ONE YEAR LATER: HOW ASPEN’S REAL ESTATE MARKET BEAT THE PANDEMIC

ONE YEAR LATER: HOW ASPEN’S REAL ESTATE MARKET BEAT THE PANDEMIC
Blog Details
Ellen Winter
Published on Apr 9, 2021
When Colorado Gov. Jared Polis shut down the state in mid-March, abruptly and prematurely ending the 2019/2020 ski season at Aspen Snowmass, what was an impending sense of doom for most industries in our tourist-driven economy quickly turned into the biggest boom ever for one: real estate.

BREAKING DOWN THE NUMBERS OF A RECORD-BREAKING 2020

When Colorado Gov. Jared Polis shut down the state in mid-March, abruptly and prematurely ending the 2019/2020 ski season at Aspen Snowmass, what was an impending sense of doom for most industries in our tourist-driven economy quickly turned into the biggest boom ever for one: real estate.

From part-time residents staying put to a flurry of bookings for long-term rentals to an immediate spike in sales, pricing in mountain markets across the western states started skyrocketing by summer. According to The Colorado Sun, which identified “the great urban exodus” early on, ski towns saw a flood of second-home buyers and a burst in school enrollment, securing 2020’s status as a “historic high mark.

“Aspen has always been a unique place to live. Unlike most ski towns, who rely almost exclusively on the resort to survive, Aspen is so much more and has become a year-round destination with many activities as well as cultural events not seen in other locales,” explains Alex Jansen, Christie’s International Real Estate Aspen CEO and Managing Broker.

In another recent resort town real estate report, The Wall Street Journal details, “Skiing was initially the reason Keith Seigerman started looking for a second home in Aspen three years ago, but the pandemic played a role in why he finally closed on a four-bedroom, 3,200-square-foot home on 3 acres, 7 miles from the center of town, for $2 million this summer. He likes that Aspen is hard to get to, with limited direct flights, and that it has a remote feel. He also appreciates how strictly the town has been enforcing social-distancing rules, a feat he feels is easier there because of the small size of the community.”

Jansen, who has been visiting Aspen and Snowmass to ski since his early childhood, relocated with his own family to launch the Christie’s International Real Estate office locally in 2019. While three years ahead of the influx of new residents, Jansen attributes the driving force of the pandemic property rush to the extreme circumstances of stay-at-home orders, resulting in homebuyers seeking freedom to get into nature and wide-open spaces surrounding each community in the Roaring Fork Valley.

“Due to the pandemic, the Aspen real estate market has been the benefactor of well-heeled buyers looking to escape metro areas to come live a little more,” adds Jansen. “Even though the town of Aspen had its share of lockdowns, residents and newcomers alike had and [still] have the opportunity to enjoy the wilderness and the mountains safely. The result has been a massive reduction in inventory and a healthy increase in prices.”

Over the last year, Christie’s saw larger home sales soar, which Jansen credits as “ideal for riding out a pandemic in a cohesive family environment.” In years past, the downtown core was the shining star, whereas remote ranches and properties with more acreage are now suddenly in favor. Christie’s saw the most relocations from New York City, Los Angeles, Houston, Dallas and Chicago — a clear indicator that the pandemic has shifted the quality-of-life mindset across the country.

“Due to the pandemic, the Aspen real estate market has been the benefactor of well-heeled buyers looking to escape metro areas to come live a little more,”

Here, as 2021 numbers continue to surge, we highlight the staggering stats the Aspen and Snowmass real estate markets saw last year and how it’s going after the first quarter of 2021.

Here, as 2021 numbers continue to surge, we highlight the staggering stats the Aspen and Snowmass real estate markets saw last year and how it’s going after the first quarter of 2021.

BY THE NUMBERS

 

ASPEN SINGLE FAMILY HOMES

2020 VS 2019 YEAR END

    • The median price for single-family homes in Aspen for the calendar year 2020 rose to a staggering all-time high of $9.25 million, up 54% over 2019.

 

    • Average sale prices jumped by 47% to $11.1 million.

 

    • The number of properties sold grew by 81% to 161, and overall sales volume rose 165% to $1.8 billion.

 

    • The average sold price per square foot jumped from $1,481 in 2019 to $1,840 in 2020.

 

    • The most expensive single-family home sold in Aspen in 2020 was $32 million, while in 2019, it was $23 million.

 

  • Average days on the market stayed relatively flat at 313, and percent of sold price to original listing price was also virtually unchanged at 92%.

 

2021 VS 2020 FIRST QUARTER

  • The median price for single family homes in Aspen for the first quarter of 2021 rose to a spectacular all-time high of $9.5 million, up 27%.
  • Average sale prices jumped by 5% to $10.5 million.
  • The number of sales rose to 26 (from 10 last year), and overall sales volume rose 174% to $273.6 million dollars.
  • Average sold price per square foot jumped from $1,522 in early 2020 to $1,940 in the first quarter of this year.
  • The most expensive single-family home sold in Aspen in January-March was for $27.4 million, virtually unchanged from last year.
  • Average days on market rose slightly to 309 from 291 while percent of sold price to original listing price spiked up 11% to 94%.

