Bottom Line June & 2023 YTD (1st Half 2023)
At the half year mark , H1 2023 (Jan 1- Jun 30), it is clearly evident the market has slowed considerably yet the metrics you read in various reports around town are not likely to reflect what’s really going on. I try to dig deeper to better understand the context of things,
The market has returned to pre-pandemic “normalcy” of the 2016-2019 years, a theme mentioned throughout the year so far. Normalcy means a healthy, active market but not the explosive ‘urban exodus’ market of 2020-2022.
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SALES BY PROPERTY TYPES & LOCATION
ASPEN:
Aspen Single Family Home Sales: In June 2023, buyers paid a median price of $12.4M/$3,124 per sq ft for a single family home in the Aspen market; a year ago, they paid $17M/ $2,533 sq ft, -27% YOY in price. In the past (3) months, April-June, a total of (20) Aspen single family homes sold: (14) were under $20M, (4) were between $20M-40M and (2) sold over $40M.
Aspen Condo Sales: In June 2023, the median price of Aspen condos is $3.85M/$3,032 sq ft vs $2M/$2,742sq ft last year, up 93% YOY in price.
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Chart: Aspen Condo Prices by Bedroom Count
Snowmass Village Condo Sales:
Snowmass Village unit sales in for H1 2023 are up 69% . Why this surge? A huge tranche of new built condominiums – that went under contract pre-construction two years ago – closed in Apr and May 2023: There were (53) newly completed Electric Pass Condos that closed in March/April and (6) more closed in May upon issuance of their certificate of occupancy. These new units are 2-3 bdrms, 932-1547 sq ft selling between $1.35M – $3.2M. The avg sold price/sold price per sq ft was $2,010,000/$1,597 sq ft. In this report, all SMV condo sales, including Electric Pass sales, are totaled together.
Snowmass Village Condo Complexes Built 1960’s-1980’s
MED: $1,213 sq ft $1,075,000 sold price
AVG: $1,288 sq ft $1,269,600 sold price
Click image to enlarge.
Charts: Snowmass Village Condo Prices by Bedroom Count
LINKS TO JUN 2023 ASPEN AND SNOWMASS VILLAGE SOLD PROPERTY PHOTOS AND DETAILS:
Aspen Jun 23 Closed Properties.
Snowmass Village Jun 23 Closed Properties.
Vacant Lots Jun 23 Closed Properties.
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The Estin Report posts a 10-page monthly Aspen real estate market report “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 today. It includes on and off-market sales and scrubbed data to remove “outliers” to present the most accurate and relevant data available. There are (3) 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. This information is deemed reliable but cannot be guaranteed.
The Estin Report© is copyrighted 2023 and all rights reserved.
Use is permitted subject to the following attribution with an active link to the source: The “Estin Report on the Aspen real estate market.”
