The 2017 Aspen Snowmass market was momentous and even surpassed the expectations of many optimists. Sales soared compared to the slow year before and even rivaled the records set in 2015. In fact, unit sales were right on par with 2015 and dollar volume surpassed the 2015 highs, making for an excellent year in both Aspen and Snowmass. Inventory of properties diminished over the year, with the number of listings down about 20% and supply is now roughly 35% lower than a year ago. We are experiencing a seller’s market evidenced by strong demand paired with shrinking inventory: the perfect recipe for rising prices.
In many submarkets, that is exactly what has happened. In Aspen, single-family home prices are up approximately 20% and condos around 10%. If this trend continues, however, and the market becomes saturated with overpriced listings we could see pushback from buyers creating a situation where homes sit on the market for extended periods. Nevertheless, at this time the market is thriving.
The luxury market is also booming, with 51 home sales exceeding $7 million last year. This marks a 55% increase compared to 2016. While this number falls short of the record 58 luxury sales in 2015, it far exceeds the number of luxury sales in the four previous prior that ranged between 25 and 40 sales. Other areas showing particular strength include Snowmass ski-accessible condos, Central Core condos and well-located single-family homes in Aspen, particularly newly-built or remodeled properties.
See year end statistics here.