Aspen Real Estate Market Report

Click to View the Third Quarter 2017 Market Report

Happy fall season from Aspen! I hope you’re enjoying a great October. The autumn colors are still vibrant in the Roaring Fork Valley, however a few early season snowstorms the past weeks have decreased the fall foliage a little, and snapped a few snow loaded branches at the same time. It’s still a spectacular time to be in the mountains. ACES Harvest Festival takes place this weekend at Rock Bottom Ranch, one of my favorite fall traditions.

I keep thinking the off-season is going to arrive, but things don’t seem to be slowing after a very busy summer selling season. My goal was to sell fifty million this year and I’m on track to double it. I continue to show property daily this month, which is typically a slower time of the year. Aspen was full every weekend in September. The 50th Ruggerfest was a highlight last month. What a party it was! October weekends will continue to be full with more activities, weddings, and hockey tournaments. 

The Aspen Real Estate Market continues to be extremely active with record single-family sold volume with over $600 million in sales, an average sold price of eight million dollars, and an average sold price per sq. ft. of nearly $1,600. We’re seeing all time highs in the Aspen single-family home market. What a difference in sold volume in 2016 versus 2017, from $220 million to $618 million, a 181% increase. Single-family transactions increased from 34 to 77 through Sept. 30, 2017, a 126% increase. Twenty-one $10-million plus sales have taken place in Aspen and Snowmass in 2017 compared to just ten sales above $10-million through Third Quarter 2016, a 110% increase. Seven sales above $20 million occurred through the first three quarters of 2017 versus zero in 2016, which certainly has had a major impact on the overall sales volume number. Mopani Estates at 2800 W. Buttermilk Road, listed for $44 million, sold on 9/14/17 by Aspen Snowmass Sotheby’s for $29 million, a 34% sale/list reduction. If that doesn’t encourage you to make an offer I’m not sure what will.

The downtown core, Red Mtn. and West End continue to drive our local real estate market. Eleven properties have sold this year on Red Mountain at an average sold price of $12.18 million, $2,129 sold price per sq. ft. – the priciest segment of our market. New mountain modern product demands a big premium. The conversation for new contemporary product in an A+ Aspen location begins at about $2,000 a sq. ft. It’s a very different dialogue when you cross Castle Creek Bridge or go past the round about, however we’re still seeing some big sales for newer product on the periphery such as in White Horse Springs. If you’re a value buyer you should be looking at West Aspen, McLain Flats, Woody Creek, Brush Creek and Snowmass. There are some spectacular Woody Creek and Old Snowmass Ranches available today at less than replacement cost. Check out www.MeanwhileRanchAspen.com and www.SnowmassRanch.com.

It has been a great year for Aspen Condo sales as well with $311 million in sold volume - the highest ever through nine months, and the highest average sold price at $2.34 million.  Average sold price of $1,377 was just slightly below the high in 2008 of $1,403. The top three 2017 condo sales were all downtown core penthouses with the Mill Building Penthouse trading for $3,641 a sq. ft., Victoria Square at $3,544 a sq. ft. (unfinished), and the Pitkin Center Penthouse above the old Syzegy, selling for $3,453 sold price per sq. ft. There were 142 Aspen condo transactions in 2017 versus 101 last year, a 40% increase.

It has been a solid year in Snowmass Village looking at the past few years, but still well below the highs in 2007 and 2008. We haven’t seen the explosive activity this year in Snowmass Village that we’re seeing in Aspen. Condo sales are stronger than single-family sales in Snowmass with condo numbers pretty similar the past six or seven years. Single-family sold volume is down about 31% in Snowmass Village over 2016, while the number of transactions decreased 19%. I think one of the reasons is that there’s a lot of tired, old single-family product in Snowmass Village.  There are only three single-family homes currently available in Snowmass Village built after 2016. That’s about to change in the condo market with new product being offered for sale starting this winter at Limelight Snowmass and Building Four to be completed fall 2018, as well as a few single-family projects in the works. Viceroy Snowmass is currently under going a four million dollar upgrade to the common areas. KSL, Ski Co. and East West will be re-launching Viceroy Snowmass efforts this winter. Check out www.353Terrce.com in Melton Ranch, which is about half the price of a new Aspen home of similar size and quality. It has never been a better time to buy in Snowmass! You can buy a condo or single-family home in Snowmass Village today for half the price on average it will cost you in Aspen. I remain very bullish on Snowmass with what’s ahead there the next decade. My understanding is that the Village Mall is under contract and plans are being drawn for a redevelopment of the Town Center. We’re going to see probably a billion dollars invested into Snowmass Village the next decade between Base Village, The Town Center and the Village Mall. I moved my family to Snowmass Village just over a year ago and we are loving it; there’s no place we’d rather be right now.

