The Aspen Report - July 2018

THE ASPEN REPORT© AUGUST 2018

MARKET ANALYSES | ASPEN • SNOWMASS • BASALT YTD - .3% MORE SELLERS. 3% MORE BUYERS. 15% LESS SPENT. 12 MONTHS - .3% MORE SELLERS. 4% MORE BUYERS. 2% LESS SPENT.

AUGUST 2018

WHAT'S INSIDE WHAT'S general activity INSIDE 2 monthly general market activity - YTD report monthlyactivity general market activity - quarterly comparative 3general 24monthly general market activity - YTD reportcomparative monthly general market activity - month 35 monthly general market activity - quarterly monthly general market activity - YTD +comparative pending 4 monthly general market activity - month comparative price report 6 median 5 monthly general market activity - YTD + pending 7 sales discounting report 6 median price report 8 inventory report 7 sales discounting report 8 inventory report

luxury activity

current luxury property report 10luxury activity 10 current luxury property report

communities

current aspen general activity report 13communities current snowmass general 15current 13 aspen generalvillage activity reportactivity report current basalt general 18 15 current snowmass villageactivity generalreport activity report 18 current basalt general activity report

property types

single family home market distribution types 21property condominium/townhome market distribution 21 single family home market distribution 28 28 distribution single family lot market market distribution 34condominium/townhome 34 single family lot index market distribution resort market 38 38 resort market index quarterly sales, volume, and price trendlines 39 39 quarterly sales, volume, and price trendlines

ytd market activity

with and without luxury properties

YTD performance (incl. 12-mo change), at 8/31 ##

with Viceroy* without Viceroy*

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

Change YTD

12-mo

$ VOLUME

Change YTD

12-mo

-3%

TOTAL VALLEY (incl. rural)

391

-3%

4%

$915,658,068

-16%

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

132 68 54 10 118 87 28 3 110 45 40 25 8%

-36%

-23% -18% -31% -12% 30% 30% 32% 25% 28% 16% 25% 100%

$564,590,811 $182,662,354 $336,903,457 $45,025,000 $166,905,377 $60,610,700 $88,594,677 $17,700,000 $101,188,380 $26,746,830 $46,889,300 $27,552,250

-34%

-35% -41% -9% 33% 45% 12% -25% 29% 15% 25% 79%

INVENTORY 711

Change from 1/1 12-mo

22%

0%

$/SF $925*

AVG SOLD PRICE -6% -1% $2,341,836* Change

YTD 12-mo

SALES

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

362 109 59 42 8 115 87 26 2 110 45 40 25

-2%

4%

-38%

-26%

-43%

-25%

-33%

-31%

-20%

-7%

34%

30%

45%

30%

13%

31%

-33%

33%

29%

28%

15%

16%

25%

25%

79%

100%

$ VOLUME $573,144,464 $290,527,207 $92,369,750 $175,832,457 $22,325,000 $133,605,377 $60,610,700 $70,044,677 $2,950,000 $101,188,380 $26,746,830 $46,889,300 $27,552,250

DISCOUNT

12-mo

ORIG.

-13%

-7%

8.7%

LIST

Change 12-mo

5.8% -0.1

1% 7% 12% $4,277,203 * 4% 10% 10.0% 7.2% -0.3 $1,502* 12% 11% 13% $2,686,211 45% 43% 8.8% 5.8% 0.0 $1,488 -2% 4% 11% $6,238,953 -7% 9% 9.3% 7.5% -0.3 $1,519 -16% N/A $4,502,500 3% -27% 21.6% 15.6% -0.2 2% -1% 1% $664 $1,414,452 -19% -9% 7.8% 5.5% -0.2 9% 4% 5% $641 $696,675 -27% -15% 6.5% 4.8% -0.1 -5% -7% -9% $3,164,096 -6% -11% 11.5% 8.1% -0.2 $736 -27% N/A $5,900,000 76% 36% 11.9% 1.6% 0.1 -7% 32% 18% 44% 23% 6.1% 3.8% 0.2 $487 $919,894 14% 20% 8% 14% 5% 1.6% 1.5% 0.1 $454 $594,374 -18% 27% 21% $1,172,233 23% 12% 10.3% 5.2% 0.1 $451 -12% N/A $1,102,090 368% 310% 7.6% 6.0% 2.8 * note how much the inclusion of luxury sales (only 8% of activity) distorts average sold prices from averages below…by 60% in Aspen

331 102 197 32 230 144 78 8 127 50 55 22

-16%

-5% 18% -45% -24% -7% -36% 8% 18% 6% 11% 5% 18% 32% 71% 87% 57% 31% 22% 54% 39% 735% 719%

15%

59% 7% -22% 19% 21% 22% -20% 46% 163% 22% -4%

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

Change YTD

Change YTD 12-mo

-14%

-4%

-37%

-22%

-50%

-25%

-29%

-22%

-15%

-4%

4%

13%

6%

11%

5%

12%

-33%

86%

87%

57%

31%

22%

54%

39%

735% 719%

60%

INVENTORY 524 198 85 89 24 199 143 49 7 127 50 55 22

Change YTD

12-mo

-4%

-4%

-8% 6% -13% -29% 2% 8% -8% -30% -6% 14% -18% -8%

-8% 6% -13% -29% 2% 8% -8% -30% -6% 14% -18% -8%

$/SF $826 *

AVG SOLD PRICE -7% -2% $1,583,272* Change YTD 12-mo

5% $1,337* 3% $1,383 10% $1,272 N/A 2% $656 4% $641 -1% $708 N/A 32% $487 20% $454 27% $451 N/A with Viceroy*

10% 7% 15% 2% 5% -6% 18% 8% 21%

$2,665,387* $1,565,589 $4,186,487 $2,790,625 $1,161,786 $696,675 $2,694,026 $1,475,000 $919,894 $594,374 $1,172,233 $1,102,090

DISCOUNT Change ORIG. LIST 12-mo -8% 10.3% 5.5% -0.1

Change YTD 12-mo -12% 2% -13% 6% 6% -22% -27% -7% 1% 44% 14% 23% 368%

7.0% 0.1 5.7% 0.0 13% 9.7% 7.1% 0.1 3% 21.3% 15.5% 0.1 -13% 7.1% 5.2% -0.1 -15% 6.5% 4.8% -0.1 -15% 9.4% 6.8% -0.1 40% 4.8% 1.6% 0.3 23% 6.1% 3.8% 0.2 5% 1.6% 1.5% 0.1 12% 10.3% 5.2% 0.1 310% 7.6% 6.0% 2.8 6%

10.2%

0%

9.1%

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

##

ytd market activity Copyright © 2018

2

quarterly general market activity

excludes luxury properties

(excludes luxury property)

due to distortion of averages 8/31/2018

Q3

Q2

number sold

2018

what are the BUBBLES? A CONDENSED VISUAL QUARTERLY SYNOPSIS

SIZE = volume HEIGHT = activity

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

Q4 162

Q3 158

Q2 148

Q1 95

Q2 2018 change

187

Q1 112

69 31 26 12 65 51 11 3 53 22 25 6

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

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

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

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

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

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

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

Farm/Ranch

Farm/Ranch

Farm/Ranch

2018

ng

$208,253,750 $53,642,000 $116,012,750 $38,599,000 $83,443,400 $51,376,900 $27,616,500 $4,450,000 $61,669,121 $14,277,811 $40,467,060 $6,924,250

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

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

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

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

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

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

Q2 2018 change

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

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

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

2017

Q3 thru Aug+Pending Q2 Q1 $353,366,271 $227,659,650 $172,324,614

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

-2.7%

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

sales volume TOTAL

2017

Q2 144

Q3 thru Aug+Pending

TOTAL

(reported separately)

Q1

2018 Q3 thru Aug $856 $1,394 $1,474 $1,269 $682 $690 $598 $437 $484 $398

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

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

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

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

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

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

Q2 2018 change

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

quarterly general market activity (excludes luxury property)

Copyright Š 2018

3

monthly general market activity

2018

2017

Farm/Ranch

Farm/Ranch Activity

2017

change

51

70

-27.1%

18 8 5 5 17 16 0 1 16 6 8 2

36 24 11 1 17 12 4 1 17 7 6 4

-50.0% -66.7% -54.5% 400.0% 0.0% 33.3% N/A 0.0% -5.9% -14.3% 33.3% -50.0%

2018

2017

total sales volume

2018

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

prices

average $/sf

Avg $/sf

august

2018

2017

change

$859

$1,058

-18.8%

$1,526 $1,562 $1,468

$1,493 $1,617 $1,222

2.2% -3.4% 20.1%

$679 $679 $0

$619 $618 $621

9.8% 10.0% N/A

$444 $503 $399

$427 $375 $488

3.9% 34.3% -18.2%

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

change

$80,229,950 $135,025,000 -40.6% $51,770,750 $16,007,000 $21,138,750 $14,625,000 $12,915,000 $11,315,000 $0 $1,600,000 $15,544,200 $3,652,700 $8,091,500 $3,800,000

$101,214,750 $61,004,750 $37,710,000 $2,500,000 $20,770,250 $11,013,250 $8,307,000 $1,450,000 $13,040,000 $3,525,000 $8,025,000 $1,490,000

-48.9% -73.8% -43.9% 485.0% -37.8% 2.7% N/A 10.3% 19.2% 3.6% 0.8% 155.0%

2018

Farm/Ranch

2018

(reported separately)

Volume

average sold prices

2018

2017

change

$1,573,136

$1,928,929

-18.4%

$2,876,153 $2,000,875 $4,227,750 $2,925,000 $759,706 $707,188 $0 $1,600,000 $971,513 $608,783 $1,011,438 $1,900,000

$2,811,521 $2,541,865 $3,428,182 $2,500,000 $1,221,779 $917,771 $2,076,750 $1,450,000 $767,059 $503,571 $1,337,500 $372,500

2.3% -21.3% 23.3% 17.0% -37.8% -22.9% N/A 10.3% 26.7% 20.9% -24.4% 410.1%

2018

number sold

Aug 8

2017

8

2017

august 2018 compared with august 2017 Aug

excludes luxury properties due to distortion of averages

Avg Pr.

monthly general market activity Copyright Š 2018

4

august 2018 compared with august 2017

ytd overall market activity

includes luxury properties

all YTD sales and pending sales, at 8/31/18

aug aug

A

P

8

8

7/2/1905

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

number sold/pending TOTAL (incl. Rural) TOTAL (in Towns) Aspen Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land Snowmass Village Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land Basalt Co Condominiums/Townhomes Sin Single Family Homes Farm/Ranch Sin Land

