Aspen real estate market picks up with the summer
The Aspen Times
Glenwood Springs, CO Colorado
ASPEN, Colorado – Despite an “astounding” number of properties for sale in Aspen, summer real estate activity has been encouraging, according to one local broker.
From June 1 through this week, sales have roughly kept pace with last summer’s numbers, according to Carol Hood of Mason Morse Real Estate.
“When I compare it to last year, it seems like we’re in line with last year’s sales,” she said.
Hood gave an update on the real estate market to the Aspen Chamber Resort Association board of directors on Tuesday, based on local Multiple Listing Service data.
There are currently 420 condos in the greater Aspen area on the market, she said, compared to 317 at this point last year, and 429 single-family homes, compared to 354 last year. The number of Aspen-area single-family homes listings is up 21 percent so far this year, and condo listings are up 32 percent.
In Snowmass Village, condo listings number 259, down 3 percent from this point last year, while single-family home listings are up 15 percent, with 129 on the market as of this week, according to Hood.
“The active inventory is astounding,” she told the board in her monthly report. “It just shows you how saturated our market is with inventory.”
But, she said, 23 homes in Aspen have been put under contract since June 1, and 14 of them have closed. Twenty-one condos have either sold or gone under contract so far this summer.
“To have 23 single-family homes put under contract – that’s a good indicator to us that things are turning around a little bit,” she said. “Our sales have picked up. It’s very similar to last summer’s activity, which is very welcome after a very stagnant first two quarters.”
Last summer, 17 Aspen-area single-family homes sold between June 1 and Aug. 26, while eight others were pending. Nine condos had sold by this point last summer, and 11 others were under contract, according to Hood.
In Snowmass Village, five single-family homes have sold since June 1, and four more sales are pending, while five condos have been sold, and three others are under contract.
Last summer, nine single-family homes sold in Snowmass Village between June 1 and Aug. 26, and four home sales were pending. During that same period, however, 33 condos sold, and three others were placed under contract.
For the year so far, 32 single-family homes in the Aspen area have sold since Jan. 1, compared to 46 at this point last year – a 30 percent drop. Home sales so far total $227.4 million, down 23 percent from $298.3 million at this point in 2008.
Twenty-seven Aspen-area condos have sold this year compared to 36 at this point in 2008 – a 25 percent decline.
In Snowmass Village, nine homes have sold so far this year, compared to 23 last year. That’s a 60 percent decrease, notes Hood’s report. Sales volume totals $35.1 million so far this year, compared to $137.3 million by this time last year.
Condo sales in Snowmass are down 78 percent for the year so far – 14 have sold this year compared to 64 in the first eight months of 2008, according to Hood’s report.
Also down are prices. The median sale price of a single-family home in the Aspen area is $5 million so far this year, off about $1 million from last year’s median sales price. In Snowmass Village, the median sale price of a home is $1.95 million this year, compared to $4.85 million in 2008, according to Hood’s report.
Homes in greater Aspen have been selling at 86 percent of list price this year, compared to 94 percent last year. In Snowmass, homes are fetching 82 percent of list price, compared to 92 percent last year.
The median condo price in Aspen has dropped from $1.3 million last year to $850,000 so far this year, and condos have been selling for an average of 90 percent of list price this year, compared to 94 percent last year.
In Snowmass Village, the median condo price so far this year is $547,500, according to Hood’s report, compared to $952,192 last year. Snowmass condos are selling for an average of 83 percent of list price, compared to 98 percent last year.
“It obviously has been a buyer’s market,” Hood said. “I think sellers have recognized that in order to sell, they are going to have to negotiate the price.”
Same story in the lower valley
Numbers in Basalt, Carbondale and Glenwood Springs tell a similar story – inventory is up and sales are down, Hood’s report shows.
There are 194 single-family homes listed for sale in Basalt, compared to 155 at this point last year. Nine have sold so far this year, compared to 16 last year. The median price, however, is up 12 percent this year, at $1.25 million.
In Carbondale, single-family home listings this week stood at 466, up 17 percent from last year’s 396 at this point. Sales stood at 34, compared to 57 by this point a year ago, and the median sale price fell from $740,000 last year to $625,500 this year.
In Glenwood Springs, there were 330 single-family homes on the market as of Aug. 26, compared to 312 a year ago. There were 34 sales, compared to 72 last year, and the median sale price slipped from $501,000 last year to $484,500 so far this year.
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