Second Quarter Market Report 2020

Happy summertime from Aspen Snowmass! I hope you’re enjoying a fun and safe summer. It has been a beautiful one in Aspen Snowmass. I’m grateful to still be somewhat sheltered in paradise. I’ve never seen our local real estate market more active than in the past few weeks. A flip got switched a few weeks ago and it has been all hands-on-deck ever since. It seems everyone from our traditional metro feeder markets are here and planning to stay. While there are no events larger than 50 permitted in Pitkin County, the beauty of the mountains and the Aspen Idea of rejuvenating mind, body and spirit is more alive than ever in light of what’s happening in the world. You would not know there’s a pandemic going on walking through downtown Aspen today, yet I find most are being respectful and taking precautions to stay healthy and keep our town open. It’s hard to believe where we are today when I look back to sitting at my desk crying as we closed our 14 Aspen Snowmass Sotheby’s Offices and sent 185 of our brokers home in mid-March after the lifts closed for the season and a stay at home lock down was imposed. There seems to be an exodus from cities to the suburbs and second home resort markets; Roaring Fork Valley Real Estate is benefitting from this trend. People are realizing they can work from anywhere and Aspen and Snowmass is where they want to be. I don’t blame them; I’ve known for years that this is one of the best place on earth. Enrollment in our local schools and athletic clubs is up significantly. I thought an uptick in Covid-19 numbers when our town filled up again this summer would send people running; instead it has caused buyers to double down and buy Aspen Snowmass and the greater Roaring Fork Valley. The 31-day rental minimum until May 27 this spring resulted in longer-term summer rentals and tenants arriving earlier than ever. Many tenants decided to rent for the whole summer and have experienced the Aspen cliché, “You come for the winter, stay for the summer,” and have embraced the idea permanently.