2023 Aspen Snowmass Real Estate Market Recap:

• Overall 2023 was another strong year for Aspen Snowmass real estate. Prices continued to rise in Snowmass Village (another 10% +/- annual gain in 2023) and more or less flattened out in Aspen.

• The number of transactions for Aspen condos dropped compared to 2022 but there continues to be relatively low listing inventory so it’s not surprising that transactions are a bit slower. Snowmass Village has benefited from Base Village new condo sales, and the under contract pipeline is very strong as well. The premium price per square foot for the new condos in Base Village are also driving the on-paper price per square foot gains for Snowmass Village condos.

• The land market in Aspen and Snowmass is a small portion of the overall market sales so it’s risky to point to specific trends with regards to land sales, and it’s worth pointing out that the average Aspen land sale price is well in excess of $10m.

• The single family home segment in Aspen saw year-over-year similarities with regards to the number of sales and average price per square foot in Aspen.

• Snowmass Village had slightly more single family sales in 2023 versus 2022 and continued price appreciation.

• Listing inventory is up about 25% in Aspen compared to last year (as of December 31st) and down in Snowmass Village, and even with rising inventory in Aspen there big picture is that overall Aspen Snowmass inventory levels are still WAY below historic averages (and highs from the few years after the Great Recession).

• One important point of note…although the $20m+ single family home market has been impressive over the past few years it does look like the current available listings are starting to get ahead of the absorption pace. For example, there are about 40 SFH listings in Aspen above $20m, and last year there were about 20 sales above $20m…that implies a 2 year supply! Keep in mind that pre-pandemic there was about a 7-8+ year supply at that price point, so it’s all relative!