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

2017 YTD

Listed

Pending

2018 Sold

Sold + Pending

Sold + Pending

change

831 692

141 123

429 391

570 514

561 507

2% 1%

334 103 198 33 229 143 78 8 129 50 55 24

55 23 25 7 40 30 9 1 28 13 14 1

132 68 54 10 118 87 28 3 110 45 40 25

187 91 79 17 158 117 37 4 138 58 54 26

254 128 112 14 115 74 35 6 113 57 41 15

-26% -29% -29% 21% 37% 58% 6% -33% 22% 2% 32% 73%

2018 YTD

2017 YTD

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

2018 YTD

Listed

Pending

2018 Sold

Sold + Pending

Sold + Pending

change

$4,341,939,328

$449,222,221

$945,101,849

$1,394,324,070

$1,524,483,382

-9%

$4,215,216,984

$441,839,471

$915,658,068

$1,357,497,539

$1,508,780,724

-10%

$300,216,000 $100,378,000 $175,864,000 $23,974,000 $58,987,900 $34,946,400 $22,541,500 $1,500,000 $39,865,671 $8,986,111 $30,380,560 $499,000

$564,590,811 $182,662,354 $336,903,457 $45,025,000 $166,905,377 $60,610,700 $88,594,677 $17,700,000 $101,188,380 $26,746,830 $46,889,300 $27,552,250

$864,806,811 $283,040,354 $512,767,457 $68,999,000 $225,893,277 $95,557,100 $111,136,177 $19,200,000 $141,054,051 $35,732,941 $77,269,860 $28,051,250

$1,148,258,829 $308,437,358 $784,955,971 $54,865,500 $224,724,767 $72,274,767 $118,575,000 $33,875,000 $84,065,628 $30,636,328 $49,921,300 $3,508,000

-25% -8% -35% 26% 1% 32% -6% -43% 68% 17% 55% 700%

$2,889,267,539 $444,455,540 $2,213,172,999 $231,639,000 $760,266,200 $181,549,200 $546,493,000 $32,224,000 $152,836,245 $31,467,350 $85,776,900 $35,591,995

ytd overall market activity all YTD sales and pending sales, at 8/31/18

Copyright Š 2018

5

annual changes in median sales prices

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

as of 8/31 of each year

changes in median sales prices (an equal number of sales closed below these prices as above) 2018 YTD 1 Yr Chg 2017 1 Yr Chg 2016 1 Yr Chg 2015 1 Yr Chg Aspen Condominiums/Townhomes Single Family Homes Single Family Lots Snowmass Village Condominiums/Townhomes Single Family Homes Single Family Lots Basalt Condominiums/Townhomes Single Family Homes Single Family Lots

$2,289,750 $1,240,000 $3,970,000 $2,680,000 $680,000 $480,000 $2,218,839 $1,475,000 $689,500 $529,000 $879,500 $950,000

11.4% -13.0% 2.6% 17.8% -31.0% -27.0% -8.5% -7.8% 25.4% 8.6% 7.3% 269.6%

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

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

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

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

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

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

2014 $2,135,000 $1,242,500 $3,750,000 $2,300,000 $1,044,750 $587,500 $1,874,500 $1,267,500 $500,000 $415,000 $647,500 $180,000

1 Yr Chg

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

2013 $1,650,000 $1,000,000 $3,202,500 $2,325,000 $660,000 $509,106 $2,075,000 $1,282,500 $415,000 $320,000 $609,000 $175,000

annual changes in median sales prices Copyright Š 2018

6

as of 8/31 of each year

1 Yr Chg

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

changes in average discounts

includes luxury properties

average price discounts at 8/31/18

2018

2017

2016

2015

2014

2013

asking vs. selling price discount %

Average Asking vs. Selling Price Discount 10%

Decreasing Sales Discounts

5%

0% 2013

2014

Aspen

2015

2016

2017

Snowmass Village

Basalt

last 12 mo

2018 YTD

last 12 mo

2017

2016

2015

2014

2013

OVERALL AVERAGE

5.6%

5.8%

6.0%

6.4%

6.2%

7.1%

8.2%

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

7.2% 5.8% 7.5% 15.6% 5.5% 4.8% 8.1% 1.6%

7.0% 5.4% 7.7% 16.1% 5.9% 5.1% 7.9% 3.4%

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

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

6.7% 5.1% 8.2% 9.0% 7.6% 7.2% 8.8% 4.5%

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

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

3.8% 1.5% 5.2% 6.0%

3.9% 1.9% 5.6% 6.2%

4.1% 2.2% 5.1% 8.9%

4.7% 2.6% 7.1% 10.9%

4.0% 2.6% 5.5% 10.7%

4.4% 2.5% 5.9% 7.4%

5.8% 3.6% 6.2% 12.3%

2017 2016

original vs. selling price discount %

Average Original vs. Selling Price Discount 20%

Decreasing Sales Discounts

15% 10% 5% 0% 2013

2014

Aspen

2015

2016

Snowmass Village

2017

Basalt

last 12 mo

2018 YTD

2015

2014

2013

OVERALL AVERAGE

8.1%

9.1%

9.4%

9.8%

9.3%

10.6%

13.3%

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

10.0% 8.8% 9.3% 21.6% 7.8% 6.5% 11.5% 11.9% 6.1% 1.6% 10.3% 7.6%

10.1% 7.8% 11.2% 21.5% 9.6% 8.5% 12.3% 9.6% 6.1% 2.2% 10.5% 7.8%

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

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

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

11.1% 9.0% 11.3% 22.7% 13.2% 13.3% 13.4% 12.6% 6.2% 2.6% 9.6% 10.1%

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

last 12 mo

changes in average discounts Copyright Š 2018

7

average price discounts at 8/31/18

changes in inventory as of 8/31

aug

A

P

8

luxury properties separated to better reflect volume

aug

8

2010

listing inventory ALL LISTINGS

aug 2018 aug 2017 change 0.3% 711 709

ALL LISTINGS

Luxury Market Condominiums/Townhomes Single Family Homes Land

187 18 154 15

163 11 139 13

14.7% 63.6% 10.8% 15.4%

GENERAL LISTINGS

524

546

-4.0%

GENERAL LISTINGS

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

198 85 89 24 199 143 49 7 127 50 55 22

216 80 102 34 195 132 53 10 135 44 67 24

-8.3% 6.3% -12.7% -29.4% 2.1% 8.3% -7.5% -30.0% -5.9% 13.6% -17.9% -8.3%

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

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

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

Luxury Market Condominiums/Townhomes Single Family Homes Land

aug 2018 $4,119,404,984 $2,876,941,000 $267,832,000 $2,362,684,000 $246,425,000

$1,242,463,984 $675,296,539 $176,623,540 $425,518,999 $73,154,000 $428,281,200 $181,549,200 $224,498,000 $22,234,000 $138,886,245 $31,467,350 $85,776,900 $15,691,995

listing volume change aug 2017 $3,774,137,671 $2,512,138,999 $148,587,000 $2,163,411,999 $200,140,000

$1,261,998,672 $734,804,994 $148,847,000 $463,132,994 $122,825,000 $368,026,199 $151,378,699 $189,978,500 $26,669,000 $159,167,479 $29,099,180 $102,337,400 $13,793,900

pending volume aug 2018 aug 2017 change 124

104

19.2%

ALL PENDING

15 6 9 0

18 6 10 2

-16.7% 0.0% -10.0% N/A

Luxury Market Condominiums/Townhomes Single Family Homes Land

109

86

26.7%

GENERAL PENDING

41 17 17 7 40 30 9 1 28 13 14 1

34 18 13 3 24 14 9 1 28 18 9 1

20.6% -5.6% 30.8% 133.3% 66.7% 114.3% 0.0% 0.0% 0.0% -27.8% 55.6%

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

0.0%

aug 2018

aug 2017

$428,969,571

$423,346,000

$200,940,000 $71,050,000 $129,890,000 $0

$228,029,571 $129,176,000 $29,328,000 $75,874,000 $23,974,000 $58,987,900 $34,946,400 $22,541,500 $1,500,000 $39,865,671 $8,986,111 $30,380,560 $499,000

$233,235,000 $74,545,000 $127,240,000 $31,450,000

$190,111,000 $118,200,000 $41,321,000 $70,234,000 $6,645,000 $42,020,500 $14,995,000 $24,075,500 $2,950,000 $29,890,500 $10,266,500 $19,414,000 $210,000

9.1% 14.5% 80.3% 9.2% 23.1%

-1.5% -8.1% 18.7% -8.1% -40.4% 16.4% 19.9% 18.2% -16.6% -12.7% 8.1% -16.2% 13.8%

change 1.3% -13.8% -4.7% 2.1% N/A

19.9% 9.3% -29.0% 8.0% 260.8% 40.4% 133.1% -6.4% -49.2% 33.4% -12.5% 56.5% 137.6%

changes in inventory Copyright Š 2018

8

as of 8/31

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

Copyright © 2018

9

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

Valley Luxury Sales $2,500

200

$2,000

160

$1,500

120

$1,000

80

$500

40

$0

0 2005

2006

2007

2008

2009

PRICES: Avg $/SF

187

Inventory

4%

163

$1,995

inventory

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

$2,241

$2,209

est. $14,088,262

est. $12,267,137

Copyright Š 2018

$15,384,711 $7,500,000 $58,500,000 363

2015

2016

2017 LAST 12 MO

SUPPLY: Inventory

$13,396,000 $7,995,000 $29,900,000 510

48

from Aug 2017:

47

Current Avg. Asking Price/SF:

$2,241

Average Sold Price: Median Sold Price:

$11,810,814 $12,100,000

1.454545455

pending

Lowest Selling Price Highest Selling Price Avg Asking Price

2014

$2,067 Sales Last 12 Mo 2%

from Aug 2017:

$15,384,711

2013

DEMAND: # of Sales

15%

at 08/31/2018 at 08/31/2018 187 15 $2,876,941,000 $200,940,000

Avg Price/SF Avg Sales Price

2012

Avg Sales Price/SF

2018

Number Dollar Volume

2011

from Aug 2017:

