Resolutions. We hope everyone had a beautiful holiday season. We were fortunate enough to spend it at home in Aspen and Snowmass Village. There were a lot of reasons to celebrate and be merry. Number one, everyone is healthy and happy and that is always the priority. Number two, we grew our business for the 4th year in a row marking our best year yet. We were fortunate enough to be involved in 20 separate transactions and close just shy of $50M for the year. Thank you to all of you who understand us, appreciate us, and trust us to work with you and on behalf of you. We do not take the opportunity lightly and are extremely grateful.
As we march on into 2024, we all have resolutions. Leah's include lowering her handicap and continuing to hike and ride her Peloton and mine include completing the Power of Four and Grand Traverse. Whether it be physically, spiritually, or professionally, it is the time of the year when we are all setting goals.
But what happens in a few months when the champagne bubbles have gone flat? Are we still on track to become better versions of ourselves? Goal setting is important, but what matters to us is falling in love with the process and showing up every day. It's nice to look back at 2023 and be extremely proud, but how we measure our success is not solely based on the number of transactions, the dollar amount closed, or the races completed. Some days will be better than others and some years we will be better than others; what we can control is how we show up, the effort we put in, and the smiles we put on people's faces.
Our business is built off of a foundational belief that we are more than just real estate consultants. We are pillars of our community, we are good friends, we prioritize our family, and we help our clients fall in love with this valley and build a legacy in this town. We look forward to seeing, speaking, and working with all of you in 2024. Here's to a good year!
What to Look For in 2024?
2023 was another strong year for Aspen Snowmass real estate. Prices continued to rise in Snowmass Village (another 10% +/- annual gain in 2023) and more or less flattened out in Aspen.
The average Aspen land sale price was on average more than $10M.
Snowmass Village had slightly more single-family sales in 2023 versus 2022 and continued price appreciation.
Even with rising inventory in Aspen the past month, overall Aspen Snowmass inventory levels are still below historic averages.
There are about 40 single-family listings in Aspen above $20m, and last year there were about 20 sales above $20M. This is a 2-year supply.
2023 was a great year for the contrarians.
Half of the world’s G.D.P. are going to be choosing a leader in the next 12 months.
2024 is the year Zillow predicts we will see more sellers, steady rates, and a friendlier market for first-time buyers.
Stable rentals, a soft economic landing, cooperative inflation, a resilient housing market, and supportive policies = a good year for real estate?
There was a 33.7% year-over-year drop nationally in new buildings with five or more units.
On the flip side, the single-family saw a 42.2% increase in new builds. Look to lower interest rates and a competitive resale market.
$300 Billion is how much dry powder PE is sitting on to invest in real estate.
Fannie Mae and MBA economists predict a mild U.S. recession in 2024, despite improved conditions for the real estate market.
Completing a house took an average of 8.3 months in 2022, a month longer than it took to build a house of the same size back in 1971.
Institutional investors could control 40% of the market by 2030.
With housing prices still elevated, a steep drop in rates will flood the market with buyers, pushing prices up even more.
If Monaco can build affordable housing amid their multi-million dollar homes, we all have a reason to be optimistic.
