March 2024 Newsletter

March 13, 2024

What's New For March?

The Team

#1 in Rental Volume 10 Years in a Row

Over $30 Million in Sales Year to Date

As the winter season gradually transitions into spring, the beauty of our surroundings serves as a reminder of why Aspen remains an unparalleled destination for both residents and visitors alike. We kicked off March with 20 inches of snow in 48 hours, which provided the perfect winter wonderland for locals and our guests visiting for spring break. With longer days upon us, it’s that time of the year when we get to enjoy skiing in Aspen or Snowmass Village in the morning, and biking or golf in the mid-valley in the afternoon.

On the real estate front, despite Aspen’s persistent lack of inventory, with prices reaching record highs amidst limited options, the town’s real estate market has seen impressive growth as of February 2024. Year-to-date figures reveal a staggering 109% surge in dollar volume and a doubling of unit sales compared to the same period in 2023. Meanwhile, Snowmass Village has experienced a modest 9% increase in dollar volume and a significant 37% rise in sales. Snowmass Village’s success can be attributed to its competitive pricing strategy, offering a roughly 50% discount compared to Aspen. In February 2024, the median sold price for single-family homes in Aspen stood at $12.5 million or $3,326 per square foot, compared to $12.35 million, or $3,406 per square foot, in February 2023. Similarly, the median sold price for Aspen condos in February 2024 was $1.74 million, or $3,002 per square foot, down from $3.02 million, or $3,168 per square foot in February 2023. Over the past few months, single-family homes priced over $10 million have typically sold at an average of 91-95% of asking price, while condos ranging from one to four bedrooms have sold an average of 96-99% of the asking price.

Thank you for working with The Team,

- Lori, Patsy, Li, Karen

New Assistant to The Team

Meet Audrey, our newest team member! Audrey recently joined our team as an administrative assistant, bringing with her a wealth of skills and enthusiasm. She holds a bachelor’s degree in biology with a minor in general business from the University of Alabama, graduating in May 2023. Following her graduation, Audrey made her way to Aspen, where she delved into the rental industry. Outside of work, Audrey enjoys skiing, traveling, and embracing the numerous opportunities that this valley has to offer. For any administrative assistance you may need, feel free to reach out to her at teamadmin@aspensnowmassSIR.com.

March Market Statistics

Aspen

Available Listings: 164
Average Days on Market: 185
Average Sale Price: $8,518,365
Average Price / Square Foot: $3,251
Average Annual Price Appreciation: Five Years: 14.2%; One Year: -1.1%
Sold Last Month: 19

Snowmass Village

Available Listings: 63
Average Days on Market: 127
Average Sale Price: $3,135,930
Average Price / Square Foot: $1,688
Average Annual Price Appreciation: Five Years: 18.6%; One Year: 9.4%
Sold Last Month: 20

Basalt

Available Listings: 55
Average Days on Market: 157
Average Sale Price: $1,540,000
Average Price / Square Foot: $968
Sold Last Month: 6

Carbondale

Available Listings: 44
Average Days on Market: 149
Average Sale Price: $1,382,333
Average Price / Square Foot: $589
Sold Last Month: 9

In 2023, resort communities normalized after record-breaking transaction volume over the last two years. Buyers continued to seek out homes in these desirable locales with access to ski resorts and outdoor recreation. Learn how 17 of the country’s most sought after resort markets performed in the 2024 Resort Report.

Our Top Picks for Sale

210 Horseshoe Drive , Basalt

$4,179,000

3
BEDROOMS

5
BATHROOMS

4,054
SQ FT.

Nestled in Basalt's most enchanting, peaceful, and scenic neighborhood, this Emma homestead offers a unique blend of tranquility and convenience. Located between downtown Basalt and Willits Marketplace, it provides easy access to both within 5 minutes. With Aspen Airport just 20 minutes away and Aspen/Snowmass Ski Areas within a 25-minute drive, it's perfectly situated for everything the valley offers. This 2.27 acre property features lush grounds, an inviting fully restored ranch-s