Current Avg. Asking Price:

total luxury sales

2010

closed last 12 mo

change

prev 12 mo

48 $584,934,604

2% -1% 4% -3% 0% -3% -1% 2% 21% 0.10 21%

47 $589,333,971

$2,067 $12,186,138 $7,500,000 $29,000,000 $13,750,146 $7,950,000 $44,000,000 9.2% 472

$1,995 $12,539,021 $7,500,000 $30,000,000 $13,877,021 $7,800,000 $36,500,000 8.4% 390

10

2018 YTD

2017 YTD

2017

2016

29 33 52 $342,513,604 $417,948,971 $660,369,971 $2,134 $11,810,814 $7,500,000 $21,500,000 $13,146,207 $7,950,000 $25,000,000 9.3% 520

$2,085 $12,665,120 $7,600,000 $30,000,000 $14,028,333 $7,800,000 $36,500,000 8.0% 434

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

2015

2014

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

$1,806 $12,729,913 $7,500,000 $29,500,000 $15,176,083 $7,500,000 $49,500,000 11.6% 303

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

current luxury property report

current luxury property report aspen Number Dollar Volume

inventory

pending

at 08/31/2018

at 08/31/2018

closed

136 14 $2,213,971,000 $171,040,000

Avg Price/SF Avg Sales Price

$2,430

$2,270

est. $14,983,914

est. $11,245,063

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

$16,279,199 $7,500,000 $42,000,000 318

$12,217,143 $7,995,000 $17,500,000 464

2018 YTD

2017 YTD

last 12 mo

change

prev 12 mo

40* $494,734,604

42 $540,873,971

$2,198

-5% -9% 9%

$2,024

$2,296

$2,117

$12,368,365 $7,500,000 $29,000,000 $13,951,425 $7,950,000 $44,000,000 8.7% 435

-4% 0% -3% -1% 2% 21% 0.18 21%

$12,877,952 $7,500,000 $30,000,000 $14,127,857 $7,800,000 $36,500,000 7.4% 359

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

$13,038,299 $7,600,000 $30,000,000 $14,366,167 $7,800,000 $36,500,000 7.3% 386

2017

2016

23 30 47 $274,063,604 $391,148,971 $611,819,971 $2,102

$1,749

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

2015

2014

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

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

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

*26 SF Homes and 12 Townhomes, plus land

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

inventory

pending

at 08/31/2018

at 08/31/2018

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

closed

2017

2016

2015

2014

30 $331,985,000

0 $0

4* $42,050,000

33% 57%

3 $26,800,000

3 $33,300,000

3 $26,800,000

4 $35,550,000

4 $33,745,000

4 $39,850,000

2 $17,400,000

$1,744

$0

est. $9,477,539

N/A

$1,135 $10,512,500 $8,750,000 $14,750,000 $12,400,000 $9,950,000 $15,000,000 15.7% 631

-30% 18% 14% 46% 16% 17% 20% 0.04 -31%

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

$1,102 $11,100,000 $9,000,000 $14,750,000 $13,216,667 $11,750,000 $15,000,000 16.9% 668

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

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

$11,066,167 $7,750,000 $29,995,000 562

$0 $0 $0 0

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

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

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

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

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

rural

inventory

pending

woody creek to missouri heights

at 08/31/2018

at 08/31/2018

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

Number Dollar Volume

21 $330,985,000

1 $29,900,000

4* $48,150,000

100% 122%

2 $21,660,000

3 $35,150,000

0 $0

1 $13,000,000

3 $29,160,000

2 $40,650,000

0 $0

$1,724

$1,349

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

-16% 11% 24% 0% -3% 11% -12% 31% 0.23 168%

$1,805 $10,830,000 $8,250,000 $13,410,000 $13,450,000 $9,900,000 $17,000,000 $13,800,000 18.9% 257

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

$0 $0

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

$15,761,190 $58,500,000 $7,995,000 $16,393,571 365

$29,900,000 $29,900,000 $29,900,000 $50,000,000 1165

closed

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

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

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

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

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

*4 SF Homes

current luxury property report Copyright Š 2018

11

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

Copyright © 2018

12

current aspen general activity report

excludes luxury properties due to distortion of averages

2017

(reported separately)

Aspen Sales $1,500

500

$1,200

400

$900

300

$600

200

$300

100

$0

0 2005

2006

2007

2008

PRICES: Avg $/SF

198

Inventory

(under $7.5M)

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

Copyright Š 2018

2010

2011

2012

4% Growth

2013

2014

SUPPLY: Inventory

Avg Sales Price/SF

2015

2016

2017

LAST 12 MO

DEMAND: # of Sales

$1,346 Sales Last 12 Mo

-8%

10%

-26%

from Aug 2017:

from Aug 2017:

from Aug 2017:

216

$1,225

Current Avg. Asking Price:

all general aspen property

2009

$3,410,589

inventory

pending

at 08/31/2018 198 $675,296,539

at 08/31/2018 41 $129,176,000

$1,547 $1,452 est. $3,173,064 est. $2,931,214

$3,410,589 $226,000 $7,495,000 255

$3,150,634 $465,000 $7,395,000 406

188

255

Current Avg. Asking Price/SF:

$1,547

Average Sold Price: Median Sold Price:

$2,711,322 $2,300,000

closed last 12 mo

change

prev 12 mo

188 $509,728,607

-26% -22% 10% 6% 28% 0% 5% 34% 19% -0.08 -3%

255 $653,755,858

$1,346 $2,711,322 $190,000 $7,400,000 $2,920,257 $199,500 $9,900,000 6.7% 272

$1,225 $2,563,748 $149,000 $7,400,000 $2,773,316 $149,000 $8,295,000 6.7% 281

13

2018 YTD

2017 YTD

2017

2016

2015

2014

173 241 109 176 255 265 $290,527,207 $459,574,858 $678,776,258 $407,818,950 $703,120,355 $621,131,020 $1,337 $2,665,387 $239,000 $7,400,000 $2,885,223 $239,000 $9,900,000 7.0% 282

$1,272 $2,611,221 $149,000 $7,400,000 $2,828,319 $149,000 $8,295,000 6.5% 267

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

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

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

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

current aspen general activity report

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

2017

inventory

pending

at 08/31/2018 85 $176,623,540

at 08/31/2018 17 $29,328,000

$1,644 $1,653 est. $1,959,711 est. $1,627,031

$2,077,924 $226,000 $7,295,000 210

excludes luxury properties due to distortion of averages

$1,725,176 $465,000 $3,150,000 470

closed last 12 mo*

ytd chg

prev 12 mo

2018 YTD

109 $193,182,750

-25% -25% 7%

146 $258,089,358

59 $92,369,750

$1,293 $1,767,735 $149,000 $7,400,000 $1,897,138 $149,000 $8,000,000 5.2% 263

$1,383 $1,565,589 $239,000 $5,550,000 $1,670,343 $239,000 $5,995,000 5.7% 197

$1,383 $1,772,319 $190,000 $6,500,000 $1,878,443 $199,500 $6,500,000 5.2% 195

0% 28% -12% -1% 34% -19% 0.00 -26%

2017 YTD

2017

2016

2015

2014

114 130 103 153 151 $184,871,358 $285,684,358 $196,031,250 $234,876,915 $223,767,326 $1,340 $1,794,868 $149,000 $7,400,000 $1,929,580 $149,000 $8,000,000 4.8% 243

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

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

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

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

*excluding 12 luxury townhomes

single family homes (excluding luxury)

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

inventory

pending

at 08/31/2018

at 08/31/2018

last 12 mo*

ytd chg

prev 12 mo

89 $425,518,999

17 $75,874,000

66 $281,750,857

-31% -22% 15% 13% 14% 1% 12% 0% 19% -0.99 21%

95 $359,321,000

last 12 mo

ytd chg

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

13 $34,795,000

-7% -4% 3% 42% -21% 7% 103% -24% 3.20 20%

14 $36,345,500

8 $22,325,000

10 $26,220,500 N/A

15 $38,690,500

12 $37,517,500

23 $79,732,500

21 $53,464,590

$2,596,107 $260,000 $6,250,000 $2,902,429 $395,000 $6,500,000 12.9% 499

$2,790,625 $1,537,500 $4,950,000 $3,212,500 $2,350,000 $4,950,000 15.5% 839

$2,622,050 $260,000 $6,250,000 $2,941,900 $395,000 $6,500,000 13.9% 486

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

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

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

$1,454 $1,251 est. $4,440,446 est. $4,145,164

$4,781,112 $270,000 $7,495,000 284

$4,463,176 $1,275,000 $7,395,000 369

closed

$1,285 $4,268,952 $1,095,000 $7,400,000 $4,603,227 $1,095,000 $9,900,000 7.1% 335

$1,120 $3,782,326 $960,000 $7,300,000 $4,100,837 $1,095,000 $8,295,000 8.1% 276

2018 YTD

2017 YTD

2017

2016

2015

2014

47 90 42 63 87 91 $175,832,457 $248,483,000 $354,401,400 $174,270,200 $388,510,940 $343,899,104 $1,272 $4,186,487 $1,095,000 $7,400,000 $4,529,500 $1,095,000 $9,900,000 7.1% 297

$1,159 $3,944,175 $1,100,000 $7,300,000 $4,279,659 $1,295,000 $8,295,000 8.1% 272

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

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

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

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

*excluding 26 luxury homes

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

inventory

pending

at 08/31/2018 24 $73,154,000

at 08/31/2018 7 $23,974,000

est. $2,574,873 est. $2,893,153

$3,048,083 $555,000 $7,395,000 304

$3,424,857 $495,000 $6,900,000 343

closed

$2,676,538 $370,000 $4,950,000 $3,111,154 $800,000 $4,950,000 16.1% 597

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

current aspen general activity report Copyright Š 2018

14

excludes luxury properties except where noted due to distortion of averages

current snowmass village general activity report with Viceroy

2017

without Viceroy

(reported separately)

Snowmass Village Sales $1,500

300

$1,200

240

$900

180

$600

120

$300

60

$0

0 2005

2006

2007

2008

PRICES: Avg $/SF

187

Inventory

4% Growth

2013

2014

DEMAND: # of Sales

2015

2016

2017 LAST 12 MO

SUPPLY: Inventory

$667 Sales Last 12 Mo

Avg Sales Price/SF

176

2%

30% from Aug 2017:

