the Aspen Snowmass SUMMER 2017 MARKET REPORT Insider s Real Estate Guide ANDREW ERNEMANN

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1 the Aspen Snowmass SUMMER 207 MARKET REPORT Insider s Real Estate Guide ANDREW ERNEMANN

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3 Two Sides to the Story What a fascinating time for Aspen Snowmass real estate. On the one hand, the number of new residential homes and development projects under construction (or in the planning pipeline) is significant. On the other, over the past few years the Aspen City Council has passed measures to significantly limit new residential development and the Snowmass Village Town Council has taken a very cautious approach to the re-start of the Base Village development project. The One Aspen townhomes, The Aspen Club Residences, The W Hotel, The Lift One Lodge, Gorsuch Haus, The Limelight at Snowmass Village and Base Village those are just some of the major (by Aspen Snowmass standards) construction projects currently taking place or planned for the near future. There are currently over a dozen spec homes under construction in the West End neighborhood in Aspen and several more downtown and on Red Mountain. The relative shortage of new, contemporary and well-located properties in Aspen Snowmass is quickly turning into a plethora of offerings. One of the side effects of all the new development in tandem with limited property available for future development (partly due to geography and partly due to restrictive local land use codes) has been more upward pressure on prices. It was only a few short years ago when breaching $2,000 per square foot was considered rather rare in downtown Aspen, now there are offerings up to $0,000 per square foot. Although the eye-popping prices catch headlines, the reality is there are only a few truly special locations and properties that will ever fetch such premiums relative to the rest of the market. And, the buyer pool at the ultra-high-end in Aspen is slim so it s not unusual for properties to linger a bit on the market waiting for the right buyer to come along. A year ago the local real estate market had hit a lull and everyone from local real estate pundits to the national media were questioning if the solid upward run from 200 through 205 had run its course and the local market was subsequently in a nosedive. Well, the rapid upward recovery during the last few months of 206 and the impressive stats thus far in 207 have put the funeral services for the Aspen Snowmass real estate market on hold. The attribute that most people missed about the Aspen Snowmass real estate market is that most sellers don t need to sell (and those are often the first words out of their collective mouths when they decide it is indeed time to sell). Prices didn t drop at all during the temporary slowdown, in fact they continued to modestly increase. Today all signs in Aspen Snowmass are pointing to another busy summer on the trails, in the restaurants, shops and for real estate as well. The local real estate market lives and dies by the short summer and winter selling seasons this summer will be a good time to buy and to sell. Hopefully the information in this report will help guide you about where, why and for how much. For a digital copy of this report, visit CONTENTS Aspen Snapshot...05 Aspen Deep Dive...08 Snowmass Village Snapshot... Snowmass Deep Dive...4 Woody Creek/ Old Snowmass Snapshot...6 Luxury Snapshot...7 About Andrew...9 The Aspen Snowmass Market Report is a biannual publication providing an objective view of the Aspen/Snowmass real estate market. Data presented in this publication comes from the Aspen/ Glenwood Springs Multiple Listing Service and is presented in a format intended for Aspen/Snowmass real estate buyers, sellers and professionals. All 207 data is as of May 3, 207. All average annual returns are based on 206 sales. Enjoy the latest report! Andrew Ernemann, Broker Associate Past President, Aspen Board of REALTORS 03

4 t k l e r White Star Ranch West Buttermilk Owl Creek Rd Star Mesa White Horse Springs 82 Eagle Pines R o a r i n g Buttermilk Ski Area West Aspen Starwood F o r k McLain Flats & Starwood R i v e r Maroon Creek Club 82 Aspen Highlands Ski Area Pitkin Mesa Meadowood Aspen Highlands Red Butte Black Birch Snow Bunny Cemetery Lane Five Trees e C a s e C r Ridge of Red Mountain Pitkin Reserve Aspen Meadows Aspen Institute Red Mountain Pitkin Green West End Aspen Mountain Ski Area Red Mountain Ranch Central Core Smuggler R o Lacet Riverside Calderwood a i n g Aspen Club F o r k R i v e r Aspen Grove Knollwood Eastwood 82 Stillwater Ranch The Preserve Mountain Valley N East Aspen 04 the Aspen Snowmass MARKET REPORT

