March Madness

March is traditionally a busy month in Aspen Snowmass for tourism, skiing and real estate. This year appears to be on track for a great month of skiing and perhaps a crucial time for determining how the rest of the year plays out for the local real estate market.

Listing inventory is at an all time low in the Aspen Snowmass real estate market. There are fewer than 90 total listings in all of Aspen today and over one-third of those listings are under contract. In Snowmass Village there are only 30 active listings as of today (and over 70 contracts currently pending!).

The graph below is for all Aspen listings and contracts.

Something has to give, so far it’s been buyers giving increasingly high prices to sellers. I don’t see any immediate change in the current market dynamics although it’s important to keep in mind the local real estate market dynamics have proven time and time again they can change rapidly. If we end up with even lower inventory and more contracts after March rolls into April then we can expect solid momentum heading toward this summer.