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 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 May, sales are up 20% over last year due to the extraordinarily high end dollar sales ($1.20B vs $1.0B), while unit sales – a more realistic measure of market performance – are down 8%, (152) sales 2024 YTD vs (116) 2023 YTD.
In the past 10 weeks, there have been (6) sales over $30M in the range of $33.5M to $108M. Three 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 May 2024 sold price of an Aspen single family home was $18.0M/$2,929 sq ft versus $16.84/$2,983 sq ft same time last year; for Aspen condos, the median sold price was $3.33M/$3,057 sq ft now versus $2.28M/$3,000 sq ft then. Condo sales have been particularly active: up 94%, $124M in 2024 YTD vs $64M in 2023 YTD; unit sales are up 67%, (40) sales 2024 YTD vs (24) 2023 YTD.
ASPEN SOLD TO ASK PRICES
Single family Aspen homes in the $3M-$7.5M range are selling at 86%-92% sold-to-ask price range – these tend to be older homes requiring some degree of remodel/updating (in May, there no sales bet $7.5M-9.99M); between $10M-29.99M at 93%-96%; over $30M in a wider selling range of 91%-100%.
SNOWMASS VILLAGE MEDIAN SOLD PRICES (3-month median: Feb, Mar, Apr)
In Snowmass Village (SMV), the median May 2024 sold price of a single family home was $7.18M/$1,708 sq ft versus $10.5/$1,789 sq ft May 2023 (in both time periods, there were (3) sales bet. $10-20M); the median sold price of an SMV condo in May 2024 was $1.68M/$1,708 sq ft versus $1.8M/$1,566 sq ft in May 2023.
SMV condo sales are dramatically down in 2024 YTD as new built inventory has been 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” between projects and little inventory.
SMV SOLD TO ASK PRICES
All SMV homes between $3M-20M are selling within a 94%-98% range of ask prices. There was one sale at 1500 Ridge of Wildcat for $24.5M/$1,909 sq ft, closing at 71% off ask price of $34.5M.
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 creating premium value for existing larger homes (currently allowed is 9,250 sq ft reduced from 15,000 sq ft in Nov 2023), and continued demand for remote work and living in our world class – sports, culture, arts – destination mountain environment.
THE SUMMER SEASON
Inventory of properties for sale has increased substantially in the past two weeks. All systems are GO for a beautiful and memorable summer. The season officially begins with the opening of the Aspen Music Festival on June 14th and its first Sunday Series Music Tent Concert on June 30th. Unofficially, the Food and Wine Classic Aspen just finished up from June 14-16th.
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 May 24 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen May 24 Closed Properties.
Snowmass Village May 24 Closed Properties.
Vacant Lots May 24 Closed Properties.
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