In an effort to keep our clients across various markets up to speed on real estate sales data, Douglas Elliman releases quarterly regional reports: Elliman Reports. The September 2021 numbers are in for Aspen and Snowmass, and there is some interesting data to share.
Low Inventory
Lack of housing supply has been our biggest challenge in the Aspen/Snowmass real estate markets. Though buyer demand is strong, there just aren’t enough properties for sale. New listings went down in September. This has hindered the amount of sales happening in our area over the past several months, especially when it comes to single-family homes. The good news is that the number of signed contracts for Aspen condos has been relatively strong to help offset the dip in single-family sales.
Aspen/Snowmass September 2021 Real Estate Sales
Here are some of the key Aspen/Snowmass real estate sales data from September 2021:
Aspen Single-Family Homes:
• New Signed Contracts – 13 (down 27.8% from Sept. 2020)
• New Listings – 6 (down 45.5% from Sept. 2020)
Aspen Condos:
• New Signed Contracts – 20 (up 33.3% from Sept. 2020)
• New Listings – 7 (down 58.8% from Sept. 2020)
Snowmass Village Single-Family Homes:
• New Signed Contracts – 9 (down 40% from Sept. 2020)
• New Listings – 3 (down 50% from Sept. 2020)
Snowmass Village Condos:
• New Signed Contracts – 19 (down 36.7% from Sept. 2020)
• New Listings – 14 (up 7.7% from Sept. 2020)
All property types in Aspen and Snowmass have seen increased listing and sales numbers compared to this same period two years ago.
New Construction & Rising Permit Values
The Aspen Times posted a new article talking about new construction permits. Recent research from the city’s community development director, Phillip Supino, shows the average building permit valuation in 2021 is over $1 million. That number was just above $131,000 in 2010. In addition, the current valuation of active building permits in Aspen is approximately $750 million. This data shows how desirable and valuable property here has become.
The article cites several reasons for this increase in permit valuations. First, is the evolving luxury tastes of Aspen property owners. In addition, local developers are continuing to design and build more intricate, world-class commercial and residential buildings. The complexity of city construction and tax regulations is also a significant factor.
What This Means for Aspen Buyers and Sellers
This continues to be a strong seller’s market because of the low housing inventory and high home prices. There are more buyers competing for fewer properties, which tends to drive prices up while shortening the days on market. Aspen will never be a super-fast moving market compared to highly populated urban and suburban areas. We have sales peaks and valleys throughout the different seasons. The niche mountain lifestyle and high-end price ranges will always mean buyers and sellers will need to do their research and be prepared in order to make the right real estate decisions.
If you are looking to buy or sell a home in Aspen or Snowmass Village this fall or winter, contact me today to get started. I’ll be happy to keep you up-to-date with everything happening in our real estate market, so you can make the most of your move. Just let me know how I can help you make your Aspen real estate dreams come true!
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Brittanie Rockhill
Aspen Real Estate
DRE # FA.100019229