5 ASPEN SNAPSHOT The Aspen real estate market is back on the upward trend that had been established for several years after what has turned out to be a short-term blip during the first several months of 206. The sales transaction graph below demonstrates just how much the local market slowed in 206 relative to the year prior, while the graph below helps us see through a different lens why prices have been going up (listing inventory dropping and sales increasing). The slowdown in 206 is now a distant memory with solid momentum heading into the 207 summer sales season and residential sales dollar volume nearly double year- to-date compared to SALES ACTIVITY $,400,000,000 $,200,000,000 $,000,000,000 $800,000,000 $600,000,000 $400,000,000 $200,000,000 $ Single Family Condo/Townhouse Single Family Lot Sales $ Volume RESIDENTIAL LISTINGS VS. SALES Listings Sales NOTE: Dashed line represents the estimated year-end sales level based on sales to date.

6 ASPEN NOTE: Three or fewer sales in Smuggler, Central Core, McLain Flats/Starwood and Woody Creek. AVERAGE PRICE PER SQUARE FOOT / 207 YTD Central Core $2,296 Red Mountain $2,565 West End $,459 East Aspen $,02 Smuggler $,208 West Aspen $,55 McLain Flats/Starwood $,363 Woody Creek $644 Central Core Condos/TH s $,455 SALES-TO-LIST PRICE ALL RESIDENTIAL INVENTORY ABSORPTION NUMBER OF MONTHS 3 34 CONDO/ TOWNHOMES SINGLE FAMILY HOMES 26 LAND RESIDENTIAL SINGLE FAMILY SALES BY PRICE POINT $5M+ 95.5% 95.6% 96.% 87.4% 93.2% 87.2% 88.4% 89.7% 9.0% 92.6% 93.3% 93.0% 93.8% $0M TO $5M $5M TO $0M UNDER $5M YTD YTD SALES BY PROPERTY TYPE YTD 8 LAND 62 CONDOS and THs 38 SINGLE FAMILY 8 WEST END SINGLE FAMILY HOME SALES BY NEIGHBORHOOD YTD WOODY CREEK 2 9 EAST ASPEN McCLAIN FLATS/ STARWOOD 3 SMUGGLER 3 CENTRAL CORE 7 WEST ASPEN 4 RED MTN. 06

7 ASPEN $7.M207 YTD AVERAGE HOME SALE PRICE ASPEN 207 ACTIVITY: CENTRAL CORE > Modest inventory with a handful of $20M+ homes recently hitting the market and in the construction pipeline. Continued STRONG demand. EAST ASPEN > Signs of improvement over an otherwise lackluster 206. SMUGGLER > Upward trending neighborhood with several new projects under construction and more on the way. RED MOUNTAIN > Views sell and Red Mountain is head of the class. Shortage of new construction relative to demand. WEST END > Perhaps an all-time high of spec development homes under construction and in the planning stages. Several years of solid performance continuing in 207. WEST ASPEN > A number of years of inventory buildup and a lack of listings closer to downtown has started pushing sales and prices upward. Opportunistic time for value-oriented buyers. McLAIN FLATS & STARWOOD > An area that has tested the patience of the most seasoned sellers. Finally some modest signs of hope with improving sales and more showings than in previous years. Aspen Current Market Activity Condos/Townhomes 207 YTD YR 5YR 0YR AVG Price per SQ FT $,24 $,250 $,92 $,59 $976 $928 5% 4% 0% Average Sale Price $,823,27 $2,050,58 $,995,076 $2,05,056 $,692,30 $,537,777 3% 0% 2% Number of Sales AVG % of List Price Paid 96% 94% 95% 94% 93% 92% AVG Days on Market Single Family Homes 207 YTD YR 5YR 0YR AVG Price per SQ FT $,489 $,337 $,372 $,55 $,040 $,064-3% 6% 0% Average Sale Price $7,4,355 $6,843,62 $7,628,957 $6,4,943 $5,87,28 $6,625,254-0% % % Number of Sales AVG % of List Price Paid 92% 9% 9% 92% 89% 88% AVG Days on Market Single Family Land 207 YTD YR 5YR 0YR Average Sale Price $2,725,556 $5,042,932 $4,055,853 $2,523,382 $2,826,365 $3,536,369 24% 22% % Number of Sales AVG % of List Price Paid 88% 90% 90% 87% 87% 84% AVG Days on Market