195

$655

135

$2,152,167

inventory

pending

at 08/31/2018 187 $381,086,200

at 08/31/2018 33 $42,532,900

$894 $804 est. $2,040,229 est. $1,397,996

$2,152,167 $74,500 $7,495,000 321

$1,474,698 $260,000 $3,700,000 304

Current Avg. Asking Price/SF:

$894

Average Sold Price: Median Sold Price:

$1,285,376 $770,000

closed last 12 mo

change

prev 12 mo

176 $226,226,102

30% 13% 2% -13% -6% 0% -13% 16% -7% -0.80 -23%

135 $199,709,967

$667 $1,285,376 $57,500 $6,895,000 $1,382,062 $68,500 $6,995,000 5.6% 272 CURRENT SKI ACCESS $/SF PREMIUM

Copyright Š 2018

2012

from Aug 2017:

(under $7.5M)

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

2011

-4%

all snowmass vlg property

Avg Price/SF Avg Sales Price

2010

from Aug 2017:

Average Asking Price:

Number Dollar Volume

2009

$655 $1,479,333 $61,114 $6,900,000 $1,596,141 $59,000 $7,500,000 6.4% 355

2018 YTD

2017 YTD

2017

2016

2015

2014

126 142 115 86 147 115 $133,605,377 $128,454,267 $221,074,992 $204,761,675 $181,159,247 $173,683,718 $656 $1,161,786 $57,500 $5,950,000 $1,247,917 $68,500 $6,500,000 5.2% 218

$645 $1,493,654 $61,114 $6,900,000 $1,618,215 $59,000 $7,500,000 6.3% 373

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

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

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

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

$142

15

current snowmass village general activity report

excludes luxury properties except where noted due to distortion of averages

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

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

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

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

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

inventory

pending

at 08/31/2018 27 $91,539,000

at 08/31/2018 7 $16,441,500

closed

$874 $804 est. $3,220,478 est. $2,231,112

$3,390,333 $1,229,000 $7,450,000

$2,348,786 $1,050,000 $3,700,000

338

178

at 08/31/2018 22 $132,959,000

at 08/31/2018 2 $6,100,000

$1,257 $981 est. $4,796,310 est. $2,420,539

$6,043,591 $3,315,000 $7,495,000

$3,050,000 $2,950,000 $3,150,000

225

271

at 08/31/2018 24 $234,100,000

at 08/31/2018 0 $0

$1,647 est. $7,927,855

$0 N/A

$9,754,167 $7,750,000 $24,950,000

$0 $0 $0

487

0

at 08/31/2018 46 $367,059,000

at 08/31/2018 2 $6,100,000

$1,460 $981 est. $6,370,915 est. $2,435,138

$7,979,543 $3,315,000 $24,950,000 362

$3,050,000 $2,950,000 $3,150,000 271

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

37 $88,136,177

54% 55% 3% 0% -23% 15% -2% -23% 8% -2.18 5%

24 $56,964,500

23 $58,574,677

16 $35,074,500

30 $64,636,000

22 $52,656,500

24 $57,129,900

26 $48,603,000

$668 $2,373,521 $1,095,000 $5,185,000 $2,591,583 $1,095,000 $5,995,000 7.9% 269

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

$636 $2,192,156 $1,095,000 $4,845,000 $2,391,813 $1,095,000 $5,295,000 7.8% 228

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

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

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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

9 $33,777,500

-18% -35% -14% -20% -49% 0% -16% -39% -7% 5.91 -52%

11 $51,700,000

3 $11,470,000

7 $31,725,000

13 $54,032,500

15 $68,351,500

11 $52,681,500

8 $29,510,000

$966 $4,700,000 $3,100,000 $6,900,000 $5,057,727 $3,185,000 $7,500,000 7.1% 498

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

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

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

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

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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

1 $9,550,000

2 $17,750,000

1 $9,550,000

2 $17,750,000

2 $17,750,000

4 $33,745,000

3 $28,150,000

2 $17,400,000

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

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

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

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

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

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

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

last 12 mo

ytd chg

prev 12 mo

2018 YTD

2017 YTD

10 $43,327,500

-23% -38% -16% -19% -49% -5% -14% -39% 7% 6.20 -43%

13 $69,450,000

4 $21,020,000

9 $49,475,000

$1,067 $5,342,308 $3,100,000 $10,100,000 $5,775,769 $3,185,000 $10,950,000 7.4% 470

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

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

$686 $2,382,059 $844,500 $5,950,000 $2,530,703 $847,500 $6,500,000 5.7% 282

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

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

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

2017

2016

2015

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

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

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

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

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

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

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

current snowmass village general activity report Copyright Š 2018

16

excludes luxury properties except where noted due to distortion of averages

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

Number Dollar Volume Avg Price/SF Avg Sales Price

inventory

pending

at 08/31/2018 29 $40,606,900

at 08/31/2018 11 $9,638,000

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

closed

2017

2016

2015

2014

39 $27,741,575

29 $26,387,000

27 $20,797,500

16 $17,329,500

28 $24,273,575

35 $30,546,500

24 $20,154,900

28 $23,634,750

$810 est. $1,336,912

$616 est. $836,557

$564 $711,322

$599 $909,897

$590 $770,278

$646 $1,083,094

$586 $866,913

$580 $872,757

$567 $839,788

$549 $844,098

302

5.3% 268

34% 5% -6% -22% -9% -44% -21% -15% -40% -0.16 -9%

Lowest Selling Price Highest Selling Price

Avg Asking Price

$360,000 $1,830,000

$1,400,238 Lowest Asking Price Highest Asking Price

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

$876,182

$475,000 $3,575,000

155

Avg Price/SF Avg Sales Price

Avg Ask/Sold Discount Avg Days on Market

$385,000 $1,895,000

5.5% 293

4.5% 186

5.2% 313

6.1% 372

5.3% 344

4.9% 296

6.0% 286

2017

2016

2015

2014

44 $39,950,267

71 $68,557,917

50 $45,004,675

50 $43,972,947

62 $52,909,968

$797 est. $1,006,588

$704 est. $701,428

$689 $786,447

$624 $886,522

$664 $663,553

$608

$907,961

$660 $965,604

$668 $900,094

$664 $879,459

$657 $853,387

5.0% 273

last 12 mo 2 $2,950,000

$57,500 $4,425,000

$737,783

$74,500 $3,850,000

322

$841,987

$260,000 $2,099,000

340

$68,500 $4,500,000

$984,580

$76,500 $3,500,000

$892,846

$64,000 $3,750,000

$927,696

$79,500 $3,495,000

$89,000 $3,795,000

6.0% 386

4.9% 201

5.2% 404

5.3% 416

7.6% 385

8.1% 349

8.2% 321

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

2 $2,775,000

2 $2,950,000

2 $2,775,000

2 $2,775,000

2 $2,102,500

5 $5,720,000

12 $12,926,000

$1,387,500

$1,475,000

$1,387,500

$1,387,500

$1,051,250

$1,144,000

$1,077,167

346

1352

1.6% 462

at 08/31/2018 0 $0

at 08/31/2018 0 $0

last 12 mo 2 $5,200,000

est. $

N/A

$2,600,000

$1,497,500

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

$0

$2,775,000 $0 $0

0

$1,027,803

$78,000 $3,300,000

$59,000 $3,725,000

$1,395,000 $1,600,000

0

$966,250

$61,114 $3,590,000

$59,000 $3,590,000

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

$1,500,000

$0 $0

$713,232

$61,114 $3,590,000

$68,500 $4,500,000

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

$1,475,000 $1,350,000 $1,600,000

$0

$950,287

$57,500 $4,425,000

$59,000 $3,590,000

0% 6% 6% 2% 10% -2% -7% 3% -7.45 29%

Lowest Asking Price Highest Asking Price

$61,114 $3,590,000

$75,000 $3,995,000

closed

Lowest Selling Price Highest Selling Price

Avg Ask/Sold Discount Avg Days on Market

$415,000 $3,300,000

2017 YTD

$1,347,000

Avg Asking Price

$362,500 $3,595,000

60 $39,813,200

est. $1,325,274 est. $1,475,806

Avg Sales Price

$445,000 $3,495,000

2018 YTD

Lowest Selling Price Highest Selling Price

Number Dollar Volume

$445,000 $3,495,000

68 $60,283,467

pending

general ski-accessible

$902,232

$376,500 $2,089,000

prev 12 mo

at 08/31/2018 1 $1,500,000

Avg Ask/Sold Discount Avg Days on Market

$881,158

$445,000 $3,495,000

28% 13% 10% -11% -6% 23% -11% 16% 25% -0.91 -29%

inventory

Lowest Asking Price Highest Asking Price

$929,671

$360,000 $1,795,000

change

at 08/31/2018 2 $2,694,000

Avg Asking Price

$927,482

$375,000 $3,100,000

87 $68,420,850

single family lots

Avg Sales Price

$1,148,906

$339,500 $3,200,000

last 12 mo

general non ski-accessible

Number Dollar Volume

$815,259

$397,000 $3,250,000

12 $8,853,400

$1,058,760 Lowest Asking Price Highest Asking Price

$966,431

$397,000 $3,250,000

at 08/31/2018

Lowest Selling Price Highest Selling Price

Avg Asking Price

$376,500 $2,089,000

$360,000 $1,830,000

107 $113,287,300

with Viceroy at 08/31/2018

Number Dollar Volume

$758,949

$399,000 $1,899,000

$397,000 $3,250,000

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

6.2% 86

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

$1,525,000

$1,350,000 $1,600,000

$1,497,500

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

$1,525,000

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

$1,525,000

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

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

$950,000 $1,450,000

$1,195,000

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

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

$1,395,000 $1,600,000

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

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

9.1% 358

1.6% 462

9.1% 358

9.1% 358

10.5% 104

4.3% 156

9.0% 281

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

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

1 $1,600,000

0 $0

1 $1,600,000

3 $6,800,000

2 $6,100,000

1 $1,500,000

6 $17,175,000

$1,600,000

$0

$1,600,000

$2,266,667

$3,050,000

$1,500,000

$2,862,500

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

$1,950,000

$0 $0

$0

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

17.9% 569

$1,950,000 $0 $0

0.0% 0

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

17.9% 569

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

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

10.1% 247

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

$3,249,500

$950,000 $1,450,000

$695,000 $1,725,000

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

$1,595,000

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

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

6.2% 440

6.0% 265

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

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

16.7% 820

current snowmass village general activity report Copyright Š 2018

17

excludes luxury properties due to distortion of averages

current basalt general activity report 2017

(reported separately)

