RE/MAX

PARSIPPANY, N.J. (February 24, 2005) - RE/MAX, a leader in luxury home sales, today announced its 2004 sales of U.S. luxury homes valued at $1 million or more surged to an all-time high of $35.5 billion, surpassing its previous record of $23.3 billion set in 2003. RE/MAX affiliated companies nationwide participated in the sales of 20,292 homes in 2004, a 47 percent increase over 2003 results. The average price for RE/MAX luxury homes sold in 2004 also rose to a record $1.7 million.

"The luxury real estate market continues to thrive," said Jim Gillespie, president and chief executive officer of RE/MAX Real Estate Corporation. "e expect the luxury home sales market to remain solid throughout 2005. Demand continues to be strong, spurred by a rebounding economy and high demand from baby boomers who have more disposable income than any other previous generation, and continued attractive interest rates."

In this release, RE/MAX highlights its top luxury home markets by state and city, and includes a list of its top 50 transactions nationwide. The data provided represents only RE/MAX luxury home sales figures. Highlights from the 2004 RE/MAX Luxury Home Sales Report include:

California Continues "old Rush"of Luxury Home Sales:

In California, RE/MAX reported nearly seven times more sales of luxury homes than any other state with almost $20 billion in sales volume.
RE/MAX reported 56 percent of its luxury sales volume was in California.
The top 13 cities with the highest total RE/MAX sales volume were all in California.
Los Angeles had the highest RE/MAX sales volume in the United States.
A $30 million home in Beverly Hills was the largest closed transaction by a U.S. sales associate in 2004.

Elsewhere:

Florida was second in the nation with $3 billion in RE/MAX luxury home sales volume.
Massachusetts, Illinois, Connecticut and New Jersey joined California and Florida as the only states to produce more than $1 billion in RE/MAX luxury home sales volume.
The fifth-highest closed sales price by a RE/MAX sales associate in 2004 was a $19.8 million property in Miami Beach, Fla. It was the only property sold outside of California in the top 20.

Hot Markets:

In 2004, Nevada (172 percent increase), Idaho (143 percent) and Pennsylvania (129 percent increase) had the highest percentage increases in luxury home sales volume. All three states also closed more than double the amount of RE/MAX® luxury transactions than in 2003.
According to RE/MAX figures, the top five hottest cities in luxury home sales according to total sales volume increases from 2003 to 2004 are:
1. Irvine, Calif., increased 215 percent and is now ranked 50th in total sales volume. Irvine rose 57 spots, the largest jump in the report.
2. Longboat Key, Fla., increased 150 percent and is now ranked 39th in total sales volume. Longboat Key climbed 30 spots.
3. Laguna Beach, Calif., climbed 139 percent and is now ranked sixth in total sales volume. Laguna Beach rose 11 spots.
4. Miami Beach, Fla., increased 138 percent and is now ranked 15th in total sales volume. Miami Beach climbed 23 spots.
5. Burlingame, Calif., rose 135 percent and is now ranked 60th in total sales volume. Burlingame rose 35 spots.

2004 Luxury Market Overview:

RE/MAX reported that it sold 19,859 luxury homes priced between $1 million and less than $5 million. This was the most active segment.
The company also reported sales of more than 364 homes in the $5 million to less than $10 million segment.
There were 68 transactions between $10 million and less than $30 llion, and one home sale for $30 million in 2004.
The average sales price of RE/MAX homes sold valued at $1 million and up was $ 1,748,550 in 2004.

