What's the Altitude of the Aspen | Snowmass Real Estate Market?
2015 was a banner year for Aspen real estate with over $2 Billion in sales volume, particularly in the ultra-luxury market with 31 sales in excess of $10 Million and 14 sales above $15 Million. The large jump in average sales price (28.5%) and median sales price (18.6%) for single-family homes has caused some buyers to wait on the sidelines for a value play.
Year over year, single family home inventory increased slightly with new listings up 4.4% and sold listings down 6.8%. With a project on nearly every block, a short stroll through the West End will tell you how much activity there is in new developments and inventory coming on the market in 2016.
Of course, to provide an accurate analysis of the Aspen real estate market, a deeper look at the neighborhood is required. Prime locations in the downtown core, West End and Red Mountain saw healthy gains while properties in East Aspen and West Aspen experienced more steady growth.
The condo/townhome/duplex market experienced a decrease of 4.9% in median sales price (to $1,226,563), and -6.2% in average sales price (to $1,974,148). New listings are up 37% from 2014 with sales only up 17%, so there are 20% more new listings than sales, creating more inventory as we head into 2016.
Snowmass Village finally experienced some steady improvement towards the middle of 2015 after remaining flat for several years. Median and average single family sales prices were up 43.8% and 53.4% respectively, with condo/townhome/duplex median and average prices up 14.5% and 2.9%.
2015 also showed increases in industries directly and indirectly included by real estate sales, such as the increase of 12% in construction, 9% in luxury goods, and 9% in accommodations, to name a few.
All the good news didn’t last long with the start to 2016 bringing out the bear in markets throughout the world. Continued fear of a China’s slowing economy, predictions of crude oil prices bottoming near $20 per barrel in the first half of the year, and a strong US dollar, are reflected in Aspen’s slowing real estate market. January of 2016 saw only $24.29 Million in total sales volume, compared with $91.535 Million in January 2015 -- a 73% drop.
We have experienced a gradual up tick in our real estate market over the past six years so a healthy slowing may give potential buyers the chance to catch their breath and take a serious look at our market for long term real estate investments. This may not be the best time to do a ‘fix and flip’ project, but Aspen real estate is a proven commodity as a long term investment, and one where the investment in the experience is equally as important as the financial investment. What other investments offer amazing outdoor experiences year round with world renowned cultural opportunities surrounded by a financial comfort that like-minded, savvy investors are doing the same?
Aspen Sees Record Snowfall in 3 Days
The schools and local governments shut down for 2 days while over 3 feet of snow was cleared from the roads and sidewalks. In the meantime skiers and students enjoyed days of champagne powder on our four mountains. The 49" of snowfall in January has nearly quadrupled over last year the same time. If you are thinking of visiting this season and need a luxury rental, browse area rentals here.
The New Sky Hotel will Debut as a W Hotel
Following demolition of the Sky Hotel at the Base of Aspen Mountain this spring, the doors will open for the 2017-2018 ski season as a W Hotel. The contemporary mountain chalet design will include 88 guest rooms, including 11 fractional residences, a gym, underground speakeasy club, and the rooftop bar will include a jacuzzi, fire pits, cabanas and dance floor. Read more about this new development here.
Aspen Schools Ranked #1 in State | #24 in Nation
The Aspen School District ranked No. 24 on the list of the “2016 best school districts in America” by Business Insider this month, and #1 in Colorado. The rankings were based on research of overall experience, which includes factors such as academic strength, quality of staff, student life, school resources, student culture and diversity, and student and parent reviews. Read the full Time's story here.
E&V Supports Special Olympics at X-Games
Engel & Völkers is a proud first cause sponsor for the Special Olympics #PlayUnified campaign. This campaign plans to inspire and mobilize youth around the world to connect with people with intellectual disabilities and create more inclusive communities. This year the Special Olympics held dual slalom events at Aspen's X-Games - one with professional athlete pairs and one without.