Basalt Sales $600

300

$450

225

$300

150

$150

75

$0

0 2005

2006

2007

2008

PRICES: Avg $/SF

127

Inventory

2010

2011

2012

4% Growth

2013

2014

DEMAND: # of Sales

Avg Sales Price/SF

$431

2015

2016

2017 LAST 12 MO

SUPPLY: Inventory

Sales Last 12 Mo

-6%

13%

28%

from Aug 2017:

from Aug 2017:

from Aug 2017:

135

$381

Current Avg. Asking Price:

$1,046,742

listed

pending

all basalt property (under $7.5M)

at 08/31/2018 at 08/31/2018 127 28 $138,886,245 $39,865,671

Number Dollar Volume Avg Price/SF Avg Sales Price

$456 $608 est. $1,006,511 est. $1,369,051 Lowest Selling Price Highest Selling Price

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

Copyright Š 2018

2009

$1,046,742 $69,000 $6,500,000 222

$1,423,774 $385,000 $5,279,400 225

Current Avg. Asking Price/SF:

185

145 $456

Average Sold Price: Median Sold Price:

$838,956 $662,500

closed last 12 mo

change

prev 12 mo

185 $155,206,774

28% 55% 13% 21% 7% -11% 20% 36% -20% -0.50 3%

145 $100,193,424

$431 $838,956 $59,000 $3,575,000 $875,299 $79,000 $3,600,000 3.9% 230

$381 $690,989 $55,000 $4,000,000 $730,692 $58,000 $4,495,000 4.4% 224

18

2015

2014

148 109 85 161 $101,188,380 $54,175,128 $110,543,522 $104,598,685

147 $98,513,792

113 $78,822,805

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

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

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

2018 YTD $453 $906,774 $59,000 $3,575,000 $941,051 $79,000 $3,600,000 3.8% 234

2017 YTD $368 $637,354 $55,000 $4,000,000 $669,220 $58,000 $4,495,000 4.3% 208

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

2016

current basalt general activity report

excludes luxury properties due to distortion of averages

current basalt general activity report condominiums/townhomes

listed

pending

at 08/31/2018 at 08/31/2018 50 13 $31,467,350 $8,986,111

Number Dollar Volume AVG Price per SQ FT Avg Sales Price

$420 est. $620,203

$494 est. $681,196

$629,347 $349,000 $1,499,000

$691,239 $385,000 $2,022,111

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

153

241

listed

pending

at 08/31/2018 at 08/31/2018

Number Dollar Volume

55 $85,776,900

AVG Price per SQ FT Avg Sales Price

14 $30,380,560

$489 $715 est. $1,478,087 est. $2,056,648 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

$1,559,580 $569,000 $6,500,000

$2,170,040 $720,000 $5,279,400

202

213

listed

pending

at 08/31/2018 at 08/31/2018 23 1 $21,641,995 $499,000

Number Dollar Volume Avg Sales Price

est. $886,552

est. $470,149

$940,956 $69,000 $5,950,000

$499,000 $499,000 $499,000

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

503

172

closed last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

88 $49,410,705

16% 22% 8% 5% 26% -8% 5% 30% -10% -0.03 0%

76 $40,530,069

45 $26,746,830

39 $20,369,828

82 $43,033,703

86 $46,552,291

85 $38,827,112

55 $25,153,615

$397 $533,290 $215,000 $1,580,938 $544,275 $215,000 $1,699,000 1.9% 180

$454 $594,374 $314,000 $1,245,000 $602,582 $314,000 $1,245,000 1.5% 177

$379 $522,303 $242,000 $1,100,000 $535,530 $242,000 $1,295,000 2.1% 146

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

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

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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

66 $77,693,819

25% 39% 21% 12% 96% -11% 10% 112% -20% -0.56 9%

53 $55,945,355

40 $46,889,300

32 $30,507,300

58 $61,311,819

51 $55,954,394

56 $56,751,680

50 $42,676,900

$359 $1,055,573 $179,000 $4,000,000 $1,141,462 $179,000 $4,495,000 6.1% 234

$451 $1,172,233 $350,000 $3,575,000 $1,241,848 $385,000 $3,600,000 5.2% 243

$355 $953,353 $179,000 $4,000,000 $1,012,656 $179,000 $4,495,000 4.3% 210

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

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

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

last 12 mo

change

prev 12 mo

2018 YTD

2017 YTD

2017

2016

2015

2014

31 $28,102,250

94% 656%

16 $3,718,000

25 $27,552,250

14 $3,298,000

21 $6,198,000

11 $2,092,000

6 $2,935,000

12 $10,992,290

$906,524 $59,000 $2,100,000 $931,548 $79,000 $2,100,000 6.2% 321

290% 7% 133% 265% 36% 133% -4.50 -21%

$427 $561,485 $271,000 $1,450,000 $572,357 $279,000 $1,525,000 1.9% 180

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

closed

$435 $1,177,179 $350,000 $3,575,000 $1,252,802 $380,000 $3,600,000 5.6% 255

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

closed

$232,375 $55,000 $900,000 $255,500 $58,000 $900,000 10.7% 404

$1,102,090 $59,000 $2,350,000 $1,125,380 $79,000 $2,350,000 5.8% 327

$235,571 $55,000 $900,000 $256,643 $58,000 $900,000 10.0% 377

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

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

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

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

current basalt general activity report

Copyright Š 2018

19

SINGLE FAMILY HOME MARKET DISTRIBUTION August 31, 2018

Copyright © 2018

20

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

includes luxury properties 2018

listed

2018 YTD

active

pending

ALL HOMES

380

56

139

Aspen

197

25

54

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

27 7 13 25 31 77 13 4

2 3 3 3 3 7 1 3

6 6 5 2 14 14 5 2

Snowmass Village

78

9

28

Ski Accessible Non Ski Accessible

46 32

2 7

4 24

Basalt

55

14

40

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

31 2 8 14

10 1 1 2

28 0 6 6

Aspen

active 198

closed

2017

concentration

257

concentration

39% 11% 11% 9% 4% 26% 26% 9% 4% 20% 14% 86% 29% 70% 0% 15% 15%

129

50% 18% 3% 9% 11% 20% 25% 9% 5% 18% 33% 67% 23% 79% 2% 9% 10%

23 4 12 14 26 32 12 6

46 15 31

58 46 1 5 6

single family homes by average price range pending 2018 YTD 2017 25

54

concentration

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

6 45 38 33 17 17 42

3 7 7 2 2 3 1

7 21 14 3 2 4 3

13% 39% 26% 6% 4% 7% 6%

Snowmass Village

78

9

28

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

8 7 4 8 8 8 35

2 5 2 0 0 0 0

10 8 3 3 2 0 2

Basalt

55

14

40

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

0 4 17 6 7 5 16

0 1 5 1 1 0 6

1 11 13 4 3 1 7

2014

2013

239

224

171

68

127

122

90

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

41

39

36

28

19 22

14 25

10 26

8 20

51

56

50

39

37 1 6 7

37 2 8 9

28 3 15 4

25 5 5 4

(& % concentration)

2016

2015

2014

2013

129

68

127

123

90

17 43 27 16 12 3 11

13% 33% 21% 12% 9% 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

41

39

36

28

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

51

56

50

39

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

16 13 5 6 1 2 3

35% 28% 11% 13% 2% 4% 7%

58 3% 28% 33% 10% 8% 3% 18%

2015

180

concentration

46 36% 29% 11% 11% 7% 0% 7%

2016

4 19 18 6 2 2 7

7% 33% 31% 10% 3% 3% 12%

single family home current market activity Copyright Š 2018

21

distribution of listings/sales (& % concentration)

single family home current market activity distribution of listings/sales (& % concentration) over $2000 22%

under $750 13%

includes luxury properties 2018 $1250-$1500 10%

$1000-$1250 17%

$1250-$1500 10%

$600-$700 4%

$750-$1000 18%

$1750-$2000 8% $1500-$1750 12%

$1500-$1750 4%

$1000-$1250 17%

over $700 7%

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

$750-$1000 69%

under $200 2% $200-$300 37%

$300-$400 32%

Aspen last yr + this YTD

Snowmass

Basalt

last yr + this YTD

last yr + this YTD

single family homes by average price per square foot (& % concentration) listed Aspen under $750 $750-$1000 $1000-$1250 $1250-$1500 $1500-$1750 $1750-$2000 over $2000

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

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

closed

2015

2014

2013

54

concentration

129

concentration

68

127

123

90

3 2 1 8 4 4 3

5 14 7 7 6 5 10

9%

18 18 25 12 16 10 30

14%

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

78

9

28

41

39

36

28

0 11 10 16 15 16 10

1 4 3 1 0 0 0

3 13 8 3 0 1 0

1 15 13 8 2 0 2

8 14 6 4 5 0 2

10 17 5 1 2 1 0

9 11 5 0 2 1 0

55

14

40

51

56

50

39

0 12 11 9 8 9 6

1 1 5 1 0 0 6

0 11 16 3 4 3 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

active 195

pending 25

8 19 35 24 28 17 64

2018 YTD 26% 13% 13% 11% 9% 19%

2017 14% 19% 9% 12% 8% 23%

46 11% 46% 29% 11% 0% 4% 0%

4 24 12 2 3 0 1

9% 52% 26% 4% 7% 0% 2%

58 0% 28% 40% 8% 10% 8% 8%

2 25 15 11 0 1 4

3% 43% 26% 19% 0% 2% 7%

2016

single family home current market activity distribution of listings/sales (& % concentration) Copyright Š 2018

22

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31

(reported separately)

2018

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

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

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

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

closed

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

14

2

5

-62%

13

13

18

-28%

21

7

18

11

16

11

18

$1,380

$1,639

$4,386,857

$4,850,000

248

1138

$1,070 $3,517,500 $3,751,000 6.7% 344

-18% -11% -11% 0.1 38%

$1,299 $3,946,500 $4,212,269 6.6% 249

$1,418 $4,181,923 $4,434,538 6.8% 240

$1,179 $3,619,694 $3,913,250 7.9% 240

20% 16% 13% -1.1 0%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

4

3

4

0%

4

4

8

-50%

6

6

4

1

2

6

3

$1,337

$1,414

$5,613,750

$5,365,000

250

89

$1,192 $4,073,750 $4,246,250 3.5% 243

4% -11% -16% -5.7 -7%

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

$1,192 $4,073,750 $4,246,250 3.5% 243

$1,118 $4,318,750 $4,780,625 9.4% 245

7% -6% -11% -5.9 -1%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

14

3

5

-44%

9

8

12

-33%

12

6

12

15

5

10

6

$2,649

$1,628

13% 26% 30% 3.3 43%

$2,134 $7,964,078 $8,531,111 6.2% 262

$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

114

258

$2,416 $10,019,200 $11,129,000 9.5% 375

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

25

3

2

-83%

12

4

15

-73%

14

8

18

15

14

13

7

$2,443

$1,994

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

33% -6% -7% -0.3 -90%

$2,296 $13,419,333 $14,486,250 6.2% 347

$15,402,143 $8,613,333

$18,251,200 $9,966,667 337

436

$2,321 $2,029 $10,912,000 $7,133,475 $12,518,125 $7,631,250 9.7% 6.1% 363 260

$2,610 $2,218 $10,287,500 $13,508,800 $10,725,000 $14,552,267 2.9% 6.6% 40 357

14% 53% 64% 3.6 40%

18% -24% -26% -3.6 -89%

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

2011

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

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

single family home comparative activity Copyright © 2018

23

by area, as of 08/31

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31

(reported separately)

2018

listed

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

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

MCLAIN FL/STARWOOD (incl. lux.)