8 ASPEN Single Family Homes MARKET ACTIVITY Listed/Pending as of: May 3, 207 Sold as of: May 3, 207 East Aspen Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,859 $2,043 $,02 $,45 $,77 $,099-3% % -% AVG Sales Price N/A N/A $4,502,722 $5,440,625 $4,974,032 $5,265,385 9% 0% % AVG Asking Price $0,24,933 $6,838,800 $4,874,944 $5,99,750 $5,307,000 $5,594,077 AVG Original Price $,5,267 $6,838,800 $5,387,056 $6,573,000 $5,574,500 $5,787,692 AVG Ask/Sold Discount N/A N/A 7.% 8.9% 6.8% 5.5% AVG Days on Market Smuggler Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,759 $,090 $,208 $,97 $,44 $,073 5% -2% % AVG Sales Price N/A N/A $4,888,333 $5,08,333 $5,900,000 $6,763,500-3% -5% 0% AVG Asking Price $,64,600 $4,000,000 $5,40,000 $5,640,000 $6,26,667 $7,405,000 AVG Original Price $,64,600 $5,00,000 $5,528,333 $5,906,667 $6,783,333 $7,582,857 AVG Ask/Sold Discount N/A N/A 8.9% 8.7% 4.8% 7.8% AVG Days on Market Central Core Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $2,580 $3,839 $2,296 $,76 $2,073 $,587-7% 5% 4% AVG Sales Price N/A N/A $3,255,833 $6,800,000 $9,83,438 $7,208,500-3% 0% -% AVG Asking Price $,435,500 $8,860,000 $4,333,333 $7,650,000 $0,649,000 $7,448,750 AVG Original Price $,920,500 $8,860,000 $4,333,333 $7,750,000 $0,774,000 $7,586,250 AVG Ask/Sold Discount N/A N/A 6.5% 2.3% 8.% 2.7% AVG Days on Market Red Mountain Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $2,279 $,934 $2,565 $,836 $,625 $,328 3% % 2% AVG Sales Price N/A N/A $3,437,500 $2,237,576 $,57,307 $9,352,59 0% 8% 0% AVG Asking Price $6,605,938 $0,800,000 $5,43,750 $3,732,333 $3,825,000 $0,377,500 AVG Original Price $7,099,688 $0,92,500 $6,643,750 $4,066,500 $4,733,58 $0,809,643 AVG Ask/Sold Discount N/A N/A 5.3%.2% 4.0% 0.6% AVG Days on Market West End Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $2,248 $2,29 $,459 $,524 $,53 $,50 0% 4% 3% AVG Sales Price N/A N/A $4,937,83 $6,328,667 $6,259,783 $5,459,476 % 0% 4% AVG Asking Price $9,986,333 $0,60,000 $5,373,25 $6,679,267 $6,723,043 $5,707,973 AVG Original Price $0,684,222 $0,60,000 $5,722,500 $6,97,333 $6,990,74 $5,854,536 AVG Ask/Sold Discount N/A N/A 9.5% 5.0% 6.8% 4.7% AVG Days on Market West Aspen Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,548 $959 $,55 $,320 $,073 $,04 23% 0% 3% AVG Sales Price N/A N/A $7,04,286 $8,800,86 $7,726,67 $6,284,07 4% 9% 5% AVG Asking Price $2,689,583 $7,057,500 $7,733,57 $9,885,500 $8,63,875 $7,064,929 AVG Original Price $3,42,87 $7,686,250 $8,933,57 $0,453,750 $9,034,375 $7,355,82 AVG Ask/Sold Discount N/A N/A 6.7% 9.9% 8.4% 0.8% AVG Days on Market McLain Flats/Starwood Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,62 $584 $,363 $66 $,253 $,94-5% -6% -5% AVG Sales Price N/A N/A $4,753,000 $5,25,000 $0,582,500 $0,064,286-52% -6% 0% AVG Asking Price $8,94,000 $5,97,500 $20,997,500 $5,647,500 $2,387,000 $,77,857 AVG Original Price $0,24,250 $7,447,500 $20,997,500 $7,222,500 $2,43,000 $,463,57 AVG Ask/Sold Discount N/A N/A 23.6%.4% 0.9% 8.8% AVG Days on Market the Aspen Snowmass MARKET REPORT

