This real estate market update is a snapshot of August 2024 YTD. (Sep 2024 will be posted week of Oct 7th). For an in-depth review, see the link below to the 32-Pg Estin Report 1st Half 2024. Aug 2024 Year over Year (YoY) dollar sales for Aspen are up 12% in dollar volume and 14% in unit sales compared to Aug 2023; Snowmass Village (SMV) dollar sales are down 10% and unit sales are down 31%. Why the decline? Since 2018, Snowmass Base Village has completed two new built condo projects every 18-24 months. These have typically sold out early in their release at pre-construction prices. Their appreciation so far has been significant. Between going under contract and closing, there is a “lull” of fresh inventory, and we are presently in that period with little to sell other than re-sales and units built during the original Snowmass Village development in the 1960-90’s. In general, SMV has been on fire, selling at an approximate 40-60% discount to Aspen with a slew of brand new condo product that’s simply not available in Aspen due to aged stock and more restrictive zoning. The newly developed, still-in-progress, Snowmass Base Village has rejuvenated this beautiful mountain resort just 8 miles from downtown Aspen. The Aspen local market real estate prices are driven by a continuing significant lack of inventory of properties for sale from downtown Aspen rippling outward throughout the entire Roaring Fork Valley. Finding the right property remains challenging for buyers. Though inventory has been rising slowly, there continue to be relatively few offerings, compared to historic inventory levels (see Pg 6 July or Pg 13 in H1 2024 report), so prices remain strong. Demand outstrips supply. For an historic view of inventory levels since at least 2012, see the Charts Section. In Aug 2024, the median 3-mos sold price of a single family home in the Aspen market was $15.2M/$2,733 sq ft versus $13.0M/$3,251 sq ft in Aug 2023; For Aspen condos, the median 3-mos sold price in Aug 2024 was $1.925M/$2,602 sq ft versus $3.22M/$2,977 sq ft in Aug 2023. In general, Aspen today probably has amongst, if not the, most expensive median home prices on a price per square foot basis in the United States. Prices of many new built and luxury homes and remodeled condos easily fall within the $4,000-$5,000 sq ft range with a growing number of 5-Star stellar located newer homes selling over $5,500 sq ft. In Aug 2024, there were two stellar off-market sales at $60M/$6,867 sq ft at the base of Red Mountain on Willoughby Way – with the hat trick of panoramic mountain views/river views/walkable into town and a downtown townhome at $31.95M/$6,907 sq ft. The record price for an Aspen home, and first sale over $100M, occurred on 4/15/24 at $108M/$4,820 sq ft for a 4.5 acre, 22,000 sq ft estate near the base of Red Mountain – however, with furnishings, art, etc, the total bill was $127M. The second highest sale, also in April 2024, was $77M/$6,084 sq ft for an 12,655 sf contemporary Aspen estate on 60 acres in Owl Creek, halfway between Aspen and Snowmass Village. Thus far, the record sold price per sq ft for an Aspen home is $6,998 sq ft for a ski home directly on Aspen Mountain called The House on Little Nell, and $7,546 sq ft for a penthouse condo in downtown Aspen. Luxury homes in this housing market are the capstone of high dollar volume and Aspen homes rank among the highest median sale prices in the country. Conversely, Pitkin County property taxes are amongst the lowest in the country – highest property valuations, lowest taxes. The past two years have been characterized by housing shortages and real estate deals favoring sellers in the extreme. And clearly, the billionaire influence has been a significant driver in the Aspen market: A highly regarded local appraiser determined in Feb 2024 at a Aspen Board of Realtors presentation that we probably have 100-125 Aspen billionaires who own property here compared to NYC with 107, Beijing 83, Hong Kong 68, London 66, Palm Beach Island 54 (Source: Forbes, World’s Richest Cities 2022. Also according to Forbes as of April 2024 there are 813 US billionaires, and 2,781 billionaires in the world, up 141 from last year.) Prices remain very strong, unless the listing is over-priced to begin with. Aspen single family homes priced over $10M-$30M are typically selling at an avg. 93-96% of ask; Aspen condos, 2-3 bedrooms, in the past 3 months are selling at an avg. 90-91% of ask. Over 70% of Aspen property transactions close with cash even though lenders or investment groups are typically behind these deals offering super-low lending rates for relationship building with affluent Aspen clients. Real estate agents have no problem selling a home if they can actually find a seller. For the 1st Half 2024, there have been incremental Aspen home price adjustments, but sellers remain firmly in control. Prices are neighborhood and property specific rather than some general seller capitulation that would be of real impact for buyers, and they continue to dwarf prior local real estate market peaks. Looking ahead, The prevailing market trends are: low inventory, an anticipated stricter land use code within the next year favoring existing larger homes, and continued demand for remote work and living in our easily accessible, world-class outdoor sports, arts and cultural mountain environment. Yet Ukraine and Israeli-Hamas conflicts are obviously unsettling and horrific. Much can happen – the unknown – to adversely affect our real estate values. However, if one’s timeline is conservatively 5 years or more, history has shown that Aspen real estate has been a proven safe harbor and a profitable diversification play for the past 70 years. Unlike a paper asset, property owners get “double” the return: 1) Enjoyment of their physical investment in a beautiful world class sports, art and culture environment; 2) Realization of time-proven and tested Aspen Snowmass appreciation. To learn more about our history, properties for sale and the market, contact Tim Estin (970.309.6163 or email).
