“Tim Estin, a realtor with Aspen Snowmass Sotheby’s Real Estate, said this year could be on the same path as 2016, which wasn’t terrible but looked considerably off compared with the year prior. Sales volume in Pitkin County last year totaled $1.9 billion, 2016 accounted for $1.37 billion and 2015 reached $2 billion. The reason, Estin theorized…“In the past four years, inventory of Aspen properties for sale peaked at 460 units in April 2016 versus 312 in April 2018, down 32 percent. Less offerings, higher prices may be slowing us down. Buyers get discouraged.”
Link to article By Rick Carroll, Aspen Times, June 3, 2018
Estin Report: May 2018 Aspen Real Estate Market Snapshot
Bottom-line: “Total Aspen listing inventory of all property types for sale – homes, condos and lots/land – has fallen 38% in the past two years from 471 listings in May 2016 to 290 in May 2018: Single family home inventory is down 20%, 175 to 133; condos down 50%, 234 to 119; lots down 40%, 62 to 38. For the three most in-demand Aspen neighborhoods, the falling inventory issue is even more profound… In the three month period from March thru May 2018 compared to same period last year, Downtown Core condo and townhome sales were off -47%, 17 vs 32 sales; Historic West End home sales were off -67%, 2 vs 6 sales; Red Mountain home sales were off -71%, 1 vs 7 sales. This shortage is producing higher prices, fewer choices and less negotiating room most especially for the newer, more contemporary and well-located Aspen properties for sale. The best way to make money in this market is to fix up tired properties – if you can find them not already premium priced, market them as “like-new and contemporary” and sell at the “new product” premium.” For more info, call or text me at 970.309.6163 or email.