9 Condo & Townhome MARKET ACTIVITY ASPEN Listed/Pending as of: May 3, 207 Sold as of: May 3, 207 Central Core Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $2,068 $,942 $,455 $,45 $,400 $,333 4% 5% 2% AVG Sales Price N/A N/A $,820,66 $2,8,037 $2,044,42 $2,283,35 7% 2% 3% AVG Asking Price $4,5,682 $5,44,500 $,895,444 $2,305,773 $2,49,944 $2,47,485 AVG Original Price $4,92,356 $5,96,864 $,999,472 $2,386,287 $2,222,75 $2,580,005 AVG Ask/Sold Discount N/A N/A 4.5% 5.7% 4.8% 5.9% AVG Days on Market West End Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,848 $0 $,82 $,253 $,022 $,65 23% % 2% AVG Sales Price N/A N/A $,635,244 $,922,28 $,752,257 $,998,42 0% 0% 3% AVG Asking Price $5,927,47 $0 $,759,875 $2,069,063 $,86,27 $2,096,053 AVG Original Price $5,964,97 $0 $,858,625 $2,28,437 $,967,556 $2,43,58 AVG Ask/Sold Discount N/A N/A 5.4% 8.8% 5.5% 5.5% AVG Days on Market West Aspen Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,48 $805 $75 $779 $778 $687 0% 3% 0% AVG Sales Price N/A N/A $2,047,89 $2,406,789 $2,392,64 $2,636,063 % 0% 3% AVG Asking Price $4,674,875 $,978,300 $2,68,345 $2,563,2 $2,536,369 $2,874,094 AVG Original Price $4,805,875 $2,059,967 $2,209,709 $2,749,263 $2,638,097 $3,055,88 AVG Ask/Sold Discount N/A N/A 3.6% 5.4% 4.9% 9.6% AVG Days on Market Land MARKET ACTIVITY East Aspen Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Sales Price N/A N/A $2,52,500 $3,000,000 $3,83,333 $2,69,625-6% 4% -4% AVG Asking Price $3,275,000 $2,00,000 $2,395,000 $3,295,000 $3,633,333 $2,656,25 AVG Original Price $3,523,750 $2,00,000 $2,395,000 $3,575,000 $4,933,333 $2,799,375 AVG Ask/Sold Discount N/A N/A 9.9% 9.0%.4% 6.8% AVG Days on Market ,58 58 Red Mountain Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Sales Price N/A N/A $0 $9,26,667 $5,06,667 $5,050,000 84% N/A -9% AVG Asking Price $,750,000 $2,800,000 $0 $0,549,000 $5,650,000 $5,625,000 AVG Original Price $2,000,000 $3,250,000 $0 $,220,000 $5,650,000 $6,625,000 AVG Ask/Sold Discount N/A N/A 0.0% 3.5% 0.5% 2.0% AVG Days on Market West End Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Sales Price N/A N/A $4,825,000 $,750,000 $4,40,786 $3,70,000-60% -% -9% AVG Asking Price $3,884,938 $0 $4,997,500 $,995,000 $4,469,43 $3,57,000 AVG Original Price $4,046,88 $0 $4,472,500 $2,850,000 $4,625,74 $3,57,000 AVG Ask/Sold Discount N/A N/A 03.3% 2.3% 2.3% 2.5% AVG Days on Market West Aspen Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Sales Price N/A N/A $260,000 $3,594,583 $4,060,480 $2,576,78 -% 3% 2% AVG Asking Price $6,54,67 $2,695,000 $395,000 $3,837,500 $4,839,500 $3,053,636 AVG Original Price $6,345,500 $2,895,000 $450,000 $4,06,667 $5,44,000 $3,339,000 AVG Ask/Sold Discount N/A N/A 34.2% 7.%.0% 5.6% AVG Days on Market McLain Flats/Starwood Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Sales Price N/A N/A $2,856,667 $0 $2,300,000 $,070,000 N/A N/A N/A AVG Asking Price $5,48,750 $4,495,000 $3,250,000 $0 $2,875,000 $,500,000 AVG Original Price $6,275,000 $5,495,000 $3,250,000 $0 $3,536,250 $,500,000 AVG Ask/Sold Discount N/A N/A 3.4% 0.0% 20.6% 28.7% AVG Days on Market

