- Average sale price is 92% of list price.
- In 2009-10 it was 87%
- In 2007 it was 96%
In Aspen, overall YTD sales up 5%
- Home sales up 14%
- Condo sales up 2%
- Land sales down 10%, but mostly due to lack of inventory
The average Condo/Townhome prices are up 20% this year but differ depending on location. Single Family is up 5-6% with price increases even more subject to neighborhoods and location. Listing inventory is down compared to last year and down 36% compared to 2009. In Snowmass overall sales down 15% YTD, but home sales are up 22% and land sales up, but condos are down.
- Condo/Townhome average price down 2%
- Single Family prices up 6%, same as Aspen
- Listing inventory is down 1% compared to 2009.
The Viceroy provided most of the boost for Snowmass in 2013 but as expected, those sales have now dropped off. Ernemann summed up the Aspen/Snowmass recent market history as follows:
- 2011 felt like a Depression for Sellers
- More hope
- 2014 – More excitement, but not for all the outlying neighborhoods
The Aspen/Snowmass Condo/Townhome market picked up in Aspen and in ski-accessible properties in Snowmass. Before this year the Aspen Core Condo/Townhome market saw about one each year above $2,000/sq. ft. Then in 2013, there were four sales and five so far this year. There are 15-20 listings in the Core above $2,000/sq. ft. In the old buildings that number is hard to achieve. Buyers prefer newer and more contemporary properties and are willing to pay for them.
The Aspen square foot price of Single Family homes is currently at $1,082/sq. ft. in all of Aspen YTD sales. The last time it was close to this number was 2009-10 and in 2005-06 at $1,000 /sq. ft. Today’s list price is $1,366/ ft. on average, with Sellers (on average) asking 21% more than sales price.
- Aspen Homes – strong and getting stronger
$10 million + should do as well as last few years.
- Aspen Core Condos – going off the charts, particularly, new and contemporary units
- Aspen Land’s below average activity should improve next year
- Snowmass home sales will continue to improve with $2.5 million plus sales getting better next year
- Snowmass Village condos getting stronger next year
Originally published in the Aspen Business Journal. Liza Hogan is a regular contributor to The Aspen Business Journal. She is a Broker Associate with Joshua & Co./Christie’s Real Estate, and President of Resort Rating Specialists. She specializes in luxury homes in Aspen and Denver and brings over 30 years experience in real estate and 18 years consulting with the vacation home resort industry. Liza can be reached at email@example.com or her website lizahogan.com.