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 Snowmass. There are three sections: 1) Total combined Aspen Snowmass Village Market; 2) The Aspen Market; 3) The Snowmass Village Market. It features charts, tables and 30-day live links to photos and details of sold properties and compares the subject month to the same time in prior years. The Monthly Snapshot is the only Aspen and Snowmass property sales information widely published in a timely and consistent manner early each month.
BOTTOM LINE
OVERALL SALES – ASPEN & SNOWMASS VILLAGE COMBINED
For 2024 YTD through April, sales are up 37% over last year due to the extraordinarily high end dollar sales ($965M vs $705M), while unit sales – a more realistic measure of market performance – are down 4%, (130) sales now vs (135) 2023 YTD vs (132) 2022 YTD.
In the past 6-8 weeks, there have been (6) sales over $30M in the range of $33.5M to $108M. Four of these sales were in April alone with two associated with the same seller/buyer.
ASPEN MEDIAN SOLD PRICES (3-month median: Jan, Feb, Mar)
For the Aspen market only (does not include Snowmass Village), the median April 2024 sold price of an Aspen single family home was $12.25M/$3,233 sq ft versus $11.48/$2,872 sq ft same time last year; for Aspen condos, the median sold price was $3.3M/$3,057 sq ft now versus $2.5M/$2,495 sq ft then. Condo sales have been particularly active: up 92%, $101M in 2024 YTD vs $52.5M in 2023 YTD; unit sales are up 55%, (31) sales 2024 YTD vs (20) 2023 YTD.
ASPEN SOLD TO ASK PRICES
Single family Aspen homes in the $3M-$9.99M range are selling at 86%-88% sold-to-ask price range – these tend to be older homes requiring some degree of remodel/updating; between $10M-29.99M at 94%-98%; over $30M in a wider selling range of 83%-100%.
SNOWMASS VILLAGE MEDIAN SOLD PRICES (3-month median: Jan, Feb, Mar)
In Snowmass Village (SMV), the median April 2024 sold price of a single family home was $5.8M/$1,697 sq ft versus $11.2/$1,550 sq ft Apr 2023 (when 2 of the 5 home sales were bet. $15M-$20M); the median sold price of an SMV condo in Apr 2024 was $1.8M/$1,718 sq ft versus $1.78M/$1,513 sq ft in Apr 2023.
SMV condo sales are dramatically down for 2024 YTD as new built inventory is quickly sold out at pre-construction prices. New construction projects are coming to market approximately every 18-24 mos. We are presently in a “lull” period between projects and little inventory.
SMV SOLD TO ASK PRICES
All SMV homes are selling within a 94%-98% range of ask prices.
CURRENT MARKET TRENDS
The prevailing market trends are: low inventory, a forthcoming stricter land use code further limiting house size to 8,750 sq ft (currently allowed is 9,250 sq ft reduced from 15,000 sq ft in Nov 2023) creating a premium value for larger existing homes, and continued demand for remote work and living in our world-class – sports, culture, arts – destination mountain environment.
LOOKING FORWARD
We are in the depth of off-season with snow/rain and spring-like weather. Even so, sales activity has been strong as there are many well-informed buyers waiting to pounce on attractive and well-priced properties. While inventory of properties for sale is generally and slowly rising off the past two years of historic lows, it will continue to pick up as we get into early-to-mid June for the summer selling season.
Select charts and tables from the April 2024 report
Aspen Single Family Homes 3-Mos Median Price (Pg4)
Snowmass Village Single Family Homes 3-Mos Median Price per Sq Ft (Pg4)
Links to Apr 24 Aspen and Snowmass Village Sold Property Photos and Details
Aspen Apr 24 Closed Properties (20 sales)
Snowmass Village Apr 24 Closed Properties (20 sales)
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