10 Wildoak Horse Ranch Melton Ranch Wildridge Snowmass Club and Golf Course Town Park The Crossings The Divide Hidden Meadows B r u s h C r e e k The Village Wood Run Base Village Chapel & Community Center Anderson Ranch Ridge Run Meadow Ranch Country Club Sinclair Meadows Two Creeks Fox Run The Pines Owl Creek Rd N 0 the Aspen Snowmass MARKET REPORT

11 SNOWMASS VILLAGE SNAPSHOT The Snowmass Village real estate market has been steadily cruising along for a handful of years. The modestly downward trend in sales activity is due to several reasons, not the least of which is declining inventory at lower price points. Sales dollar volume continues to push upward as the higher price points have gained traction over the past two years. The year-to-date sales data points to slight improvement in 207 compared to 206 which should also continue to gradually push prices upward. SALES ACTIVITY 300 $600,000, $500,000, $400,000, $300,000, $200,000, $00,000, Single Family Condo/Townhouse Single Family Lot Sales $ Volume $0 RESIDENTIAL LISTINGS VS. SALES Listings Sales NOTE: Dashed line represents the estimated year-end sales level based on sales to date.

12 SNOWMASS VILLAGE NOTE: No single family home sales in Fox Run or The Pines in 207 YTD. AVERAGE PRICE PER SQUARE FOOT / 207 YTD The Divide $,049 Wood Run $90 Ridge Run $855 Fox Run N/A Two Creeks $,44 The Pines N/A Horse Ranch $944 Melton Ranch/Wildridge $40 Condos and Townhomes $606 SALES-TO-LIST PRICE ALL RESIDENTIAL INVENTORY ABSORPTION NUMBER OF MONTHS CONDO/ TOWNHOMES SINGLE FAMILY HOMES 39 LAND RESIDENTIAL SINGLE FAMILY SALES BY PRICE POINT 96.4% 96.3% 96.5% 96.9% 83.9% 87.% 88.9% 90.2% 92.0% 9.6% 92.5% 92.7% 97.2% YTD 206 $0M+ $5M TO $0M $2.5M TO $5M UNDER $2.5M 207 YTD 37 SALES BY PROPERTY TYPE YTD CONDOS and THs 6 RIDGE RUN 2 HORSE RANCH 4 LAND 5 SINGLE FAMILY THE PINES FOX RUN SINGLE FAMILY HOME SALES BY NEIGHBORHOOD YTD 0 0 THE DIVIDE MELTON RANCH WILDWOOD COUNTRY CLUB 2 WOOD RUN 2 TWO CREEKS 2 the Aspen Snowmass MARKET REPORT

13 SNOWMASS VILLAGE $3.8M207 YTD AVERAGE HOME SALE PRICE SNOWMASS VILLAGE 207 ACTIVITY: THE DIVIDE > One sale every year for the past three years and another under contract as of this writing, steady as she goes. THE VILLAGE > Continued modest improvement every year and so far 207 is proving to continue the trend. Inventory levels remain relatively high. BASE VILLAGE > A slow start to 207 will likely be a distant memory as new offerings start to hit the market later in the year and construction picks up steam (finally!). WOODRUN and RIDGE RUN > Relatively low inventory has tempered sales to a degree. Continued desirability for ski-access, views and new construction. TWO CREEKS and THE PINES > Slow start for The Pines with no sales thus far in 207, some new spec homes in the pipeline. Two Creeks recovers with two sales after none in 206. COUNTRY CLUB > Slower activity due to higher prices relative to prior years. HORSE RANCH > New homes finally breaking Horse Ranch out of a price rut. MELTON RANCH/WILDRIDGE/WILDOAK > Modest inventory and higher prices have slowed activity so far in 207. Snowmass Village Current Market Activity Condos/Townhomes 207 YTD YR 5YR 0YR AVG Price per SQ FT $606 $635 $634 $622 $654 $580 0% 0% -5% Average Sale Price $966,0 $920,387 $878,672 $846,535 $693,82 $75,785 5% 0% -4% Number of Sales AVG % of List Price Paid 95% 93% 93% 93% 93% 9% AVG Days on Market Single Family Homes 207 YTD YR 5YR 0YR AVG Price per SQ FT $838 $880 $862 $686 $64 $688 2% % -2% Average Sale Price $3,808,67 $3,84,770 $3,96,247 $2,697,649 $2,58,464 $3,04,959-2% 0% -2% Number of Sales AVG % of List Price Paid 9% 92% 9% 9% 90% 88% AVG Days on Market Single Family Land 207 YTD YR 5YR 0YR Average Sale Price $3,33,250 $2,050,625 $,203,333 $,67,58 $,79,375 $2,833,333 70% 5% -% Number of Sales AVG % of List Price Paid 83% 92% 95% 88% 82% 92% AVG Days on Market

