Released July 2, 2022
Bottom Line June 2022: A slowing market
For the first half of 2022 through June 30th (YTD), unit sales – the best measure of the market’s performance, -are down significantly: Aspen is down -37%, (23) sales YTD versus (42) same time last year; Snowmass Village (SMV) is down -46%, (90) this year vs (167) last year. For the combined Aspen Snowmass real estate market, units sales are off -41%, (210) sales YTD versus (354) last year.
For June alone, under contracts, a measure of future performance, are off 74% in Aspen and –88% in SMV. In general, a rising number of under contracts combined with falling inventory of properties for sale indicates price pressure upwards, and vice versa, but, importantly, the data should to be evaluated by specific neighbor-hoods (Snapshot Pgs 7 & 9) for more meaningful conclusions.
Reasons for the decline? Record high prices and the lack of properties for sale are turning some buyers off and there are a myriad of macro issues causing uncertainty and doubts as to where things are going.
Inventory remains at record lows although new listings have been coming on the market in the past few weeks for the summer selling season at record high ask prices. Listing inventory for Aspen single family homes is off 31% from this time last year and off 51% for Aspen condos; in SMV, it’s it’s down 21% and 41% respectively (See pgs: 6 & 8).
In 2007-2008, the decline in unit sales was the indicator that the market was changing. Yet a truism in the Aspen real estate market, with the exception of the Great Recession, has been that those who try to time the market, waiting on the sidelines for a market correction, suffer the greatest financial risk over time – the loss of Aspen’s historic appreciation…unless that timing is perfect.
Property prices have continued their climb and dollar sales year to date (YTD) are 2% above the same period last year in spite of the sales slowdown.
June 2022 Prices
Aspen single family home median price in June 2022: $11.99M/$2,360 sq ft
Aspen condo median price in June 2022: $2.5M/$2,726 sq ft
– the median price of a 2 bedroom Aspen condo was $2.9M vs $1.75M in June 2021, 66% change (see pg 7)
Snowmass Village single family home median price in June 2022: $4.1M$1,469 sq ft
Snowmass Village condo median price in June 2022: $1.29M/$1,264 sq ft
– the median price of a 2 bedroom SMV condo was $1.39M vs $700K in June 2021, 100% change (see pg 9)
In property sales over $10M, which constitute a large number of our sales as the median Aspen single family home price is $11.99M, unit sales were down -54%, (6) sales this June vs (13) last June. But for H1 2022, they are up 33%, (48) this YTD vs (36) last YTD largely due to the strong sales earlier in the year.
Links to June 2022 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen June 2022 Closed Properties. This link is valid until 8/1/22.
Snowmass Village June 2022 Closed Properties. This link is valid until 8/1/22.
Vacant Lots June 2022 Closed Properties. This link is valid until 8/1/22.