Klug Properties Aspen Snowmass Second Quarter 2025 Market SummaryI hope you had a fun Fourth of July and are soaking up an incredible summer in the mountains. It’s been a beautiful season in Aspen Snowmass, and the real estate market is reflecting that energy. As we head deeper into the active summer selling season, demand remains strong across the board despite tight inventory. In Snowmass Village, limited supply is helping push pricing to record levels. Across both Aspen and Snowmass, we're se
Klug Properties Aspen Snowmass Second Quarter 2025 Market Summary
I hope you had a fun Fourth of July and are soaking up an incredible summer in the mountains. It’s been a beautiful season in Aspen Snowmass, and the real estate market is reflecting that energy. As we head deeper into the active summer selling season, demand remains strong across the board despite tight inventory. In Snowmass Village, limited supply is helping push pricing to record levels. Across both Aspen and Snowmass, we're seeing signs of renewed momentum, particularly heading into the second half of the year.
Aspen Single-Family Homes
Aspen single-family dollar volume year-to-date is nearly flat, down just 1% from 2024. While the average sold price declined from $22.1 million to just under $17 million, the average price per square foot jumped $216 to $3,643 — the highest ever through the first half of any year. The number of transactions climbed 30%, and the average sale-to-list ratio rose 2% to 94%, a sign of continued buyer confidence.
West Aspen and East Aspen led the market in transaction count (ten sales each), while the downtown core claimed the highest average sold price ($20 million) and price per square foot ($4,892).
Inventory has crept up slightly, with 110 active single-family listings at the end of June compared to 88 a year ago — a 25% increase. Still, we’re below historic norms (76 in 2023, 58 in 2022). Four homes were under contract at the end of Q2, totaling $48 million, compared to five last year at $53 million.
Aspen Condominiums
Aspen condos posted a 10% increase in dollar volume to $270 million — the second highest first-half performance on record, trailing only 2022. The average sold price rose 41% to $5.6 million, with average price per square foot hitting a record $3,298. Transactions were down 23%, but sellers are achieving near-record pricing. The sale-to-list ratio dipped slightly to 93%, offering buyers a touch more leverage than in recent years.
Condo inventory dropped 8.3% to 80 listings at the end of Q2. Fourteen condos were under contract on June 30, totaling $128 million, up significantly from just six pending last year ($19.2 million) — a clear signal of strong momentum heading into Q3 and Q4.
Snowmass Village Single-Family Homes
Snowmass single-family sales volume is nearly identical to last year, down just 3%. Pricing held steady with only a 3% year-over-year dip, and the average price per square foot rose to a record $2,173 — nearly 60% below Aspen, offering tremendous relative value. The average sold price represents a 52% discount compared to Aspen. Average days on market also dropped from 157 to 115.
Tight inventory continues to drive strength in Snowmass, with only 12 active listings at the end of June, down from 17 a year ago and 60 in 2019, an 80% reduction in just six years. It’s a seller’s market. Five homes were under contract as of June 30, totaling $60.4 million, versus just one a year ago at $13.5 million — positioning Snowmass for a strong second half.
Snowmass Village Condominiums
The one soft spot this quarter is Snowmass Village condos, where both dollar volume and transactions were down 20% and 23%, respectively. But the story beneath the surface is more nuanced. Average sold price is up 5%, and average price per square foot climbed 7% to a record $1,938. Without major new development closings from EPL, Aura, or Cirque this year, these results make sense.
Inventory jumped from 51 to 98 active listings, driven largely by new Stratos releases. At the end of Q2, 74 Snowmass condos were under contract, totaling $405 million, compared to 66 pending at this time last year ($334.7 million). Sixty-nine of those pending sales are at Stratos, leaving just six resale condos under contract — another sign of how new development inventory is driving the current condo market.
Ultra-High-End Market
The $10M+ market remains robust. Forty-five properties have sold over $10 million through mid-year — a 15% increase from last year. Fifteen sales have exceeded $20 million (up from 14), including the year’s highest: 270 Heather Lane at $53 million ($7,517/SF). Off-market activity continues to play a role at the top, with notable Q2 trades at 500 Aspen Valley Downs ($58M), 400/410 Lake Avenue ($52.5M), and a 21-acre land sale on McLain Flats for $41 million.
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