Aspen Snowmass Real Estate Market Update
Each week we bring you three exciting statistics driving one of the most exclusive real estate markets in the country.This week we are going to bring you up to speed on what’s been happening in the Aspen/Snowmass real estate market so far this year.
Down 45%, that is condo sales in Aspen this year over last.
Last year at this same time, condos in Aspen were selling at a blistering pace; we had closed just under a $120 million and an average of $1168 per sq ft. This year, the average dollar per sq ft is $1246, while overall dollar volume is just over $54 million.
Condo sales may be taking a bit of a breather, but values are firm, closing at a higher dollar per sq ft that last year at this time.
Aspen single family sales, off 39% this year over last.
Last year at this time the Aspen market had generated almost $263 million dollars in single family sales. The same time this year, we are just over $100 million in closed sales. Last year buyers were paying an average of $1354 per sq ft and this year it’s $1340. Nine of the sales this year were above $5 million with marketing times as fast as 33 days.
As with all statistics, you’ve got to dig a little deeper and understand what the market is communicating. This market is indicating that if you bring a good product at a compelling price, your property is sold!
422! That’s the number of properties currently available to choose from in Aspen.
Of the 422 properties, 74 are priced above $2k a sq ft, with the average dollar per sq ft at just over $1500. The lowest asking price is $795,000 and the highest $80 million. Only 15% of the market is reporting under contract.
What does this mean to you as a buyer? It means get informed, understand the market, and work with a broker willing to help interpret the nuances of this rather complex market.
That’s it for the Aspen Dirt Report!