What To Expect for the Summer 2023 Aspen Real Estate Market

Enjoy Summer Activities in Aspen

A huge winter for snowfall brings a green and wildflower filled summer ahead in Aspen and the whole Roaring Fork Valley. We anticipate our rivers to be flowing and are hopeful it will be a lush landscape with no drought on the horizon. The hiking and biking in the high country should be spectacular. Some of our favorite hikes include hiking over the Maroon Bells to the nearby mountain town of Crested Butte, scenic and more remote hikes in the Frying Pan Valley about 45 minutes outside of Basalt, the tried-and-true Hunter Creek Trail accessed a few minutes downtown Aspen, the Avalanche Creek Trail accessed from Carbondale, and many stunning hikes up Independence Pass just east of Aspen. Our rivers are perfect for prime-time fly-fishing on the Roaring Fork and Frying Pan rivers and white-water rafting season as well. Roads are already drying out for road-biking, with mountain bike trails to follow in the near future. And of course, there is golf, tennis, pickleball, not to mention all of the 2023 Aspen events like the Aspen Music Festival, The Aspen Institute/Aspen Ideas Festival, Theater Aspen, Jazz Aspen throughout the summer, Aspen Saturday Farmer’s Market & Basalt Sunday Farmer’s Market, and the list goes on and on!

Continued Limited Inventory Market-Wide in Aspen, Snowmass Village, Basalt & Carbondale

Although real estate inventory has increased since 2020-2022, it still remains limited throughout Aspen, Snowmass, Basalt, Carbondale and beyond. Looking for a townhome or single family home in the Central Core from $7-$15 million? There is currently not one listed. Looking for a new construction single family home for sale in Basalt or Carbondale? There are just a few at any given time. A 3-bedroom ski condo in the Lodging District of Aspen with unlimited short-term rentals in the $3-$4M price point? There may be one or two. Although demand has declined from the height of the Covid frenzy, it’s still amazingly strong. It seems that everyone wants to enjoy the benefits of small-town living that Aspen and the Roaring Fork Valley offers, if even only part-time. And the difference is that the demand is truly valley-wide, with no real price cap on what buyers will spend for the right property for their needs. There is still tremendous opportunity for Aspen sellers in many segments of the market. Over the past year we have seen many “off market” property sales in Aspen. With little quality inventory of Aspen homes available, it’s important to select the right real estate broker who knows where to look for off-market opportunities and is able to leverage connections in the real estate community to help find specific properties that meet your criteria. Let the Engel Lansburgh Team guide you!

Buyers Paying Premiums for Special Aspen Properties

Because of the limited size and very little developable land in Aspen, Snowmass Village and surrounding areas, the sky continues to be the limit for special properties in premium locations. The ultra-luxury market continues to be in high demand and Sellers therefore continue to be in command of prices in the above $20 million market, particularly for Aspen real estate sales that occur off-market. The increase in pricing in the resort market has opened up opportunities further down the valley in the Basalt, Carbondale and Missouri Heights markets, with new construction homes on good lots obtaining record prices. Being located in the central core of Aspen, in the West End, or Red Mountain, along with being ski-in/ski-out in Snowmass Village, or on the river or on a beautiful ranch with views in the Basalt/Carbondale area, these are the kinds of location and offering combinations that are still seeing very strong sales.

Aspen Properties Priced for the Market Will Continue to Sell

On the flipside, if a property is priced way off the market, Buyers are holding back. Aspen homes in more transitional or up and coming locations may be perceived as better values. If Aspen or Snowmass Village home or condo buyers are willing to take on home renovations or upgrades, they will be able to build value and equity into the property, and many times buyers can obtain a better discount. Although Buyers are now often taking their time in order to find the right property, if a home comes on the market and seems like it’s priced properly, there’s a strong chance it will sell quickly.

Aspen Owners Remembering Why They Came for the Winter and Stayed for the Summer

There’s a saying in Aspen that people came for the winter but stayed because of the summer! Winter visitors are often fickler, booking last-minute trips dependent on the snow. But summer is always glorious, and so many areas of the country are hot in temperature, so people come year after year and often stay for months or the whole summer. Aspen and the Roaring Fork Valley are so beautiful in the summer; July and August are the busiest months, but June and September are less crowded and generally gorgeous with better opportunities to get reservations at the most popular Aspen restaurants and all of the outdoor activities in Aspen are still available.

Strong Interest in Midvalley & Downvalley Markets (Basalt, Carbondale, the Crystal Valley & Beyond)

We continue to see an influx of buyers, with much interest in Basalt single family homes for sale and Carbondale homes for sale coming from other areas of the country. We have also seen Aspen and Snowmass Village sellers downsizing to homes in these areas. Popular neighborhoods include river locations, golf course neighborhoods, properties with big Mount Sopris views, anything within walking distance to downtown Carbondale and Basalt. Some of the most popular areas have been all areas of Old Town Basalt, Willits, Emma, Blue Creek Ranch, St. Finnbar, Blue Lake, River Valley Ranch, Aspen Glen, downtown Carbondale and Missouri Heights locations with close proximity to Highway 82. There is a lot of value offered in these areas, with several neighborhoods offering more space and new construction options. More rural locations like Redstone & Marble have also experienced significant growth and are ideal for those buyers who are looking to get away from it all and immerse themselves in nature.

We are experts in these markets as well as Aspen & Snowmass, so we love to help educate buyers on their options! Reach out one of our seasoned Aspen real estate agents at the Engel Lansburgh Team today and let us share the latest Aspen real estate market developments with you.