Latest Aspen Real Estate Market Summary

This real estate market update is a brief 2023 year in review. For an in-depth review, see the link below to the 32-Pg Estin Report H2 & YR 2023 Aspen Real Estate Market.   H2 2023 sales are up 7% in dollar volume and 10% in unit sales compared to H2 2022;  Snowmass Village dollar volume, in the same time period, is up 74% and unit sales up 26% – Snowmass has been on fire with its approximate 50% discount to Aspen prices and a slew of brand new condominium product (unavailable in Aspen due to prohibitive zoning) that has been completed and sold in the past 4 years. The new development, still-in-progress, Snowmass Base Village has rejuvenated this beautiful mountain resort just 8 miles from downtown Aspen. The Aspen local market real estate prices are driven by a continuing significant lack of local inventory from downtown Aspen rippling outward throughout the entire Roaring Fork Valley. Finding the right property remains challenging for buyers. There are relatively few offerings and continued record prices. Demand outstrips supply. While inventory of available properties bottomed in 2022 and has increased 10% in 2023. the number of Aspen properties for sale is 35% to 50% lower than H2 2020 and H2 2019 respectively, pre-pandemic. (See the Charts Section). In H2 2023, the median sold price of a single family home in the Aspen market was $13.4M/$2,753 sq ft versus $14.75M/$3,203 sq ft in H2 2022;  the median sold price of an Aspen, CO condo in H2 2023 was $2.95M/$2,829 sq ft  versus $3.1M/$3,150 sq ft the same time year before. 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 many new built homes easily fall with in the $4,000-$5,000 sq ft range with a growing number of A++ located newer homes selling over $5,000 sq ft. The record price for an Aspen home is $76M that sold in Sept 2023. Thus far, the record Aspen sold price per sq ft is $6,998 sq ft for a ski home directly on Aspen Mountain, called 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 2023. Conversely, Pitkin County taxes are amongst the lowest in the country – highest property valuations, 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, World’s Richest Cities 2022). While prices arguably peaked sometime late spring 2022, they remain very strong and solid with small or incremental price decreases. Deals are typically transacting between 0-4% of ask. Over 70% of Aspen property transactions close with cash even though lenders or investment groups are typically behind these deals dishing out 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. At the end of 2023, there have been incremental Aspen home price adjustments, but sellers remain firmly in control.  Prices are neighborhood and property 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, my forecast is for more of the same. Inventory will remain tight and prices high as we continue to experience steady progress on inflation, a high-flying stock market and strength in the jobs market.  Yet Ukraine and Israeli-Hamas conflicts are obviously unsettling and horrific.  Much can happen – the unknown of course – to adversely affect our real estate values. However, if one’s timeline is conservatively 7 years or more, history has shown that Aspen real estate has been a proven safe harbor and a profitable portfolio diversification play for the past 70 years. Unlike a paper asset, property owners get “double” the return: 1) Enjoyment of their physical investment in a stunning environment with world class sports, art and culture; 2)  Realization of time-proven, time-tested appreciation. To learn more about our history, properties for sale and the market, contact Tim Estin (970.309.6163 or email).

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.

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