2011

2010

6

12

14

10

16

24

17

10

$297 $633,917 $641,667 1.2% 316

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

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

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

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

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

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

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

condominium/townhome activity by neighborhood by area, as of 10/31 Copyright © 2017

32


SINGLE FAMILY LOT MARKET DISTRIBUTION October 31, 2017

Copyright © 2017

33


single family lot current market activity

includes luxury properties

distribution of listings/sales 2017

listed

closed

active

pending

2017 YTD

2016

2015

2014

2013

2012

ALL LOTS

89

9

38

34

43

51

41

45

Aspen

34

4

12

6

12

10

10

14

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

2 1 3 3 5 15 3 2

0 1 1 0 0 1 0 1

1 1 0 1 2 5 2 0

1 1 0 3 1 6 0 2

3 2 2 0 5 8 4 1

6 0 1 1 2 9 1 1

4 1 1 1 3 6 2 0

6 2 1 3 2 6 4 1

Snowmass Village Basalt

10 25

1 2

5 15

4 11

6 6

18 8

8 11

3 23

12 1 7 5

1 0 0 1

6 4 5 0

5 2 3 1

3 1 2 0

5 0 3 0

6 0 3 2

6 1 3 1

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

Aspen

active 32

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

2014

2013

2012

3

13

15

25

21

18

25

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

0 1 7 13 4 1 6

0 0 0 0 3 0 0

2 3 3 3 0 0 2

0 5 0 2 4 0 4

2 4 3 7 2 3 4

3 6 6 3 1 1 1

1 4 7 5 0 1 0

2 6 6 2 4 3 2

Snowmass Village

10

1

5

4

6

18

8

3

0 2 1 0 2 0 5

0 0 0 0 1 0 0

0 2 1 0 1 0 1

0 2 0 0 1 1 0

2 3 1 0 0 0 0

6 6 2 0 0 1 3

3 3 2 0 0 0 0

1 0 0 0 0 1 1

25

2

15

11

6

8

11

11

2 2 4 6 2 2 7

0 0 1 1 0 0 0

4 4 5 1 0 0 1

2 4 4 1 0 0 0

0 3 2 0 0 0 1

2 2 1 3 0 0 0

1 6 2 0 1 0 1

4 2 1 0 0 1 3

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

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

single family lot current market activity Copyright Š 2017

34

distribution of listings/sales


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

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

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

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

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

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

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

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

closed

active

pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2

0

1

0%

1

1

1

3

6

4

6

2

-46% -46% 0.0 -73%

$3,000,000 $3,295,000 9.0% 465

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

2010 0

$2,775,000

$0

839

0

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

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

1

1

1

0%

1

1

1

1

0

1

2

0

0

-8% -5% 42%

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

$0 $0 0.0% 0

$0 $0 0.0% 0

change

2010

532

143

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

3

1

0

0

0

0

1

1

1

1

0

1

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

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

2016 YTD

last 12 mo

2016

2011

2010

384

434

$0 $0 0.0% 0

Listed

Pending

2017 YTD

change

1

0

$4,765,000 $4,250,000

$0 $0 0.0% 0

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

2010

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

$4,950,000 $4,250,000

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

$0 $0 0.0% 0

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

2015

0

-100%

1

0

1

0

-100% -100% -1.0 -100%

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

$0 $0 0.0% 0

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

$0 $0 0.0% 0

change

2014

2013

2012

1

1

3

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

0

0

$0 $0 0.0% 0

