Aug 9, 19 TV82 interview on the Aspen real estate market
Market Minute Transcript with Tim Estin for Fri 08/09/2019
Q: Where are we now? Compare Aug 2019 to same time last year
A: Aspen SMV real estate sales are now at $807MM vs $658MM last year, +23%,..but not ALL areas are experiencing the same robust sales…property sales within the Roundabout are generally exceedingly strong – it’s a sellers market there; property sales outside the Roundabout are more challenging and competitive – it’s a buyers market in most of those areas.
Q: Where are we headed…?
A: Under contracts are a really good future indicator… UC’s are a future indicator because typically closings will occur within 30 days after going under contract, so for example, in July 19 in Aspen, there were (28) UC’s vs last July 18 (17), up a huge +65%…it tells us we’re going to have a very strong end of summer, August. In SMV, its +31%, (21) this July vs (16) last July.
Q: How to Aspen and Snowmass Village compare price-wise…What’s the avg. cost of an Aspen condo?
A: In July the avg 2-Bdrm Aspen condo cost $1.76M/$1,750 sq ft for a 900-1,000 sq ft unit; the avg cost of a Q: What’s the avg. cost of a Snowmass Village condo?
A: SMV 2 bdrm condo was $1M/$730 sq ft, or 58% less than Aspen.
Q: What’s happening with Aspen sales?
A: Aspen dollar sales are up +10% over same time last year…And in unit sales, up +9%.
Inventory – active properties for sale – are down -17% over last year…and that’s an issue with buyers, not enough great selections at $MM dollars gets discouraging.
Q: In Snowmass Village?
A: SMV dollar sales are up 15% and up 26% in unit sales…a greater cross-section of properties are selling than in Aspen.