Happy fall season from Aspen Snowmass! It’s dumping snow outside as I write this on October 11 with about five inches already on the ground. I hope this is a harbinger for a big winter ahead! After a warm, dry summer, and not our best winter last year, we’re welcoming the moisture. The fall colors have been spectacular in the Roaring Fork Valley the past weeks. I hiked to Crested Butte with family and friends a few weeks ago; it was breathtaking. Aspen I’m excited to share my Third Quarter 2018
Happy fall season from Aspen Snowmass! It’s dumping snow outside as I write this on October 11 with about five inches already on the ground. I hope this is a harbinger for a big winter ahead! After a warm, dry summer, and not our best winter last year, we’re welcoming the moisture. The fall colors have been spectacular in the Roaring Fork Valley the past weeks. I hiked to Crested Butte with family and friends a few weeks ago; it was breathtaking.
Aspen
I’m excited to share my Third Quarter 2018 Aspen Snowmass Market Report with you. After a slower start to the summer selling season, activity picked up in Aspen in August and September. It’s supposed to be off-season, but things have yet to slow down. Overall it has been a slower year in Aspen in terms of dollar volume and transactions for both condos and single-family homes, while average sold price and price per sq. ft. for Aspen Condos are at all time highs. Average Aspen single-family sold price is down from $8 million last year through Sept. 30, 2018 to $6.7 this year, while average single-family sold $/SF is also at an all time high of $1,592. We’ve seen nineteen $10 million plus sales through the first three quarters of 2018 versus twenty-one last year. Inventory of vacant land, condos and single-family homes is up slightly in Aspen from 301 units to 312 units. There were 40 pending sales in Aspen of all property types totaling $285 million as of Sept. 30, 2018 compared to 50 totaling $344 million at the same time last year. The highest sale of the year remains 135 Miners Trail that sold on February 15, 2018 for $21.5 million. One of the big changes in 2018 is that we’ve only seen two twenty million plus listings trade this year compared to six through Q3’17. 401 Eagle Park Drive listed for $20.7 million is under contract, which would be a big W. Aspen sale along with 370 Exhibition Ln. listed for $17.5 million.
I think what’s happening in Aspen is buyer’s are pushing back a bit after a strong 2017. Not every home in Aspen is worth $2,000 plus a sq. ft. There are some truly unique properties that check all of the boxes and are deserving of a big number, but a lot of the inventory available today is priced too aggressively. The properties that are staged beautifully, priced correctly and marketed aggressively are trading, and if not they are sitting. Also, I think there’s some collective apprehension about politics as we approach the November mid terms, and macro economics with a stock market enjoying a nine year bull run. We certainly experienced slower activity in 2016 leading up to the election. As long as we have good snow this winter, and no major macro economic events, I’m confident we will have a good finish to 2018 and a solid winter ahead. However overall 2018 is going to be slower in Aspen compared to 2017.
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