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Aspen and Snowmass Village Residential Real Estate 3rd Quarter Report

Aspen 3rd Quarter Report

The 3rd 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 32% from 2013 jumping from an average sales price of $4.922M to $6.495. Median sales price has risen 53.8% from $4M to $6.15M. Days of Single family homes on market has dropped from 328 to 203, a 38.1% drop. The data suggests the single family home market is improving rapidly in Aspen. There are fewer new listings in 2014 overall and 82 single family homes have sold in 2014 compared with 66 last year. Months supply of inventory has dropped 36.3% from 25.6 months to only 16.3 months.

Single Family            //               Quarter 3                   //               Year to Date

Key Metrics 2013 2014 % Change from

Previous Year

Thru Q3 2013 Thru Q3 2014 % Change from

Previous Year

New Listings 38 48 +26.3% 151 138 -8.6%
Sold Listings 29 33 +13.8 66 82 +24.3
Median Sales Price $4,000,000 $6,150,000 +53.8 $3,462,500 $4,443,750 +28.3
Average Sales Price $4,922,121 $6,495,645 +32.0 $5,173,447 $5,815,632 +12.4
Percent of List Price Received 90.7% 93.4% +3.0 89.7% 91.7% +2.2
Days on Market Until Sale 328 203 -38.1 313 220 -29.7
Inventory of Homes for Sale 203 148 -27.1      
Months Supply of Inventory 25.6 16.3 -36.3      

 

 

 

 

Townhouse-Condo                    //               Quarter 3                   //                Year to Date

Key Metrics 2013 2014 % Change from

Previous Year

Thru Q3 2013 Thru Q3 2014 % Change from

Previous Year

New Listings 55 49 -10.9% 187 179 -4.3%
Sold Listings 47 42 -10.6 111 109 -1.8
Median Sales Price $1,400,000 $1,127,500 -19.5 $1,100,000 $1,250,000 +13.6
Average Sales Price $1,959,007 $1,776,020 -9.3 $1,655,900 $2,018,934 +21.9
Percent of List Received 93.1% 94.6% +1.6 92.3% 94.0% +1.8
Days on Market Until Sale 180 193 +7.2 184 195 +6.0
Inventory of Homes for Sale 177 140 -20.9      
Months Supply of Inventory 14.8 11.5 -22.3      

 

Condos and townhouses are not rebounding with the vigor of Aspen single family homes but the good news is a deal can still be had on the heels of the last housing recession. Inventory is shrinking ever so slightly with 6 fewer new listings this quarter (down 10%), however the amount of sold listings are also down 10.6% from last year. If you look at the whole of 2014 sold listings are only down 1.8%. Sales are holding to last years levels. Median sales price is up 13.6% for the year and average sales price is up 21.9%. The condo prices are recovering nicely. Sellers are receiving 94% of asking price up marginally from 2013 when they were receiving 92.3%. Condos and townhomes are sitting the market an average of 195 days, up slightly from 2013 numbers of 184 days on market. Condo and townhomes inventory is down 20.9% and there are 11.5 months of inventory currently on the market. It still is a buyer’s market but with a shrinking inventory we should see a change in the coming months.

 

 

 

Snowmass Village

Single Family            //               Quarter 3                   //               Year to Date

Key Metrics 2013 2014 % Change from

Previous Year

Thru Q3 2013 Thru Q3 2014 % Change from

Previous Year

New Listings 13 17 +30.8% 47 52 +10.6%
Sold Listings 8 9 +12.5% 21 29 +38.1%
Median Sales Price $1,884,000 $1,990,000 +5.6% $2,100,000 $1,850,000 -11.9%
Average Sales Price $7,371,625 $2,754,444 -62.6% $4,048,714 $2,498,207 -38.3%
Percent of List Price Received 86.2% 90.3% +4.8% 89.7% 91% +1.4%
Days on Market Until Sale 252 116 -54% 214 156 -27.1%
Inventory of Homes for Sale 72 65 -9.7%      
Months Supply of Inventory 27.3 19.3 -29.3%      

 

There are a third more new single family homes listed this quarter compared to last year’s 3rd quarter and 10.6% more new listings for 2014 than 2013. Sold listings in the 3rd quarter are nearly the same as last year however for 2014 over all 29 homes have sold compared to 21 in 2013, a 38.1% improvement. Median sales price is down for the year, 11.9% but up for the 3rd quarter 5.6%. Average sales price is down considerably, 38.3% for the year that may indicate a very large and expensive home could have skewed the numbers for 2013. Percent of list price received is on the rise ever so slightly up from 89.7% in 2013 to 91% in 2014. Days on the market has dropped a whopping 54%, averaging 116 days on market until sale indicating a turn for the better in the Snowmass Village single family home market. Inventory is down 9.7% and months supply of inventory has dropped a third. The market has improved markedly in Snowmass Village in 2014; a trend that by all signs will continue into the new year.

 

 

 

Townhouse-Condo                    //               Quarter 3                   //                Year to Date

Key Metrics 2013 2014 % Change from

Previous Year

Thru Q3 2013 Thru Q3 2014 % Change from

Previous Year

New Listings 27 35 +29.6% 101 109 +7.9%
Sold Listings 31 19 -38.7% 108 79 -26.9%
Median Sales Price $493,050 $463,500 -38.7% $492,125 $545,000 +10.7%
Average Sales Price $575,929 $762,195 +32.3% $673,874 $861,977 +27.9%
Percent of List Received 92.2% 92.7% +.05% 93.4% 92.2% -1.3%
Days on Market Until Sale 189 241 +27.5% 164 234 +42.7%
Inventory of Homes for Sale 161 155 -3.7%      
Months Supply of Inventory 14.9 18.6 +24.8%      

 

How are condo and townhome sales going in Snowmass Village? New listings are up a third from last year for the 3rd quarter, up 7.9% from last year on the whole. Sold listings have dropped 26.9% for the year. Median sales price has dropped 38.7% for the quarter but is up 10.7% for the year. Average sales price has risen considerably, 27.9% in 2014 from 2013. Percent of list price remains right around 93%. Days on market has risen a whopping 42.7%. Inventory is down slightly and months of inventory has risen from 14.9 months to 18.6 months. Snowmass Village condo and townhomes market is still very much a buyer’s market however it appears that sellers are willing to wait for a good offer indicated by the amount of days on market and the high percentage of list price received. The market is recovering with a rapidly improving average sales price. There’s still time to get a great deal in the Snowmass Village townhome and condo market but don’t wait until it’s too late!

 

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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