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

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

closed

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

14

2

11

10%

10

17

19

-11%

16

13

23

19

11

17

2011 13

$2,544

$1,574

$4,932,857

$6,947,500

267

49

$1,828 $4,715,064 $4,996,727 6.0% 283

17% 18% 13% -4.3 -15%

$1,564 $3,992,750 $4,422,500 10.2% 331

$1,638 $4,492,395 $4,781,412 6.0% 317

$1,416 $4,040,658 $4,353,632 7.6% 365

16% 11% 10% -1.6 -13%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

41

3

14

-22%

18

18

23

-22%

22

9

26

25

21

25

19

$1,189

$1,220

$4,641,049

$4,150,000

350

237

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

0% 0% -7% 1.2 -2%

$995 $3,759,607 $4,546,667 7.3% 250

$956 $3,742,522 $4,194,444 8.9% 278

$988 $4,036,652 $4,346,043 7.1% 260

-3% -7% -3% 1.8 7%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

13

1

5

-38%

8

9

10

-10%

12

2

5

7

6

8

7

$1,312

$551

14% -22% -35% -8.8 -6%

$934 $8,417,625 $10,705,000 14.5% 451

$857 $5,522,778 $5,963,889 7.0% 637

$870 $7,759,100 $9,693,500 13.9% 409

-1% -29% -38% -6.9 56%

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

307

438

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

22

2

3

-57%

7

9

11

-18%

13

15

11

8

6

8

9

$1,257

$770

$6,043,591

$2,504,611

225

199

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

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

$897 $4,397,864 $5,000,000 9.3% 621

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

$966 $4,700,000 $5,057,727 7.1% 498

-14% -20% -16% 5.9 -52%

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

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

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

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

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

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

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

$12,483,077 $2,995,000

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

2011

single family home comparative activity by area, as of 08/31 Copyright © 2018

24

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31

(reported separately)

2018

listed

closed

SNOWMASS VILLAGE - Off-Mtn

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

Number of Listings or Sales

27

7

23

44%

16

37

24

54%

30

22

24

26

19

14

12

$874

$710

$3,390,333

$2,348,786

338

178

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

10% 16% 13% -2.8 24%

$636 $2,197,607 $2,391,813 7.8% 228

$686 $2,382,059 $2,530,703 5.7% 282

$668 $2,373,521 $2,591,583 7.9% 269

3% 0% -2% -2.2 5%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

10

2

3

0%

3

7

5

40%

7

4

2

3

5

6

3

$865

$985

$3,927,400

$1,872,500

285

159

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

-8% -30% -29% 3.4 39%

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

$953 $2,218,929 $2,357,714 7.0% 673

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

27% -41% -43% -0.7 44%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

23

5

11

10%

10

17

15

13%

16

14

14

13

9

7

15

$644

$408

$2,932,630

$1,164,980

401

312

$711 $2,336,455 $2,504,455 5.4% 327

77% 110% 112% -1.6 -15%

$402 $1,114,450 $1,183,350 7.0% 386

$606 $1,966,737 $2,118,000 5.9% 277

$410 $1,394,833 $1,474,233 5.8% 464

48% 41% 44% 0.0 -40%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

4

3

2

-67%

6

2

10

-80%

6

4

2

10

4

1

7

$425

$525

$2,888,750

$1,549,667

$444 $1,787,375 $2,135,000 15.2%

-12% 0% 10% 6.8

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

$444 $1,787,375 $2,135,000 15.2%

$500 $1,775,900 $1,976,400 10.2%

-11% 1% 8% 5.0

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

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

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

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

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

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

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

62

309

292

74%

168

292

178

64%

168

194

366

449

492

246

511

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

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

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

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

2011

single family home comparative activity

by area, as of 08/31

Copyright © 2018

25

single family home comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31

(reported separately)

2018

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

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

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

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

closed

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

31

10

28

4%

27

47

40

18%

46

37

37

28

25

40

2011 43

$460

$822

$1,325,871

$2,558,256

172

171

$488 $1,255,368 $1,314,214 4.3% 176

40% 41% 39% -0.7 -18%

$348 $888,641 $943,556 5.0% 216

$473 $1,287,017 $1,355,766 4.8% 209

$355 $1,006,987 $1,079,637 5.8% 243

33% 28% 26% -1.0 -14%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

27

3

13

160%

5

20

14

43%

12

16

17

20

9

15

12

$509

$283

$1,838,583

$1,166,000

278

336

$355 $946,462 $1,038,531 7.5% 409

-10% -27% -25% 6.7 131%

$394 $1,302,800 $1,385,800 0.8% 177

$339 $888,700 $980,395 7.8% 387

$358 $1,170,777 $1,293,643 7.3% 250

-5% -24% -24% 0.5 55%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

5

8

8

-62%

21

14

35

-60%

27

32

28

22

33

45

17

$331

$379

$713,600

$761,500

94

155

$293 $634,214 $655,987 3.4% 278

3% 15% 16% 0.7 142%

$284 $550,762 $566,095 2.7% 115

$313 $607,408 $628,528 3.3% 103

$283 $567,886 $580,343 2.4% 110

11% 7% 8% 0.9 -6%

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

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

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

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

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

prev 12 mo

change

2017

2016

2015

2014

2013

2012

2011

33

6

25

32%

19

48

28

71%

42

31

30

36

30

24

23

$425

$302

$1,999,429

$1,160,458

218

226

$288 $830,491 $869,060 3.5% 278

-6% -23% -22% -0.2 11%

$306 $1,078,719 $1,115,196 3.7% 251

$287 $821,575 $860,746 3.8% 217

$297 $1,057,260 $1,095,482 3.7% 231

-3% -22% -21% 0.1 -6%

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

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

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

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

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

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

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

single family home comparative activity by area, as of 08/31 Copyright © 2018

26

CONDOMINIUM/TOWNHOME MARKET DISTRIBUTION August 31, 2018

Copyright © 2018

27

condominium/townhome current market activity

includes luxury properties

distribution of listings/sales (& % concentration) 2018

listed

2018 YTD

2017

2016

concentration

345

2 7 47 0 4 8

34% 3% 10% 69% 0% 6% 12%

30

87

43%

12 11

60 27

50

13

45

40 10

13 0

40 5

active

pending

ALL CONDOMINIUMS

296

66

202

Aspen

102

23

68

1 11 71 0 9 10

1 0 17 0 5 0

144 107 29

East Aspen Smuggler Central Core Red Mountain West End West Aspen

Snowmass Village Ski Accessible Non Ski Accessible

Basalt Basalt Proper El Jebel

69% 31%

22% 89% 11%

closed

2015

2014

2013

288

330

278

290

157

116

155

133

122

10 16 100 0 16 15

3 13 74 0 16 10

6 15 98 0 15 21

3 15 92 0 13 10

4 13 79 0 12 14

99

85

87

90

122

71 28

50 35

63 28

46 39

35 17

82

86

85

55

39

75 7

78 8

71 14

45 10

23 16

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

23

68

concentration

157

116

155

133

122

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

7 19 26 32 16 2

3 2 8 8 1 1

9 10 19 22 4 4

13% 15% 28% 32% 6% 6%

21 21 51 44 16 4

16 13 44 30 11 2

18 26 58 31 15 7

17 23 35 35 17 6

9 20 41 36 12 4

Snowmass Village

136

23

87

99

85

87

90

122

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

10 24 52 32 15 3

2 6 10 5 0 0

22 20 25 14 5 1

12 11 41 22 13 0

9 11 39 17 9 0

9 18 37 16 7 0

10 14 34 24 8 0

19 33 41 23 5 1

50

13

45

82

86

85

55

39

1 4 22 10 12 1

0 5 2 5 1 0

2 10 16 15 2 0

1 10 41 24 5 1

3 12 34 30 7 0

1 12 25 39 7 1

1 9 16 27 2 0

1 7 16 11 3 1

Basalt

.

