July Ernemann Report: Mid-year Update

I always look forward to the beginning of July, it’s an exciting time in Aspen and it’s also an opportunity to see how the local real estate market is shaping up midway through the year.

Here are my latest observations:

The total number of sales in 2022 continues to track well below the pace set in 2021 – transactions are down 25%-50% +/- depending on the location
A strong increase in sale prices has masked the slowdown in the pace of transactions, sales dollar volume is up modestly YTD in Aspen and down about 17% in Snowmass Village
The closings thus far this year show a strong sellers’ market with only a 2-3% average discount off the list price
Listing inventory remains tight although the tide is starting to turn with a trend toward increasing inventory due to more listings hitting the market and few contracts compared to last year at this time
Overall listing inventory is down 30% in Aspen but up 30% in Snowmass Village compared to one year ago
There are about 45 properties currently under contract in Aspen Snowmass right now, this is a significant drop relative to the 150+ contracts in place last July
The three year average price growth in Aspen Snowmass is over 20% per year on average – this is historically strong
There have been 10 sales over $30 million so far this year in Aspen, that’s more than any other entire year, ever – the high-end of the market remains strong (nevermind a home was just listed for $100m on Little Nell!)
Snowmass Village continues to be a value relative to Aspen – the 2022 average overall price per square foot for Snowmass Village sales is approximately $1,500 compared to almost $3,000 per square foot in Aspen

TO VIEW THE JULY 2022 ERNEMANN REPORT PLEASE CLICK HERE

The total number of sales in 2022 continues to track well below the pace set in 2021 – transactions are down 25%-50% +/- depending on the location

A strong increase in sale prices has masked the slowdown in the pace of transactions, sales dollar volume is up modestly YTD in Aspen and down about 17% in Snowmass Village

The closings thus far this year show a strong sellers’ market with only a 2-3% average discount off the list price

Listing inventory remains tight although the tide is starting to turn with a trend toward increasing inventory due to more listings hitting the market and few contracts compared to last year at this time

Overall listing inventory is down 30% in Aspen but up 30% in Snowmass Village compared to one year ago

There are about 45 properties currently under contract in Aspen Snowmass right now, this is a significant drop relative to the 150+ contracts in place last July

The three year average price growth in Aspen Snowmass is over 20% per year on average – this is historically strong

There have been 10 sales over $30 million so far this year in Aspen, that’s more than any other entire year, ever – the high-end of the market remains strong (nevermind a home was just listed for $100m on Little Nell!)

Snowmass Village continues to be a value relative to Aspen – the 2022 average overall price per square foot for Snowmass Village sales is approximately $1,500 compared to almost $3,000 per square foot in Aspen

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