Its official, Aspen’s strong real estate market is back with January sales volume up 334% from 2014. This is hard to believe considering 2014 was so strong at $1.6 billion in sales (the best year since pre-recession). The ultra-luxury market is also back with several record breaking transactions such as the 5,053 square foot downtown penthouse condo that sold for $16.8M at $3,126.86 a foot.
The high-end luxury market of $7.5M+ experienced a significant increase of 256% from 16 sales in 2013 to 41 in 2014. An even higher increase was the ultra high-end market of $20M+ properties, up 500%, from 1 sale in 2013 to 5 in 2014.
The one exception is the $1M-2M category, which fell 42% because so little home inventory is for sale at this price point. Low inventory in this price point is also due to spec “fix and flip” developers who have picked off anything worth of redevelopment.
The new data for 2015 continues to support the trend of low inventory because the number of transactions for January is down by 39%. High sales volume with fewer transactions is typically an indication that high-end luxury properties are in demand and inventory is low. Demand for Aspen real estate is strong, so if you are looking to buy, get in the game, and if you are thinking about selling, now is the time to call us to market your property for sale.