This Section contains Estin Reports: Aspen Snowmass Real Estate Market Reports and Monthly Snapshots for the past 12 months. Prior year reports and monthly snapshots are archived in the Past Reports section.
The reports are:
1) Bi-Annual/Annual: State of the Aspen Snowmass Residential Real Estate Market Report.
2) Monthly Aspen Snowmass Residential Market Report Snapshots: Aspen Snowmass real estate summary (10 pages of detailed monthly stats and ‘bottom line’ commentary) released on or near the 1st Monday of each month. Includes sales stats by neighborhoods in 6-month periods that includes the subject month (Pgs 7 & 9).
3) Weekly Blog: Aspen Snowmass Weekly property closings and under contract activity is posted every Monday morning, sometimes in-between. Lots of photos, details and comments. At the bottom of the Blog Section are the Blog Archives by year from 2006.
4) Aspen Snowmass Real Estate Historic Pace of Sales Charts: updated every quarter showing Aspen and Snowmass Village residential dollar and unit real estate sales by area and property types (past 10 yrs) and trend lines.
v2.0 The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and raw sales data of the subject month and YTD performance for residential real estate sales in Aspen and… Read More
v1.4 (updated from v1.2 on Pgs 7, 9-11 to reflect 6 mos median average sales rather than 3-mos avgs.) The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and… Read More
I am pleased to introduce the next iteration of Sotheby’s coveted 2024 Mid-Year Luxury Outlook℠ report. The report is a comprehensive review of the forces and trends impacting high-end residential real estate markets across the globe for the remainder of the year. This year, policy shifts and elections in nearly… Read More
Released online 07.18.24 v2.92 Executive Summary Current Market Overview – Unit Sales: In H1 2024 , Aspen unit sales increased 24% over H1 2023, while Snowmass decreased 25% due to a pause in new condo construction offerings. Unit sales are a better measure of… Read More
v1.71 (rev. Jul 11, 24) The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and raw sales data of the subject month and YTD performance for residential real estate… Read More
v1.70 The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and raw sales data of the subject month and YTD performance for residential real estate sales in Aspen and… Read More
v1.75 The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and raw sales data of the subject month and YTD performance for residential real estate sales in Aspen and… Read More
v2 The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and raw sales data of the subject month and YTD performance for residential real estate sales in Aspen and… Read More
v1.5 The Estin Report publishes a 10-page monthly Aspen real estate market “Snapshot” on or near the 1st Monday of each month. The Snapshot presents a “bottom line” summary and raw sales data of the subject month and YTD performance for residential real estate sales in Aspen and Snowmass. There… Read More
v1.52 The Estin Report publishes a 10-page monthly Aspen real estate market “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 with three… Read More
Link to download PDF is on the right side of this page: Aspen Snowmass Village Real Estate – 2023 Year in Review: A 32 pg bi-annual report on the state of the market covering Aspen and Snowmass Village real estate sales for Year 2023 and the 2nd Half… Read More
Bottom Line: I am in the process of writing my 2023 Year in Review: Aspen Real Estate Market (published bi-annually). For Dec 2023, please refer to the tables and charts below and more in the downloadable Dec 2003 Snapshot PDF. Read More
For the most current Estin Reports on the Aspen Snowmass Real Estate Market
- Monthly, annual, in-between and special reports -
Call 970-309-6163.anytime to discuss specific properties and/or the market.
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