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Aspen Market Update July 10, 2019

by Bob Ritchie

Aspen, CO 81611

Wed Jul 10 2019 
This week the median list price for Aspen, CO 81611 is $8,500,000 with the market action index hovering around 25. This is about the same as last month's market action index of 25. Inventory has held steady at or around 161. Click here to stay informed with the Aspen market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100025

Slight Buyer's Advantage

The market has been cooling in recent weeks. Since this is a Buyer's market where there is excess inventory to satisfy the demand levels, prices have also been moving lower.

Real-Time Market Profile

Never miss important changes in the Aspen market.
Median List Price
$8,500,000
Per Square Foot
$1,695
Days on Market
373
Price Decreased
17%
Price Increased
2%
Relisted
4%
Inventory
161
Median House Rent
 
Most Expensive   $39,500,000
Least Expensive   $1,250,000
Market Action Index 
Slight Buyer's Advantage
25
Avg 7-DayAvg 90-DayJan 2017May 2017Sep 2017Jan 2018May 2018Sep 2018Jan 2019May 2019$7.0M$7.5M$8.0M$8.5M$9.0M$9.5M$10.0M$10.5M
 

Prices in this zip code have been on a downward trend recently and this week, while essentially flat, doesn’t break us out of that cycle.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

Snowmass Market Report July 9, 2019

by Bob Ritchie

Snowmass Village, CO 81615

Tue Jul 09 2019 
This week the median list price for Snowmass Village, CO 81615 is $5,387,500 with the market action index hovering around 26. This is less than last month's market action index of 27. Inventory has held steady at or around 60. Click here to stay informed with the Snowmass Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100026

Slight Buyer's Advantage

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

Real-Time Market Profile

Never miss important changes in the Snowmass Village market.
Median List Price
$5,387,500
Per Square Foot
$1,163
Days on Market
420
Price Decreased
18%
Price Increased
0%
Relisted
7%
Inventory
60
Median House Rent
 
Most Expensive   $26,000,000
Least Expensive   $1,295,000
Market Action Index 
Slight Buyer's Advantage
26
Avg 7-DayAvg 90-DayJul 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019Jul 2019$3.0M$3.5M$4.0M$4.5M$5.0M$5.5M$6.0M$6.5M$7.0M
 

Again this week we see prices in this zip code remain roughly at the level they’ve been for several weeks. Since we’re significantly below the top of the market, look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

The Supreme Court's Fifth Amendment Reclamation 6/24/19

by Bob Ritchie

The following story regarding the decision is from The Wall Street Journal.

The Supreme Court’s Fifth Amendment Reclamation

Download the Wall Street Journal app here: WSJ.

This is the most important land use decision in the last 34 years. Minimal reimbursement for “Partial takings” have been Pitkin County’s, and most jurisdictions methodology for not adequately reimbursing land owners when they take value from property via down zoning.

Local and Colorado Courts have been blind to the actual amount of harm down zoning has done to property values, and devaluations for the most part have never been properly compensated.

The days of local governments unconstitutionally jamming down zoning down property owners throats with no compensation are over. Pitkin County’s current mission to shrink maximum home sizes from 15,000 sf to 5,750 sf will most likely be difficult for the County to afford.

Country wide down zoning has shrunk population densities forcing  the cost of housing to unreachable levels for much of our country. There are other solutions, Tokyo has no zoning and yet their free market has kept the cost of housing reachable for the same demographic distribution of citizens for over 50 years.

Please call me to discuss any of your real estate questions,

Thank you, Bob

970-379-1500

 

 

 

 

 

 

 

Your Snowmass Market Report

by Bob Ritchie

Snowmass Village, CO 81615

Thu Jun 20 2019 
This week the median list price for Snowmass Village, CO 81615 is $5,999,000 with the market action index hovering around 27. This is an increase over last month's market action index of 25. Inventory has held steady at or around 55. Click here to stay informed with the Snowmass Village market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100027

Slight Buyer's Advantage

Home sales have been exceeding new inventory for several weeks. Since this is a Buyer's market prices are not yet moving higher as excess inventory is consumed. However, as the supply and demand trends continue, the market moves into the Seller's zone, and we are likely to see upward pressure on pricing.

Real-Time Market Profile

Never miss important changes in the Snowmass Village market.
Median List Price
$5,999,000
Per Square Foot
$1,185
Days on Market
444
Price Decreased
20%
Price Increased
2%
Relisted
15%
Inventory
55
Median House Rent
 
Most Expensive   $26,000,000
Least Expensive   $1,435,000
Market Action Index 
Slight Buyer's Advantage
27
Avg 7-DayAvg 90-DayJun 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019$3.0M$3.5M$4.0M$4.5M$5.0M$5.5M$6.0M$6.5M$7.0M
 

We continue to see prices in this zip code bouncing around this plateau. Look for a persistent up-shift in the Market Action Index before we see prices move from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 

Your Aspen Market Report

by Bob Ritchie

Aspen, CO 81611

Thu Jun 20 2019 
This week the median list price for Aspen, CO 81611 is $8,995,000 with the market action index hovering around 25. This is about the same as last month's market action index of 25. Inventory has held steady at or around 143. Click here to stay informed with the Aspen market!

Market Action Index

The Market Action Index answers the question "How's the Market?" by measuring the current rate of sale versus the amount of the inventory. Index above 30 implies Seller's Market conditions. Below 30, conditions favor the buyer.

 Today
 Last Month
100025

Slight Buyer's Advantage

The market has shown some evidence of slowing recently. Both prices and inventory levels are relatively unchanged in recent weeks. Watch the Market Action Index for changes as it can be a leading indicator for price changes.

