Aspen, Colorado, is an exciting ski community approximately three hours west of Denver. From the stunning mountains to the vibrant cultural scene and year-round recreation, there are many benefits to living in this community. Skiing in the expansive mountain ranges during winter and hiking nature trails in the summer are highlights of this community. The area features multiple ski resorts, a recreation center, and a local airport for convenient travel. If you are considering moving to Aspen, knowing the cost of living and local real estate trends is essential.
Aspen real estate market trends are an essential reference point for both buyers and sellers. They indicate how the housing market in a particular area is behaving. Local real estate trends can often provide insights into the broader economy’s health, such as changes in employment or mortgage interest rates. Understanding these trends can help potential buyers and sellers make informed decisions that can impact their financial well-being.
Factors that impact the market
Factors that impact the local real estate market are numerous. One of the most significant is the interest rates, which affect mortgage rates and real estate affordability for potential buyers. Changes in employment can play a role in local real estate trends, as a growing or shrinking local workforce can lead to increased or decreased demand for housing. Local zoning and land use policies can impact the available housing supply and affect prices accordingly. Population changes can increase the demand for housing, driving prices up. When looking into your local market trends, it is essential to look at the larger scope of the community and how it performs as a whole.
Recent market trends in Aspen
Like any other market, Aspen sees monthly changes in real estate data. Here’s what the current statistics say about the local trends and what buyers and sellers can expect:
Average sale prices in Aspen
The average price of an Aspen single-family home is nearly $13.2 million, up by almost 10% from 2022 when the average sale price was less than $12 million. Although the average sale price for single-family homes has significantly increased in one year, average prices have been up and down since 2023. In January 2023, the average cost for a single-family home was around $13.8 million, dropping to $10.9 million by March and increasing back to $13 million in April.
Days on the market
Aspen single-family homes sat on the market for 84 days in April 2023, compared to 144 days in 2022, a decrease of nearly 42%. Days on the market have significantly decreased from February and March 2023, which began at 135 days in February and 125 days in March.
Inventory of homes for sale
In April 2023, Aspen had 66 single-family homes on the market, a slight decrease from around 70 properties in February and March. Overall, 2023 has seen an increase in inventory compared to 2022 by 12.5%.
Months of available supply
When analyzing local real estate trends, one vital factor is the months of available supply. This metric refers to the time it would take for all currently listed homes to be sold at the current sales pace, and it can provide insight into the overall balance between buyers and sellers in the market. A high number of months of available supply indicates a buyer’s market, with more homes than buyers, while a low number indicates a seller’s market, with more buyers than homes.
From January to March 2023, the Aspen market was steady, with around a 10-month supply of single-family homes for sale, dropping slightly in April 2023 to 9.5 months. Still, with a slight dip, the months of inventory are more than 105% higher than April 2022 with only four months of inventory.
What’s happening with condos and townhomes
In April 2023, the average sale price of townhomes and condominiums was $3.1 million, down nearly 40% from $5.1 million in April 2022. These properties sat on the market for 118 days in April 2023 compared to only 26 days in 2022. The number of properties for sale also skyrocketed to 41 units, up by nearly 60% from 26 units. The months of supply in April 2023 were five months, up from one month in 2022.
What current trends mean for buyers and sellers
One trend that should be noted in local real estate markets is the relationship between available supply and sale price. As the available supply of homes increases, sale prices tend to decrease. This is because buyers have more options and can negotiate better prices. This interaction can be seen in the condominiums and townhomes in Aspen, which benefits buyers and indicates sellers may have to concede on the sale price. As for single-family homes, prices are consistent with days on the market decreasing, indicating that homes are in demand and selling quickly, which benefits sellers and could mean inflated sale prices for buyers.
Find out your options with an Aspen realtor
When navigating the local real estate market, making decisions alone can be stressful. A realtor can be a resource for accurate information, helping you understand the current conditions and historical trends. A good realtor can assist you in determining the best approach as a buyer or seller and provide strategies on how to use trends to support your goals. Even trends that tend to disadvantage buyers or sellers can be navigated with an expert implementing creative solutions.
Carrie Wells is a top-rated Aspen real estate agent specializing in luxury homes and world-class services. Carrie is in the top 1% of international sales and a top agent in Colorado, known for her sound advice and educational support during transactions. Learn more about the Aspen market and plan your next real estate move.