ࡱ> []Z @ Wbjbj5*5* ""W@W@Wjjjjjjj~  ~  ]______$Rj jj QQQ"j j ]Q]QQ:E,jj ai q ]0{R~z~~~jjjj~j  Q > E ~~;~~ 2003 Market Summary 2003 was a very good year! First quarter sales were equal to 2002s, second quarter sales were terrible due to the Iraq War leaving total market sales 30% behind 2002 at the mid year point. The second half of 2003 was very, very strong; by the end of the year total Aspen sales were up 16% over 2002. The average Aspen home sale price is at an all time high at $4,000,000 ($3,982,250). We have seen a shrinking of inventory from over 4.25 years supply last summer to a current level of 2.77 years. Two powerful, positive, current trends which predict appreciation are now dominant: In times of dropping inventory such as this we experience appreciation; Whenever the inventory is less than a three year supply (now 2.77 years) we experience appreciation. (Please see the enclosed Inventory vs. Average Sales Price graph) If you are a Buyer it is a very good time to purchase as periods of flat pricing such as we just experienced have always been followed by significant increases in prices. Today we still have a reasonably varied inventory to choose from. Sellers can look forward to an increasing probability of selling their properties as the inventory is shrinking and heading back to the two year level with the corresponding high appreciation rates that we experienced throughout much of the 90s. These graphs and more are available on my website at  HYPERLINK "http://www.aspenvalues.com" www.aspenvalues.com. Should you have any questions please call me at 970/920-0565. Sincerely yours,  Robert Ritchie Managing Member, Founding Brokerage Group December 2003 Re: Market Update Enclosed please find the market update through December 4, 2003. The most significant Aspen market change is that the Aspen home sales have increased 16% over last year and 15% over 2001 in total dollar volume. Closed sales year to date are at $299,862,475 and the average price per home is right at $4,000,000 which is a 36% increase from last year. The Aspen condominium market has strengthened as far as total volume dollar to 13% higher than last year. The average price per condominium has dropped 23% as lower priced units have been selling. The only weak part of the Aspen market has been the land sales with the dollar volume down 43% and the average sale price down 19%. This is fundamentally due to Pitkin County down zoning most lots to 5750 sf throughout the county. The down zoning has squashed land sales and the construction industry in Aspen. Snowmass homes and condominium sales have dropped 11% and 15% in total dollar volume and the average price has dropped in both categories. The strongest statistical market, even though the numbers are very small, is the Snowmass land market where sales increased from $5,700,000 to $18,700,000 and the average sold price increased 39%. The Snowmass land market is absolutely the opposite of Aspen as Snowmass has had stable and unchanged zoning for several decades. Summarizing the entire Aspen market, sales volume has increased 15% this year and 17% over the year before. We are very encouraged by the market and are seeing far more buyers. Inventory levels are still high numerically. The large number of sales this year have reduced our inventory to low numbers once again. Some categories in certain price ranges are only a year supply, others have only a one year supply; others are at a four year supply; however this is a huge improvement from three to six months ago when inventory levels were from four to six years. The extremely strong market since August has made up for a completely dead second quarter and we now have significantly surpassed last years totals. This is as good of a market report as we could envision, optimism is very high that it will continue. Should you have any questions please call me at 970/920-0565. Sincerely yours,  Robert Ritchie Founding Member, Managing Broker Group 7       ( ) * 8 S d e |      $ , T U V W Y  hZihRhwhhQho3ShhQd]hWOhLh6hhlEhw5hW$M67I J f g  V W E F > ?   & Fgd6gd6W    )  ? E L U t u B Wj(hO@UhO@jh94Uhuh60Jjh6Ujh6Uhhhwh6hLhQhQd] BCDEFGHVWXjk  !0WgdO@gd6 1h/ =!"#$%DyK www.aspenvalues.comyK 8http://www.aspenvalues.com/'Dd SR  C .ASignature8b'`P]PTE=(& n&`P]PTE=(PNG  IHDRڈsRGBgAMA a cHRMz&u0`:pQ<PLTEٟ pHYs{{x$&2IDATx흿丑hrp85 ?ʅn8i08Glx aA:UEQ7 FLERŗ7o s}cxkj??C k`{+`D>A ѽwQ×! 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