v2.1 The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary of residential real estate sales in Aspen and Snowmass with scrubbed sales data for the subject month and year-over-year (YoY) performance . There are three sections: 1) Total market Aspen Snowmass Village combined; 2) The Aspen Market; 3) The Snowmass Village Market. It features charts, tables and 30-day live links to photos and details of sold properties and compares the subject month to the same time in prior years. The Monthly Snapshot is the only Aspen and Snowmass property sales information widely published in a timely and consistent manner early each month. The 11-page report is downloadable as PDF from link on the upper right of this page.
Bottom Line:
Click table to enlarge
In Apr 2025, there were (4) off market Aspen sales at extraordinary prices: (3) were over $50M and (1) was $33M. While these sales “before the MLS” do not get factored into average and median MLS sold price metrics, they are considered as markers and they do affect an upward price momentum in the market – at least for high-end, ultra luxury properties.
Given the general “uncertainty” prevalent in financial markets, and the media reporting of real estate sales falling through across the country, these sales deserve attention supporting the uniqueness and strength of our marketplace. Perhaps testament to hard assets, specifically Aspen real estate, gaining traction, confidence, over paper.
Property specific notes:
>270 Heather Ln Sells Before MLS at $53.3M/$7,517 SF
Built 2021, 6 Bdrm/7.5 Ba on one level on 1-acre bordering open space in the Meadowood Subdivision and walkable to Aspen District Schools.
>400 & 410 Lake Ave, premier West End location and street address, Lake Ave, with main and guest houses : 5,795 sf +1,708 sf = 7,503 sf
Lot size: 28,049 + 6,007 = 34,056 sf
These April sales reinforce what I wrote in early April for my Q1 & Mar 2025 Bottom Line: https://www.estinaspen.com/real-estate-market/q1-mar-2025-aspen-snowmass-real-estate-report/
“March was exceedingly strong with some very high-end sales in both Aspen and Snowmass Village. There were record price per sq ft sales in Aspen and record sale prices in SMV. The trend has been upwards as sold price per sq ft in the $5,000—$7,000 sf range becomes more frequent and “normalized’. The price pull continues upward. Whereas these sales used to be considered ‘outliers’ a year ago, their increasing frequency makes it more difficult to separate out, and they become a part of the overall pricing mix. In the past year, there have been (7) legit home sales in the $6-7,000 sold price per sf range. (This is excluding older homes purchases where at least 80%+ of the value is in the land.) Hence, prices are rising.
Reasons?
1. Aspen inventory of properties for sale remains at historically low levels;
2) Sales of new built single family homes are ‘pulling’ all home prices upwards
3) An increasingly restrictive land use code
4) The time to plan, design, build a new Aspen home is easily 4-5 years. In Snowmass Village, the construction “climate” is somewhat more relaxed, and likely to be less time onerous, but still 3-4 yrs.
5) Rising construction costs and labor competition
6) Escalating land costs and few quality choices, driving A+ locations stratospheric and the rest follow…”
Snowmass Base Village: Prices rising, new built product offerings not available in Aspen, demamnd is high
The sharp uptick in Snowmass Village inventory (See Pg 2) is due a new project, Stratos Snowmass, being released lare Jan 2025 with 89 units for sale. For more information and sales, please contact me.
Here are select charts and tables from the report.
Feb-Apr 2025: Aspen & Snowmass Village Single Family Homes Median Prices (Pg 4 top)
Feb-Apr 2025 Med Sold Price/Sq Ft for Aspen and Snowmass Village (Pg 4 bottom)
Pg 2:
The sharp uptick in Snowmass Village inventory (See Pg 2) is due to a new project, Stratos Snowmass, being released lare Jan 2025 with 89 units for sale. For more information and sales, please contact me
Pg 7 top:
Pg 9 top:
Snowmass Village condos have been built mostly during (3) construction periods, each with its own respective price range.
The Apr 2025 condo sales are itemized on Pgs 9-10.
The construction period tables included are:
1) All SMV Condos/all periods avg & median prices
2) SMV Condos built pre-2009 avg & median prices: Prices for older SMV condos built in the original Snowmass Village and early Base Village 2007-2008, Hayden Lodge and Capitol Peak Lodge
3) SMV Condos built 2009/2010 – The Viceroy/Assay Hill Lodge Ph I – avg & median prices
4) SMV Condos built after 2018 – avg & median prices, condo projects completed or in process by the Base Village new owner starting in 2017/2018, East West Partners. These include: BV Limelight, Lumin, One Snowmass East, One SnowmassWest, Electric Pass, Cirque x Viceroy/Assay Hill Lodge Ph II, Aura Snowmass built 2024. Between 2011-2018, there was a lull in new BV construction.
(Some history: In 2017, East West Partners bought out Related Co’s ownership of the Base Village and entitlements. New BV condos came online beginning in 2018 at significantly higher prices than the older, original resort SM Village condos and the 2009-2010 Viceroy/Assay Hill Lodge Phase I. As brand new BV projects are completed about every 2 yrs and quickly sell out, prices have been steadily rising. The final offering of new BV condos & townhomes is Stratos Snowmass with 89 units currently offered for sale in late Jan 2025. Contact Tim Estin for sales information.)
Links to Apr 25 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen Apr 25 Closed Properties.
Snowmass Village Apr 25 Closed Properties.
