This real estate market update in late spring 2023 continues with the slowing trend of total unit sales and of dollar volume in residential single family home sales, condo sales and vacant land sales. The local market real estate prices are driven by a continuing record lack of local inventory from downtown Aspen rippling outward throughout the entire Roaring Fork Valley. It has been a challenging period for buyers: few offerings and record prices. While inventory of available properties for sale bottomed a year ago, it remains at historic record lows even though more listings have been coming to market in the 1st Quarter of 2023. (See the Charts Section). In April 2023, buyers paid a median price of $11.375M/$3,043 per sq ft for a single family home in the Aspen market; a year ago, they paid $10.25M/ $2,756 sq ft, +11% YOY; the median price of Aspen condos is $2.278M/$2,336 sq ft vs $2.895M/$3,012 sq ft last year, -21% YOY. In general, Aspen today probably has amongst, if not the, most expensive median home prices on a price per square foot basis in the United States. Prices of a number of newer homes have easily surpassed $4,000 sq ft with some over $5,000 sq ft. The record thus far is $6,998 sq ft for a ski home directly on Aspen Mountain, The House on Little Nell, and $7,546 sq ft for a penthouse condo in downtown Aspen. Luxury homes in this housing market are the capstone of high dollar volume and Aspen homes rank among the highest median sale prices throughout the country in 2022. Conversely, the Pitkin County taxes are amongst the lowest in the US. Inversely related: highest prices; lowest taxes. The past year has been one of housing shortages and real estate deals that favor sellers in the extreme. And clearly, the billionaire influence has been a significant driver in the Aspen market: A highly regarded local appraiser determined in spring 2023 that we probably have 100-125 Aspen billionaires who own property here compared to NY with 107, Beijing 83, Hong Kong 68, London 66, Palm Beach Island 54 (Source: Forbes, Worlds Richest Cities 2022). While prices arguably peaked sometime late spring 2022, they remain strong with small or incremental price decreases. This is in spite of steady mortgage rate increases and substantially slower unit sales in 2022. Over 70% of Aspen property transactions close with cash even though lenders or investment groups are typically behind these deals offering up super-low lending rates for relationship building with affluent Aspen clients. Real estate agents have no problem selling a home if they can actually find a seller. As we begin summer 2023, there have been incremental Aspen home price adjustments but sellers remain firmly in control. Prices are property and neighborhood specific rather than some general seller capitulation that would be of real impact for buyers. Prices continue to dwarf prior local real estate market peaks. Looking ahead, uncertainty continues on a macro level – recession worries, debt ceiling impasse, high rates, Ukraine, etc – and much can happen to affect our values. If one’s timeline is, conservatively 7 years or more, history has shown that Aspen real estate has been a safe harbor and a legitimate asset diversification play for the past 70 years while property owners enjoy an unsurpassed quality of living with its natural beauty and world class offerings of sport, art and culture.
This Section contains Estin Reports: Aspen Snowmass Real Estate Market Reports and Monthly Snapshots for the past 12 months. Prior year reports and monthly snapshots are archived in the Past Reports section.
The reports are:
1) Bi-Annual/Annual: State of the Aspen Snowmass Residential Real Estate Market Report.
2) Monthly Aspen Snowmass Residential Market Report Snapshots: Aspen Snowmass real estate summary (10 pages of detailed monthly stats and ‘bottom line’ commentary) released on or near the 1st Monday of each month. Includes sales stats by neighborhoods in 6-month periods that includes the 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. At the bottom of the Blog Section are the Blog Archives by year from 2006.
4) Aspen Snowmass Real Estate Historic Pace of Sales Charts: updated every quarter showing Aspen and Snowmass Village residential dollar and unit real estate sales by area and property types (past 10 yrs) and trend lines.
The Estin Report Aspen Snowmass Report market reports posts a 10-page snapshot* on or near the 1st Monday of each month. Bottom Line Feb 2023 Inventory continues to climb yet still at historic lows; Prices remain high with slightly more negotiating room. This has been the theme this… Read More
Bottom Line March 2023 (1st Quarter 2023) While inventory remains at record lows, in March YTD (through Mar 31), we saw a 60% increase of Aspen properties for sale over last year, 155 now vs 97 then; in Snowmass Village a 45% increase, 74 vs 51. Read More
The Estin Report Aspen Snowmass Report market reports posts a 10-page snapshot* on or near the 1st Monday of each month. Bottom Line Feb 2023 While inventory remains at record historic lows, in Feb we saw a 68% increase of Aspen properties for sale and in Snowmass Village a 78%… Read More
The Estin Report Aspen Snowmass Report market report posts a 10-page snapshot* on or near the 1st Mon. of each month. Bottom Line Jan 2023 While inventory of properties for sale remain at record lows,… Read More
The Estin Report publishes a 10-page monthly Aspen Snowmass Snapshot* on or near the 1st Mon. of each month. Bottom Line Dec 2022 For end of the year commentary and data, please see my 2022 Year in Review: H2 & YR 2022 YTD (Jan 1… Read More
Estin Report H2 & Full Year 2022 Aspen Snowmass Real Estate Market (Jan 1 – Dec 31, 22) v2.25* This downloadable online 32-page market report covers Aspen and Snowmass Village real estate market for H2 & Full Year 2022 (Jan 1 – Dec 31, 2022* v2.25). It… Read More
The Estin Report publishes a 10-page monthly Aspen Snowmass real estate market snapshot* on or near the 1st Mon. of each month. Bottom Line Nov 2022: There is no question that the Snowmass and Aspen real estate market has slowed dramatically. Unit sales are indicative of market… Read More
Bottom Line Units sales are down about 50-55% year to date in the Aspen and Snowmass Village real estate markets. Dollar sales are slightly ahead of last year, a reflection of sold prices remaining quite firm. Inventory, though rising 23% in Oct, continues to be at record lows justifying… Read More
Bottom Line Unit sales across the board—in Aspen & Snowmass Village—continue to be significantly lower than 2021 and 2020. They are closest to pre-pandemic years, 2019 and 2018, considered by many “more normal, healthy market periods”. Prices, in general, remain strong, with some incremental softening by… Read More
Bottom Line The market continues on its post pandemic, slower path to a return to 2019 and 2018 normalcy, which, pre-pandemic, were considered very healthy and active selling periods. The only category in the green this month is property sales over $10M …not difficult to… Read More
Bottom Line July 2022 Sales are slowing quite dramatically. Of the past four years, sales activity in July 2022 most resembles July 2019, pre-pandemic. (For a deeper dive into our real estate market activity, see my bi-annual 32 pg report.) In July 2022, for Aspen, there were (13)… Read More
This 32-page downloadable report covers Aspen and Snowmass Village real estate sales for H1 2022 (Jan 1 – Jun 30, 22) and Year 2021. It compares year over year results and historical data from the past 10+ years. There are two sections: 1. The Aspen Market (includes Aspen,… Read More
For the most current Estin Reports on the Aspen Snowmass Real Estate Market
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