Basalt numbers look very similar to last year in terms of single-family activity with $47 million in sold volume last year and $46.4 million this year, a 1% difference. Transactions tell the same story with 54 last year and 51 this year, a 6% difference. Basalt condos were a little further off the mark with $34.8 million in sold volume through Q3’17 versus $29 million in 2017. Basalt condo number of sales also decreased from 62 in 2016 to 53 in 2017, a 15% decrease. I think Basalt needs to figure out the future of the River Park Parcel Project in Downtown Basalt before the real estate market is really going to respond. Willits continues to see more mixed use and residential development and more is on the way in the mid valley with the Tree Farm, further development at Shadowrock, and a Habitat for Humanity Project.

On September 30, 2016 there were 364 active listings in Aspen of all property types compared to 301 as of September 30, 2017, a 17% decrease. Snowmass Village inventory of all property types has decreased from 272 to 205, an almost 25% decrease, which should put some upward pressure on pricing as supply decreases. Currently there are 50 properties in Aspen pending sale versus 15 on Sept. 30, 2016. Twenty-eight properties of all types were pending on Sept. 30, 2017 in Snowmass Village, versus 12 at the end of September ’16. As the economy remains strong with a lot of property presently pending sale as we enter the Fourth Quarter I anticipate a strong finish to 2017.  The bulls eye is broadening beyond downtown Aspen and Red Mtn.

With the natural disasters affecting so many of our friends that visit Aspen and Snowmass, Aspen seems a relative safe haven. Many of my part-time Aspen clients are contemplating making the upper Roaring Fork Valley a more permanent home, which I think is also fueling our local real estate market and putting upward pricing pressure in the most desirable locations. I’m seeing a lot of activity from our feeder markets of Houston, Miami, and San Francisco.

I hope my report is helpful. Thank you for checking it out. I’ve lived in Aspen most all of my life. I also have the unique perspective of having traveled the world on my snowboard visiting many of the top resorts around the world. I study the market every day and am here full-time, ready to help you. Please call or email anytime with questions or to discuss our local market in more detail. I look forward to connecting again soon and seeing you back in the mountains this winter! Happy fall season!

Click to View the Second Quarter 2017 Market Report 

Happy summertime! I hope you celebrated a fun Fourth of July and are enjoying a great summer. It has been a fun one in Aspen. Our town is full and the activities and events are non-stop this month. The weather has been sunny and beautiful the past month; we’re hoping for some rain soon.

Our local real estate market is very active this summer! This is the strongest first two quarters for Aspen single-family home sales ever! With $354 million in Aspen single-family home sales through the Second Quarter of 2017 at an average sold price of $7.2 million and an average sold price per sq. ft. of $1,471 we’re seeing all time highs in the Aspen single-family home market. Aspen single-family home sales are up 220% compared to the first two quarters of 2016. The number of transactions is also up 188%. After a slow first half of 2016 the Aspen single-family market has bounced back strong with ten $10-million plus sales to date.  We saw the strongest Aspen single-family home sale in years at 343 Willoughby for $30 million in April and the 11.7-acre Ruby Lot 5 sale on lower Red Mtn., which closed last week for $22 million. With eight sales in 2017 on Red Mountain average sold price is $11.8 million and average price per sq. ft. is $2,107. Only the downtown core single-family market, which is very limited, is stronger with an average sold price of $13.2 million and $2,296 avg. sold price per sq. ft. Currently there are nine $10 million plus properties pending sale in Aspen and one in Old Snowmass at Twin Creeks Ranch Lot 1.