TOP 30 STATES WITH THE MOST RE/MAX
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 to DECEMBER 31, 2004
Source: RE/MAX Real Estate Corporation


State	2004 Rank	2004 Total Sales Volume	2003 Rank	2003 Total Sales Volume	% Change

California	1	$19,958,968,283	1	$12,624,537,202	58%

Florida	2	$3,037,526,890	2	$2,008,970,243	51 %

Massachusetts	3	$1,997,908,899	3	$1,362,212,903	47 %

Illinois	4	$1,320,085,874	4	$990,207,302	33 %

Connecticut	5	$1,315,635,586	6	$839,105,004	57 %

New Jersey	6	$1,241,335,774	5	$928,679,672	34 %

New York	7	$865,705,111	7	$590,013,162	47 %

Washington	8	$684,680,735	9	$452,174,738	51 %

Hawaii	9	$646,087,234	8	$469,544,650	38 %

Arizona	10	$488,318,097	11	$353,281,162	35 %

Minnesota	11	$461,968,227	10	$383,829,356	20 %

Maryland	12	$461,144,933	14	$281,293,066	64 %

Colorado	13	$458,015,284	12	$328,691,851	39 %

Texas	14	$342,679,766	13	$295,643,904	16 %

Washington, D.C.	15	$305,380,626	15	$165,092,361	85 %

Nevada	16	$269,083,302	19	$98,865,413	172 %

Virginia	17	$241,875,526	16	$151,490,855	60 %

Georgia	18	$203,673,506	17	$148,937,252	37 %

North Carolina	19	$128,428,854	21	$66,146,882	94 %

Pennsylvania	20	$122,781,424	25	$53,556,245	129 %

Missouri	21	$117,413,248	18	$146,175,556	-20 %

Michigan	22	$94,875,080	20	$91,234,897	4 %

Utah	23	$76,319,866	24	$56,732,000	35 %

Wisconsin	24	$71,306,500	26	$51,302,025	39 %

South Carolina	25	$68,673,031	28	$38,403,750	79 %

Ohio	26	$68,080,882	23	$63,795,965	7 %

Oregon	27	$67,343,510	22	$64,997,589	4 %

New Hampshire	28	$52,415,275	27	$41,300,100	27 %

Montana	29	$42,459,000	30	$23,445,000	81 %

Idaho	30	$32,207,500	35	$13,270,000	143 %

TOP 75 CITIES WITH THE MOST RE/MAX®
LUXURY HOME SALES BY DOLLAR VOLUME
JANUARY 1 - DECEMBER 31, 2004
Source: RE/MAX Real Estate Corporation


	City		State		2004 Rank		2004 Total Sales Volume	2003 Rank	2003 Total Sales Volume	% Change

