Snowmass Q3 2023 Market Update

NOTES: 

During the first seven months of 2023, we’ve seen an increase in inventory leading to some softening in prices, but still a significantly stronger market then pre-pandemic levels prior to 2020. At the end of July, the total number of residential properties on the market for sale throughout the Aspen Snowmass market was 22% higher than at the end of July 2022, but a significant 49% below inventory levels of 2017 through 2019. At this point mid-August, there have been 248 residential closings just slightly behind the 278 closings recorded during the same period in 2022, but 48% below what the market experienced during the same period in 2021. The pace of this year’s market is very much inline with the pace of closings in the pre-COVID years of 2018 and 2019.

Although the number of completed transactions is mirroring the pre-pandemic years, the total sales volume is twice those levels reflecting the significant. price appreciation of Aspen-Snowmass real estate that’s taken place in the past three years. In 2019 with a similar number of sales year-to-date, the total residential sales volume was about $885 million with an average per transaction value of about $3.1million. This year to date, the total sales volume of residential properties is just over $1.4 billion with an average per transaction value of about $5.7 million, an average 22.5% annual increase over the past three years. Despite the significant decline in the velocity of transactions from the past three years, if the residential market continues at its current pace, 2023 will likely record over $2.3 billion in total sales volume making it the fourth strongest real estate market in Aspen Snowmass history but for the post-pandemic boom years of 2020, 2021 and 2022.