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!
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.
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 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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