The busy summer selling season has arrived! I have been very busy with showing activity since Food & Wine Weekend. A lot of money has been made in the stock market since November; we’re seeing it being reinvested into resort real estate in 2017. Additionally low interest rates continue to drive sales for full-time residents. With almost $400 million pending sale today in the upper valley it’s going to be a strong late summer and fall of closings ahead. That number was less than half that amount last year at this time.

Inventory is down overall compared to last year with 532 units of all residential property types available in Aspen, and Snowmass compared to 693 in 2016 and 555 in 2015.  I previewed and showed two great three-bedroom units in Aspen last week at Villas of Aspen #29 and Villager #8 that had multiple offers and contracted in days. The right product at the right price in the right place doesn’t last long! 430 W. Hopkins on the Hopkins Ave. pedestrian/bike way in the West End also went under contract in a week! 315 W. Hyman a one-bedroom at the base of Shadow Mtn. near the Ice Garden listed for $3.7 million, $3,737 a sq. ft. went under contract in days as well. My understanding is that 205 Shady Lane on lower Red Mtn. is also pending sale - just listed for $27.5 million for a 1987 Victorian style home on 2.5 acres on the Roaring Fork River directly across from Hallam Lake. Red Mtn., the downtown core and the W. End continue to be our strongest market segments.

Aspen condos have had a solid first half of 2017 as well with a 34% increase in sold volume compared to 2016 and a 45% increase in the number of transactions. $158 million in Aspen condo closings to date isn’t as strong as 2015 or 2007, but it’s still on the podium. Average sold price dipped slightly from $2.1 million in 2016 to $1.95 million in 2017. Average sold price for Aspen Condos has been pretty tight since 2007 fluctuating from $1.8 million to $2.28 million. Average Aspen condo price per sq. ft. is also down slightly from $1,304 a ft. in 2016 to $1,262 a ft. in 2017. The high was in 2008 at $1,447 a ft.

Snowmass single-family and condo numbers are down a bit from last year, but overall pretty good when looking at the past few years. Snowmass single-family sold volume decreased from $90 million in 2016 to $73 million this year, whereas condo sold volume increased about $5 million from last year to $42 million to date. Average sold price for Snowmass condos is $917,606 with an average sold price per sq. ft. of $610 today. Compare that to $1.9 and $1,262 in Aspen today; Snowmass condos are trading at a 50% discount to Aspen. Same story with Snowmass single-family homes with an average sold price of $3.8 and $850 sold price per sq. ft. Snowmass single-family numbers in 2017 are still about half of where they were at the peak of the market in 2007, ten years ago. With construction of the new Limelight Hotel Snowmass now going vertical and work on Building 4, the Discovery Center and the plaza moving forward I think that’s going to change next year! 

While numbers in Basalt are down for both condos and single-family, I don’t think they tell the whole story. The mid valley market has also been busy this year, however like Snowmass I think the mid valley market is suffering from a lack of inventory, especially newer more contemporary product. Single-family sold volume was down 30% and the number of single-family transactions also decreased 16%, while Basalt condos saw an 18% decrease in volume and a 6% decrease in the number of sales. There are currently 150 active listings of all residential property types in Basalt today compared to 159 last year and 153 in 2015. Average single-family sold price through Q2’17 is $714,741 with average sold price per sq. ft. at 178, compared to $855,665 last year and $302 avg. sold price per sq. ft.

When asked, “How is the market today” it really depends on which neighborhood you’re talking about. In and around the downtown core, Red Mtn. and the W. End the answer is very strong! Beyond Castle Creek Bridge it’s a very different conversation. There are some great values today at Highlands, McLain Flats, Woody Creek and Snowmass, and numbers have not fully rebounded from the highs of 2007. I anticipate things picking up in W. Aspen and beyond in the year ahead and the demand for A+ product to continue. Thank you for reading my Second Quarter 2017 Market Report. I hope it is a helpful resource. I study the market every day and am here full-time ready to help you. Please call or email anytime with questions. Enjoy the rest of your summer. I hope to connect on the lawn at the next Aspen Music Festival concert or free Thursday night Snowmass show on Fanny Hill, or on the trail. Happy summertime!

Chris Klug

Click to View the First Quarter 2017 Market Report

Happy springtime! I hope you’re enjoying a great April and doing well. It has been a beautiful spring in Aspen. While spring got an early start in March, we’re still skiing on Aspen Mountain this week. Snowmass closed for the season yesterday. Aspen Mountain closes this Sunday, April 23.  The spring corn skiing is excellent now, so get up there and make a few more turns before the lifts shut down for the season.

