The Aspen real estate market is about to complete its best year since the boom time of 2007. That’s according to one real estate broker’s analysis.
Tim Estin’s report shows a year-over-year increase in sales at nearly every price point but especially for high end homes. The largest spike came in sales above $7.5 million. Last year saw just four sales between $7.5M-$10M, 2014 took in twelve, up 200%.
There was also a significant jump in sales for properties over $20 million. In 2013, one sale was transacted. This year, there were three over $20 million.
Overall, the number of Aspen properties sold is up 14% and the inventory of active listings is significantly down since the Great Recession. Estin says a healthy national economy is helping.
“The saying in Aspen is, as Wall Street goes, so goes Aspen and Wall Street’s at record highs, unemployment statistics are declining, the GDP is at 5% in the third quarter this year, Colorado is one of the top three or four performing economies in the nation, and consumer confidence is way up.”
In the last month, Aspen has seen two significant sales – one was record-setting. A penthouse condo in the downtown core fetched $15.8 million, while a restored Victorian downtown sold for $16 million.