$0 $0 0.0% 0

$3,500,000

$0

783

0

$0 $0 0.0% 0

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

5

0

3

0

4

1

5

2

3

2

2

2

$0 $0 0.0% 0

$3,376,000

$0

896

0

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

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

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

14

1

5

0%

5

6

6

8

9

6

6

3

4

-69% -$1 2.3 70%

$4,063,500 $4,320,000 6.1% 261

change

551

482

$1,249,100 $1,436,000 19.8% 445

Listed

Pending

2017 YTD

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

2

0

2

0

2

0

4

1

2

4

3

4

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

$0 $0 0.0% 0

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

$0 $0 0.0% 0

$3,766,786 $4,350,000

$3,600,000

$0

462

0

35

$1,249,250 $3,594,583 $4,337,500 $2,627,177 $2,525,000 $2,446,667 $2,532,333 $4,112,500 $1,434,167 $3,837,500 $4,730,625 $3,171,111 $3,030,833 $2,910,000 $2,946,667 $5,962,500 18.6% 7.1% 7.1% 17.6% 16.7% 13.6% 13.9% 31.7% 552 399 240 539 617 270 814 468

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


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

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

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

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

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

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

Copyright © 2017

closed

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

5

1

2

-83%

12

2

2

1

6

2

2

0

1

-33% $0 -1.0 -41%

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

$0 $0 0.0% 0

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

1491

145

$2,050,000 $2,275,000 10.9% 259

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

3

0

2

0%

2

2

2

5

12

6

1

5

4

$3,979,000 $2,950,000

$1,448,333

$0

626

0

Listed

Pending

3

2

$1,387,500 32% $1,525,000 $0 9.1% -0.1 358 244%

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

2017 YTD

2016 YTD

change

2

0%

2

25% $0 -0.4 61%

$1,445,000 $1,622,500 12.0% 369

$2,050,000 $3,050,000 $1,500,000 $2,862,500 $1,712,500 $3,925,000 $2,275,000 $3,249,500 $1,595,000 $3,457,500 $1,947,500 $4,247,500 10.9% 6.2% 6.0% 16.7% 11.5% 7.1% 259 440 265 820 1687 211

2010

$1,387,500 $1,051,250 $1,144,000 $1,077,167 $1,001,667 $1,525,000 $1,175,000 $1,195,000 $1,225,250 $1,272,167 9.1% 10.5% 4.3% 9.0% 20.3% 358 104 156 281 547 last 12 mo

2016

3

3

2014

3

0

$758,021 $831,667 8.6% 827

$0 $0 0.0% 0

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

2013

2012

2011

2010

1

3

3

1

452

506

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

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

17

0

4

100%

2

4

2

3

4

3

3

1

0

2% $0 0.0 394%

$537,500 $625,000 13.2% 182

$550,000 $636,250 13.3% 898

$537,500 $625,000 13.2% 182

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

$681,250 $756,250 10.0% 382

$325,000 $409,633 27.8% 553

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

$220,000 $248,000 11.3% 507

$0 $0 0.0% 0

2010

$2,099,667 $2,197,500

$1,483,333 $1,246,667 $1,598,333 $1,381,667 6.8% 9.9% 426 276

2015

$650,000 $725,000 10.3% 37

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

2010

$612,676

$0

391

0

$550,000 $636,250 13.3% 898

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

33

4

0

-100%

2

0

2

1

1

0

1

1

0

$0 $0 0.0% 0

-100% -$1 -1.0 -100%

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

$0 $0 0.0% 0

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

$500,000 $595,000 16.0% 127

$250,000 $299,000 16.4% 470

$0 $0 0.0% 0

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

$325,000 $379,000 14.2% 330

$0 $0 0.0% 0

$519,515

$224,375

679

126

36

single family lot comparative activity by area, as of 10/31


single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 10/31 2017

(reported separately)