It has been a very active First Quarter in the Upper Roaring Fork Valley Real Estate Market. The Aspen single-family market is hot right now compared to 2016, up 88% in dollar volume from $50 million to $94 million in the first three months of 2017.  What a contrast to the first half of 2016 where macro economic factors gave buyers pause, which resulted in a slow start. There have been six more transactions of single-family homes in Aspen in Q1’17 compared to Q1’16, a 67% increase.  Aspen single-family avg. sold price per sq. ft. is trading at an all time high of $1,456. Aspen condos were also up in the first three months of 2017 with a 30% increase in dollar volume and a 7% increase in transactions.

After a solid 2016 in Snowmass single-family home sales are off to a slower start this year with dollar volume down 42% and transactions down about 30%. This could be the result of not a lot of new product available in Snowmass right now. Snowmass Condos saw a 25% increase in dollar volume and a 21% increase in transactions. Crestwood, Wood Run Place, and Top of Village to name a few are still trading at about half of where they were at the peak of the market in 2007. There’s  a “I’ll believe it when I see it” attitude regarding Base Village, but that’s about to change.  I think the Limelight, Plaza, Discovery Center and new Plaza are game changes and now is the time to get into Snowmass at a great deal. East West, KSL and Ski Co. are long on Snowmass and are about to spend a quarter of a billion on improvements in Base Village over the next decade starting this summer!

Single-family home sales in Basalt were down considerably in the First Quarter compared to last year with a 76% decrease in dollar volume from $10.8 million to $2.6 million, and a 60% decrease in the number of transactions with ten in 2016 and only four so far in 2017. Inventory of single family homes is slightly up in Basalt as of the end of March 2017 with 61 properties available compared to 53 in 2016 and 63 in 2015. Overall there are 148 units listed in Basalt currently versus 138 in 2016 and 2015. Basalt condo sales are slightly up so far in 2017 with a 12% increase in dollar volume and an 8% increase in the number of transactions.

There have been two $10-million plus closings in Aspen in the First Quarter of 2017 with Bowden’s 455 Sunnyside Lane project closing for $24.4 million. However the real story is that there are currently thirteen $10-million plus properties pending sale totaling almost $200 million, including five One Aspen Townhomes on S. Aspen Street. Almost $400 million is under contract currently of all property types in Aspen alone with another $35 million in Snowmass. Just wait until construction resumes in Base Village and the new Limelight Snowmass starts going vertical this summer! It’s going to be a strong second quarter of sales ahead as well, no matter what happens globally.

I think a lot of people have done well in the stock market the last six months and are diversifying and putting some of those dollars to work in real estate in the Roaring Fork Valley. There seems to be more confidence in our market place. New product in A+ locations continues to demand a premium. Red Mtn., W. End and the Downtown Core continue to drive our market, and then there’s everything else; the disparity is incredible. Opportunity exists in W. Aspen, McLain Flats, Snowmass and Woody Creek. There are some spectacular ranch properties available in Woody Creek today at less than replacement cost. I study the market every day; I know where the best values are. I hope my report is a helpful resource. Thank you for taking the time to review it. Please call or email anytime if you’d like to discuss my analysis together. Have a fun springtime ahead. Our town is about to get quiet for the off-season, but I love this time of the year after a busy February and March. Visit my website www.klugproperties.com for weekly blog posts, monthly market reports, or to view my exclusive listings of the best properties in the Roaring Fork Valley. I hope to catch up again soon.

Chris Klug

 

Click to view the Fourth Quarter 2016 Market Report

Happy 2017! I hope you’re enjoying a great winter season. What a start to the year it has been for skiers and snowboarders after getting pounded with snow the first two week of 2017. The conditions on our local mountains have been awesome!

