After experiencing a very successful summer season in the Aspen/Snowmass real estate market, we wanted to share some of the most frequently asked questions from our clients and friends about Aspen, Snowmass and the Roaring Fork Valley.
What is the Current State of the Market in Aspen?
2022 year to date has been a very strong year, and on par to be competitive with 2020, which was a record year for property sales. 2021 was off the charts for every kind of property in almost every location – single family homes, condos, land, you name it. Overall, we still have a low inventory level in most price points and locations. Buyers view Aspen/Snowmass and the whole Roaring Fork Valley as a beautiful and safe place, and there is still strong demand. With that said, we have seen a little softening and Sellers are wise to be more realistic about their pricing strategies and should be prepared to negotiate some to take advantage of the right buyer.
How Do You See the Future of the Real Estate Market in Aspen/Snowmass?
The future looks bright, but it is possible we will see some potential further correction (when that is, nobody knows). However, our valley remains an incredibly desirable place to live. This is reflected in our low inventory levels throughout many pockets of the market. Some correction can be positive for buyers looking to enter the market. Sellers who price their properties in line with the market are still having success, particularly at both the entry level and also very high end of the market.
Have interest rates affected the market?
This has begun to affect buyer’s mindsets in some cases and some price points. It certainly affects the mid and downvalley markets more (Basalt & Carbondale) as well as the condo market in Aspen and Snowmass.
Now that the market has changed, are there any good deals?
If properties are priced in line with the market, Sellers are less likely to negotiate significantly off the price. With that said, buyers are not afraid to make lower offers, particularly if a property feels overpriced. Often times you don’t know if there is a good value until you actually make an offer and secure the deal, but we are not seeing exorbitant discounts. There are more perceived “deals” than there were in 2021.
What price-range is considered the lower end of the market?
Any Aspen or Snowmass condo up to $3-$4M has stayed very strong, and there is very little inventory available. There is a very limited supply of quality inventory up to $2-$2.5M for single family homes, condos or townhomes in the Basalt and Carbondale markets as well.
Have the popular areas/neighborhoods in Aspen changed since Covid? What are many of the Buyers looking for?
They have expanded; more buyers are open to locations further from the core and in more rural areas. People appreciate more space both indoors and outdoors, and this is accomplished by purchasing outside of town. They are also more open to being outside of Aspen and within 20-40 minutes driving distance. The larger estate properties with significant homes are hugely desirable.
Is the rental market strong?
There is still strong demand, particularly for summer, but rentals have dipped since Covid which saw rental demand that we have never previously experienced. We do not have the demand for ultra-high-end long-term rentals as we did during the Covid surge. But we are seeing a lot of bookings already for this winter, and many summer renters re-booked right after their 2022 summer stays.
Has the ultra-luxury market been affected?
This end of the market seems to have changed permanently since Covid (but remains to be seen). We are still experiencing an extraordinary amount of demand in this price point (above $20M), particularly for high-quality, special estate properties, including those with irreplaceable locations offering ski-in/ski-out, river frontage, ranches, or big mountain views. There are only so many of these in existence and it’s very difficult to replace them with today’s building requirements and time required to build which can be 3-4 years in some cases, including design and permitting in the City of Aspen or Pitkin County.
Is it a good time to sell?
In many cases, the answer is yes. Once a buyer focuses in on a specific area and price point, there is still little quality inventory available. The key is to price in line with the market and prepare your property for sale as well as possible. And of course, hire the right brokers to help you with every step of the process!
We look forward to kicking off the 2022/2023 winter ski season in Aspen/Snowmass, with opening date set for Thanksgiving Day, November 24th. Check out more details here: https://www.aspensnowmass.com/four-mountains. We look forward to bringing you another real estate update mid-winter!
Can we assist you with further questions regarding the Aspen/Snowmass real estate market? Please contact us anytime!
