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) sales vs (29) same time last year, down 55%; in Snowmass Village, there were (6) sales now vs (24) last year, down 75%.
For under contracts (UC), an indicator of future activity, in Aspen there were (16) in Jul ’22 versus (48) last year, -67%; in Snowmass Village, there were (14) vs (28) same time last year, -50% (See pg 2). However, if a property goes UC in July, it does not necessarily mean it will close in July or later. It may not close at all.
A falling number of sales, under contracts and low inventory means less activity overall. Pricing is the primary tool sellers use to position their property to the front of the pack in the hopes of motivating buyers. One would expect to see more and more price decreases as we get closer to summer’s end.
July 2022 Prices
Aspen single family home median price in July 2022: $12.4M/$3,104 sq ft
Aspen condo median price in July 2022: $7.5M/$1,771 sq ft
– the median price of a 2 bedroom Aspen condo was $2.85M/$3,047 sq ft vs $2.1M/$2,325 sq ft in July 2021 (pg 7)
Snowmass Village single family home median price in July 2022: (0) sales
Snowmass Village condo median price in July 2022: $1.12M/$1,117 sq ft
– the median price of a 2 bedroom SMV condo was $1.12M/$1,137 sq ft vs $745K/$747 sq ft in July 2021, (pg 9)
Links to July 2022 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen July 2022 Closed Properties. This link is valid until 9/1/2022
Snowmass Village July 2022 Closed Properties. This link is valid until 9/1/2022
Vacant Lots July 2022 Closed Properties. This link is valid until 9/1/2022
Released Aug 15, 22 v2.1f . 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 and raw data of the subject month and YTD performance for residential real estate sales in Aspen and Snowmass with three sections: 1) Total combined Aspen Snowmass Village Market; 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.