I’m excited to share my 2016 Aspen Snowmass Market Report with you. It was an interesting 2016 for residential real estate sales in the Upper Roaring Fork Valley. After a slow start to the year on the heels of a great 2015, we saw sales activity pick up in the third and fourth quarter. Macro economic forces including the strength of the Dollar, oil, equities and the election all played a major role in 2016. Buyer’s were on edge much of the first half of 2016. Overall we saw dollar volume in Aspen, Snowmass and Woody Creek for residential, whole ownership sales of improved and vacant land decrease from about $1.55 billion in 2015 to just under one billion in 2016.  Ever since 2009 we’ve experienced year over year increases in the number of sales and dollar volume until 2016. This was our first down year since the bottom of the market in 2009.

Aspen single-family home sales dollar volume and # of sales saw about half the activity of 2015, while Aspen condos were about 25% off overall. Ten million plus sales in Aspen had a huge impact on the numbers with 29 sales in Aspen last year compared to just 13 in 2016. The average sold price for Aspen single-family homes decreased from $7.39 million in 2015 to $6.44 million in 2016, while average single-family sold price per sq. ft. was also down $55 from $1,389 in 2015 to $1,344 in 2016. Aspen condo average sold price increased slightly from $1.97 million in 2015 to $2 million in 2016 with average sold price per sq. ft. also up from $1,182 in 2015 to $1,235 in 2016, about a 4% increase.

The sale of Base Village to Aspen Skiing Company, East West Partners and KSL in December is so exciting for Snowmass Village. The positive momentum in Snowmass Village going into 2017 helped drive single-family sold volume up slightly from $144 million to $149 million in 2016, while condo sales were almost identical to 2015, which is a huge victory considering all of the questions around the world in 2016 - and the slump we saw in Aspen single-family and condo sales activity. Average single-family sold price in Snowmass Village was $3.9 million in 2016 compared to $4.1 million in 2015 with average sold price per sq. ft. for single-family homes down slightly from $922 in 2015 to $886 in 2016, about a 4% decrease. Snowmass condos saw a slight increase in average sale prices and almost exactly the same sold price per sq. ft. in 2015 and 2016 at $634, which is almost half of that for Aspen condos on average.  With a huge investment in Base Village in the years ahead, I’m very bullish on Snowmass Village. There are some great single-family and ski-in/ski-out condo opportunities available now.

At the end of 2016 there were 394 active single-family, condo and vacant land listings compared to 374 at the end of November and 352 at the end of 2015. Inventory of all property types in Aspen is up about 10% year over year. Snowmass Village had 260 single-family, condo and vacant land listings compared to 251 in November 2016 and 246 in December 2015, a 5% increase year over year. Basalt’s inventory was nearly the same at the end of 2016 compared to the end of 2015.

We saw about 15 sales over $2,000 a sq. ft. in 2016 in Aspen and two sales at $4,275 a sq. ft. for the Monarch on the Park Penthouse, and just over $5,000 a sq. ft. for the unfinished Dancing Bear Penthouse, which is now listed t $10,000 a sq. ft. finishes, a new record.

Showing activity was as busy as I’ve seen it in nearly a decade between Christmas and New Years. I think we’re set-up for a great winter selling season ahead after a slower 2016. Buyers seem to have a little more confidence heading into 2017.  I hope my analysis is helpful. I study the market every day and am here full-time ready to help you. Please call or email anytime with questions or if you’d like a free analysis of your property’s value today. Thank you for keeping me in mind. Wishing you a healthy and happy 2017 ahead!

Chris Klug

Click to view the Third Quarter 2016 MarketReport

Happy fall season from Aspen! What an amazing autumn it has been; it’s one of my favorite times of the year in our valley. The colors have been spectacular this fall, but the leaves are falling fast now. It looks like the Indian summer weather is going to stick around a little longer. I look forward to a few more single-track mountain bike rides on Snowmass’s new Seven Star Ranch Trail ahead. 

I’m excited to share my Third Quarter Klug Properties Aspen Snowmass Real Estate Market Report with you. I study the market every day; I am happy to present my analysis and insights. While the first half of the year in the Upper Roaring Fork Valley real estate market was tough, August and September closed out the summer selling season much stronger. I’ve been busy showing property non-stop through mid October. I was proud to help my clients close almost 20 million in the third quarter with another nearly five million currently pending sale.

