v4.0 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 of residential real estate sales in Aspen and Snowmass with scrubbed sales data for the subject month and year-to-date (YTD) performance . 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 conversations with a number of brokers, there’s a general consensus at the tail end of summer that original list prices of properties for sale, prices out the gate, are priced up to 10-15% above their most recent comps. Is that a fair statement? I reviewed Aspen single family homes sold under $30M over the summer – June through August – comparing them with the past 3 yrs. The results:
Aspen Single Family Home Sales Under $30M
Jun 1-Aug 31, 24 Asp SFH = 11 sales
|
Sold%OfAsk$ |
Sold%OfOrig$ |
Sold Price Per/SF |
Sold Price |
Price/LvH SqFt |
Asking Price |
Original List Price |
|
-8% |
-15% |
|
$ 135,642,000 |
|
$ 148,055,000.00 |
$ 159,155,000 |
Jun 1-Aug 31, 23 Asp SFH = 20 sales
|
Sold%OfAsk$ |
Sold%OfOrig$ |
Sold Price Per/SF |
Sold Price |
Price/LvH SqFt |
Asking Price |
Original List Price |
|
-9% |
-16% |
|
$ 273,630,800 |
|
$ 300,985,300 |
$ 326,435,300 |
Jun 1-Aug 31, 22 Asp SFH = 10 sales
|
Sold%OfAsk$ |
Sold%OfOrig$ |
Sold Price Per/SF |
Sold Price |
Price/LvH SqFt |
Asking Price |
Original List Price |
|
-4% |
-5% |
|
$ 117,864,000 |
|
$ 122,774,000 |
$ 124,069,000 |
Conclusion:
In summer 2022 coming out of the Pandemic, Aspen single family home properties were priced much closer to market than they are now. At present, many properties are priced let’s say “aspirationally”, at 15% above the comps. As mentioned in prior recent reports, properties are generally selling at 5-10% off ask.
Election Effect?
I’m asked frequently how Presidential elections affect our market. In my H1 2024 report, the past three election year cycles reveal somewhat of a trend, albeit weak: a rise in activity leading up to the election, some flattening as we close in on election day, followed by either more flattening or a decline into the new presidential year (H1 2024, Pg 15 & 24).
Select charts and tables from the Oct 2024 report
Oct 2024: Aspen & Snowmass Village Single Family Homes Median Prices for Apr, May, Jun (Pg 4 top)
Oct 2024: Aspen & Snowmass Village Single Family Homes Median Prices per Sq Ft for Apr, May, Jun (Pg4 bottom)
Oct 2024, Pg 1 Summary
Oct 2024, Pg 2
Oct 2024, Pg 7 top
Oct 2024, Pg 9 top
Snowmass Village condos have been built mostly during (3) construction periods, each with its own respective price range. These are itemized in this report on Pgs 9-10.
The construction periods are:
1) All Condos/all periods avg & median prices
2) Condos built pre-2010 avg & median prices
3) Condos built 2010 – The Viceroy/Assay Hill Lodge – avg & median prices
4) Condos built after 2018 – avg & median prices, condo projects completed or in process by the Base Village new owner starting in 2017/2018, East West Partners.
Note: From 2010-2018, the Base Village development project, owned by The Related Co’s, stalled by the Great Recession, was on hold, moribund..
Links to Oct 24 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen Oct 24 Closed Properties.
Snowmass Village Oct 24 Closed Properties.
(Links will expire 30 days from 12.04.24)
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