Released July 12, 2018 v1.5 (Click to enlarge) Bottom Line In addition to my summary comments in the recently released Estin Report: 2018 YTD State of the Aspen Real Estate Market (Jun 26, 18),… Read More
This Section contains current Estin Reports and Market Snapshots for the Current Year 2018. Reports from 2017 will be moved to Past Reports soon. Prior year annual and half-year reports and monthly snapshots are archived in the Past Reports section.
The reports are:
1) Bi-annual: State of the Aspen Real Estate Market.
2) Monthly Market Snapshots: Aspen Snowmass real estate summary (10-pgs of detailed monthly stats and ‘bottom line’ brief commentary) released on or near the 1st Monday of each month. Includes sales stats by neighborhoods in the 3-month period of subject month (pgs 7 & 9).
3) Weekly Blog: Aspen Snowmass Weekly property closings and under contract activity is posted every Monday morning, sometimes in-between. Lots of photos, details and comments.
4) Historic Pace of Sales Charts: updated every quarter showing Aspen and Snowmass Village dollar and unit real estate sales over time (past 10 yrs) and trend lines.
Released June 26, 2018 v4.6f
The Aspen real estate market is firing on all cylinders at full speed ahead.
By all measures - property dollar sales, property unit sales, real estate transfer tax collections, and construction activity - we are in the midst of a thriving and vibrant real estate market.
We are seeing expanded Aspen sales activity outwards from downtown Aspen to Starwood, Woody Creek and Old Snowmass as buyers recognize the significant values 5-15 minutes outside compared to record prices within the Aspen Core.
Snowmass Village sales have been fairly even for the past 3-4 years but hopes are high for a substantive bounce as the Base Village experiences new construction momentum and gets closer to completion. This is a result of the ownership change in Dec 2017 from an indifferent Related Co’s to a highly charged and enthusiastic local East West Partners/Aspen Skiing Co partnership. (See photo of construction progress on Pg 25).
Download full 32 Pg report from link to right.
*The report covers Aspen and Snowmass Village, CO real estate sales for 2018 YTD (Jan 1 thru May 31) and for the Year 2017. It compares year over year results and, where indicated, to historical data for the past 10 years. There are two sections: 1) The Aspen real estate market (includes Aspen, Brush Cr Village, Woody Creek and Old Snowmass; 2) The Snowmass Village real estate market (the ski resort). Included properties types are single family homes, condos, townhomes, duplexes and residential vacant land/lots sold at over $250,000. Fractionals are not included. The focus is on the upper Roaring Fork Valley as what happens in Aspen ripples outward and downvalley. Abbreviations are: Aspen (ASP), Brush Cr. Village (BCV), Woody Creek (WC), Old Snowmass (OSM) and Snowmass Village (SMV). The source data is the Aspen Glenwood MLS which maintains data for 10 years. Read More
Released June 5, 2018 v.1.75 Yodel from the Mountains! Estin Report: May 2018 Aspen Snowmass Real Estate Market The Estin Report: May 2018 Aspen Snowmass Real Estate Market Snapshot is a 10-Page statistical breakdown of monthly and year-to-date sales in detail. Download PDF from the right side of this page;… Read More
Released May 14, 2018 v.1.5 Yodel from the Mountains! Estin Report: April 2018 Aspen Snowmass Real Estate Market The Estin Report: Apr 2018 Aspen Snowmass Real Estate Market Snapshot is a 10-Page statistical breakdown of monthly and year-to-date sales in detail. It is available for download on the right… Read More
Released April 12, 2018 v.2.25 (Pg 3 and Pg 7 condo footnotes were updated to reflect specific avg. condo prices per sq ft) Yodel from the Mountains! Estin Report: March 2018 Aspen Snowmass Real Estate Market The Estin Report: Mar 2018 Aspen Snowmass Real Estate Market… Read More
Released Mar 5, 2018 v2.21. (Updated footnote for "February 2018 Aspen and Snowmass Average Sold Prices Chart top of pg 3 to v2.22 on Mar 17, 18. No data changed.)
