Spring is Here!
April 2014
It’s hard to believe it’s Spring with a snow base at over 90″! Skiing is still fabulous. Aspen Mountain will continue to stay open the weekends of April 26 and May 3rd.
Real estate has been hopping (no pun intended with Easter around the corner), so much so, I honestly haven’t had time to get this letter to you.
New listings outpaced sales throughout most of our Valley markets, tracking at a margin of almost 2:1. February sales outpaced January with 65 transactions as opposed to 47. The hottest markets were both the Fractional market, as well as Snowmass Village, which had 16 listings come on the market and 15 sales.
It’s early in the year and too soon to know if traditional patterns will emerge, but the growth in sales, month over month, is encouraging. Historically both sales and listing volume grow month over month from now through May/June. Our office alone has 145 properties currently under contract, which shows our market is gaining momentum. I will be surprised if both March and April don’t show more transactions than February. The sales are most numerous in the below $1 million category, followed by the $3 mil to $5 mil. The $1 million to $3 million came in third. We haven’t had the market selling from the bottom up for a long time. This shows a much healthier real estate market for Aspen.
Below are numbers of sales versus new inventory for February, from Aspen to Glenwood Springs.
ASPEN, OLD SNOWMASS, SNOWMASS, WOODY CREEK
New Inventory Sold Total Month-end Inventory Absorption Rate
5031633 20.4 months
BASALT
New Inventory Sold Total Month-end Inventory Absorption Rate
14 4 89 22.2 months
CARBONDALE
New Inventory Sold Total Month-end Inventory Absorption Rate
7 2 86 43 months
GLENWOOD SPRINGS
New Inventory Sold Total Month-end Inventory Absorption Rate
13 6 85 14.7 months
*Absorption rate is the number of months it would take to absorb the inventory
And for those of you interested in knowing how our local economy is doing, retail sales in Aspen are up 6.8% for February alone. Retail sales for the month exceeded all other years including 2008 .
Please call me anytime for any of your real estate questions or needs! I’d love to help!