Bottom Line March 2023 (1st Quarter 2023) While inventory remains at record lows, in March YTD (through Mar 31), we saw a 60% increase of Aspen properties for sale over last year, 155 now vs 97 then; in Snowmass Village a 45% increase, 74 vs 51.
More properties are continuing to come onto the market – a sign that perhaps market dynamics may be slowly shifting in the buyer’s direction. At least there is more negotiating.
Last year, Feb and Mar 2022 was the trough for listing inventory, the lowest point ever. We are coming off that bottom.
Even though unit sales YTD are off sharply from a year ago, down 43% in Aspen, 36 now vs 63 then, and down 7% in Snowmass Village, 26 vs 28…the limited supply of properties for sale continues to keep prices high.
Why are transactions off? The culprits: Low inventory, high prices, rising interest rates, inflation, recession fears, Ukraine, Covid’s end – a return to “normalcy”, amongst others.
At the end of Q123, there were (229) active listings in Aspen Snowmass combined compared to (148) in Q122, up 55%.
Anecdotally from what I’ve discussed with other brokers around the country, the story is similar in many other luxury real estate markets: low inventory, high prices, economic uncertainty and major transaction slow-down. The exception is seasonal where some markets historically pick up dramatically for the spring selling season.
Aspen
Click images to enlarge
Snowmass Village
Upcoming 2023 Property Tax Valuations
On May 1, 2023, the Notice of Valuation (NOV) will be sent to property owners. It will be a shocker as it will reflect the change in property valuations from Jan 1, 2021 to June 30, 2022 – the two years of Covid 19 with the most active and highest prices ever recorded in our local real estate history. In Colo, property valuations occur every two years, on the odd year. Taxes are paid in arrears: on Jan 1, 2024, the tax bill will be sent out for 2023 taxes.
See full explanation.
Links to Mar 2023 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen Mar23 Closed Properties. This link is valid until 5/1/2023
Snowmass Village Mar23 Closed Properties. This link is valid until 5/1/2023
Vacant Lots Mar23 Closed Properties. This link is valid until 5/1/2023
For sales assistance & inquiries, please call/txt Tim Estin, Aspen Snowmass Sotheby’s broker, at 970.309.6163 or email.
Released Apr 5, 2023
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The Estin Report posts a 10-page monthly Aspen real estate market report “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 today. It includes on and off-market sales and scrubbed data to remove “outliers” to present the most accurate and relevant data available. There are (3) 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. This information is deemed reliable but cannot be guaranteed.
The Estin Report© is copyrighted 2023 and all rights reserved.
Use is permitted subject to the following attribution with an active link to the source: The “Estin Report on the Aspen real estate market.”