Yodel for the Mountains! Estin Report: Feb 2018 Aspen Real Estate Market
The Estin Report: Feb 2018 Market Snapshot Aspen Snowmass Real Estate is a 10-Page statistical breakdown of monthly and year-to-date sales in detail. The Monthly Snapshots are posted on or near the 1st Monday of the month. It is the only monthly Aspen market report to be published in a consistent and timely manner.
Yodel from the Mountains of Aspen - where the winter snows of mid-to-late Feb finally arrived giving us superb powder skiing after a dispiriting Dec – Jan drought, where the real estate market is super active and where everyone wonders how long this nice ride will continue.
With many economic metrics in record territory, prognosticators on the national level say we may have two years left (Dr Elliot Eisenberg at an Aspen Realtor Lunch on 2/22/18. See presentation.) - fueling it are tax cuts, increased government spending, still low interest rates, low unemployment, stable GDP, growing world economies and a record stock market. There is consensus that we are in uncharted waters across the board.
In Aspen, our present up-cycle is now 8 years old, the 2nd longest on record since 1976, according to Randy Gold of Aspen Appraisal Group. The recent Feb. 2018 stock market correction was déjà vu all over with early 2016 when the Dow tanked due to plummeting oil prices and hyper worries of a China slowdown. That event triggered the severe 9-month election year fall-off in the local real estate market up to Nov. 2016.
Since then, our market has recovered to near record 2015 levels. Activity has been largely fueled by high demand for Aspen real estate inside the roundabout - which proved itself highly resilient and liquid during the Great Recession - and that focus continues unabated today. But also, at long last, smart buyers are recognizing and snapping up the far superior values outside the roundabout.
In general, optimism rules even though there are any number of macro events that could spoil the day – Korea, the budget deficit, national debt and other factors unknown.
Bottom Line Feb 2018
Sales activity for the year through Feb 2018 is up 30-35% over the same last year.
Specifics: Read More
Released Feb 13, 2018 v2.1 (On on 3/5/18 added the following footnote for v2.2 on Pgs 6 and 7. "In Jan 2018, there were 6 closings of OneAspen Townhomes near Aspen Mtn Lift 1A totaling $53M. Avg Sold Price: $8.5M/$1,732 sf. Avg size: 3bdrm/4ba,4938 sf. They went under contract in fall 2015.")
Sales continued to be very active in Jan 2018. Of particular note, downtown Aspen condo inventory for sale has fallen -30% in Jan 2018 from Jan 2017. Condo demand is high: unit sales increased 56% year over year with (14) sales in Jan '18 versus (9) last Jan '17. Read More
Released 01/14/18 v2.2
Aspen CO and Snowmass Village CO
Real Estate Market Snapshot
Bottom Line (excerpt from Snapshot)
Dec 2017 ended on a weak note compared to what was to an outstanding year. A disappointment in fact. But maybe this was the reprieve we needed after an exceptionally strong three months in August, Sep and Oct ’17.
Because 2016 was such an "off" year attributed largely to the election, only comparisons to 2015 are useful. For the year, dollar sales at $1.512B were almost dead-even with $1.513B in 2015; unit sales were also near even with 2015 with (433) in 2017 versus (442) in 2015. Years 2017 and 2015 were remarkably similar to one another and the best performing years of the past ten, 2008-2017.
Of particular note, 2017 had the lowest inventory of properties for sale during that ten year period: (762) listings in 2017 vs (858) in 2015, -11%.
Standout categories for the month of December are: Read More
Released Dec 6, 2017 v2.0 Nov 2017 Aspen and Snowmass Village Real Estate Snapshot (Click images above for full 10 Pg Snapshot PDF with detailed charts and tables for Aspen… Read More
For 2017 YTD thru Oct, the total combined Aspen Snowmass dollar market is nearing the 2015 YTD mark, $1.23B versus $1.38B; in unit sales, it is 349 sales vs 341 respectively. Overall inventory of available properties for sale in Oct 2017 has declined 13% since Oct 2015. For Aspen condos specifically - a particularly hot segment of the market, it has declined 17% in the same period. Read More
Released Oct 8, 2017 v2.1 Sept 2017Aspen and Snowmass VillageReal Estate Snapshot (Click link… Read More
Released Sep 15, 2017 v2.2 August 2017Aspen and Snowmass VillageReal Estate Snapshot(Click link above for full 10 Pg PDF… Read More