The first six months of 2022 have been strong in Aspen in all categories from commercial leasing, residential sales, retail sales and lodging taxes. Commercial lease rates have doubled and residential property prices have increased 59% to 66% in the past 18-months. In the first half of 2022, we had one office/retail building sale at 720 E Hyman Avenue in downtown Aspen that sold for $33 million accounting for 50% of the commercial sales volume recorded so far this year.

However, it appears the real estate market is slowing dramatically in the Aspen Snowmass area as we move into the 2nd half of the year. 

For the month of June, we have only 16 new residential properties go under contract in the entire Aspen Snowmass market compared to an average of 67 new contracts per month in the past 24-months. The number of new listings, active listings and days on the market statistics are starting to trend upward from historically low levels. All signs are pointing in the direction of a slowing market. The City of Aspen is also predicting a slowing economy for the 2nd half of 2022.