Since COVID-19 restrictions have slowly been lifted throughout Pitkin County, the Aspen real estate market has been red hot. People are eager to get out and enjoy this incredible mountain lifestyle during the beautiful summer months and may be thinking ahead at having a mountain getaway waiting should they want to escape city life in the near future!
Transactions on the Rise
Colorado’s ski resorts were forced to close early on March 15 because of the pandemic. That effectively ended our winter season and then the whole state was put on lockdown. From that date through now, we’ve had a total of 29 properties sold in Aspen for a total sales volume of $195,642,000.
As of June 22 we currently have 27 pending sales that will come out close to an additional $141,657,000 when closed. It has been an uncharacteristically busy June! We are seeing the high-end properties sell quickly right now. More than 20% of sales are taking place over $10 million and then roughly another 20% are in the $5 million to $9.9 million range.
Click here to check out some of my latest real estate listings in the Aspen/Snowmass area.
Dancing Bear Penthouse
One of the most notable recent sales was the penthouse at Dancing Bear. It closed at $18.3 million after being on the market for 3.5 years. It was originally listed at $29.950 million, so it does show some depreciation in the higher end of our market. In general, however home prices are continuing to rise in Aspen and throughout the country as buyer demand far outweighs the supply of housing inventory for sale. Aspen’s year-to-date median sales price is up 6.7 percent compared to 2019.
A Great Time to Own in Aspen
According to this article on foxbusiness.com, now is a great time to own in isolated luxury resort towns like Aspen. Many wealthy people have opted to vacation year-round in their second homes as they avoid the big cities, work from home, cut back on international travel and want to have a quiet place to stay self-quarantined. They are also looking for more private outdoor space and open-air activities, which we all know Aspen has in abundance!
Even before all the coronavirus craziness, Aspen real estate sales and property values were on the way up in 2019. This luxury mountain lifestyle is appealing on all levels to full-time residents, seasonal visitors and rental property owners alike.
Looking Ahead
I expect Aspen’s summer market to stay hot and remain very active over these next couple months as buyers and sellers are looking to make moves during a somewhat condensed season. I’ll be curious how things are in the fall and winter. It may depend on if there’s a second wave of the virus and any more government-enforced lockdowns. Or, it may be one of our most active winters ever since so many people weren’t able to visit our amazing ski resorts this past winter!
If you are thinking of buying, selling or renting in Aspen or Snowmass this summer, you need to be ready to make your move. In a hot market like this, you don’t want to make hasty decisions. At the same time, you have to act quickly. That’s why you want an experienced real estate broker on your side.
Call me today with all your Aspen real estate questions at (970) 366-0891 or email me at [email protected]
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Brittanie Rockhill
Aspen Real Estate
brittanierockhill.com
DRE # FA.100019229