2013

102

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

25% 23% 29% 16% 6% 1% 4% 22% 36% 33% 4% 0%

condominium/townhome current market activity

Copyright Š 2018

28

$1250-$1500

distribution of listings/sales (& % concentration)

condominium/townhome current market activity

includes luxury properties

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

over $2000 11%

$1500-$1750 19%

under $750 6%

$1250$1500 23%

$1250-$1500 0%

$1000-$1250 2%

$750-$1000 16%

$750-$1000 20%

$1000-$1250 17%

$1500-$1750 1%

under $500 20%

$500-$600 21%

$500-$750 57%

Aspen

Snowmass

last yr + this YTD

last yr + this YTD

under $200 0% $200-$300 22%

$600-$700 7%

$300-$400 31%

$400-$500 12%

Basalt last yr + this YTD

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

closed

2015

2014

2013

68

concentration

157

116

155

133

122

0 0 0 7 2 5 9

3 10 11 15 12 9 8

4%

11 25 28 37 30 9 17

15 19 27 26 9 4 12

20 37 42 23 18 6 9

17 30 33 27 14 5 7

36 31 37 8 5 1 4

143

30

87

99

85

87

90

122

11 54 45 20 4 7 2

2 15 7 2 2 2 0

16 52 18 1 0 0 0

22 54 19 2 1 1 0

23 38 19 5 0 0 0

28 38 13 6 2 0 0

27 44 13 4 2 0 0

29 59 28 5 1 0 0

50

13

45

82

86

85

55

39

0 10 14 13 10 2 1

0 0 3 5 2 3 0

0 7 12 7 12 6 1

0 20 27 17 15 3 0

0 24 29 22 11 0 0

5 41 21 17 1 0 0

5 30 11 8 0 0 1

7 22 7 3 0 0 0

active 102

pending 23

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

5 13 10 9 8 20 37

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

Aspen

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

2018 YTD 15% 16% 22% 18% 13% 12% 18% 60% 21% 1% 0% 0% 0% 0% 16% 27% 16% 27% 13% 2%

2017

2016

condominium/townhome current market activity Copyright Š 2018

29

distribution of listings/sales (& % concentration)

condominium/townhome current market activity

includes luxury properties

distribution of listings/sales (& % concentration)

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

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

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

2015

2014

2013

concentration

157

116

155

132

122

4 7 5 1 0 0 6

25 18 10 1 4 1 9

37%

57 47 22 8 10 5 8

44 39 15 4 3 4 7

64 52 15 6 9 2 7

56 31 18 11 9 3 4

58 36 12 8 2 3 3

143

30

87

99

85

87

90

122

8 22 26 24 12 12 39

0 9 8 1 1 1 10

16 30 14 11 6 3 7

7 31 22 13 6 2 18

5 26 21 8 7 3 15

9 22 21 13 4 3 15

8 29 14 8 15 4 12

11 46 27 13 9 6 10

50

13

45

82

86

85

55

39

0 0 4 9 20 6 11

0 0 1 3 5 2 2

0 0 10 9 12 6 8

0 3 16 29 15 7 12

0 6 21 27 8 10 14

1 11 20 21 20 7 5

1 8 16 13 11 1 5

4 14 10 5 4 0 2

pending 23

30 23 14 8 4 2 22

2018 YTD 26% 15% 1% 6% 1% 13% 18% 34% 16% 13% 7% 3% 8% 0% 0% 22% 20% 27% 13% 18%

2017

2016

closed

68

active 103

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

30

condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 08/31 2018

listed

(reported separately)

closed

EAST ASPEN Number of Listings or Sales

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

1

1

2

-71%

7

5

10

3

6

3

4

4

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

$917

$1,370

$770,000

$3,150,000

87

17

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

2% 36% 48% 7.1 -49%

$1,144 $1,860,536 $1,887,714 2.8% 308

SMUGGLER Number of Listings or Sales

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

11

0

7

-22%

9

14

16

13

15

15

13

8

6

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

$923

$0

$1,036,364

$0

162

0

$1,049 $1,727,857 $1,840,952 5.8% 183

4% 71% 75% 1.7 55%

$1,006 $1,013,339 $1,051,111 4.1% 118

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

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

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

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

53

12

37

-43%

65

69

94

72

94

89

76

83

74

$1,991

$1,716

3% -27% -29% 0.2 -26%

$1,537 $1,937,659 $2,107,923 5.5% 273

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

WEST END Number of Listings or Sales

$1,356 $1,244 $848 $956 $890 $800 $753 $2,930,000 $2,262,375 $1,343,333 $1,390,333 $1,887,500 $1,893,453 $903,750 $3,110,000 $2,316,400 $1,513,333 $1,476,333 $2,074,633 $2,060,750 $1,005,750 5.7% 2.8% 5.3% 5.9% 5.4% 7.9% 7.7% 207 288 191 229 317 372 431

$1,031 $1,009 $1,367,643 $1,010,753 $1,453,476 $1,057,625 5.4% 4.5% 159 125

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

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

2011 0 $0 $0 $0 0.0% 0

2011

236

621

$1,587 $1,412,791 $1,500,811 5.7% 203

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

8

4

4

-64%

11

9

16

16

15

13

12

9

7

$1,390

$1,534

-17% -24% -24% 1.2 -5%

$1,327 $1,859,268 $1,967,091 4.7% 158

$2,562,226 $1,483,583

$1,592 $1,537 $1,401 $1,352 $1,301 $1,105 $1,022 $1,138 $1,748,757 $1,973,259 $1,832,677 $1,543,298 $1,770,150 $1,464,609 $1,514,924 $1,978,912 $1,846,601 $2,125,324 $1,945,597 $1,621,314 $1,876,972 $1,591,320 $1,667,245 $2,239,726 5.4% 5.4% 5.8% 4.7% 5.7% 7.9% 8.1% 11.0% 210 257 240 240 240 285 292 334

206

129

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

WEST ASPEN Number of Listings or Sales

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

10

0

8

-27%

11

12

15

10

21

10

14

6

6

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

$960

$0

$1,699,364

$0

167

0

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

49% 32% 32% 0.7 7%

$588 $1,484,345 $1,583,609 2.8% 208

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

$1,172,113 $2,093,750

$1,089 $1,251 $1,177 $954 $1,112 $729 $817 $763 $1,386,111 $1,704,184 $1,757,969 $1,122,708 $1,266,923 $1,156,333 $965,833 $1,010,655 $1,443,556 $1,790,688 $1,836,250 $1,184,060 $1,329,615 $1,229,667 $1,024,556 $1,040,200 3.9% 4.0% 7.5% 5.3% 5.8% 5.0% 5.2% 3.4% 133 146 127 182 243 249 267 286

$825 $624 $715 $730 $681 $584 $494 $641 $2,187,208 $1,797,187 $2,031,900 $2,305,429 $3,002,700 $1,804,000 $1,499,167 $2,314,583 $2,370,342 $1,946,947 $2,141,700 $2,457,567 $3,254,150 $1,917,571 $1,660,500 $2,654,500 4.5% 3.8% 5.2% 5.7% 10.0% 7.4% 9.1% 9.0% 189 185 752 444 428 318 110 434

condominium/townhome activity by neighborhood by area, as of 08/31 Copyright © 2018

31

condominium/townhome activity by neighborhood

excludes luxury properties due to distortion of averages

by area, as of 08/31 2018

(reported separately)

listed

closed

SNOWMASS VILLAGE - Ski Access

active

pending

Number of Listings or Sales

107

12

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

$760

$666

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

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

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

$1,059,670 $1,057,680 338

634

active

pending

29

11

$810

$616

$1,400,238

$876,182

155

302

active

pending

40

13

$440

$494

$582,134

$691,239

143

241

active

pending

10

0

$339

$0

$818,200

$0

192

0

2018 YTD 60

change

2017 YTD 44

last 12 mo

2017

2016

2015

2014

2013

2012

36%

87

71

50

63

46

35

37

2011 38

$664 $663,553 $713,232 4.9% 201

9% -27% -26% -0.3 -50%

$608 $907,961 $966,250 5.2% 404

$689 $786,447 $841,987 5.0% 273

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

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

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

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

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

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

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

2018 YTD 27

change

last 12 mo

2017

2016

2015

2014

2013

2012

2011

69%

2017 YTD 16

39

28

35

28

39

17

17

12

$590 $770,278 $815,259 4.5% 186

-9% -29% -29% -0.7 -41%

$646 $1,083,094 $1,148,906 5.2% 313

$564 $711,322 $758,949 5.3% 268

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

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

$549 $844,098 $902,232 6.0% 296

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

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

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

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

2018 YTD 40

change

last 12 mo

2017

2016

2015

2014

2013

2012

2011

11%

2017 YTD 36

79

75

78

71

45

23

40

31

$473 $584,096 $592,630 1.5% 168

22% 14% 13% -0.7 40%

$386 $511,537 $525,241 2.2% 120

$442 $547,450 $558,283 1.9% 177

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

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

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

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

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

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

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

2018 YTD 5

change

2017 YTD 3

last 12 mo

2017

2016

2015

2014

2013

2012

2011

67%

9

7

12

14

10

16

24

17

$302 $676,600 $682,200 0.9% 253

4% 4% 4% -0.3 -45%

$292 $651,500 $659,000 1.2% 459

$295 $684,681 $695,889 1.5% 200

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

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

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

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

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

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

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

condominium/townhome activity by neighborhood by area, as of 08/31 Copyright © 2018

32

SINGLE FAMILY LOT MARKET DISTRIBUTION August 31, 2018

Copyright © 2018

33

single family lot current market activity

includes luxury properties

distribution of listings/sales (& % concentration) 2018

listed

closed

active

pending

2018 YTD

2017

2016

2015

2014

2013

ALL LOTS (incl. rural)

75

11

47

49

35

43

51

41

Aspen

32

7

10

16

15

25

21

18

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

3 1 1 3 2 14 4 4

1 1 2 0 0 0 1 2

1 1 0 1 2 4 1 0

1 2 0 1 3 5 4 0

1 1 0 4 1 6 0 2

3 2 2 0 5 8 4 1

6 0 1 1 2 9 1 1

4 1 1 1 3 6 2 0

Snowmass Village Basalt

8 22

1 1

3 24

6 21

4 11

6 6

18 8

8 11

11 0 7 4

1 0 0 0

19 1 4 0

7 4 7 3

5 2 3 1

3 1 2 0

5 0 3 0

6 0 3 2

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

Aspen

active 28

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

2015

2014

2013

5

10

16

15

25

21

18

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

0 3 6 8 1 0 10

0 0 2 0 1 0 2

0 2 4 1 1 0 2

2 3 4 4 1 0 2

0 5 0 2 4 0 4

2 4 3 7 2 3 4

3 6 6 3 1 1 1

1 4 7 5 0 1 0

Snowmass Village

8

1

3

6

4

6

18

8

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

0 2 0 1 1 0 4

0 0 1 0 0 0 0

0 1 1 0 0 0 1

0 2 1 0 2 0 1

0 2 0 0 1 1 0

2 3 1 0 0 0 0

6 6 2 0 0 1 3

3 3 2 0 0 0 0

22

1

24

21

11

6

8

11

2 1 5 3 2 0 9

0 0 0 0 1 0 0

3 1 6 1 1 0 12

4 4 7 2 1 0 3

2 4 4 1 0 0 0

0 3 2 0 0 0 1

2 2 1 3 0 0 0

1 6 2 0 1 0 1

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 2018

34

distribution of listings/sales (& % concentration)

single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31 2018

(reported separately)

