Latest Aspen Real Estate Market Summary

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.

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