14 SNOWMASS VILLAGE Single Family Homes MARKET ACTIVITY Listed/Pending as of: May 3, 207 Sold as of: May 3, 207 The Divide Listed Pending 207 YTD Number of Listings/Sales 3 0 YR 5YR 0YR AVG Price per SQ FT $,558 $,997 $,049 $,394 $,497 $0-7% N/A % AVG Sales Price N/A N/A $5,250,000 $7,500,000 $7,297,500 $0 3% N/A 2% AVG Asking Price $8,8,667 $0,950,000 $5,995,000 $8,250,000 $7,995,000 $0 AVG Original Price $8,666,667 $,950,000 $6,295,000 $9,450,000 $7,995,000 $0 AVG Ask/Sold Discount N/A N/A 2.4% 9.% 8.7% 0.0% AVG Days on Market Horse Ranch Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $907 $922 $944 $740 $748 $680 -% -2% -3% AVG Sales Price N/A N/A $3,057,500 $2,306,500 $2,70,625 $,500,000-5% -7% -3% AVG Asking Price $4,52,857 $2,595,000 $3,350,000 $2,534,250 $2,995,000 $,650,000 AVG Original Price $4,360,74 $2,595,000 $3,725,000 $2,635,500 $3,046,250 $,750,000 AVG Ask/Sold Discount N/A N/A 8.8% 9.% 8.9% 9.% AVG Days on Market Melton Ranch/Wildridge Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $663 $0 $40 $79 $6 $623 8% 5% % AVG Sales Price N/A N/A $,32,500 $,86,667 $,389,250 $,724,400 34% 2% 0% AVG Asking Price $2,379,889 $0 $,399,000 $2,046,333 $,562,500 $,98,800 AVG Original Price $2,432,778 $0 $,600,000 $2,055,000 $,635,000 $2,00,000 AVG Ask/Sold Discount N/A 0 6.2% 8.8% 2.% 0.2% AVG Days on Market The Pines Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,546 $0 $0 $,37 $,482 $,430-23% -6% -2% AVG Sales Price N/A N/A $0 $5,858,333 $8,075,000 $7,250,000-27% -0% -2% AVG Asking Price $9,979,000 $0 $0 $6,632,667 $8,622,500 $8,250,000 AVG Original Price $0,79,000 $0 $0 $7,68,667 $8,622,500 $8,950,000 AVG Ask/Sold Discount N/A 0 0.0% 2.3% 6.3% 2.% AVG Days on Market Ridge Run Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $833 $0 $855 $896 $847 $680 6% 3% % AVG Sales Price N/A N/A $3,482,500 $3,660,429 $3,6,67 $2,293,600 % 9% 2% AVG Asking Price $3,60,227 $0 $3,826,667 $3,827,857 $3,945,556 $2,534,900 AVG Original Price $3,800,636 $0 $4,06,667 $3,957,07 $3,967,778 $2,740,400 AVG Ask/Sold Discount N/A 0 9.8% 4.8% 9.5% 9.7% AVG Days on Market Two Creeks Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,735 $0 $,44 $0 $,364 $,422 N/A N/A N/A AVG Sales Price N/A N/A $7,275,000 $0 $5,842,500 $7,250,000 N/A N/A N/A AVG Asking Price $,874,67 $0 $8,000,000 $0 $6,697,500 $7,950,000 AVG Original Price $2,340,833 $0 $9,225,000 $0 $6,697,500 $8,222,500 AVG Ask/Sold Discount N/A 0 9.0% 0.0%.8% 7.9% AVG Days on Market 732 0, Wood Run Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,444 $0 $90 $,284 $,332 $987-4% 4% 2% AVG Sales Price N/A N/A $3,600,000 $5,223,650 $5,885,000 $3,849,857 -% 6% 3% AVG Asking Price $6,396,429 $0 $3,995,000 $5,806,500 $6,42,667 $4,38,57 AVG Original Price $6,59,286 $0 $4,722,500 $6,24,500 $6,573,333 $4,463,57 AVG Ask/Sold Discount N/A 0 9.7% 7.9% 8.5% 9.6% AVG Days on Market the Aspen Snowmass MARKET REPORT

