Released 12.26.14. These are 2014 Year-to-Date stats through Dec 22, 2014 – with charts and tables below for the Aspen and Snowmass Village real estate market at year end. The full 4th Quarter and Year 2014 report will be released mid Jan. 2015. The Estin Report: Aspen Snowmass Real Estate Market documents sales and market activity in the upper Roaring Fork Valley – Aspen, Snowmass Village, Woody Creek (WC) and Old Snowmass (OSM). Included property types are single family homes, condos, townhomes, duplexes and residential vacant land at sold at prices over $250,000. Fractionals are not included. Aspen* includes WC and OSM.

Total Aspen and Snowmass Village Market Combined Though Dec 22, 2014

  • Unit Sales: up 5%, from 432 sales in 2013 to 453 sales in 2014
  • Dollar Sales: up 28%, from $1,005M in 2013 to $1,282M in 2014.
  • Inventory: Down 13%, from 1,668 properties for sale in 2013 to 1,443 in 2014.

Click Chart to enlarge

Click table to enlarge

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The Aspen real estate market is about to complete its best year since 2007. Along with positive economic news across the country, a strong and confident Aspen market has returned.

The biggest changes year over year, between 2014 and 2013, in the overall Aspen and Snowmass market combined and the individual Aspen and Snowmass markets, separately, are highlighted below.
1. As is typical in a market recovery, the inexpensive Aspen properties have been picked off and there’s been considerable pickup in Aspen SFH sales across all price points. In particular, there’s been a major spike in activity in Aspen home sales above $7.5M, up 81% from 16 sales in 2013 to 29 in 2014. In the high end, luxury class above $10M, sales are up 42% from 12 in 2013 to 17 in 2014. In the $20M+ properties, sales increased 200%, from 1 sale in 2013 to 3 in 2014. The one exception is the $1M-2M category which fell 42% because so little home inventory is for sale at this price point.

2. A noteworthy rise in Aspen condo average prices – avg price per sq ft rising 20% from $976 in 2013 to $1,176 in 2014 – skewed perhaps disproportionately higher specifically by newer built and therefore, higher priced, condo sales.
3. Lack of listing inventory is becoming an issue, especially in specific market segments driving prices in those areas and for that product line slowly higher.
4. After essentially a 5-year “pause” in new residential construction, it is starting to come back…although builder/developer financing has continued to remain challenging through most of 2014. In the latter part of 2014, that picture was changing. Local mortgage funds have been freeing up. A particularly aggressive example is offered by Cunningham Mortgage – 90% lot loans with 80% construction loans and ability to lock in to a fixed 30 Yr rate upfront. At last conversation, Dick Carter of Affiliated Financial Group is still offering rates at 2.0% – 3.6% to qualified borrowers.
5. The Snowmass Village (SMV) market typically represents approximately 15-30% of the entire Aspen Snowmass combined market. In 2014 YTD, SMV unit sales are 31% and SMV dollar sales are 16% of the total market.
Snowmass Village SFH home sales picked up significantly in the $1M-2M range, up 80% from 10 sales in 2013 to 18 sales in 2014 (with extremely tight listing inventory remaining in this range, these prices points are rising).
SMV home sales, in general, increased 23% from 30 sales in 2013 to 37 sales in 2014.
And condo sales fell 30%, from 118 sales in 2013 to 83 in 2014, due largely to fewer Viceroy Hotel and Condo sales year over year. Their sales program launched aggressively in early Jan 2013, and the fall off is due to the natural maturation of that program (A phase II Viceroy program is in its late planning stage).
Summary sales statistics are listed below for the total combined Aspen and Snowmass Village real estate market and separately for the Aspen, then Snowmass Village, markets. Charts and tables supporting these numbers are further down the page.

Total Aspen and Snowmass Village Market Combined

  • Unit Sales: up 5%, from 432 sales in 2013 to 453 sales in 2014
  • Dollar Sales: up 28%, from $1,005M in 2013 to $1,282M in 2014.
  • Inventory: Down 13%, from 1,668 properties for sale in 2013 to 1,443 in 2014.


Click Chart to enlarge

Aspen Market (includes SFH, Condos, Vacant Land sales and areas Aspen, Brush Creek, Woody Cr and Old Snowmass)

  • Unit Sales = up 14%, from 276 sales in 2013 to 315 sales in 2014
  • Dollar Sales = up 36%, from $793M in 2013 to $1,079M in 2014.
  • Listing Inventory = down 11%, from 1,078 properties for sale in 2013 to 956 in 2014


Click charts/tables to enlarge

Click charts/tables to enlarge

Aspen Single Family Homes (SFH):

