Although November was off in terms of dollar volume, according to Tim Estin of The Estin Report, December is poised to be a big month with 25 pending listings expected to close by year’s end, with a total worth of $103 million. Three of the properties are the kind of high-dollar sales that dominated 2011—ranging from $14.75 million to $23.5 million. Closings in December 2011 accounted for $51 million, according to Estin, allowing that year to end with a whimper and almost even with 2010. Estin anticipates that 2012 dollar volume from upper valley sales will be close to 2011, about $50 million to $100 million less.
ASPEN REAL ESTATE — Two strong months in a row of real estate sales in Pitkin County and a flurry of expected year-end closings in the upper valley are expected to bring the local real estate market close to even with last year’s dollar volume…Tim Estin, a real estate agent with Coldwell Banker Mason Morse, reported that the number of sales was up 8 percent and dollar volume was down 7 percent for the same time period. Estin reported [in his most recent Nov. market update] a surge of single-family home sales in Aspen in October. With 15 in October 2012 and six the same month the prior year, this October had the highest number of single-family home sales in four years. At the same time, single-family home inventory has dropped 24 percent in four years, from 323 to 266. Estin believes the spike in Aspen single-family home sales continues the theme begun in the third quarter of 2012, when those sales accounted for 56 percent of the dollar volume throughout the entire Aspen and Snowmass area market (which includes Woody Creek and Old Snowmass) and rose 46 percent in dollar volume and 22 percent in number of sales over the third quarter of 2011.
By Catherine Lutz, Dec. 10, 2012 ABJ
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Aspen Snowmass Real Estate