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

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

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

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

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

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

MCLAIN FLATS Number of Listings or Sales AVG Sold Price AVG Asking Price AVG Ask/Sold Discount % AVG Days on Market Copyright © 2018

closed

active

pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

3

1

1

0%

1

1

1

1

3

6

4

6

2

38% 45% 0.5 -70%

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

82

31

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

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

1

1

1

0%

1

2

2

1

1

0

1

2

$3,093,333 $2,585,000

$4,990,000 $2,599,000

$4,950,000 184% $4,950,000 175% 0.0% -1.0 793 85%

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

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

$4,275,000 $2,672,500 $1,900,000 $2,070,000 $4,600,000 $3,024,500 $1,900,000 $2,070,000 7.6% 9.1% 0.0% 0.0% 473 291 303 0

$0 $0 0.0% 0

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

38

24

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

1

2

0

0

0

0

0

1

1

1

1

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

change

497

738

$0 $0 0.0% 0

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

0

0

0

0

0

0

1

0

1

1

3

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

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

$0 $0 0.0% 0

$2,999,000 $5,575,000

change

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

0 $0 $0 0.0% 0

2011 0 $0 $0 0.0% 0

2011 0

$0

$0

0

0

$0 $0 0.0% 0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

2

0

2

-33%

3

2

3

1

5

2

3

2

2

$1,537,500 -65% $2,350,000 $0 34.6% 5.6 1132 165%

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

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

2011

$0 $0 0.0% 0

$1,537,500 $4,366,667 $1,750,000 $3,862,500 $3,687,500 $2,493,333 $3,000,000 $1,801,750 $2,350,000 $4,598,333 $1,995,000 $3,927,800 $3,697,500 $2,681,833 $3,375,000 $2,384,000 34.6% 5.3% 12.3% 2.0% 0.3% 7.5% 13.6% 24.8% 1132 427 460 399 131 583 425 278

$4,845,000

$0

32

0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

10

0

4

100%

2

7

5

6

8

9

6

6

3

$3,012,500 118% $3,362,500 $1 10.4% -0.6 904 85%

$1,380,000 $1,695,000 25.4% 488

$2,631,429 $1,826,000 $3,594,583 $4,337,500 $2,627,177 $2,525,000 $2,446,667 $2,532,333 $2,906,429 $2,057,000 $3,837,500 $4,730,625 $3,171,111 $3,030,833 $2,910,000 $2,946,667 11.6% 18.0% 7.1% 7.1% 17.6% 16.7% 13.6% 13.9% 562 259 399 240 539 617 270 814

$3,271,500

$0

557

0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

3

1

0

-100%

3

1

4

0

4

1

2

4

3

$0 $0 0.0% 0

-100% -$1 -1.0 -100%

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

$3,211,667 $6,500,000 90

116

35

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

$0 $0 0.0% 0

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

single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31 2018

(reported separately)

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

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

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

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

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

closed

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

5

0

0

-100%

12

2

3

2

1

6

2

2

-100% -$1 -1.0 -100%

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

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

2011 0

$3,908,000

$0

1700

0

$0 $0 0.0% 0

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2

1

2

0%

2

2

2

2

5

12

6

1

5

6% $0 -0.8 29%

$1,387,500 $1,525,000 9.1% 358

$650,000 $725,000 10.3% 37

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

2011

346

1352

$1,475,000 $1,497,500 1.6% 462

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

2

2

4

100%

2

4

2

3

3

0

1

3

3

16% $0 1.3 -28%

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

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

$758,021 $831,667 8.6% 827

$0 $0 0.0% 0

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

$1,475,000 $1,387,500 $1,051,250 $1,144,000 $1,077,167 $1,001,667 $1,497,500 $1,525,000 $1,175,000 $1,195,000 $1,225,250 $1,272,167 1.6% 9.1% 10.5% 4.3% 9.0% 20.3% 462 358 104 156 281 547

$0 $0 0.0% 0

507

288

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

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

11

0

6

50%

4

6

4

2

3

4

3

3

1

-26% $0 -0.5 -40%

$550,000 $636,250 13.3% 899

$405,167 $441,333 7.0% 540

$550,000 $636,250 13.3% 899

$537,500 $625,000 13.2% 182

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

$681,250 $756,250 10.0% 382

$325,000 $409,633 27.8% 553

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

$220,000 $248,000 11.3% 507

change

2011

$3,225,000 $1,650,000

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

2011

$739,773

$0

458

0

$405,167 $441,333 7.0% 540

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

34

1

0

0

0

0

2

1

1

0

1

1

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

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

$500,000 $595,000 16.0% 127

$250,000 $299,000 16.4% 470

$0 $0 0.0% 0

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

$325,000 $379,000 14.2% 330

$364,447

$250,000

654

102

single family lot comparative activity Copyright © 2018

36

by area, as of 08/31

single family lot comparative activity

excludes luxury properties due to distortion of averages

by area, as of 08/31 2018

(reported separately)

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

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

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

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

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

closed

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

11

1

19

217%

6

20

7

5

3

5

6

6

2

$342,500 $369,167 9.2% 334

$1,086,413 $1,112,025 4.9% 354

$332,857 $357,714 8.6% 413

$212,300 $232,600 8.1% 438

$220,000 $245,000 10.2% 434

$263,150 $285,000 8.3% 483

$169,050 $187,500 9.5% 188

$197,244 $239,167 16.9% 351

$175,000 $204,500 18.6% 595

2011

$1,129,118 230% $1,155,342 $2 4.9% -0.5 326 -2%

2011

$754,000

$499,000

317

172

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

9

0

4

-33%

6

6

8

4

2

3

3

3

3

432% $4 0.0 -25%

$108,000 $121,417 12.7% 401

$556,500 $568,750 9.2% 267

$211,000 $225,375 10.3% 352

$133,000 $136,725 4.5% 181

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

$91,000 $95,833 6.0% 221

$127,000 $151,833 15.0% 397

$231,667 $267,333 12.0% 347

$88,333 $101,000 17.6% 241

change

2011

$697,556

$0

419

0

$574,750 $584,500 12.3% 300

Listed

Pending

2018 YTD

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

4

0

0

0

3

3

1

0

0

2

1

3

N/A $495,000 N/A 760

N/A $0 0.0% 0

$0 $0 0.0% 0

$0 $0 0.0% 0

$440,000 $488,333 11.9% 253

$440,000 $488,333 11.9% 253

$185,000 $245,000 24.5% 1319

$0 $0 0.0% 0

$0 $0 0.0% 0

$590,000 $722,500 16.9% 195

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

$535,000 $623,000 11.9% 296

Listed

Pending

2018 YTD

change

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

1

0

2

-33%

3

3

4

2

3

3

2

1

3

241% $2 0.0 -49%

$235,000 $266,500 11.9% 511

$623,333 $651,667 7.8% 205

$242,500 $266,125 8.9% 408

$206,250 $255,000 18.5% 561

$139,000 $159,333 12.5% 453

$153,333 $164,333 6.1% 360

$147,500 $169,000 13.1% 227

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

$102,667 $194,000 31.2% 265

2017 YTD

last 12 mo

2017

2016

2015

2014

2013

2012

2011

$250,000

$0

479

0

$802,500 $845,000 11.8% 260

Listed

Pending

2018 YTD

change

34

1

14

-22%

18

22

26

19

29

14

15

3

3

$620,108 $684,500 9.7% 536

170% $2 -0.2 -26%

$229,417 $263,656 12.3% 723

$493,000 $555,932 10.2% 485

$242,077 $284,358 11.9% 623

$176,987 $204,500 11.5% 916

$209,759 $233,843 8.5% 507

$457,966 $569,786 14.1% 567

$190,933 $204,027 5.3% 160

$141,667 $170,833 18.9% 341

$261,667 $356,333 13.6% 383

$364,447

$250,000

654

102

single family lot comparative activity Copyright © 2018

37

by area, as of 08/31

resort market index index suggests continued price growth

August 31, 2018 Our Resort Market Index measures the "strength" of the Aspen/Snowmass real estate market by tracking a variety of real estate trends. Different than a stock index, our Index (blue line) can be an excellent predictor of the future direction of pricing for our local real estate market. Because it is a composite of metrics, we have highs and lows during each quarter before the "close," which is represented by the blue line. The gold line is the average price per square foot of property sold in the resort market each quarter, and illustrates how prices trail the index (further behind index upswings than downturns, as buyers are slower to accept upward price pressures than downward ones).

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

15,000 14,500

$1550

MARKET INDEX

$1450

AVG, PRICE/SF

14,000

$1350

The Index has reliably indicated future price movement, approximately 8-14 quarters before a rise and 4-8 quarters before a fall. It has continued an upward climb that began in 2010, translating to prices in 2014, and beginning an upward trend interrupted only by the 2016 election year uncertainty (anticipating price declines 6 quarters in advance of actual declines).

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

The 2016 Index drop typified election year disruption, and 2017 growth continued the overall Index direction and renewed upward pressure on prices consistent with the sustained Index climb in 2014-15. Note the reasonable Index variation around a 4% growth trend line, unlike the 2003-05 Index, which forecast the 2006-08 price runup.

13,500

$1250

13,000

$1150

12,500

$1050

12,000

$950

11,500

$850

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

9,000

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

11,000 10,500 10,000

$650 $550 $450

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

9,500

$750

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

resort market index Copyright Š 2018

38

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

Number of Residential Sales

Residential Sales Dollar Volume

200

$600

180

$500

160 140

$400

120 100

$300

80

$200

60 40

Millions

$100

20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2009

2010

Aspen

2011

2012

Snowmass Village

2013

2014

Basalt

2015

2016

4 QTR Moving Avg

2017

$0

2018

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

2009

Trend

2010

2011

Aspen

Average $/SQ FT Trendlines - Condominiums/Townhomes

2012

Snowmass Village

2013

2014

Basalt

2015

2016

4 QTR Moving Avg

2017

2018

Trend

Average $/SQ FT Trendlines - Single Family Homes

$1,600

$1,600

$1,400

$1,400

$1,200

$1,200

$1,000 $1,000

$800

$800

$600 $400

$600

$200

$400

$0

$200

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1 2009

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

2017

Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1

2018

2009

Basalt

2010

Aspen

2011

2012

2013

2014

Snowmass Village

2015

2016

2017

2018

Basalt

residential sales activity summary graphs Copyright © 2018

39

Š2018 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,Ž 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 ad ditional data. .