As we approach the end of the year, we look back at 2023 with gratitude, appreciation, and a general sense of optimism. We were fortunate enough to be involved in 20 separate transactions ranging from single-family homes, condos, townhouses, and apartments from Aspen to Carbondale with a high of $17.8M, a low of $165K, and everything in between. We have immense pride in each deal. We have grown our business in each of the past four years and are happy to continue to differentiate ourselves as real estate professionals in a highly complex and dynamic environment. All this to say, thank you. We are happy, healthy, and fortunate to be able to live, work, and call this place home for more than 40 years. We hope to ski, eat, drink, and be merry with all of you over the holidays. Ski hard and pray for snow!
While 2023 started on shaky ground, the latter part of the year picked up steam. Here is a summary of 2022 v. 2023 in Aspen and Snowmass Village.
2022 Aspen - 190 closings for a total of $1.86B. The average asking price was $3,029/SqFt and the average closing was $2,915/SqFt. The average asking-to-sold price was 96% and 122 days on the market. The high was a $60M property that closed at $7,545/SqFt and the low was a $235K property that closed at $677/SqFt.
2023 Aspen - 173 closings to date for a total of $1.7B. The average asking was $3,127 and the average close was $2,938/SqFt. The average asking-to-sold price was 90% and 150 days on the market. The high was a $76M property that closed at $11,697/SqFt and the low was a $381K property that closed at $553/SqFt.
2022 Snowmass Village - 151 closings for a total of $502M. The average asking was $1,558/SqFt and the average closing was $1,502/SqFt. The average asking-to-sold price was 96% and 111 days on the market. The high was a $18.25M property at $3,740/SqFt and the low was a $145K property at $433/SqFt.
2023 Snowmass Village - 191 closings to date for a total of $613M. The average asking was $1,603/SqFt and the average close was $1,549/SqFt. The average asking-to-sold price was 95% and 346 days on the market. The high was a $22.4M property at $3,555/SqFt and the low was a $159K property at $470/SqFt.
Takeaways
The forecasted doom and gloom of 2023 did not pan out; year-to-date we are at 98% of the 2022 total sales volume with days left on the calendar.
Asking prices overall have remained steady, but overall buyers and sellers are finding some equilibrium after 10+ years of price increases. The biggest indicator is that the average asking to close in Aspen was 90% this year v. 96% last year.
Inventory is up compared to last year, but when properties are priced accordingly we are still seeing multiple offers.
Buyers who are looking for 'deals' are still looking. The best value still exists in Snowmass Village with homes on average trading around 50% compared to Aspen.
It is still difficult, expensive, and time-consuming to build in Pitkin County upwards of four years, but the patient are often rewarded. Turn-key properties are in high demand with much of the inventory catching up to 2023 standards.
We will see the premium for exceptional properties grow as Pitkin County has downzoned the maximum home size to 9,250 SqFt. Anything above will trade at a premium.
Off-market properties still exist; usually because the asking price is not reflective of the market or because it is part of a marketing strategy.
Basel III is a government proposal that would set new rules increasing capital requirements on large banks by as much as 25% to strengthen their stability, possibly constraining banks’ ability to lend to households and businesses, sending a harmful ripple effect through the economy.
REALTOR®.com said it expects U.S. existing-home sales volume will be about flat next year, while prices could fall by 1.7%. Larger metropolitan areas will broadly see higher price growth, but fewer sales because of inventory constraints.
A Bank of America study found patience waning among prospective home buyers despite current interest rates. About 62% said they were waiting for lower rates, down from 85% previously.