	Los Angeles		CA		1		$1,677,115,327	1	$1,074,478,632	56 %

	Beverly Hills		CA		2		$1,015,602,005	2	629,165,505	61 %

	San Francisco		CA		3		$859,196,439	3	578,436,162	49 %

	Newport Beach		CA		4		$821,168,950	5	434,603,408	89 %

	Malibu		CA		5		$669,607,770	4	577,596,506	16 %

	Laguna Beach		CA		6		$485,251,829	17	202,875,000	139 %

	Montecito		CA		7		$460,292,000	16	202,961,875	127 %

	Pacific Palisades		CA		8		$440,591,357	6	380,958,340	14 %

	Palo Alto		CA		9		$405,854,862	13	215,272,964	89 %

	Santa Monica		CA		10		$399,851,703	7	344,115,528	16 %

	Rancho Santa Fe		CA		11		$384,449,132	9	262,647,414	46 %

	Los Altos		CA		12		$379,779,485	8	316,882,213	20 %

	Los Gatos		CA		13		$375,387,112	21	178,722,350	52 %

	Boston		MA		14		$339,552,317	18	195,506,902	74 %

	Miami Beach		FL		15		$317,156,740	38	133,470,900	138 %

	Menlo Park		CA		16		$315,983,621	11	230,662,100	37 %

	Saratoga		CA		17		$314,393,174	12	223,383,264	40 %

	Washington		DC		18		$305,380,626	25	165,092,361	85 %

	Atherton		CA		19		$302,850,250	19	182,653,000	66 %

	Santa Barbara		CA		20		$284,939,717	10	261,851,600	9 %

	Honolulu		HI		21		$282,379,834	24	166,642,500	69 %

	Westport		CT		22		$276,719,388	22	172,362,750	59 %

	Newport Coast		CA		23		$273,362,844	30	153,445,230	78 %

	Chicago		IL		24		$266,560,442	20	179,605,100	48 %

	San Jose		CA		25		$249,121,123	47	121,718,350	105 %

	Carmel		CA		26		$241,921,495	36	137,166,500	76 %

	Calabasas		CA		27		$228,962,697	42	129,752,568	76 %

	Greenwich		CT		28		$220,041,958	31	153,175,150	44 %

	Corona Del Mar		CA		29		$218,027,260	50	116,993,855	86 %

	Wellesley		MA		30		$215,175,880	35	146,411,375	47 %

	Pasadena		CA		31		$214,895,808	29	157,747,400	36 %

Fort Lauderdale	FL		32		$206,909,907		26	161,760,200	28 %

Boca Raton	FL		33		$197,009,351		15	203,956,300	-3 %

Los Altos Hills	CA		34		$196,328,072		32	150,813,670	30 %

San Diego	CA		35		$184,715,270		54	103,661,400	78 %

Naples	FL		36		$183,168,264		28	158,684,474	15 %

La Jolla	CA		37		$183,095,068		40	131,524,250	39 %

Woodside	CA		38		$180,494,000		14	211,513,000	-15 %

Longboat Key	FL		39		$176,049,422		69	70,515,500	150 %

Lake Forest	IL		40		$172,878,725		34	147,658,399	17 %

Scottsdale	AZ		41		$168,171,371		48	121,702,545	38 %

New York	NY		42		$165,161,540		52	112,058,800	47 %

Pebble Beach	CA		43		$163,701,625		56	100,821,000	62 %

Miami	FL		44		$161,944,115		41	131,017,935	24 %

Weston	MA		45		$161,389,225		44	128,434,023	26 %

Paradise Valley	AZ		46		$154,370,211		33	150,731,500	2 %

Winnetka	IL		47		$153,772,050		39	132,197,428	16 %

Portola Valley	CA		48		$150,805,750		43	129,497,444	16 %

Mercer Island	WA		49		$147,994,430		73	67,679,626	119 %

Irvine	CA		50		$141,547,542		107	44,926,125	215 %

Del Mar	CA		51		$140,418,900		60	88,044,025	59 %

San Marino	CA		52		$136,908,913		55	100,838,401	36 %

Newton	MA		53		$128,951,715		53	106,346,105	21 %

Hancock Park	CA		54		$127,805,950		59	88,619,320	44 %

New Canaan	CT		55		$126,125,100		82	58,386,108	116 %

Tarzana	CA		56		$124,026,700		92	53,592,500	131 %

Dallas	TX		57		$122,649,105		27	160,189,437	-23 %

Cupertino	CA		58		$122,343,225		93	52,434,588	133 %

Coral Gables	FL		59		$121,874,750		57	100,699,500	21 %

Burlingame	CA		60		$121,504,856		95	51,658,000	135 %

