Latest Aspen Real Estate Market Summary

This real estate market update shows continuing upward trends in total dollar sales volume in residential home sales, condo sales and vacant land sales. The local market real estate prices are driven by the extreme lack of local inventory from downtown Aspen throughout the entire Roaring Fork Valley. It is a challenging year for buyers. In October 2022, buyers paid a median price of $13M/$3,403 per sq ft for single family homes in the Aspen market; a year ago, they paid $9.05M/ $2,471 sq ft; the median price of Aspen condos was $2.6M/$3,064 sq ft vs $2.15M/$2,303 sq ft last year. Aspen today has the most expensive home sales in the United States on a price per square foot basis. Prices of a number of newer homes have easily surpassed $4,000 sq ft with some over $5,000 sq ft. Luxury homes in this housing market are the capstone of high dollar volume but all Aspen homes rank among the highest average sale prices through the third quarter 2022 so far (as of Sep 30th). Conversely, the Pitkin County tax rate is amongst the lowest in the country. The past year has been one of housing shortages and real estate deals that favor sellers in the extreme. While prices may have peaked sometime in late spring 2022, the median price of single family homes in general remain strong with small or incremental price decreases as the inventory of available properties continues to be so low. This is in spite of recent mortgage rates increases and slowing unit sales. Over 70% of Aspen property transactions close as cash even though lenders or investment groups are typically behind these deals offering up super-enticing 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 get closer to the Winter Holiday season, Aspen home prices may cool down but with listing inventory remaining at record lows, price decreases are likely to be halting and property/neighborhood specific rather than some type of capitulation across the board and of real substance for buyers. At present, prices continue to dwarf prior local real estate market peaks. Looking ahead, uncertainty prevails on a macro level and much can happen to affect our values even though Aspen real estate has been much regarded and lauded for the past 70 years as a safe harbor investment while enjoying its unsurpassed high quality of living.

This Section contains Estin Reports: Aspen Snowmass Real Estate Market Reports and Monthly Snapshots for the Current Year 2022. 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.

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