We look forward to hearing from you

Aspen Snowmass Real Estate 2022 Year In Review (and sneak peak at 2023)

2022 Aspen Snowmass Real Estate Market Recap:

  • Despite a 50%+/- drop in the number of sales compared to 2021, prices increased 30%+ in most areas (as measured by average price per square foot)


  • The average price per square foot for all Aspen sales was nearly $3,000 per sq ft for condos/townhomes and single family homes, this compares to about $1,500-$1,600 per square foot in Snowmass Village


  • The average list to sales price discount was less than 4% – sellers continued to have the upper hand in pricing and negotiations


  • The slowdown in sales activity finally gave way to increases in listing inventory, but currently available listings are still significantly below historic norms


  • The short-term rental market continued so see high demand and increased pricing, but there are new regulations and taxes that were introduced in 2022 that are currently working their way through the “system”


  • 15+ sales over $30m in 2022 is a new record number of sales at the upper-end of the real estate market – this reality significantly impacts average sales price, price per square foot (because many higher-end homes sell at inflated price per square foot) and total sales dollar volume


  • Days on market continued to drop to historic lows – about 3+ months on average for condos/townhomes and 5+ months for single family homes (keep in mind most contracts involve 30+ days from contract to closing so the actual DOM is less than the statistics show)



2023 Aspen Snowmass Real Estate – Forward Looking Observations:

  • Off-market sales will continue to play an important role in the local real estate market; being in the “know” has real value, and particularly at the upper-end of the market there are buyers and sellers who prefer discretion


  • Short-term rentals will become less of a headline and more cumbersome to operate and manage thanks to the red tape (and new taxes) that the local governments have created, this may push some owner/landlords to consider more creative lease structures and/or focus only on 30+ day rentals


  • The pricing discrepancy between Aspen and Snowmass Village is higher than the historical average – in the near term this might lead to continued pressure on prices in Snowmass Village as buyers seek out (relative) value


  • The dichotomy between buyers looking for “a discount” versus buyers looking for a specific type of home will likely complicate pricing new listings more than the local market has experienced over the past few years


  • As listing inventory continues to rise (if indeed the current trend continues) then days on market will likely reverse course and begin to rise once again – marketing properties creatively and actively will be more in focus


  • There are very few vacant land listings currently on the market in the upper Roaring Fork Valley, and with zero demolition permits available in Aspen until 2024 there will be an increased focus on remodel opportunities (and price pressure on homes that are strong remodel candidates)


  • Uncertainty typically slows the pace of real estate transactions (case in point was the slowdown in sales last year)…as we head into 2023 with a strong local economy and excellent ski conditions it will be interesting to see how continued macro economic uncertainty will impact Aspen area real estate sales







Want to read more?

Why Report?

Ernemann Real Estate has built a reputation for the most in-depth and robust Aspen area real estate market reports. Sign up to be in the know and join our monthly market report email list.

Check out the most recent report as well as past issues below.


Sign up to receive the market report