Real Estate Market Watch: by Erik Cavarra

November 3, 2020 by ecavarra Leave a Comment

MARKET WATCH by Erik Cavarra

As you may have read in the Wall Street Journal recently, the Aspen/Snowmass Real Estate market is booming. The great mass exodus of the cities has positioned our Resort in the forefront of feeder markets for those looking to safely distance themselves from the pandemic.

We have seen a remarkable increase in the number of rental bookings and sales transactions for Single Family Homes. Condominium and Land acquisitions are rising. Fractional Sales Volume has increased slightly as well, with fewer transactions taking place from the year prior, but sales yielding a higher price point.

Here’s a look at some interesting numbers from the Aspen/Snowmass Market:

Aspen | Single Family Home Sales

2019:

89 Sales
$675 million in Volume Sold
Avg Sold Price: $7,589,299
Avg Sold Price Per Foot: $1,481/ft

2020:

92 Sales YTD
Over $1 billion in Volume Sold
Avg Sold Price: $11,342,326
Avg Sold Price Per Foot: $2,020/ft
45 Homes are Pending which will translate into over $1.5 billion in Sold Volume for 2020

Snowmass Village | Single Family Home Sales

2019:

49 Sales
$197 million in Volume Sold
Avg Sold Price: $4,031,889
Avg Sold Price Per Foot: $1,008/ft

2020:

32 Sales YTD
$130 million in Volume Sold
Avg Sold Price: $4,079,788
Avg Sold Price Per Foot: $939/ft
29 Homes are Pending which will translate into over $260 million in Sold Volume for 2020

*Condominium Volume is also increasing in Aspen from 141 transactions or $331mm in 2019, to 155 transactions or $574mm in 2020. In SMV, there were over 128 transactions or $139mm sold in 2019 compared to 160 transactions or $230mm in 2020.

Aspen / Snowmass | Fractional Sales

2019:

163 Total
$39 million in Volume Sold
Avg Sold Price: $243,107

2020:

107 Total
$34 million in Volume Sold
Avg Sold Price: $327,811
26 Fractional Units are Pending which translates into over $39 million in Sold Volume for 2020

Please contact Erik Cavarra
ecavarra@snowmassclub.com or by phone at 970.923.0817 for more information.

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