Market Insights:

With Q1 of this year in the rear-view mirror it’s a good time to see how 2024 is shaping up. Keep in mind there are many contracts/closings on the books for April so the first three months of the year only have limited “data” to provide us with a lens about how the real estate market is doing and how it compares to last year at this time.

Attached is the most recent Aspen Snowmass market report I put together, here are a few observations through March 31st:

• The number of condo/townhome sales are up significantly in Aspen & Snowmass Village, and single family home sales are flat compared to last year at this time

• Average price per square foot for closings in Aspen generally appears to be rising (again) after a relatively flat year last year; Snowmass Village condo prices have continued to push upward and there’s only a limited number of single family sales (8 so far this year) so the modest 2% decline in price per square foot is not really reliable based on the small sample size

• Nearly 40% of the Aspen condo sales YTD have occurred above $3,500 per square foot and about 40% of the Snowmass Village condo sales have occurred above $1,750 per square foot; 11 of the 16 Aspen single family home sales have occurred above $10m this year

• Available inventory for single family homes in very tight in Snowmass Village (fewer than 15 available listings) and year-over-year listings for Aspen single family homes have held steady (approximately 70 available listings); condo and townhome listing inventory has risen in Aspen Snowmass compared to last year

• Under contract listings are up across the board except for condos in Snowmass Village, which is misleading because of the number of Snowmass Base Village new inventory contracts that were in place last year at this time

• The 40-50% pricing “discount” comparing Aspen to Snowmass Village makes the relative value opportunities in Snowmass Village compelling for buyers who might begin their search in Aspen and come up short on available options

• The bottom line is that buyers are continuing to drive strong activity in the Aspen Snowmass market, relatively limited available listings and rising prices continue to persist the trends already in place over the past few years – it’s early in the year so making any broad proclamations about 2024 would be premature but there’s clearly continued desirability and strength in the Aspen Snowmass real estate market