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Midvalley 2018 Midyear Real Estate Market Review: Basalt & Carbondale

Wednesday, July 25th, 2018 at 1:14am Engel & Völkers Aspen • Snowmass • Roaring Fork

While the Lake Christine Wildfire has been devastating for us all, we are incredibly grateful for the firefighters who put their lives on the line to protect our resilient community (more below). Meanwhile, I am pleased to present more encouraging news - midvalley real estate is healthy, and the year-to-date statistics are positive. The first half of 2018 marks the strongest period since 2008 for both Basalt and Carbondale in terms of average sale prices and sales volume.

In Basalt, unit sales increased 23% and dollar volume jumped 72% compared to the first six months of 2017. The average price per square foot rose 56% for homes and 22% for condos. Single-family dollar sales doubled.  Days on market dropped about 20% to 7 months, and sale to list price ratios remained steady at around 97%. The average sale price set a high at $876,000, amounting to over $1.2 million for homes and nearly $600,000 for condos.  The majority of transactions closed for under $700,000, though three homes sold for over $3 million, all in The Roaring Fork Club.
In Carbondale, the average sale price increased to around $300 per square foot, a 15% improvement compared to the same period last year.  While condo sales decreased, overall unit sales rose 5% and dollar volume increased 18%. Days on market dropped about 20% to 5 months and sale to list price ratios grew to 97%.  The average sale price for a single-family home rose to $877,000 and $510,000 for condos. Two homes sold for over $2 million, both in Aspen Glen.
The wildfire has certainly posed challenges and the long-term effects are difficult to gauge at this time, but overall the market is healthy as buyers realize the excellent value and abundant amenities the midvalley offers.
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