Second Quarter Market Report 2018

Happy summertime from Aspen! I hope you’re doing well and enjoying a great summer. It has been a beautiful one here in Aspen Snowmass; unfortunately a little too beautiful without enough moisture this spring and early summer. The Lake Christine Fire on Basalt Mountain in Basalt and El Jebel is about 50% contained. Sadly three homes burned and over 5,000 acres. It looks like we’re finally getting into our summer afternoon monsoon cycle, so hopefully it will be extinguished soon. Thank you to the heroes that came from across the country to battle this blaze and help our community. In challenging times we are all reminded how special this valley is.

I am excited to share with you my Second Quarter 2018 Klug Properties Aspen Snowmass Market Report insights. I think we are at or near the peak of the market in some areas in Aspen. Overall we’re going to see a slower 2018 compared to 2017 in the Upper Roaring Fork Valley.  Aspen single-family dollar volume and transactions are down. Inventory in Aspen is up and pending sales are down. While condo dollar volume is up in Aspen, transactions are down by 20%, which means less sales, but bigger numbers i.e. six One Aspen sales this year. Snowmass is picking up with Base Village activity and entry-level single-family sales and investor condo purchases, primarily focused on lower price points. The mid valley is having a great year with double the single-family dollar volume for single-family homes and more condo and single-family transactions taking place. June saw half the dollar volume in Aspen compared to 2017 and 36% less transactions. Aspen condo dollar volume in June was also down by 36% with transactions down about 14%. While Snowmass single-family dollar volume decreased condo sales volume doubled.  Overall inventory is up about 4% in the upper and mid valley. Overall pending volume is down about 38% from 396 million to 242 million today in Aspen, Snowmass, Woody Creek, and Basalt.