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Aspen Snowmass 4th Quarter Real Estate Report

 

 

 

 

 

 

 

 

 

Aspen  Snowmass 4th Quarter Real Estate Report

The 4th quarter real estate report for Aspen came back promising. Single family home prices are on the rise as inventory drops. Average sales price of single family homes are up 10.8% from 2013 jumping from an average sales price of $4.815M to $5.366. Median sales price has risen a million dollars. Days of Single family homes on market has dropped from 179 to 130, a 27.4% drop. The data suggests the single family home market is improving rapidly in Aspen. There are fewer new listings in 2014 overall and 118 single family homes have sold in 2014 compared with 93 last year. Months supply of inventory has dropped 42.9% from 23.1 months to only 13.2 months.

Single Family           //             Quarter 4                          //                 Year to Date

Key Metrics 2013 2014 % Change fromPrevious Year Thru Q4 2013 Thru Q4 2014 % Change fromPrevious Year
New Listings 37 33 -10.8% 190 174 -8.4%
Sold Listings 27 35 +29.6 93 118 +36.9
Median Sales Price $3,950,000 $4,950,000 +25.3 $3,510,000 $4,850,000 +38.2
Average Sales Price $4,815,000 $5,336,667 +10.8 $5,069,447 $5,625,979 +11
Percent of List Price Received 89.1% 93.6% +5.1 89.5% 92% +2.8
Days on Market Until Sale 219 214 -2.3 286 217 -24.1
Inventory of Homes for Sale 179 130 -27.4
Months Supply of Inventory 23.1 13.2 -42.9

 

Townhouse-Condo                  //             Quarter 4                         //             Year to Date

Key Metrics 2013 2014 % Change fromPrevious Year Thru Q4 2013 Thru Q4 2014 % Change fromPrevious Year
New Listings 60 42 -30.0% 250 222 -11.2%
Sold Listings 37 48 +29.7 148 159 -7.4
Median Sales Price $1,195,000 $1,447,500 +21.1 $1,147,500 $1,290,000 +12.4
Average Sales Price $1,822,757 $2,281,875 +25.2 $1,697,614 $2,105,056 +24.0
Percent of List Received 94.2% 93.5% -0.7 92.8% 93.9% +1.2
Days on Market Until Sale 158 227 +43.7 178 203 +14.00
Inventory of Homes for Sale 186 123 -33.9
Months Supply of Inventory 15.1 9.3 -38.4

The condo market in Aspen is heating up. Inventory was down a third compared to 2013 in the 4th quarter. Sold listings is up almost 30%, however down 7.4% for the year. Median sales price was up 21.1% for the fourth quarter, 12.4% for the year. Average sales price is up 25% for the fourth quarter as well as for the year at $2.1 M being the average sales price for a condo in Aspen. Percent list price remains high at 93.9% for the year. Homes are sitting on the market longer however up 14% for the year or 203 days. There are 9.3 months inventory of Aspen condos currently which is an indication of a changing market, down 38.4% from last year.

Snowmass Village

Single Family           //             Quarter 4                          //                 Year to Date

Key Metrics 2013 2014 % Change fromPrevious Year Thru Q4 2013 Thru Q4 2014 % Change fromPrevious Year
New Listings 17 15 -11.8% 64 67 +4.7%
Sold Listings 8 8 0.0 29 37 +27.6
Median Sales Price $2,165,500 $2,100,000 -3.0 $2,100,000 $1,950,000 -7.1
Average Sales Price $3,686,750 $3,420,625 -7.2 $3,948,862 $2,697,649 -31.7
Percent of List Price Received 89.8% 91.1% +1.4 89.7% 91% +1.4%
Days on Market Until Sale 338 198 -41.4 242 165 -31.8%
Inventory of Homes for Sale 67 62 -7.5
Months Supply of Inventory 25.4 18.4 -27.6

 There are slightly more single family on the market this year compared to last year with 67 new single family home listings in 2014. Sold homes are up 27.6 for the year. Median sales price is down 7.1% and average sales price is down 31.7% for the year. There is still time to get a good deal on a single family home in Snowmass Village on the heels of the last housing recession. Percent of list price received has remained strong at 91%. Average days on the market was 165 which is down 31.8% from last year, showing signs of recovery. Inventory is down 7.5% and months supply of inventory is down 27.6%. I think we will continue to see improving conditions for the single family market in Snowmass Village.

Townhouse-Condo                  //             Quarter 4                         //             Year to Date

Key Metrics 2013 2014 % Change fromPrevious Year Thru Q3 2013 Thru Q3 2014 % Change fromPrevious Year
New Listings 74 34 -54.1% 175 144 -17.7%
Sold Listings 21 12 -42.9 129 91 -29.5
Median Sales Price $675,000 $587,500 -13.0 $508,212 $550,000 +8.2
Average Sales Price $789,900 $744,875 -6.8 $694,227 $846,535 +21.9
Percent of List Received 92.7% 95.1% +2.6 93.2 92.5 -0.8
Days on Market Until Sale 271 192 -29.2 181 228 +26.0
Inventory of Homes for Sale 181 165 -8.8
Months Supply of Inventory 16.8 19.9 +18.5

 

There are 54.1% fewer new listings this year for condos in Snowmass Village and down 17.7% over the entire year. Sold condo listings however are also down 29.5% for the year; dropping from 129 sold condos in Snowmass Village in 2013 to 91 sold listings in 2014. Median sales price is up 8.2%. Average sales price overall for 2014 is up 21.9%. Percent of list price received is 92.5%. Condos are sitting on the market longer on average in 2014. Averaging 228 days on market until sales in 2014 compared to 181 in 2013. Inventory is down 8.8% and months supply of inventory has increased to 18.5%. What is happening? As the market continues to improve sellers decide that the market has recovered enough to put their condo on the market which is flooding the market with inventory, however they are willing to wait for a good offer increasing the time on market.

It is a good time to buy in Snowmass Village.

 

For more information on the Roaring Fork Valley market please contact Ruth Kruger at 970-404-4001 or visit us on our website www.krugerandcompany.com

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