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2017 Midvalley Year-End Report

Monday, January 29th, 2018 at 2:36pm Engel & Völkers Aspen • Snowmass • Roaring Fork

The midvalley real estate market had a normal, healthy year overall.  Compared to 2016, Basalt and Carbondale sales combined rose about 2%, the average price increased a modest 1%, the average price per square foot escalated roughly 3%, and sale to list price ratios showed little change.  Supply of available properties, however, decreased.  Number of listings and months supply are now down to about 20% from a year ago.

In Basalt, sales decreased just slightly, but the average price per square foot rose for both condos/townhomes (up 3%) and single-family homes (up 11%).  The average sale price was about $540,000 for a condo and $945,000 for a single-family home.  Days on market averaged about 6 months.  Properties under $600,000 accounted for over half the sales and sold in only 4 months on average.  There is now limited inventory in this price range, and this submarket is particularly strong.  Six homes sold for $2 million or higher, and four of these were in Basalt proper.  Blue Lake experienced the most single-family activity with 17 sales, while Shadowrock and Park Modern saw the most condo/townhome activity with 11 and 9 sales, respectively.

In Carbondale, unit and dollar sales rose about 10% compared to 2016.  The average condo sold in about 6 months for $460,000, a 15% price increase from last year.  The average single-family home also sold in about 6 months for roughly $810,000, reflecting a slight price drop.  Like Basalt, the $600,000 and under price range was most active, accounting for over half the sales.  There are currently fewer than a dozen properties available in this price range.  River Valley Ranch and Aspen Glen attracted the highest prices, accounting for 18 of the 22 homes that sold for $1 million or higher.  The highest sale of 2017 in Carbondale was a 7,000 square foot River Valley Ranch that closed for $2 million.

In summary, midvalley real estate is showing stability, though each submarket is unique. If you are interested in selling, contact me for a customized analysis of your home.  If you are interested in buying a home  or an investment property, i would love to show you options both on and off market.  

Wishing you a Happy New Year full of joy, health and happiness!

 


 

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