Palos Verdes Estates	CA		61		$121,349,503		45	122,334,224	-1 %

San Mateo	CA		62		$120,886,775		68	70,714,250	71 %

Brentwood	CA		63		$119,197,835		23	170,199,032	-30 %

Hillsborough	CA	64	$117,321,812	51	116,594,888	1 %

Westlake Village	CA	65	$114,565,235	37	133,849,725	-14 %

Mill Valley	CA	66	$113,647,794	61	84,009,250	35 %

Rancho Palos Verdes	CA	67	$112,339,750	66	71,172,970	58 %

Redwood City	CA	68	$112,039,391	88	56,995,440	97 %

Sarasota	FL	69	$108,874,135	58	98,309,400	11 %

Encino	CA	70	$105,866,250	49	119,380,500	-11 %

Kihei	HI	71	$104,820,000	46	122,002,800	-14 %

Annapolis	MD	72	$101,283,697	78	65,826,200	54 %

Wilmette	IL	73	$100,955,000	75	67,129,000	50 %

Sherman Oaks	CA	74	$97,058,240	110	43,356,000	124 %

Granite Bay	CA	75	$96,843,959	81	59,727,631	62 %

TOP 50 PRICES PAID FOR INDIVIDUAL LUXURY HOMES
SOLD BY RE/MAX SALES ASSOCIATES
JANUARY 1 to DECEMBER 31, 2004
Source: RE/MAX Real Estate Corporation


	2004 Rank	City	State	Selling Price

	1	Beverly Hills	CA	$30,000,000

	2	Pebble Beach	CA	$20,500,000

	3	Montecito	CA	$20,000,000

	4	Rancho Santa Fe	CA	$20,000,000

	5	Miami Beach	FL	$19,800,000

	6	Lompoc	CA	$17,800,000

	7	Los Altos Hills	CA	$17,500,000

	8	Los Angeles	CA	$17,500,000

	9	Beverly Hills	CA	$17,500,000

	10	Beverly Hills	CA	$16,750,000

	11	North Island	CA	$16,350,000

	12	Los Angeles	CA	$16,000,000

	13	Montecito	CA	$16,000,000

	14	Del Mar	CA	$15,750,000

	15	Bethel Island	CA	$15,725,000

	16	Beverly Hills	CA	$15,500,000

	17	Montecito	CA	$15,250,000

	18	Los Angeles	CA	$14,950,000

	19	Montecito	CA	$14,500,000

	20	Atherton	CA	$14,475,000

	21	Panama City Beach	FL	$14,000,000

	22	Los Angeles	CA	$14,000,000

	23	Beverly Hills	CA	$14,000,000

	24	Lahaina	HI	$13,700,000

	25	Earleville	MD	$13,600,000

	26	Greenwich (Belle Haven)	CT	$13,500,000

	27	Greenwich	CT	$13,500,000

	28	Carmel Highlands	CA	$13,000,000

	29	Highland Beach	FL	$13,000,000

	30	Beverly Hills	CA	$13,000,000

	31	Las Vegas	NV	$13,000,000

32	Los Angeles	CA	$12,880,000

33	Beverly Hills	CA	$12,707,750

34	Riverside	CT	$12,600,000

35	Lanark Scotland	TX	$12,408,900

36	Miami Beach	FL	$12,350,000

37	Newport Coast	CA	$12,200,000

38	Malibu	CA	$12,000,000

39	Malibu	CA	$12,000,000

40	Carmel	CA	$11,950,000

41	Newport Coast	CA	$11,900,000

42	Laguna Beach	CA	$11,875,000

43	Miami Beach	FL	$11,800,000

44	Woodside	CA	$11,800,000

45	Laguna Beach	CA	$11,533,380

46	Montecito	CA	$11,500,000

47	Newport Beach	CA	$11,500,000

48	Aspen	CO	$11,250,000

49	Palm Desert	CA	$11,250,000

50	Newport Coast	CA	$11,100,000

The RE/MAX Previews International© program has been marketing luxury homes since 1933. This luxury home marketing program has been exclusive to RE/MAX affiliates since 1980. Earlier this month at its annual International Business Conference in Orlando, FL, RE/MAX unveiled the Web site www.previews.com to support its RE/MAX Previews International luxury real estate marketing program. The Previews site allows consumers to view more than 10,000 luxury properties. Most of the homes listed are priced at more than $1 million.

RE/MAX® U.S. LUXURY HOME SALES CLIMB TO A RECORD $35.5 BILLION IN 2004

RE/MAX® System Reports a 52 Percent Increase in Luxury Sales

Report Highlights Nation's Hottest Luxury Home Markets and Prices