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Douglas Elliman Releases Q3 2017 Aspen and Snowmass Village Market Reports

Date: Oct 26, 2017

DouglasElliman Releases Q3 2017 Aspen and Snowmass Village Market Reports

Aspen and Snowmass Show More Strength than Last Year and an Improving High End

New York, NY (October 26, 2017) -- Douglas EllimanReal Estate, the fourth largest residential real estate company nationwide, today releases the third quarter 2017 Aspen and Snowmass Village Market Reports. Aspen showed an improving high end with larger sized sales, more sales overall, and bigger price gains.

“Aspen is showing a lot morestrength than last year and is the fastest moving market since absorption wastracked in 2001,” said Stephen Kotler, CEO of Douglas Elliman’s Western Region.“An uptick in larger sized single family sales, combined with a sharp rise insales, pressed price trends higher and listing inventory is on the decline. Ouryear-to-date sales for our Colorado brokerage are over $330M, and our third quartersales alone are totaling $162M. With these sales volumes, we are now rankedsecond in market share, an accomplishment we’re really proud of.”

In SnowmassVillage, the report showed modest price growth with the number of sales andlisting inventory both trending up.

“Propertiesin Snowmass are showing faster marketing times, resulting in less negotiabilityfor the consumer,” said Jonathan Miller,author of the report. “Both the Aspen and Snowmass Village markets are showinggreat signs of strength with rising prices, more sales and less inventoryacross all property types.”

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ASPEN HIGHLIGHTS

Overview

- Largersized single family sales combined with a sharp rise in sales pressed pricetrends higher

- Averagesquare footage rose year over year for the fourth consecutive quarter

- Listinginventory declined year over year for the fourth consecutive quarter

- Fastestmoving market since absorption was tracked in 2011

- Condo andsingle family markets moved in tandem with rising prices, more sales and lessinventory

Key TrendMetrics (compared to same year ago period)

- Average price per square foot rose 19.9%to $1,621

- Number of sales jumped 44.4% to 91
- Days on market was 236, up 13.5%
- Listing discount was 9.1%, up from 8.4%

- Listing inventory declined 18.1% to 339

- Average square footage rose 16.6% to2,814

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SNOWMASS VILLAGEHIGHLIGHTS

Overview

- Averagesquare footage fell faster than price per square foot indicating modest pricegrowth

- Averagesales size shifted downward for the fourth consecutive quarter

- Number ofsales and listing inventory expanded

- Fastermarketing time with less negotiability

KeyTrend Metrics (compared to same year ago period)

- Average price per square foot declined11.8% to $660

- Number of sales rose 8.6% to 38

- Days on market fell 5.1% to 295
- Listing discount was 4.6%, down from 5.4%

- Listing inventory rose 15.2% to 265

- Average square footage declined 22.1% to1,841

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 110 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and California. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattans largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.

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