15 Ski Accessible Properties MARKET ACTIVITY SNOWMASS VILLAGE Listed/Pending as of: May 3, 207 Sold as of: May 3, 207 Single Family Homes Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $,443 $,997 $96 $,07 $,50 $973-4% 0% % AVG Sales Price N/A N/A $4,92,875 $5,252,583 $5,773,679 $4,655,455-9% -3% % AVG Asking Price $8,3,538 $0,950,000 $5,437,500 $5,780,722 $6,37,857 $5,84,545 AVG Original Price $8,404,808 $,950,000 $6,050,625 $6,234,972 $6,397,43 $5,390,000 AVG Ask/Sold Discount N/A N/A 9.4% 7.7% 8.8% 9.% AVG Days on Market Condos/THs Excl. Base Village Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $695 $723 $602 $593 $577 $564 3% 0% -3% AVG Sales Price N/A N/A $984,068 $97,02 $853,33 $832,973 7% 0% -% AVG Asking Price $,47,475 $,02,07 $,043,87 $994,067 $90,603 $900,692 AVG Original Price $,28,87 $,064,643 $,086,897 $,068,49 $959,37 $972,06 AVG Ask/Sold Discount N/A N/A 5.6% 6.8% 7.4% 7.7% AVG Days on Market Base Village Condos Only Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $95 $572 $680 $877 $882 $83 -% 2% N/A AVG Sales Price N/A N/A $650,000 $939,600 $990,472 $894,680-5% -2% N/A AVG Asking Price $,09,533 $399,000 $689,500 $,024,65 $,060,524 $966,025 AVG Original Price $,064,633 $469,000 $689,500 $,047,692 $,073,88 $967,275 AVG Ask/Sold Discount N/A N/A 3.4% 7.4% 6.6% 6.7% AVG Days on Market Non-Ski Accessible Properties MARKET ACTIVITY Single Family Homes Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $776 $963 $697 $666 $660 $564 % 3% -2% AVG Sales Price N/A N/A $2,535,357 $2,505,2 $2,66,045 $,869,346-4% 4% -% AVG Asking Price $3,056,53 $5,3,667 $2,777,000 $2,738,2 $2,854,950 $2,058,765 AVG Original Price $3,67,36 $5,3,667 $2,990,000 $2,88,000 $2,925,700 $2,74,533 AVG Ask/Sold Discount N/A N/A 8.9% 8.3% 8.7% 9.0% AVG Days on Market Condos/Townhomes Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Price per SQ FT $645 $0 $62 $593 $557 $548 7% 5% -2% AVG Sales Price N/A N/A $990,500 $939,069 $824,330 $83,888 4% 4% -2% AVG Asking Price $,083,926 $0 $,046,654 $,007,028 $862,622 $888,07 AVG Original Price $,55,85 $0 $,093,069 $,06,347 $894,685 $947,276 AVG Ask/Sold Discount N/A N/A 5.2% 5.8% 4.7% 5.8% AVG Days on Market Land MARKET ACTIVITY All Neighborhoods Listed Pending 207 YTD Number of Listings/Sales YR 5YR 0YR AVG Sales Price N/A N/A $3,33,250 $2,050,625 $,203,333 $,67,58 70% 5% -3% AVG Asking Price $5,326,583 $0 $4,37,250 $2,22,250 $,26,667 $,906,36 75% 4% -3% AVG Original Price $5,560,47 $0 $4,44,250 $2,400,000 $,26,667 $2,065,263 AVG Ask/Sold Discount N/A N/A 7.3% 8.3% 4.5%.9% AVG Days on Market