September was the strongest month of 2016 in Aspen in terms of single-family and condo sales transactions and dollar volume, followed by August. Monthly single-family sales have hovered around 2-5 closings a month in Aspen in 2016, while August saw 12 single-family homes trade. Incredibly there were no single-family home sales in July in Aspen! We’ve had only 34 single-family sales in Aspen through Sept. 30, 2016 compared to 81 for the same time period in 2015, a 58% drop. Aspen single-family sold volume is down 63% through Sept. 30, 2016. No question slow Aspen single-family home sales have dragged down our market this year. Twenty-five 10-million plus sales in 2015 through the first three quarters versus only twelve this year make a big difference! 2015 was a record year for 10-million plus sales in the upper Roaring Fork Valley with 30. Interestingly sold price per sq. ft. for Aspen single-family sales in 2016 is on par with last year, while average sold price is down slightly from $7.2 million in 2015 to $6.6 million this year.

Aspen condos are performing much better in 2016 versus single-family homes. Dollar volume through Q3 is down only 22% while average sold $/SF is up from $1,188 in 2015 to $1,277 this year. Average sold price also increased for Aspen condos from $1.92 million to $2 million. Overall inventory has increased in Aspen from 288 active SF, condo and vacant land listings in 2015 to 364 units as of Sept. 30, 2016, a 26% increase. Fifteen pending sales in Aspen as of Sept. 30, 2016 compared to 39 last year indicates that the trend of slower Aspen sales will probably continue in October and November.

Snowmass Village continues to shine with 129 million in single-family home sales this year versus 108 million last year, a 16% jump. With the announcement of Aspen Skiing Co. and East West Partners purchase of Base Village, we’re starting to see stronger condo sales in Snowmass as well, particularly in August. Average sold price and average sold price per sq. ft. of Snowmass condos are both on the rise. You can buy a condo today in Snowmass on average for about half the price of an Aspen Condo, and about a 40% discount on average for a single-family home purchase, and you’re still in the Aspen School District, with the #1 school in the State. Inventory of all property types is up about 10% in Snowmass Village. The Base Village deal is supposed to close in December. Hopefully we will see multiple cranes on the Base Village horizon next spring! I still think Snowmass is the land of opportunity, especially considering the investment we’re going to see in Snowmass the next decade.

We’re going to fall well short this year of the two billion in sales we saw in 2015 in Pitkin County. No doubt macro economic factors and the election have played a role. The irony is occupancy numbers were record breaking in Aspen this summer; our town was packed, but buyer’s weren’t pulling the trigger on Aspen single-family home purchases as they did in 2015. Aspen condo sales have fared much better than single-family sales with just a 22% drop in dollar volume, and price per sq. ft. and avg. sold price both increasing. Inventory of three and four-bedroom downtown core condos is extremely limited. With a very tight rental market throughout our valley we’re also seeing a lot of competition for entry-level Snowmass condos. A+ locations with newer, contemporary finishes and big views and ski access still trade at a big premium in both areas. There are lots of options and values in the upper end single-family price point with over 100 ten-million plus active listings today, as well as the single-family market in all price ranges in W. Aspen, McLain Flats and beyond. There are some great Snowmass condo deals today as well, especially if you’re up for a project. Off-season is opportunity season in Aspen Snowmass!

I hope my market report is a helpful resource. Thank you for checking it out. Please call or email if you’d like to discuss my research in further detail or if you’d like a free analysis of your property’s value today.  Happy off-season from Aspen Snowmass! We are just about a month away from the lifts reopening for the winter season in Aspen and Snowmass. Start doing your snow dance! Bookings are already off to a strong start for the upcoming ski and snowboard season. I hope to see you on the slopes in Aspen this winter. Let me know if I can be of help in anyway.

Chris Klug

 

Click to view Second Quarter 2016 Market Report

 

 

Click to view First Quarter 2016 Market Report

 Aspen Real Estate Market Report 2016 Cover

Happy springtime! It has been a fun winter season in Aspen and Snowmass, and it’s not yet over. Aspen Highlands will remain open for two more weekends, April 23 & 24 and April 30 & May 1. Aspen Mountain closes for the season on Sunday, April 17. We’ve had about a foot of new snow the past week with more on the way next week. A strong El Nino finish to the season should make for some fun spring skiing ahead. There are some great lodging deals now in the upper Roaring Fork Valley; it’s a great time to be in Aspen Snowmass.

