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April 2023 Ernemann Report
ASPEN ANALYTICS
I thought I’d share a few observations from my perspective of the Aspen Snowmass real estate market through the end of the first quarter of 2023:
Overall listing inventory has roughly doubled compared to a year ago (but keep in mind inventory is still historically low)
The Snowmass Base Village under contract pace has been very strong with the launch of Aura and Cirque…but if you remove Base Village pendings from the statistics the Q1 sales for all Aspen Snowmass residential properties + currently under contract properties is pacing down about 50% compared to one year ago
Prices continue to rise modestly (a much slower pace than the past few years, which is probably a good thing) – and thanks to the impressive price jumps since mid-2020 the average annual price gains for Aspen Snowmass properties has been about 10% per year over the past 10 years!
The sale to list price ratio has dropped from about 98% last year at this time to 94% today – keep in mind this is an average – there’s a huge range in price discounts for closings in today’s market, with some closings at 20-30%+ off the asking price
Average price per sq ft in Aspen is ranging around $2,500 for SFH’s and $3,000 for condos, in Snowmass Village it’s about $1,500 on average for all properties. That’s a large gap and indicates Snowmass Village continues to be a “value” compared to Aspen