16 WOODY CREEK OLD SNOWMASS SNAPSHOT NUMBER OF SALES 207 YTD 206 LISTING INVENTORY NUMBER OF LISTINGS: ABSORPTION (MONTHS): 4 34 WOODY CREEK 203 OLD SNOWMASS WOODY CREEK OLD SNOWMASS AVERAGE PRICE PER SQUARE FOOT PRICE PER SQUARE FOOT AVERAGE ANNUAL APPRECIATION 207 YTD SALES: CURRENT LISTINGS: $644 $265 $,204 $842 WOODY CREEK OLD SNOWMASS -35% 55% 0% -35% -2% -4% WOODY CREEK OLD SNOWMASS ONE YEAR FIVE YEARS TEN YEARS 6 the Aspen Snowmass MARKET REPORT

17 LUXURY SNAPSHOT YTD $0M to $5M $5M+ YTD ASPEN SNOWMASS RESIDENTIAL SALES $0M+ SALES BY NEIGHBORHOOD 206 SALES: YTD: RED MTN. CENTRAL CORE WEST END EAST ASPEN WEST ASPEN McCLAIN FLATS & STARWOOD SNOWMASS VILLAGE WOODY CREEK & OLD SNOWMASS $30,000, YTD HIGHEST PRICE SALE $24,000, $3,2 207 YTD HIGHEST PRICE PER SQ FT SALE $5, YTD $5M+ SALES

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19 the Aspen Snowmass MARKET REPORT Andrew Ernemann Broker Associate Past President and REALTOR of the Year - Aspen Board of REALTORS An Aspen native, Andrew is a Broker Associate at Aspen Snowmass Sotheby s International Realty. He is experienced in luxury residential real estate as well as commercial sales and has set several sale price records in the Aspen/Snowmass area. A testament to his work ethic and professional approach to the real estate business, Andrew is a past President of the Aspen Board of REALTORS and has been a recipient of the prestigious REALTOR of the Year award. He is consistently among the top three producing Aspen/Snowmass REALTORS (in a field with over 600 competitors). Andrew has deep connections in the Roaring Fork Valley and uses his business savvy to help his clients achieve their goals. Andrew is always thinking out of the box and striving to out hustle the competition. The complexity and nuances of the Aspen area real estate market demands a broker that can serve as your trusted advisor, something Andrew understands and excels at by diving deep into the local real estate market with a global lens. For a digital copy of this report, visit Aspen Snowmass Sotheby s International Realty 45 East Hyman Avenue Aspen, CO Phone Fax andrew@aspenupdate.com Information in this report is from the Aspen/Glenwood MLS. The author is not responsible for any inaccuracies and you are advised to seek professional advice for any purchase or sale of real estate Andrew regularly publishes real estate reports and is often quoted in local media outlets as well as national and international publications including the Wall Street Journal, the New York Times, The Financial Times, thestreet.com and the Denver Post. Previous work endeavors: Various real estate development and consulting engagements in Aspen and San Francisco; Business strategy consultant at McKinsey & Company in Los Angeles and Marketing at Janus Capital in Denver. Education: Masters in Civil and Construction Engineering from Stanford University and BA in Psychology at CU Boulder, Phi Beta Kappa. A true competitor at heart, Andrew is a former member of the U.S. Alpine Ski Team and has competed around the world. He has served on the board of directors for the Aspen Valley Ski & Snowboard Club, Aspen Country Day School, the Aspen Board of Realtors and the Aspen Chamber Resort Association. For fun he enjoys golfing, skiing, biking, hiking, photography and cooking. Married to Ashley, they have two wonderful sons Tillar and Cornell. Andrew has built his business on the premise that each client is the best source for his next client; he s known for his laser-like focus on the task at hand and doing whatever it takes to get the job done. 9

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