 

ASPEN CONDOS & TOWNHOMES

2020 VS 2019 YEAR END

  • Townhome and condo prices in Aspen are also up significantly over 2019, with the median price gaining 44% to $2.6 million and the average sales price up 59% to $3.7 million.
  • The number of properties rose to 185, the highest level of recent memory, and was up 31.0% from last year. Sales volume was up 109% to $692 million, and the average price per square foot rose 21% to $1,899.
  • In the condo/townhome market, the most expensive home sold this year was $18.3 million compared to $14.4 million the year before.
  • Average days on the market for condos/townhomes rose slightly to 252, and the percent of sold price to original list price was flat at 95%.

 

2021 VS 2020 FIRST QUARTER

  • Townhome and condo prices in Aspen slid significantly with median sale prices declining 37% to $2.1 million while the average price fell by an even larger 48% to $2.7 million. The number of properties sold nearly doubled to 48.
  • Sales volume was virtually unchanged at $130 million, while average price per square foot fell 16% to $1,786.
  • Condo/townhome inventories declined meaningfully compared to last year, with just 80 units for sale at the end of March, compared to 113 last year.
  • In the Aspen condo/townhome market, the most expensive home sold so far this year was for $12 million compared to $13.4 million at this point last year.
  • Average days on market for condos/townhomes declined precipitously from 405 to 190 and percent of sold price to original list price improved from 92% to 96%.

 

SNOWMASS VILLAGE SINGLE FAMILY HOMES

2020 VS 2019 YEAR END

  • In Snowmass Village, median sales prices of single-family homes were largely unchanged at $3.7 million, although average prices gained 8% and rose to $4.3 million. Sales rose smartly from 49 in 2019 to 69 in 2020, and dollar volume rose by 52% to almost $300 million.
  • Average sold price per square foot rose 7% to $977.
  • The most expensive single-family home sold in 2020 in Snowmass Village sold for just over $14.6 million. By comparison, the most expensive single-family home sold during 2019 was for $14.3 million.
  • Average days on market for single-family homes in Snowmass Village plummeted from 383 in 2019 to 252 in 2020 and percent sold price to original list price rose from 91% in 2019 to 94% in 2020.

 

2021 VS 2020 FIRST QUARTER

  • Median sale prices of single-family homes surged to $3.6 million, an 87% improvement over last Q1. Average prices also skyrocketed from $2.8 million last year to $4.5 million this past quarter. Price per square foot rose by 60% from $700 to $1,123. Closed sales doubled from 5 to 11 and dollar volume rose to a spectacular $49.8 million compared to just $13.9 million last year.
  • The most expensive single-family home sold this past quarter in Snowmass Village sold for just over $8.5 million. By comparison, the most expensive single-family home sold during 20Q1 was for $7.1 million.
  • The most expensive single-family home sold in 2020 in Snowmass Village sold for just over $14.6 million. By comparison, the most expensive single-family home sold during 2019 was for $14.3 million.
  • Average days on market for single-family homes in Snowmass Village plummeted from 383 in 2019 to 252 in 2020 and percent sold price to original list price rose from 91% in 2019 to 94% in 2020.

 

SNOWMASS VILLAGE CONDOS & TOWNHOMES

2020 VS 2019 YEAR END

  • Condo/townhome prices in Snowmass Village increased significantly, with median prices up 16% to $885,000 and average sales prices up 29% to $1.4 million. The number of sales increased 54% to 197, while sales volume doubled to $278 million.  Average price per square foot rose 7% to $844.
  • In the condo/townhome market, the most expensive property went for $7.9 million this year, compared to $6.1 million last year.
  • Average days on market for condos/townhomes in Snowmass Village declined from 271 in 2019 to 237 in 2020, while sold price to original listing price was unchanged.

 

2021 VS 2020 FIRST QUARTER

  • Condo/townhome prices in Snowmass Village were virtually unchanged, with median prices of $860,000 and an average sale price of $1.4 million. There was a healthy increase in the number of sales this quarter, rising from 41 last year to 59 this past quarter. Sales volume increased 43% to $80.5 million and average price per square foot went up 8.4% to $900.
  • At the end of March there were just 48 units on the market, compared to 124 last year.
  • In the condo/townhome market, the most expensive property sold for $4.7 million, down from $5.3 million for the comparable period last year.
  • Average days on market for condos/townhomes in Snowmass Village declined from 336 in 2020 to 160 in 2021, while the percent of sold price to original list price rose from 94% last year to 97% this past quarter.

 

For the complete 2020 Christie’s International Real Estate Fourth Quarter Market Report, authored by Elliot F. Eisenberg, Ph.D. and sourced from the Aspen Board of Realtors MLS, click here. and click here for the First Quarter Market Report. And for more information about current listings available, contact one of our broker associates via email at info@christiesaspenre.com, by phone at 970-544-5800 or visit christiesaspenre.com.