Happy 2024! I trust your holidays were fantastic, and the new year is off to a great start. While winter is moving at a gentler pace, the recent weeks have been remarkably active for real estate in Aspen Snowmass. Snowfall is anticipated this week and the next – we are ready! The holiday season was reminiscent of the lively summers of 2020 or 2021 in terms of showing activity. Thank you for exploring my 2023 Klug Properties Aspen Snowmass Market Report. Despite constrained inventory, the demand
Happy 2024! I trust your holidays were fantastic, and the new year is off to a great start. While winter is moving at a gentler pace, the recent weeks have been remarkably active for real estate in Aspen Snowmass. Snowfall is anticipated this week and the next – we are ready! The holiday season was reminiscent of the lively summers of 2020 or 2021 in terms of showing activity. Thank you for exploring my 2023 Klug Properties Aspen Snowmass Market Report. Despite constrained inventory, the demand to own in Aspen Snowmass remains strong, with noteworthy trends:
County Wide:
- 2023 closely mirrored 2022 in Pitkin County, with 471 whole ownership, free market closings including vacant land totaling $2.693 billion compared to 455 in 2022 totaling $2.687 billion. The county-wide consistency is remarkable.
Aspen:
- Aspen witnessed 180 sales of improved properties totaling $1.79 billion in 2023, slightly down from 2022 with 190 sales totaling $1.94 billion.
- Aspen's single-family average sold price in 2023 dipped slightly to $16.34 million. Aspen condo average sold price set a record at $4.82 million.
- The average sold $/SF for Aspen single-family homes of $3,156 is the highest ever to end the year.
- The highest single-family sale in Aspen’s history closed in 2023 for $76 million.
Snowmass Village:
- Snowmass Village experienced growth with 194 transactions of all improved, whole ownership, free market properties types totaling $595.1 million in 2023, showcasing a positive trajectory compared to 152 sales totaling $482.3 million.
- Snowmass Village’s average single-family sold price was $7.18 million.
- Snowmass Village remains a great value trading at less than half the average sold price and average sold $/SF of Aspen single-family homes and condos.
Luxury Market:
- $10 million+ sales in Aspen and Snowmass Village were nearly the same with 68 combined in 2022 vs. 71 in 2023.
- 23 properties sold in Aspen Snowmass over $20 million in 2023 - the same number as in 2022.
- Overall sale/list ratios are dipping slightly, giving buyers a little more negotiating power.
If you wish to discuss your property’s valuation or explore the changing market, please call or email. Considering listing your property this year? Trust Klug Properties, backed by the marketing prowess and market share of Aspen Snowmass Sotheby’s International Realty. Our team has kicked off 2024 with notable achievements, closing deals and already exceeding $60 million in pending sales. We are steadfast in our mission to be the #1 sales team in Aspen Snowmass, dedicated to helping you achieve your real estate objectives. Thank you for entrusting us to do what we love in a place we cherish. Here's to a spectacular 2024 filled with deep powder days, solitary single-track adventures, and awe-inspiring moments in the mountains. We're here full-time, ready to turn your real estate dreams into reality. Cheers to a prosperous and fulfilling year ahead!
Chris Klug
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