Uncategorized
2/23/2024
2023 Real Estate recap
2023 Snowmass Village Real Estate
The best part about my career is everyone wants to talk about real estate! Did it go up? It is a Buyer's market? How much did my neighbor's house sell for? The year 2023 was an interesting one for Snowmass Village and it deserved a second look at the data. See below my interesting facts found in the data. Click here to see the complete real estate market analysis for 2023 from Christie's International Real Estate Aspen Snowmass, which includes insights from the renowned Bow Tie Economist, Dr. Elliott Eisenberg.
Also in this newsletter is an invitation to a great event March 3rd and some wonderful listings, both not to be missed!
SINGLE FAMILY HOMES
Summary…
Overall, the Snowmass Village Single Family real estate market saw a flattening in number of sales, but the homes sold were smaller in square footage with similar pricing as last year. In essence, it is getting more expensive to buy a single-family house in Snowmass Village, especially if you are looking for larger homes.
Deeper Dive…
The data showed an interesting caveat when it came to Asking Price versus Sold Price. The overall Snowmass Village single family home sales sold at 94% of Original List Price. When the sales are viewed from pricing segments, the percentages tell a very different story. See below graph of the same sales segmented based on Sale Prices. The largest number of sales were in the $3-5 million range and those sales were 63% of Asking Price. The Sellers were willing to negotiate a lot more in this price segment in 2023 than other price segments.
CONDOS
Summary…
The aggregate data for condos/townhomes sold in Snowmass Village in 2023 was amazing! The number of sales increased almost 40% and the median sale price increased 10%. The average sold price per square foot stayed relatively flat with an increase from $1,509 to $1,548. Yet, the days on seemed out of line since it was up almost 300 days from 2022.
Deeper Dive...
Snowmass Village condos/townhomes continue to rise in sale price, and it is due in large part to the Base Village new development sales. 2023 saw the closing of two East West Partners projects—Electric Pass Lodge building and the 10 Havens homes--included in the condo/townhome sales data. If we take those 2 developments out of the combined sales, we get a different picture. It’s still great, but not as great. See below the average sale prices and sold price/square foot for the Havens, Electric Pass Lodge and the remaining 96 sales.
SINGLE FAMILY HOMES
Summary…
Overall, the Snowmass Village Single Family real estate market saw a flattening in number of sales, but the homes sold were smaller in square footage with similar pricing as last year. In essence, it is getting more expensive to buy a single-family house in Snowmass Village, especially if you are looking for larger homes.
Deeper Dive…
The data showed an interesting caveat when it came to Asking Price versus Sold Price. The overall Snowmass Village single family home sales sold at 94% of Original List Price. When the sales are viewed from pricing segments, the percentages tell a very different story. See below graph of the same sales segmented based on Sale Prices. The largest number of sales were in the $3-5 million range and those sales were 63% of Asking Price. The Sellers were willing to negotiate a lot more in this price segment in 2023 than other price segments.
CONDOS
Summary…
The aggregate data for condos/townhomes sold in Snowmass Village in 2023 was amazing! The number of sales increased almost 40% and the median sale price increased 10%. The average sold price per square foot stayed relatively flat with an increase from $1,509 to $1,548. Yet, the days on seemed out of line since it was up almost 300 days from 2022.
Deeper Dive...
Snowmass Village condos/townhomes continue to rise in sale price, and it is due in large part to the Base Village new development sales. 2023 saw the closing of two East West Partners projects—Electric Pass Lodge building and the 10 Havens homes--included in the condo/townhome sales data. If we take those 2 developments out of the combined sales, we get a different picture. It’s still great, but not as great. See below the average sale prices and sold price/square foot for the Havens, Electric Pass Lodge and the remaining 96 sales.