What a year!
2015 was an extraordinary year of business for the overall Aspen Real estate market and my own sales reflected the growth and trends throughout the valley, as demonstrated in the photos of some of the properties that I sold this year.
Here are some of the highlights:
- The combined markets of Aspen and Snowmass of $1.49 Billion, nearly reached the peak of $1.7 Billion back in 2006.
- Aspen single family homes rose by + 17% in total dollar sales in 2015 versus 2014
- Aspen condos increased by + 7%
- $10M + luxury homes rose by 38% from the previous year
- 24% of these luxury home sales occurred in downtown Aspen!
- The micro markets that are on fire leading the way in $/SqFt are Red Mountain, Aspen Core and the West End
- Newly constructed homes are commanding significant premiums and are in high demand in all segments of the market
- Major remodeling of 70’s and 80’s inventory is occurring throughout the valley
- Contemporary architecture and design is spreading rapidly and in high demand with ‘Mountain Contemporary Design’ the new buzz term
But the activity in Aspen was not limited to a handful of in town neighborhoods but reached to more remote and private properties like Castle Creek and East Aspen.
While the market is as strong as ever in Aspen, the Snowmass market is building momentum and as always playing catch up to Aspen. Snowmass sales are currently around 38% of the peak in 2006 and half of the average $/SqFt of Aspen, so there is still some room to grow and opportunities to find great values for beautiful homes both ski in/out and otherwise.
Basalt’s total sales rose by 34% in 2015 over 2014 and inventory is dropping. It’s getting harder to find a quality property in Basalt. The Whole Foods factor has had an impact on Willits with strong sales in its condo lofts, particularly with the new construction at Park Modern Lofts at Willits.
Most notable in Carbondale is Missouri Heights which has seen strong sales in the $1,000,000+ second home market by offering great value for Mt Sopris views, ranch style living and acreage that’s just a few minutes from all the mid-valley’s amenities, yet at a fraction of up-valley prices. These buyers are new 2nd home buyers as well as primary home buyers, some of whom have migrated down valley after living in Aspen or Snowmass for many years. I call this the ‘Down Valley Migration’ that occurs when both markets are active.
I’m so grateful for the opportunities to list beautiful homes and help buyers find their perfect match properties. I look forward to doing more of the same in 2016. If you would like to take a closer look at any micro-market that interests you, please let me know and I would be delighted to do an analysis for you.
Here’s to a happy and prosperous 2016!
Office: (970) 923-2006
Mobile: (970) 379-1467
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