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 an extreme lack of local inventory from downtown Aspen throughout the entire Roaring Fork Valley. It is a challenging year for buyers: few offerings and record prices. In Feb 2023 buyers paid a median price of $9.475M/$1,995 per sq ft for a single family home in the Aspen market; a year ago, they paid $15.9M/ $3,312 sq ft; the median price of Aspen condos was $3.575M/$3,262 sq ft vs $2.595M/$2,595 sq ft last year. Aspen today probably has the most expensive median home prices 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 and Aspen homes, in general, rank among the highest median sale prices throughout the country in 2022. Conversely, the Pitkin County tax rate is amongst the lowest in the US. Highest prices; lowest taxes. 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 last spring 2022, the median price of single family homes and condos remain strong in general with small or incremental price decreases as the inventory of available properties continues to be at historically record lows. This is in spite of recent mortgage rates increases and substantially slower unit sales in 2022. Over 70% of Aspen property transactions close as 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 get closer to the Winter Holiday season, there have been incremental Aspen home price adjustments but with listing inventory remaining at record lows. Prices are property and neighborhood specific rather than some type of overall seller capitulation that would be of real impact 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 its property owners enjoy an unsurpassed high quality of living.
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 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
Released July 2, 2022 Bottom Line June 2022: A slowing market For the first half of 2022 through June 30th (YTD), unit sales – the best measure of the market’s performance, -are down significantly: Aspen is down -37%, (23) sales YTD versus (42) same… Read More
Bottom Line 06.20.22. (Updated 7/01/22). The Aspen real estate market remains super tight even though there are a number of new listings hitting the Aspen MLS for the start of the summer selling season. Sellers continue to feel robust and confident in this record low inventory market. Read More
For the most current Estin Reports on the Aspen Snowmass Real Estate Market
- Monthly, annual, in-between and special reports -
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