Market Continues to Strengthen

Taking a look at the stats below, the direction things are going is overwhelmingly positive. Sales in the upper valley have increased in the last 12 months by about 30%, erasing the 2016 tumble that some “experts” termed a “nosedive” and returning the market to strong 2015 levels. In addition, through that entire two-year fluctuation prices grew by a total of 8%.

MarketUpdate-9-17(2)But the hidden gem we see is in Snowmass condominiums, which have exploded in sales by comparison with the rest of the market, while prices have not yet begun to rise. Before the recession, Snowmass prices were 70% of comparable Aspen properties — now they are 50%. And the market is taking notice of this increased value in the resurgent resort.

Regarding this year’s decline in the number of sales of ski-accessible and luxury homes in Snowmass, this can be traced to two factors: (1) Builders bought up most of that under-$4M inventory last year in order to redevelop it; and (2) in 2016, one big Latin American family bought a handful of adjacent ski-accessible properties in Woodrun in order to create a compound.

Sept 17 recovery graphOver the election-year lull, the market’s “Trailing Twelve-Month” sales now equals the same TTM period in 2015 — see the thick purple line on the chart here. Atypically, Snowmass experienced the least disruption and is the first community to exceed its 2015 TTM sales. Nonetheless, Aspen, having decreased the most, has also had the highest rate of resurgence from its 2016 low.

 

Here’s some additional interesting data from the current market.

2017 summary sidebar

A record number of properties have sold for over $2000 per sq ft in 2017: 35 year to date. Of those, 8 sold for over $3000 per sq ft, the highest at $4144/ft for a house on Shady Lane on the river at the base of Red Mountain. One year ago, YTD sales over $2000 per sq ft were just 12.

Where the money is:
70% of Aspen home sales are under $7,500,000
70% of Snowmass home sales are under $4,000,000
65% of Basalt home sales are under $1,000,000

In the thin air class:
Six homes have closed for over $20 million in the last 12 months, twice the number that sold in that price range the year before. Another one is pending.

Most active market segments:

Aspen: Aspen Alps, Cemetery Lane area, Enclave at Aspen, Hunter Creek Condos, Inn at Aspen, Pitkin Green, Red Mountain, Riverside neighborhoods, Starwood under $5M, Villager Townhouses, and West End

Snowmass Village: Aspenwood, Country Club homes/townhomes/villas, Enclave, Melton Ranch, Owl Creek Townhomes, Viceroy, Woodbridge, Woodrun Place

Basalt: Aspen Junction, Blue Lake, Gold Rivers condos, Southside, Summit Vista, Willits

Shot1

A recently sold Snowmass Mountain condo

Most growth in 2017:
Aspen single family homes
Snowmass condos

Where inventory is rapidly dwindling:
Aspen condos
Snowmass condos
Building sites in all three communities

 

For those who want to take a closer look at the numbers, here’s the latest Aspen Report with comprehensive year-to-date stats on market activity. And here you’ll find a selection of recent specific reports, either valleywide or by community.

 

 

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