Latest Aspen Real Estate Market Summary

This real estate market update is a snapshot of Mar & Q1 2024. For an in-depth review, see the link below to the 32-Pg Estin Report 2023 Year in Review .   Q1 2024  YOY sales for Aspen  are up 30% in dollar volume and 40% in unit sales compared to Q1 2023;  Snowmass Village dollar volume is up 30% and unit sales up 31% – Snowmass has been on fire selling at an approximate 40-60% discount to Aspen with a slew of brand new condo product that has been completed and sold in the past 4 years. (Not available in Aspen due to restrictive zoning.) The newly developed, still-in-progress, Snowmass Base Village has rejuvenated this beautiful mountain resort 8 miles from downtown Aspen. The Aspen local market real estate prices are driven by a continuing significant lack of inventory of properties for sale 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 78% to Mar 2024. the number of Aspen properties for sale currently is approximately 50% less than Mar 2020 and almost 60% less than Mar 2019 pre-pandemic. (See the Charts Section). In Q1 2024, the median sold price of a single family home in the Aspen market $11.9M/ $3,317 sq ft versus $11.67/$2,624 sq ft in Q1 2023;  the median sold price of an Aspen, CO condo in Q1 2024 was $2.7M/$3,267 sq ft versus $2.7M/$2,842 sq ft in Q1 2023. 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 within the $4,000-$5,000 sq ft range and growing number of A++ located newer homes selling over $5,000 sq ft. As reported by the WSJ on Apr 1, 24, the record price for an Aspen home, and first sale over $100M, will soon be $110M/$5,000 sq ft  for a 4.5 acre, 22,000 sf estate at near the base of Red Mountain – but with furnishings, art, etc the total bill is $127M. (No, not an April fool’s joke.) The second highest sale was $76M/$3,534 sq ft for an 21,500 sf Aspen ski in home 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 Q1 2024. Conversely, Pitkin County taxes are amongst the lowest in the country – highest property valuations, lowest taxes. The past two years have been characterized by housing shortages and real estate deals that favoring 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 Feb 2024 that we probably have 100-125 Aspen billionaires who own property here compared to NYC with 107, Beijing 83, Hong Kong 68, London 66, Palm Beach Island 54 (Source: Forbes, World’s Richest Cities 2022. Also according to Forbes as of April 2024 there are 813 US billionaires, and 2,781 billionaires in the world, up 141 from last year.) Prices remain very strong, unless the listing is over-priced to begin with,  and single family homes priced over $10M are typically selling at an avg. 91-95% of ask;  Condos, 2-3 bedrooms, in the past 3 months are selling at an avg. 95% 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. For the 1st Quarter 2024, 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  – 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 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 beautiful environment with world class sports, art and culture; 2)  Realization of time-proven, time-tested Aspen Snowmass 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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