  • Sales Priced $7.5M – $9.99M = up 67% from 4 in 2013 to 12 in 2014YTD
  • Sales Priced $10M – $14.99M = up 50% from 7 in 2013 to 14 in 2014 YTD
  • Sales Priced $20M+ = up 200% from 1 sale in 2013 to 3 sales in 2014YTD
  • Unit Sales = up 21%, from 105 sales in 2013 to 127 sales in 2014
  • Dollar Sales = up 38%, from $488M in 2013 to $672M in 2014.
  • Listing Inventory = down 7%, from 600 properties for sale in 2013 to 557 in 2014
  • Avg $/Sq Ft = up 5% from $987 sq ft in 2013 to 1,026
  • Median Sold Price = up 29%, from $3.25M in 2013 to $4.2M in 2014YTD
  • Avg Sold Price = up 14% from $4.65M in 2013 to $5.3M in 2014 YTD
  • Unit Sales = up 21% from 105 units in 2031 to 125 units in 2014 YTD
  • Sold Price % of Ask Price = up 5% from 88% in 2013 to 92% in 2014 YTD
  • Sold Price % of Original List = up 13% from 78% in 2013 to 88% in 2014 YTD
  • Of note: Jan 2015 Scheduled Closings: There are (3) properties over $10M scheduled to close in early Jan 2015 with ask prices of $24.5M, $17.8M and $12.9M

Aspen Condominiums

  • Unit Sales = up 3% from 147 sales in 2013 to 152 sales in 2014
  • Dollar Sales = up 29% from $252M in 2013 to $326M in 2014.
  • Listing Inventory = down 17% from 864 properties for sale in 2013 to 720 in 2014
  • Avg $/Sq Ft = up 20% from $979 sq ft in 2013 to $1,176 in 2014 YTD
  • Median Sold Price = up 11% from $1.2M in 2013 to $1.325M in 2014YTD
  • Avg Sold Price = up 25% from $1.7M in 2013 to $2.1M in 2014 YTD
  • Sold Price % of Ask Price = unchanged 0% from 93% in 2013 to 93% in 2014 YTD
  • Sold Price % of Original List = unchanged 0% from 90% in 2013 to 89% in 2014 YTD

Aspen Under Contracts scheduled to close by Dec 31, 2014

Click charts/tables to enlarge

Snowmass Village Market (includes SFH, Condos andVacant Land sales)

  • Unit Sales: down 12% from 156 sales in 2013 to 138 sales in 2014
  • Dollar Sales: down 4% from $212M in 2013 to $203M in 2014.
  • Listing Inventory: down 17% from 590 properties for sale in 2013 to 487 in 2014.

Click charts/tables to enlarge

Click charts/tables to enlarge.

Click charts/tables to enlarge.

Snowmass Single Family Homes

  • Unit Sales = up 23% from 30 units in 2013 to 37 units in 2014 YTD
  • Dollar Sales = down 13% from $115M in 2013 to $100M in 2014 YTD
  • Listing Inventory = down 6% from 138 in 2013 to 130 in 2014 YTD
  • Avg $/Sq Ft = up 1% from $670 sq ft in 2013 to $671 in 2014 YTD
  • Median Sold Price = down 7%, from $2.1M in 2013 to $1.95M in 2014YTD
  • Avg Sold Price = down 30% from $3.8M in 2013 to $2.7M in 2014 YTD
  • Sold Price % of Ask Price = up 5% from 88% in 2013 to 92% in 2014 YTD
  • Sold Price % of Original List = up 13% from 78% in 2013 to 88% in 2014 YTD
Snowmass Village Condominiums
  • Unit Sales = down 30% from 118 units in 2013 to 83 units in 2014 YTD
  • Dollar Sales = down 13% from $87M in 2013 to $76M in 2014 YTD
  • Listing Inventory = down 24% from 416 in 2013 to 318 in 2014 YTD
  • Avg $/Sq Ft = down 2%% from $668 sq ft in 2013 to $653 in 2014 YTD
  • Median Sold Price = up 24%, from $525K in 2013 to $651K in 2014YTD
  • Avg Sold Price = uo 24% from $738K in 2013 to $951K in 2014 YTD
  • Sold Price % of Ask Price = up 1% from 92% in 2013 to 93% in 2014 YTD
  • Sold Price % of Original List = unchanged 0% from 87% in 2013 to 87% in 2014 YTD

Disclaimer: The statements made in The Estin Report and on Aspen broker Tim Estin’s blog represent the opinions of the author and should not be relied upon exclusively to make real estate decisions. A potential buyer and/or seller is advised to make an independent investigation of the market and of each property before deciding to purchase or to sell. To the extent the statements made herein report facts or conclusions taken from other sources, the information is believed by the author to be reliable, however, the author makes no guarantee concerning the accuracy of the facts and conclusions reported herein. Information concerning particular real estate opportunities can be requested from Tim Estin at 970.309.6163 or email. The Estin Report is copyrighted 2014 and all rights reserved. Use is permitted subject to the following attribution with an active link to the source: “The Estin Report on Aspen real estate.”

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