January in Aspen
2023 Market in Review
Happy January! We hope that you had an incredible holiday. We have been anxiously awaiting year-over-year stats for 2023 and are pleased to share the data with you. There is a lot to glean from these stats relative to the investment potential in Aspen; even in a year that saw a national pullback on investing in residential real estate due to successive and very aggressive rate hikes. While the volume in trading in Aspen proper was down 4 percent, there was no effective change year over year on a price-per-square-foot basis. Luxury condo sales in Aspen (and by this term, we mean new/er developments with high-end finishes and amenities) were up by 4 percent in Aspen. While 1-2 bedroom condos that are more dated saw successive price reductions, the meaning takeaway on the condo stat below is that buyers will still pay record prices for new/”done”/and highly stylized construction. The hassle factor, time, and expense of building are untenable for most, so those willing to develop and sell are still being handsomely rewarded for their efforts.
Not surprising is the meteoric rise in Snowmass in the past year. This includes the volume of trading (up 23 percent), the price per square foot (up 6 percent), and the average condo price (up 9 percent). The Snowmass market deserves the bounce it’s getting for so many reasons. It’s a mere 15-minute drive with easy transportation in and out of Aspen vis-a-vis bus routes.
Basalt and Carbondale continue to benefit from sellers in the Aspen core investing to get more for their money in relation to square footage, acreage, and oftentimes, new/er construction at relative discount pricing. Basalt's dollar volume is up 28 percent year over year, with the average price of a single-family home up 30 percent! Carbondale had a 17 percent rise in single-family dwelling prices year over year. We anticipate this trend to continue into 2024 in Aspen and all surrounding communities given the stability of the economy, anticipated rate cuts, and reduced concern around an imminent recession.
Real estate is a data-driven business. We would be delighted to connect with you for any questions or comments you may have about these 2023 stats.
Successful Sale Spotlight
The McLaughlin Team x CNBC
January in Aspen & Beyond
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