Uncategorized
9/20/2023
Snowmass Village Market Update
The temperature is cooling off in Snowmass Village, but it isn't cold enough to snow (yet). The real estate market is cooling off a bit as well, but the pricing is still breaking records. See details and insight below about the Single Family Home, Condo/Townhome, and new development real estate market segments.
The graph and table above show the real estate market for Snowmass Village Single Family Homes. As of September 5, there are 22 homes listed in the Snowmass Village market ranging from $3,495,000 to $60,000,000 (Wild Cat Ranch). The interesting part is there are no active listings between $6.5-$10.995 million. The 21 houses that have sold so far in 2023 have an average sale price of $7.8 million or $1,962 per square foot. There are 10 houses pending and their average asking price is $6.3 million or $1,563 per square foot. That means there is a $1.5 million difference between sold and pending single family homes on average.
The Condo/Townhome real estate market in Snowmass Village is actually 2 markets; the new development offerings and the rest of the market. Since the new construction in Base Village is 50% of the real estate market right now, it highly fluctuates the overall market. Clarification—only sales from the developer are in the development market; any resales of new developments are included in the “rest of the market".
Snowmass Single Family Homes
The graph and table above show the real estate market for Snowmass Village Single Family Homes. As of September 5, there are 22 homes listed in the Snowmass Village market ranging from $3,495,000 to $60,000,000 (Wild Cat Ranch). The interesting part is there are no active listings between $6.5-$10.995 million. The 21 houses that have sold so far in 2023 have an average sale price of $7.8 million or $1,962 per square foot. There are 10 houses pending and their average asking price is $6.3 million or $1,563 per square foot. That means there is a $1.5 million difference between sold and pending single family homes on average.
Snowmass Village Condos And Townhomes
The Condo/Townhome real estate market in Snowmass Village is actually 2 markets; the new development offerings and the rest of the market. Since the new construction in Base Village is 50% of the real estate market right now, it highly fluctuates the overall market. Clarification—only sales from the developer are in the development market; any resales of new developments are included in the “rest of the market".
Base Village Development Sales
The East West Development group has 14 more units to sell in the newest release of inventory. There remain 10 (of 21) Aura units ranging from $7,950,000 to $10,985,000 and 4 (of 48) Cirque Viceroy units ranging from $6,050,000 to $11,750,000 on the active market. Between the 2 developments there are 53 properties under contract with an average list price of $4,376,047 or $2,366 per square foot.
The sales this year have been extraordinary in April/May when the construction was completed (on schedule). All of the Havens (10 stand-alone homes with a community garage) closed on average at $6,633,000, or $2,408 per square foot. The 52 Electric Pass Lodge units closed with an average sale price of $1,990,865 or $1,606 per square foot.
Remaining Condo and Townhome Market and New Construction Sales
The condominium/townhome market has 43 active listings from $165,000 to $7,400,000. There are 10 units under contract ranging from $163,000 to $9,400,000 and there have been 61 sales in 2023 with an average price of $1,302,032 or $1,240 per square foot. The number of transactions reflect a "healthy market with a 6-month inventory supply, but the details show a disconnect between Buyers and Sellers on pricing. There are 26 active listings listed over $2 million (60%) and only 2 of the under contract listings are above $2 million. Furthermore, only 12 of the 61 sales in 2023 have been above $2 million (20%).
The resale of the developer inventory at Havens and Electric Pass has impacted this segment with 7 active listings (6 are Electric Pass Lodge), 1 under contract (Havens #1) and 3 sold units (all Electric Pass Lodge with an average sale price of $3,866,666 or $2,657/square foot). These listings and sales account for ¼ of the sold properties in the “rest of the market” that are above $2 million.