Real-Time Market Profile

Never miss important changes in the Aspen market.
Median List Price
$8,995,000
Per Square Foot
$1,758
Days on Market
405
Price Decreased
18%
Price Increased
3%
Relisted
5%
Inventory
143
Median House Rent
 
Most Expensive   $39,500,000
Least Expensive   $1,600,000
Market Action Index 
Slight Buyer's Advantage
25
Avg 7-DayAvg 90-DayJun 2016Nov 2016Mar 2017Jul 2017Nov 2017Mar 2018Jul 2018Nov 2018Mar 2019$6.5M$7.0M$7.5M$8.0M$8.5M$9.0M$9.5M$10.0M$10.5M
 

Prices in this zip code seem to have settled around a plateau. Look for a persistent down-shift in the Market Action Index before we see prices deviate from these levels.

Market Segments

Each segment below represents approximately 25% of the market ordered by price.

 
 

Aspen will open for Memorial day weekend

by Bob Ritchie

https://www.aspentimes.com/news/local/endless-winter-aspen-mountain-will-open-for-memorial-day-weekend-skiing/

Aspen - Winter - Season - sets records

by Bob Ritchie

https://www.aspendailynews.com/news/aspen-winter-season-set-records-all-over-the-place/article_9ada3686-7dc4-11e9-bc8b-8bba37133621.html

Land Title - Pitkin County Statistics March 2019

by Bob Ritchie

"Land Title Statistics are the most complete statistics as they include all transactions, not just those through the MLS" 

https://ltms.ltgc.com/wp-content/uploads/2019/04/PITKIN-MARCH-2019-.pdf

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Photographer: Jeremy Swanson

 

ELEVATED LIVING BLOG

Garden Goals: Behind The Design Of

The Little Nell's Famed Living Wall
 By Katie Shapiro

 

Spring has sprung, albeit in between bouts of snow, with May's flowers in full bloom. And if you stop the smell the roses around Aspen's downtown core, chances are the  team behind Busy Beavers Gardening planted them.

Longtime locals Arabella Thoyts-Beavers and Jason Beavers co-founded their business more than 15 years ago and since then, have brought boundless beauty to the community through creating colorful, custom gardens large and small.

Their biggest undertaking is in the form of the famed "Living Wall" at The Little Nell, where Arabella also serves as the resident gardener. Now in its fifth season, the Beaver's are putting the finishing touches on the massive, poolside installation:   Click to continue reading...

 

NEW TO MARKET

Aspen

 

1360 Mountain View Drive, Aspen
$3,650,000
5 bedrooms | 3 baths | 3,462 sq. ft.

See it →

 

1039 E Cooper Avenue Unit 24A, Aspen
$2,499,000
2 bedrooms | 2 baths | 950 sq. ft.

See it →

 

Snowmass Village

 

18 Edgewood Lane, Snowmass Village
$3,985,000
6 bedrooms | 5.5 baths | 4,171 sq. ft.

See it →

 

278 Gambel Way, Snowmass Village
$4,699,000
4 bedrooms | 4.5 baths | 3,380 sq. ft.

See it →

 

Basalt

842 Hillcrest Drive, Basalt
$1,200,000
5 bedrooms | 5 baths | 3,358 sq. ft.

See it →

 

925 Lupine Circle, Basalt
$1,250,000
5 bedrooms | 4 baths | 3,551 sq. ft.

See i


 

 
 
 

LOCAL EVENT CALENDAR

 

5/17 Ride For The Pass

5/24 Bauhaus 3D Printer Programming

5/26 An Evening with The Family Peach - Celebrating 50 years of The Allman Brothers

5/30 Legacy Series: Adam Lerner

6/6 Bauhaus 100: Aspen Ball

6/7 JAS Café: Crawfish and Cruisers

6/11 Meet Writer in Residence Kaui Hart Hemmings

6/13 Friends and Fellows Ride

6/14 - 6/16 FOOD & WINE Classic in Aspen

 

LOCAL REAL ESTATE NEWS

 

Business Monday: W Aspen eyes debut in July

The opening of one of Aspen’s most anticipated hotels in years won’t make it in time for the Food & Wine Classic held June 14 to 16, with the launch now anticipated to be sometime in July.

 

Read the Aspen Times article

 
 

Some citizens press for design review in Basalt after latest Willits building

Basalt officials are being urged by some area residents to prevent “unhandsome” architecture from continuing at Willits Town Center.

 

Read the Aspen Times article

 
 

Skico affordable housing project in Basalt endorsed by planning commission, opposed by neighbors

Aspen Skiing Co.’s proposal for an affordable-housing project in Willits Town Center received an endorsement Tuesday night from the Basalt Planning and Zoning Commission but still faces widespread neighborhood opposition.

 

Read the Aspen Times article

 
 

Avalanche Debris Forces Prolonged Closure At Maroon Bells

The U.S. Forest Service says the popular Maroon Bells Scenic Area in western Colorado will not open as scheduled May 15 because of avalanche debris that must be removed from the access road.

 

Read te CBS enver report

 

 

 

SOTHEBY'S INTERNATIONAL REALTY

 

 

Significant Sales

 

Significant Sales

 
 

 

Aspen Snowmass | Sotheby's International Realty

 

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This is an alternative way of looking at the Market.  The “Aspen Snowmass” market is in the second Table:

https://gallery.mailchimp.com/b66d93b29227694f821e4cfaa/files/480c233a-3115-4745-953a-f40ff83e258d/April_2019_Market_View.pdf

Displaying blog entries 1-10 of 35

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Robert Ritchie
Aspen Snowmass Sotheby's International Realty
300 South Spring Street
Aspen CO 81611
970-379-1500
Sotheby’s International Realty® is a registered trademark licensed to
Sotheby’s International Realty Affiliates LLC.
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