Released June 4, 2016 v1.5
Aspen and Snowmass Village
Real Estate Snapshot
There is a night and day difference between May 2017 and same time last year. The market appears to be firing on all cylinders heading into the summer selling season.
A statistic that says it all: there were (15) Aspen single family home sales in May 2017 versus (2) in May 2016, +650% (Pg 6).
One very significant investor group that currently has about 15-18 projects under redevelopment and for sale has bumped up select property prices 5%.
in the past two weeks of May, inventory of properties for sale has plummeted but this is likely due to sellers withdrawing their properties from the market during the off-season in order to reset their Days-on-Market (DOM) counter to “0” for a new listing period to begin in early-to-mid June. It’s a strategy that may work superficially, but, on deeper review, the full consecutive DOM for a listed property is revealed in the MLS under the property’s listing and price history.
Inventory of properties for sale is an important metric to watch and measure: lower inventory and higher demand translates into upward moving prices; higher inventory and lower demand means softening price pressure and thus downward prices.
Advice to buyers: The market is humming, get in sooner than later.
From May’15 to May ’17, the avg. price per sq ft of a Aspen single family home has risen 12%, from $1,269 sq ft then to $1,420 now; for Aspen condos, it’s risen 25% from $1,127 sq ft then to $1,406 now (Pg 3).
Barring unforeseen events, all real estate indicators point to a very strong and active summer.
May 2017 Market Statistics Summary for Aspen Only *
Aspen condo sales May 2017
Unit Sales: +56% (14) in May ‘17 from (9) in May ‘16
Dollar Sales: -14% $19M in May ‘17 from $22M in May ‘16
Inventory Active Listings: -45% (127) in May ‘17 from (233) in May ‘16
Aspen condo sales 2017 YTD
Unit Sales: +23% (58) in May ‘17 from (47) in May ‘16
Dollar Sales: +7% $114M in May ‘17 from $107M in May ‘16
Inventory Active Listings: -25% (224) in May ‘17 from (298) in May ‘16
Aspen Single family home sales May 2017
Unit Sales: +650% (15) in May ‘17 from (2) in May ‘16
Dollar Sales: +271% $84M in May ‘17 from $23M in May ‘16
Inventory Active Listings: -18% (142) in May ‘17 from (174) in May ‘16
Aspen Single family home sales 2017 YTD
Unit Sales: +215% (41) in May ‘17 from (13) in May ‘16
Dollar Sales: +253% $280M in May ‘17 from $79M in May ‘16
Inventory Active Listings: -1% (212) in May ‘17 from (215) in May ‘16
* Typically, the Aspen real estate market represents 70-75% of the total combined Aspen Snowmass Village marketplace.
Links to May 2017 Aspen and Snowmass Village Sold Property Photos and Details
Aspen May 2017 Closed Properties (29). This link is valid until 7/1/2017.
Snowmass Village May 2017 Closed Properties (10). This link is valid until 7/1/2017.
Vacant Lots May 2017 Closed Properties (2). This link is valid until 7/1/2017.
Disclaimer: The statements made in The Estin Report and on Aspen broker Tim Estin’s blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.309.6163 or by email.
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