Released Mon Aug 8, 2017 v2
July 2017
Aspen and Snowmass Village
Real Estate Snapshot
(Click link above for full 10 Pg PDF
with detailed charts and tables for Aspen and Snowmass Village
sales and sales by neighborhoods.)
Bottom Line
The Aspen market continues to be in hyper-sales territory. Activity is and feels super-charged. Add to that momentum, early August is the time when buyers typically get real estate focused with summer’s ending in sight. This is the busiest time of year. We should see a steady stream of offers and under contracts now through the end of September.
The Aspen market is bifurcated: there’s inside the roundabout and there’s outside. Aspen’s most coveted neighborhoods – Central Core, West End, and Red Mountain – are experiencing robust sales at record prices. But it’s a different world outside the roundabout. There is a significant discrepancy in what buyers are willing to pay inside versus outside. It’s hard, if not impossible, to recall in the past 40-50 years such a significant separation, or divergence, because there has always been an Aspen buyer who sought being ‘further out’ of Aspen’s downtown. The point of coming to Aspen used to be to get away from it all. Not anymore. Our shopping, our arts and our cultural infrastructure have become so successful that everyone it seems wants to be in the center of human activity rather than out in the mountains. (For specific neighborhood sales activity in July and in the past 3 months, refer to pages 7 and 9 of the Snapshot.)
And as new residential development in downtown Aspen has been banned in the revised City Land Use Code effective Mar 2017, peripheral areas to the Core with good walkability into town and easy public transportation options are experiencing much stronger sales than usual.
Value buyers should consider:
o Main Street, Aspen which has at least 5 homes or condos for sale at an approximate 45 – 50% discount to the Central Core average home price per sq ft of $2,067 sq ft.
o Maroon Creek, Aspen Highlands, West Buttermilk
o Starwood/McLain Flats area with drop-dead beautiful high mountain views where the average home sale was $916 sq ft between May – July 2017.
o Woody Creek and Old Snowmass – long considered rarified, beautiful, more rustic locations and expensive – also represent suprisingly good value.
For more substance and values, please contact me directly.
Key Metrics:
Aspen single family homes
– Sales of homes over $10M are up 133% over last year, 14 through July 17 YTD versus 4 through July 2016 YTD.
– Aspen single family home sales are up 259% year over year, 61 sales through July 17 YTD versus 17 sales through Juy 2016 YTD.
– The average Aspen home sales price per sq ft is $1,565 sq ft through July 17 YTD; in Snowmass Village, it’s $447 sq ft. For perspective, for both property types, condos and homes, it was approximately $1,000 sq ft in Aspen during 3-4 years of the Great Recession.
-The median Aspen home sales price in July ’17 was $9.45M. There were no home sales in July ’16, but in July 2015, the median price was $5.87M
– Listing inventory of Aspen homes for sale has fallen 17% to (175) homes for sale in Juy 2017 versus (211) the same time last year.
Aspen condos
– Aspen condo sales are up 39% year over year, 85 sales through July 17 YTD versus 61 sales through Juy 2016 YTD.
– The average Aspen condo sales price per sq ft was $1,390 sq ft through July 17 YTD; in Snowmass Village its $633 sq ft.
-The median Aspen condo sales price in July ’17 was $785K versus July 2016 of $1.59M.
– Listing inventory of condos for sale has fallen 42% to (144) condos for sale in Juy 2017 versus (250) the same time last year.
Listing Inventory
– While sales are up considerably for the year through July 2017 YTD, Aspen’s listing inventory for all property types for sale is down -30% to 366 listings in July 2017 from 525 in July 2016
July 2017 Market Stats Breakdown for Aspen Only *
Aspen condo sales July 2017
Unit Sales: +11% (10) in July ‘17 from (9) in July ‘16
Dollar Sales: -6% $16M in July ‘17 from $17M in July ‘16
Inventory Active Listings: -42% (144) in July ‘17 from (250) in July ‘16
Aspen condo sales YTD
Unit Sales: +39% (85) in July ‘17 from (61) in July ‘16
Dollar Sales: +29% $175M in July ‘17 from $135M in July ‘16
Inventory Active Listings: -20% (280) in July ‘17 from (349) in July ‘16
Aspen Single family home sales July 2016
Unit Sales: +100% (8) in July ‘17 from (0) in July ‘16
Dollar Sales: +100% $67M in July ‘17 from $0M in July ‘16
Inventory Active Listings: -17% (175) in July ‘17 from (211) in July ‘16
Aspen Single family home sales YTD
Unit Sales: +259% (61) in July ‘17 from (17) in July ‘16
Dollar Sales: +290% $432M in July ‘17 from $111M in July ‘16
Inventory Active Listings: 0% (272) in July ‘17 from (274) in July ‘16
* Typically, the Aspen market represents 70-75% of the total combined Aspen Snowmass Village real estate marketplace.
Links to July 2017 Aspen and Snowmass Village Sold Property Photos and Details
Aspen July 2017 Closed Properties (18). This link is valid until 9/1/2017.
Snowmass Village July 2017 Closed Properties (5). This link is valid until 9/1/2017.
Vacant Lots July 2017 Closed Properties (2). This link is valid until 9/1/2017.
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 by email. The Estin Report is copyrighted 2017 and all rights reserved. Use is permitted subject to the following attribution with a live link to this website: “The Estin Report on Aspen Real Estate.”
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