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

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

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

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

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

closed

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

12

1

6

20%

5

6

5

3

5

6

6

2

2010 3

61% $1 0.1 -24%

$212,300 $232,600 8.1% 438

$342,500 $369,167 9.2% 334

$212,300 $232,600 8.1% 438

$220,000 $245,000 10.2% 434

$263,150 $285,000 8.3% 483

$169,050 $187,500 9.5% 188

$197,244 $239,167 16.9% 351

$175,000 $204,500 18.6% 595

$196,667 $212,300 0.4% 313

2010

$471,783

$289,000

582

853

$342,500 $369,167 9.2% 334

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

7

0

6

100%

3

7

4

2

3

3

3

3

2

-25% $0 1.1 111%

$144,333 $149,300 6.0% 190

$106,714 $118,214 10.9% 366

$133,000 $136,725 4.5% 181

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

$91,000 $95,833 6.0% 221

$127,000 $151,833 15.0% 397

$231,667 $267,333 12.0% 347

$88,333 $101,000 17.6% 241

$203,750 $247,000 10.8% 264

2010

$657,643

$0

355

0

$108,000 $121,417 12.7% 401

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

5

1

0

-100%

1

0

1

0

0

2

1

3

1

N/A $591,000 N/A 513

N/A $330,000 24.2% 116

$0 $0 0.0% 0

-100% -$1 -1.0 -100%

$185,000 $245,000 24.5% 1319

$0 $0 0.0% 0

$185,000 $245,000 24.5% 1319

$0 $0 0.0% 0

$0 $0 0.0% 0

$590,000 $722,500 16.9% 195

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

$535,000 $623,000 11.9% 296

$650,000 $950,000 31.6% 294

Listed

Pending

2017 YTD

change

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

2

1

4

300%

1

5

2

3

3

2

1

3

1

11% $0 -0.6 -29%

$217,500 $285,000 23.7% 576

$233,000 $257,900 9.8% 435

$206,250 $255,000 18.5% 561

$139,000 $159,333 12.5% 453

$153,333 $164,333 6.1% 360

$147,500 $169,000 13.1% 227

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

$102,667 $194,000 31.2% 265

$150,000 $250,000 40.0% 424

2016 YTD

last 12 mo

2016

2015

2014

2013

2012

2011

2010

$872,500

$120,000

153

265

$242,500 $266,125 8.9% 408

Listed

Pending

2017 YTD

change

33

4

23

28%

18

24

19

29

14

15

3

3

4

$227,130 $258,230 11.3% 671

27% $0 0.0 -30%

$178,208 $204,806 11.0% 957

$224,125 $255,763 11.8% 651

$176,987 $204,500 11.5% 916

$209,759 $233,843 8.5% 507

$457,966 $569,786 14.1% 567

$190,933 $204,027 5.3% 160

$141,667 $170,833 18.9% 341

$261,667 $356,333 13.6% 383

$310,000 $407,250 29.1% 263

$519,515

$224,375

679

126

single family lot comparative activity Copyright © 2017

37

by area, as of 10/31


resort market index index suggests renewed price growth

October 31, 2017

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

RESORT MARKET INDEX

Election Year Disruption

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

15,000 14,500

$1550

MARKET INDEX

$1450

AVG, PRICE/SF

14,000

$1350 $1250

13,500

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

$1150

13,000

$1050

12,500 $950

12,000 $850

11,500

A general uptrend in the Index (blue), with occasional corrections, even with the 6-qtr surge and subsequent election year correction, continues to support the stabilized upward price movement (gold) we began to see in 2013.

11,000 10,500 10,000

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

9,000

$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

9,500

$750

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

resort market index Copyright Š 2017

38


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

Number of Residential Sales

Residential Sales Dollar Volume

200

$600

180

$500

160 140

$400

120 100

$300

80

$200

60

40

Millions

$100

20 0

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

2010

2011

2012

Aspen

2013

2014

Snowmass Village

2015

2016

$0

2017

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

2009

2010

Basalt

2011

2012

Aspen

Average $/SQ FT Trendlines - Condominiums/Townhomes

2013

2014

Snowmass Village

2015

2016

2017

Basalt

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

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 2009

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

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

2017

2009

Basalt

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

2017

Basalt

residential sales activity summary graphs Copyright © 2017

39


THE ASPEN REPORT© MONTHLY

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

Copyright © 2017

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