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The real estate market in Aspen Snowmass remains in flux heading into 2019, with a decent amount of available inventory but most of the activity involving properties at the lower, somewhat more affordable end of the market. Here are some recent numbers.
Out of the approximately 8,600 residences (including condominiums, duplexes, town homes and single-family homes), roughly 60 percent or 5,200 of them are in the greater Aspen area. The remainder (40% or 3,400) are in the neighborhoods/towns of Snowmass Village, Old Snowmass and Woody Creek.
Right now, 588 properties are listed for sale in Aspen Snowmass representing roughly 7% of the overall inventory. That 7% figure has gone up and down during the past decade, reaching a high of over 9% during the Great Recession of 2009-2010. The more properties that are available, the more the market is considered to favor buyers. The current market availability tends to favor sellers given the limited number of properties for sale but the end of the first quarter showed a 12% increase in available properties (526 to 588).
Another factor favoring sellers is the current demand. Of the total number of listings available in the month of February 2019, 64 of them were under contract, representing 10% of the total. This is a higher percentage than during the recession (4%) and moving closer to when the market peaked last year (14%). The first quarter ended with a sales volume of $301 million and 86 residential properties sold.
It’s important to dig deeper to discern that not all of the activity happening right now extends across all segments of the market. For instance, of the 118 property listings for sale that are valued at $10 million or more only five are under contract. This percentage is quite low, telling us that fewer people are shopping at the highest end of the market right now. Even at the $5 million to $10 million range only 3% are under contract. So where is all the activity?
Let’s look at the lower ranges. There are currently 115 property listings valued at $2.5 million to $5 million. This category has more activity, with 15% of the total currently under contract. The greatest number of active listings is in the $2.5 million and under range. There are 255 of them or 42% of the total. These properties are also getting snapped up, with 14% currently under contract. These two segments are where the action is and where sellers have the most leverage. The higher up you go, the more the market skews towards buyers. Higher prices but more availability.
Want to know more? Give Gareth a call at (970) 309-7649 today!