October 2024 Newsletter

October 22, 2024

What's New For October?

The Team

#1 in Rental Volume 10 Years in a Row

Over $50 Million in Sales Year to Date

It is hard to believe summer has officially come to a close and the aspen trees are starting to drop their golden leaves. As the slower pace of the shoulder season sets in, we take the opportunity to reflect on the past nine months in the Aspen Snowmass real estate market. In Aspen, average prices per square foot for Aspen condos and townhouses have risen by over 10% compared to 2023, a trend mirrored in single-family homes. Similarly, Snowmass Village is experiencing significant price increases, with condos and townhouses also seeing gains of over 10%, while single-family homes have increased by about 4%. Despite these upward trends, Snowmass Village continues to present a substantial price advantage over Aspen, with discounts exceeding 40% in average sold price per square foot.

There has also been an uptick in inventory for properties priced above $30 million and, to a lesser extent, above $10 million. Currently, more than 55 homes are listed above $3,500 per square foot, while average sales in this price range have hovered around 24 annually in recent years. This indicates that some sellers may be pricing too aggressively, potentially necessitating adjustments if buyer demand does not increase. The dynamics of the high-end market further illustrate this disparity, with the top sale price per square foot in Aspen this year reaching $6,905, compared to an average of $3,225. In Snowmass Village, the peak price is $3,823 per square foot against an average of $1,820. This stark contrast underscores the range of pricing within the market, highlighting a potential difference of over $25 million for a 5,000 square foot property based on location and market segment. Overall, while the Aspen Snowmass market remains strong, the dynamics of pricing and inventory suggest that sellers may need to adjust their expectations to align with current buyer demand trends to facilitate sales in the coming months.

Thank you for working with The Team

- Lori, Patsy, Li, Karen

A Snapshot of Last Month's Market Statistics

Aspen

Available Listings: 178
Average Days on Market: 183
Average Sale Price: $7,894,861
Average Price / Square Foot: $3,215
Average Annual Price Appreciation: Five Years: 14.2%; One Year: -1.1%
Sold Last Month: 18

Snowmass Village

Available Listings: 73
Average Days on Market: 90
Average Sale Price: $3,095,222
Average Price / Square Foot: $1,663
Average Annual Price Appreciation: Five Years: 18.6%; One Year: 9.4%
Sold Last Month: 9

Basalt

Available Listings: 85
Average Days on Market: 154
Average Sale Price: $1,676,273
Average Price / Square Foot: $757
Sold Last Month: 11

Carbondale

Available Listings: 55
Average Days on Market: 106
Average Sale Price: $1,834,923
Average Price / Square Foot: $738
Sold Last Month: 13

The Quarter 3 Market Report is Available!

As we transition into the final months of 2024, the real estate market in the Roaring Fork Valley continues to surprise and impress. Our Q3 report reveals exciting trends across the valley, including strong luxury sales, consistent buyer activity, and an increase in active inventory in specific sub-markets. Whether you're considering buying, selling, or simply staying informed, our latest data will help you navigate the market with confidence.

Key Highlights:

Aspen saw an 18% increase in total dollar volume sold, with a high sale of $108 million.
Woody Creek experienced a significant surge in average sold price, up 159% compared to Q3 2023.
Basalt had an increase in average price per square foot, rising by 10%.
Overall, the valley continues to maintain minimal discounts off list prices, showing sustained demand despite fluctuations in inventory.

Ready to explore the full report and see how these trends

could impact your next move?

READ THE Q3 MARKET REPORT

Our Top Picks For Sale

520 W Smuggler Street , Aspen

$16,900,000

4
BEDROOMS

4 Full, 1 Half
BATHROOMS

4,017
SQ FT.

Experience true Aspen living in this warm and inviting 4-bedroom, 4.5-bathroom home nestled in the coveted West End. This impeccably designed space, was recently renovated by Joe McGuire Design.

The upper level offers a spacious living and dining area complimented by tall windows, high ceilings, a fireplace, and a south facing deck, creating an inviting atmosphere perfect for entertaining or relaxing after a hike or a day on the slopes. The updated kitchen is equipped with stainless steel appliances, sleek cabinetry, an extensive center island, ample storage space and a generous breakfast nook, seating up to 8. From intimate dinners to lively gatherings, this kitchen is designed to welcome!

On the entry level, the primary suite offers a serene retreat with the finest of furnishings, fireplace, a his/her closet, and the recently completed luxurious primary bath. Also on the entrance level is the garage and a custom designed mudroom area with space for all your activity gear.

Three additional bedrooms and a tv room on the lower level provide comfort and privacy for family and guests alike. A special feature of this home is its oversized window wells making the space very light, comfortable and enjoyable. Convenience is key with an attached two-car garage providing parking and storage for all your mountain gear. Built in 2002, this home has been not only well maintained, but upgraded throughout in 2023 to meet the highest standards of modern luxury.

Located in Aspen's prestigious West End, this property is just a short walk to the Aspen Music Tent and downtown Aspen, offering easy access to all the cultural and recreational activities the area has to offer. This exquisite residence combines the allure of modern comfort with timeless mountain sophistication.

Request A Private Showing

Listing Courtesy of Bubba and Tracy Eggleston

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