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 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: In Feb 2024, the median 3-month sold price of a single family home in the Aspen market was $12.5M/$3,326 sq ft versus $12.35M/$3,406 sq ft in Feb 2023; the median 3-mos sold price of an Aspen condo in Feb 2024 was $1.74M/$3,002 sq ft versus $3.02M/$3,168 sq ft in Feb 2023. Feb sales performance has been particularly active across all price points and property types. Reasons? Think macro, and general confidence and alas, resignation… Confidence as the nation continues to experience steady progress on inflation, a high-flying stock market, strength in the jobs market and wage increases; Resignation…that the increase in property prices from pre-Covid is not going to regress, barring unforeseen circumstances, and that the huge price increases in construction, labor, materials and transportation costs are not going to retrench but the rate of those increases has slowed.
However, events such as 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 7 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 the physical investment in a stunning environment with world class sports, art and culture; 2) Realization of time-proven, time-tested appreciation.
Excerpts from the 10-page snapshot:
Aspen Single Family Homes 3-Mos Median Price:
Snowmass Village Single Family Homes 3-Mos Median Price per Sq Ft
Links to Feb 24 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen Feb 24 Closed Properties.
Snowmass Village Feb 24 Closed Properties.
Vacant Lots Feb 24 Closed Properties.
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