Aspen Snowmass Q4 2023 Market Update
The Aspen Snowmass residential market has slowed to pre-COVID levels in terms of the number of closed transactions. Average and median residential sold property prices throughout Pitkin county have stabilized after the big increase in values from mid-2020 through mid-2022. On the commercial side, retail rents in downtown Aspen continue to set records with the latest A+ locations leasing for as high as $325 per SF. However, there are signs the market demand for retail space is waning. The number of commercial sales declined dramatically in 2023 vs. 2022 primarily because of the dramatic increase in interest rates. There are also signs that the local economy is cooling with hotels reporting higher vacancies this winter and restaurants reporting stagnate or declining sales.
| 2022 Q4 | 2023 Q4 | %+- | |
| Commercial Sales Volume | $99.5M | $8.7M | -91.3% |
| Commercial Transactions | 22 | 5 | -77.3% |
| VACANCY RATE | 2.0% | 2.0% | 0.0% |
| CAP RATE | 4.5 – 5.5% | 4.5 – 5.5% | 0.0% |
| SALES TAX INDICATORS | |||
| All Sales Tax | $836.4M | $845.3M | 1.0% |
| Lodging Taxes | $253.2M | $248.0M | -2.1% |
Click here to download the full market update report for commercial, residential, and land for Aspen Snowmass Market.
