Q125: Jan-Mar 2025. The Estin Report publishes an 11-page monthly Aspen Snowmass real estate market “Snapshot” on or near the 1st Monday of each month. They present a “bottom line” summary and the raw data from the subject month and Year-to-Date (YTD) performance for residential free market 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.
Q1 & Mar 2025 Bottom Line
March was exceedingly strong with some very high-end sales in both Aspen and Snowmass Village. There were record price per sq ft sales in Aspen and record sale prices in SMV. The trend has been upwards as sold price per sq ft in the $5,000—$7,000 sf range becomes more frequent and “normalized’. The price pull continues upward. Whereas these sales used to be considered ‘outliers’ a year ago, their increasing frequency makes it more difficult to separate out, and they become a part of the overall pricing mix. In the past year, there have been (7) legit home sales in the $6-7,000 sold price per sf range. (This is excluding older homes purchases where at least 80%+ of the value is in the land.) Hence, prices are rising.
Reasons?
1. Aspen inventory of properties for sale remains at historically low levels;
2) Sales of new built single family homes are ‘pulling’ all home prices upwards
3) An increasingly restrictive land use code
4) The time to plan, design, build a new Aspen home is easily 4-5 years. In Snowmass Village, the construction “climate” is somewhat more relaxed, and likely to be less time onerous, but still 3-4 yrs.
5) Rising construction costs and labor competition
6) Escalating land costs and few quality choices, driving A+ locations stratospheric and the rest follow…
In Snowmass Village, each new wave of condo development projects yields higher prices with demand surging due to the lack of new-built condos and, generally, aged product in Aspen itself and the relative SMV discount to Aspen prices.
There may also be the “Aspen as safe harbor” theme overlaying some of this. In uncertain times, Aspen real estate has been viewed as both a diversification play and as a more ‘safe’ place to invest, a place to park, while enjoying everything offered.
However, the general sense of uncertainty prevalent at present breeds hesitation and a pull back. The upcoming Aspen area summer season will reveal much. (See related 04/13/25 WSJ article.)
Select report charts and tables:
Jan-Mar 2025: Aspen & Snowmass Village Single Family Home & Condo Median Prices (Pg 4 top)
Jan-Mar 2025: Aspen & Snowmass Village Single Family Home & Condo Median Prices per Sq Ft (Pg 4 bottom)
Summary Pg 1: Q1 is Year-to-Date, Jan – Mar
The sharp uptick in Snowmass Village inventory (See Pg 2) is due to a new project, Stratos Snowmass, being released in late Jan 2025 with 89 units for sale. As of 04/14/25, out of the total offered, (68) are pending/under contract (76% of the project). For sales and more information, please contact Tim Estin.
Pg 7 top:
Pg 9 top:
Snowmass Village condos have been built mostly during (3) construction periods, each with its own respective price range.
The Jan-Mar 2025 condo sales are itemized on Pgs 9-10.
The construction period tables included are:
1) All SMV Condos/all periods avg & median prices
2) SMV Condos built pre-2009 avg & median prices: Prices for older SMV condos built in the original Snowmass Village and early Base Village 2007-2008, Hayden Lodge and Capitol Peak Lodge
3) SMV Condos built 2009/2010 – The Viceroy/Assay Hill Lodge Ph I – avg & median prices
4) SMV 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. These include: BV Limelight, Lumin, One Snowmass East, One SnowmassWest, Electric Pass, Cirque x Viceroy/Assay Hill Lodge Ph II, Aura Snowmass built 2024. Between 2011-2018, there was a lull in new BV construction.
(Some history: In 2017, East West Partners bought out Related Co’s ownership of the Base Village and entitlements. New BV condos came online beginning in 2018 at significantly higher prices than the older, original resort SM Village condos and the 2009-2010 Viceroy/Assay Hill Lodge Phase I. As brand new BV projects are completed about every 2 yrs and quickly sell out, prices have been steadily rising. The final offering of new BV condos & townhomes is Stratos Snowmass with 89 units currently offered for sale in late Jan 2025. Contact Tim Estin for sales information.)
Links to Mar 25 Aspen and Snowmass Village Sold Property Photos and Details:
Aspen Mar 25 Closed Properties.
Snowmass Village Mar 25 Closed Properties.
v.3.1a posted Apr 14, 25
