All you need to know about Aspen’s real estate market this year
The beautiful city of Aspen, Colorado is a booming hub for luxury real estate. Aspen is a strong area known for consistently attracting buyers and sellers at large. However, the current market trends can act as a great reference point in deciding what real estate moves to make next.
Aspen’s tourism, nature, and luxury living establish this region as a growing opportunity for business, investment, and a new home. Let’s look at the most recent market trends in Aspen.
Kicking Off 2019 as a Seller’s Market
The real estate market in Aspen is thriving this season. The upward trend in the market is impressive and establishes a bright future for business in the area. Luxury homes are selling quickly, and it has been noted that the average time a property stays on the market is now 281 days, compared to last year’s threshold of 394.
A contributing factor to this trend is a reduction in potential housing availability within the past five years. It is reported that there has been a 40 percent drop in the residential industry in the local market. These are promising signs of Aspen’s growing strength in the luxury real estate foothold.
With its increased popularity as an upscale destination, more and more buyers are actively looking to purchase homes in the Aspen area. There are plenty of homes on the market, but there is a growing disparity between the number of buyers and luxury houses for sale.
According to the Aspen Board of Realtors, new listings for single-family properties available in the January 2018 period have dropped down 26.2 percent when compared to the same period in 2017. Now is a good time to take advantage of this exclusive market by putting your properties up for sale.
Year-Round Haven
Aspen is growing into a year-round haven, with people visiting and settling down throughout the whole year. Though ski season will always be Aspen’s busiest time of year, as the winter weather and snow-covered slopes are always popular and attract hordes of people to enjoy all the wonders of Aspen, its endless amenities make it a hot spot every season.
Newly Finished Homes are a Main Point of Interest
The substantial trend of upward growth in Aspen’s real estate market is a continual process that has been gaining momentum over the last few years. Aspen is known for its timeless opulence, which facilitates immense local expansion.
Buyers come to Aspen to experience the best in quality and extravagance, and newly finished homes are selling with extreme speed. Placing these types of estates on the market can attract masses of buyers to your properties.