Third Quarter Market Report 2021

Happy fall season from Aspen Snowmass! The colors are at their peak now; it’s such a magical time of the year in our valley. I hope you are getting out in the mountains and enjoying it. Snow is expected next week, so it won’t last that much longer. I am hearing rumors of a big winter ahead, so make your plans to come make some turns with me. I am proud to share my Third Quarter 2021 Market Analysis below with you.

Historically low inventory combined with continued strong demand remains the theme in the Roaring Fork Valley Real Estate Market. Inventory of all whole ownership property types is down about 63% in Aspen, 73% in Snowmass Village and 46% in Basalt. There were 69 pending sales of all property types in Aspen on Sept. 30, 2021 versus 81 a year ago. 107 sales are pending in Snowmass Village versus 73 last year, many of which are brand new product at Electric Pass Lodge and The Havens on Fanny Hill that won’t be finished until summer 2023. There were 718 residential whole ownership sales in Pitkin County through Q3’21 totaling $2.63 billion compared to 498 through Q3’20 totaling $2 billion, a 26.6% increase in dollar volume. While YTD numbers are all mostly ahead of last year, September 2021 saw more red than last September as a result of depleted supply and perhaps some overly opportunistic sellers. Properties that are priced in the strike zone are moving fast. ISO’s (in search of) broker to broker announcements are filling my inbox daily. With very little inventory resulting in a slower Fourth Quarter ahead, and the first off-season in a year and a half - will 2021 surpass 2020 in terms of transactions and volume, definitely in Snowmass, probably not in Aspen and Basalt – supply is just too limited now. Let’s take a closer look at each micro market below.