I am excited to share my Aspen Snowmass Real Estate Market Report for the First Quarter 2016. It has been a slow start to 2016. There are a few macroeconomic factors that are affecting our market negatively in the first quarter including the strength of the US Dollar, and the impact that is having on our international guests, particularly for Australian and Brazilian buyers. Australian visitors were down about 25% this winter in January and February. The unease of the stock market in 2016, even though it has bounced back strong the last month and seems to be stabilizing, has given buyers pause, not to mention the softening of the high-end New York City real estate market. The Presidential election is not helping things either. Lastly, the price of oil has put our Texan buyers on the sidelines so far in 2016 as well. There are a few challenges out there of which we are not immune.

Overall sold volume in Aspen is down about 54% from Q1 2016. Aspen Condo sold volume is down about 47%. Snowmass saw a slight increase in single-family while condo sold volume decreased by more than half. Basalt single-family homes and condos are both up first quarter 2016 versus first quarter 2015.

Average sold price for Aspen condos was $2,601,378 in Q1 2015 versus $1,815,875 in Q1 2016, a 30% decrease. Interestingly we’re at nearly the same average sold price as 2007 for Aspen condos, which was our biggest year on record. Single-family average sold price in Aspen was down by about one million in Q1 2016 versus Q1 2015. Average sold price per sq. ft. actually increased slightly in Aspen for single-family homes from $1,402 in first quarter 2015 to $1,444 in first quarter 2016, while Aspen condos saw an 18% increase in price per sq. ft, which is well above 2007 price per sq. ft. average for Aspen condos.

The downtown core saw a slight increase in the number of transactions from 23 sold properties Q1 2016 compared to 22 in Q1 2015. Average sold price was down from $3,872,091 Q1 2015 to $2,121,174 Q1 2016. Average sold price per sq. ft. in the downtown core was virtually the same at $1,458 Q1 2016, two dollars less than Q1 2015. Average days on market actually went down for the downtown core from 260 days Q1 2015 to 212 days Q1 2016. The downtown core remains one of the hottest segments of our market with the second highest average sold price per sq. ft., just behind Red Mountain, which traded on average at $1,666 sold price per sq. ft. in Q1 2016, compared to $1,177 last year. 

Snowmass condos average sold price is also down from $1,284,738 million in first quarter 2015 to $940,875 first quarter 2016.

Inventory of condos, single-family homes, and vacant lots have all increased in Aspen from 285 actively listed properties as of March 31, 2015, to 399 properties on March 31, 2016, a 28% increase over Q1 2015. Snowmass Village is about the same as last year from 266 active listings of all property types versus 254 as of March 31, 2015. Basalt listing inventory is exactly the same with 138 active listing of all property types. 

Pending sales are down in Aspen from $202,665,999 as of March 31, 2015, to $120,514,152 as of March 31, 2016. Snowmass is right on track with last March 31, 2016, with 39.2 million last March, compared to 38.1 million this March. Basalt pending sales are down from 17.77 million last March 31, 2015, to 11 million this quarter.

The off-season is the opportunity season. I believe we will have a strong second half of 2016. I think there’s an opportunity to get a great value in the months ahead once the lifts close and before the busy summer selling season resumes with the Food and Wine Classic June 17-19. I study the market everyday; I know where the best places are on and off the mountain. There’s no place like Aspen; I know I’ve visited most of the ski and snowboard resorts around the world. I think Snowmass is the land of opportunity, so much so that I’m building a new single-family home there for my family. Please call or email me today if you’d like to discuss what’s happening in our market today in more detail. I am happy to provide a free valuation of your Aspen or Snowmass home. I’m here full-time, ready to help. Please call or email anytime with questions; I look forward to helping you in anyway. Happy springtime! 

Chris Klug

Chris Klug Headshot

Chris Klug is a long time Aspen Colorado Native, Chris Klug knows a thing or two about mountain living. It’s only natural he became an Aspen Realtor. Chris got involved in the sport of snowboarding in the early days. His snowboarding accomplishments include: three-time Winter Games participant,

Bronze Medalist in Salt Lake City in 2002, eleven-time US National Champion, twenty-year veteran of the Snowboard World Cup, and five-time World Cup Champion, Chris has spent plenty of time exploring mountain communities around the world and the best one situated in the Elk Mountains in Aspen, Colorado.

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