The leaves are falling all around and we're about one month away from Opening Day for the 2023-24 winter ski season. Let's take a look at the current state of the Aspen/Snowmass real estate market!
Moving through October, market dynamics in Aspen itself are tracking much the same as they did over the summer, still slightly favoring buyers as indicated by the following meter enclosed in Title Company of the Rockies' most recent Market Action Index.
Three-quarters of the way through 2023, both total volume and overall inventory have fallen off of summer highs a bit but the market remains strong. The summer was indeed a good one as July and August marked the first time monthly sales outpaced 2022. More properties came online for sale during this time as reflected in the small decline in price per square foot, but the total number of transactions also declined from last summer. The overall pace has slowed and more buyers are taking their time before closing.
Prices (both median and per square foot) took a jump up from the summer. Let's dig in to our select categories below for a more detailed picture.
Based on the most recent analysis from Title Company of the Rockies, our condominium/townhome group of properties shows that the number of days on the market has remained steady (140 vs 145 in June) but the price per square foot has dropped a bit at $3,379 vs $3,484. The median list price in this segment also came down from $3.85 million to $3.78 million. Have a look at current inventory here!
This is where you'll find duplexes and free-standing homes that were built a while ago and are further away from the central cores of Aspen and Snowmass Village. Those interested in fixing up homes should be looking here. The makeup of this category has changed as the median price has increased but the square footage has dropped since April ($7,224,500 and 2,522 sq. ft vs $6,995,000 and 3,074 sq. ft). Things have tightened here considerably as the number of days on the market for this category has dropped dramatically from 259 to only 98. View these listings here!
The heart of the residential home market lives in this category. Things have tightened considerably here as the median price has rebounded from summer lows and is now $15,000,000 vs $13,600,000 in the spring. The two key forces at work are this year's increased property tax assessments and higher interest rates. Sellers are weighing holding on to properties bought when interest rates were lower versus selling them and letting new owners shoulder higher property taxes. Here’s the current inventory of homes in this group!
The trend of remarkable high price sales in this category continues with a recent closing of a 9,000 square foot home at 320 Coach Road in Aspen for an eye-popping $60 million! Fall sales are approaching the heights of May's closings, as this past week saw the five highest transactions total $127 million. According to Title Company of the Rockies, pricing in this category has hit a new high, where the median home is now $35,000,000 for 5 bedrooms, 7 baths and 7,032 square feet of space. Have a look at the listings in this price range here!
If you're interested in relocating to Aspen be sure to have a look at the wide selection of rental properties on the market right now. This is a perfect option for those who may need to move here before purchasing or anyone who may just want to spend a season out here. Be forewarned, many who join us for a season wind up never leaving!
Looking Ahead as Ski Season Approaches
What’s changed since the summer is that total listings have peaked and begun to decline but the number of days that higher-priced properties are remaining on the market has remained steady. Fall historically sees a drop in inventory as the busy summer season is now behind us and interest in Aspen wanes a bit until ski season begins. There are a few key factors impacting both buyers and sellers in the current market and going forward.
The first is that inventory is falling throughout the Roaring Fork Valley (including Aspen and Snowmass). This could well be the result of enduring high interest rates. Indeed, sellers who locked in lower mortgage rates during the pandemic may be reluctant to let their properties go. In contrast to many other markets, there are fewer choices currently available and prices for single-family homes in all categories valley-wide keep going up.
That said, the good news for buyers according to Title Company of the Rockies is that high-end properties are remaining on the market for longer periods of time. Those high interest rates also mean buyers are taking their time before committing and likely negotiating some rate relief when it comes time to close.
Expect inventory levels to remain low and interest to increase going forward into the winter season. Aspen and the Roaring Fork Valley are still among the most popular locations to live in the United States. This persistent appeal means this area remains immune to greater economic trends that negatively impact other markets.