Its springtime in the Rocky Mountains, the grass is green, and people are already out riding bikes and admiring the stunning views of snow-capped peaks. As everyone in the Aspen-Snowmass area winds down from the winter season and takes some time for a much-needed off-season vacation, we are beginning to prepare for summer fun in the mountains and listing more exceptional properties.
As snowfalls graced the ski areas this season, the real estate market managed to maintain 2017’s robust activity in the first quarter of 2018.
Activity in Aspen was healthy in the first quarter with 45 transactions, just shy of the 49 sales of 1Q 2017. The median ($5,450,000) and average ($7,093,114) sales prices for single-family homes were much higher compared to 1Q 2017, but finished the year in line with 2017 prices of $5,950,000 / $7,373,325.
Condo and townhomes sales were up significantly from both 1Q 2017 and year-end 2017 numbers to $2,287,500 median (é47.6%) and average of $3,692,995 (é72.1%). The increase in prices for condo/townhomes is likely attributable to the decrease of 38% in new inventory, amounting to 24 fewer listings to choose from.
Snowmass Village was also more active than 1Q of 2017, with a 28% increase in single-family home sales and an 11% increase in new listings. The median price for single-family homes continued to drop to $2,212,677 from $2,425,000, a steep drop from the 2016 median price of $3,385,000. Sales in the lower price points of $1-$2M drove the single-family market this quarter, with only 2 sales over $3M.
Also notable in the SMV market was the 200% increase in new listing inventory for the condo/townhome category with 98 listings in the first quarter compared to 33 in 2017, 43 of which were new product listed by the Base Village developer. Developer units also accounted for most of the 60% growth in volume. However, since 15 of the developers’ sales were priced below $265,000, the median price for condo/townhomes shot down by 50% to $360,000.
Whether you’re buying, selling or renting the finest luxury estate, allow Engel and Völkers’ unparalleled service and our market expertise to negotiate your purchase or sale. Click here to view the Mid-Valley market report.