Released Mar 8, 2022 v1.51
Bottom Line Feb 2022 Aspen Snowmass Real Estate Market
As we experience more and more horrible events and images coming from Ukraine, many worry how much worse it will get, how long this will last and at what human cost. Day by day the situation is deteriorating.
Far less important is asking how will this affect Roaring Fork real estate?
Will this unfolding catastrophe cause an even greater exodus than the pandemic from populated areas to our relatively small rural resort environment? Will sales slow profoundly? If the stock markets falls, will there be a flight to safety as the Aspen real estate market has often been (safe harbor) or will activity and prices fall as they have at times in the past? Already sales are slowing due to the low inventory and inability for buyers to find what they want at “reasonable” prices.
Prices of residential real estate in Aspen and Snowmass Village have shot up in the past two years. The local inventory of properties for sale is at its lowest level of the past 12 years – in Feb 2022, inventory for Aspen is down 74% from Feb 2020 (pre-pandemic), (316) listings then vs (81) now and down 79% in Snowmass Village, (228) then vs (41) now. And although prices had been steadily rising, the past two years – pandemic related – have been a rocket ship…Demand up; supply way down; prices – up, up and away. Market prices now are scarcity driven. (New properties coming on the market are being priced 10-30%+ above yesterday’s sold comp which likely went under contract/ pending 1-3 months earlier. Yesterday’s sale is the deal you missed and there are more and more examples of “off-market”, unlisted properties, trading at record prices. (For avg. and median sold prices, see Pg 4.)
Aspen Snowmass real estate market Feb 2022:
Feb 2022 median sold prices
Aspen single family (SFH) home $14.5M/$2,411 sf
Snowmass Village (SMV) SFH $9.5M/$1,293 sf
Asp condo $2.8M/$2,857 sf
SMV condo $1.65M/$1,247 sf.
Links to Feb 2022 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen Feb 2022 Closed Properties. This link is valid until 4/1/22.
Snowmass Village Feb 2022 Closed Properties. This link is valid until 4/1/22.
Vacant Lots Feb 2022 Closed Properties. This link is valid until 4/1/22.