Aspen's current market condition
For the last few years, Aspen has been a seller's market. Because there is a limited selection of properties for sale, seller's can put whatever price they want and if a buyer wants to buy in that area, they will have o pay the price. We don't have any vacant land in town to build on and if one does come up for sale, it is usually priced high. It also doesn't stay on the market for very long. Because the market in Aspen is somewhat flat right now, it is now a buyer's market, kind of. Most seller's in Aspen are not lowering their prices because they don' have to sell but there are a few that are coming down. Currently, there are 398 single family homes, condos, townhomes and duplexes on the market in Aspen and on the outskirts of Aspen. There are 27 under contract. If I break it down, there are 152 single family homes currently for sale and 7 are under contract, the median sales price on single family homes is $10.8 million. There are 29 duplexes for sale and 4 are under contract. The median price is $4.7 million. There are 158 condos currently listed for sale and 11 are under contract with the median sales price being $1.8 million. There are 32 townhomes listed for sale with 5 being under contract and the median sales price being $5.3 million. The average price per square foot is now $1900. Last year, it was $1500 and we thought that was crazy. The large majority of newly remodeled properties now have a price per square foot of around $2500. The central core is the most expensive and the farther away you get from the central core, the price per square foot drops slightly. There are some places now that are $1300 per square foot, usually that means it is in need of extensive remodeling. The most popular price range for buyers is between $1.5 and $3.5 million, that will get them a 2 or 3 bedroom condo with around 900 to 1300 square feet. I thought I would update all of you that are wondering what the Aspen real estate market is doing. If you have any buyers, send them my way! Most of my buyers are waiting for who knows what, I think they think that the prices are going to come down, like they are all over the country. Unfortunately, that is not happening here.
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