Third Quarter Market Report 2023

Greetings from the enchanting Aspen Snowmass, where the fall foliage has reached its peak, painting the town in vibrant hues. I trust you're relishing this beautiful season as much as I am! I am thrilled to present the Aspen Snowmass Q3 2023 Market Report.

A Thriving High-End Market
The high-end segment continues to be the driving force behind our market's resilience. Late summer witnessed astonishing sales, fueling the impressive third-quarter numbers. Notably, the historic sale of 1001 Ute Ave for $76 million on September 5 stands as Aspen's highest residential sale ever. In August, Aspen Park in East Aspen fetched $63.75 million. Remarkably, 2023 has witnessed three residential sales exceeding $60 million, and 57 properties sold for over $10 million in Aspen Snowmass in the first nine months, surpassing last year's 54. Sixteen $20 million dollar properties have already changed hands in 2023, matching last year's total.

Current Market Themes
Our local real estate market is characterized by record-breaking sale prices, historically low inventory levels, and the possibility of land use changes in the coming months. However, it faces macro headwinds like persistently high-interest rates, historical appreciation in recent years, and election-related uncertainty in 2024. Supply remains constrained, particularly for newer, contemporary properties. If Pitkin County reduces interim allowable square footage to 9,250 this fall, it's likely to further limit the supply of larger homes, making them even more valuable.

Market Insights

Aspen Single-Family:
Single-family sales have remained robust in the first three quarters of 2023. Dollar volume reached its third-highest level in Aspen's history, with an all-time record of $3,244 sold price per sq. ft. While the average sale-to-list ratio dipped slightly to 94%, indicating some flexibility for buyers, it remains a seller's market. Inventory increased slightly to 73 active single-family properties, suggesting a 14.1-month supply. Twelve properties were pending sale at the end of September totaling $172.2 million versus 16 last year totaling $295.7 million, signaling the potential for a slower Q4.

Aspen Condos:
Aspen condo prices have risen, but both dollar volume and transactions are lower than last year. An average price of $5.17 million and $2,821 sold price per sq. ft. set new records. The average sale-to-list ratio stands strong at 96%. Inventory increased by 17.8%, with a 7.7-month supply of condos available.

Snowmass Single-Family:
Snowmass Village's single-family market mirrors last year, with a 10% drop in dollar volume and 14% fewer transactions. Prices, however, remain firm, with record-high average prices of $7,732,100 and $1,622 sold price per sq. ft. The average sale-to-list ratio decreased to 93%, providing some negotiation room for buyers. There are 18 active listings and 11 pending sales, indicating robust activity.

Snowmass Condos:
Snowmass condo sales reached record highs in terms of volume and price per square foot. Prices have slightly outpaced last year, with a 7.2-month supply of condos. Fifty-four condo sales are pending, reflecting strong demand. Aura, Cirque, and EPL sales continue to have a huge impact on the Snowmass Village condo market numbers.

Basalt:
Basalt's residential market remains resilient. Single-family volume surged by 124%, with transactions up 49%, and a 51% increase in average prices and 41% in sold price per sq. ft. Condo sales held steady, making it a seller's market in Basalt. Inventory is comparatively low, with a 3.7-month supply.