November 2015 Market Update

Winter is upon us and the town is buzzing getting ready for the Holidays.  We have snow, but temperatures are amazingly mild for this time of year.

Real estate has been selling throughout our “off season.”  There has been no lag, no slowing down, and no declining sales from Sept to now.   Our closings for 2015 will be close to on par with 2007/2008, when we were roaring in real estate even though prices haven’t quite caught up. Our new construction and high-end remodels pushing $3000/foot are the driving force.  Please see below for the statistics through November 2015.

Aspen Report November 2015
The difficulty in analyzing the Aspen market on a monthly basis is that you’re limited to just those sales, and in Aspen that can be skewed by a high-end sale or a low-end sale.  This month it is especially true of the condo market, which I would describe as “very hot. ”  That doesn’t show on this month’s report.  The trend is prices are steadily moving upward and inventory is decreasing.  If the property is priced right, it will sell in a short time period.

Basalt Report November 2015
Inventory is literally down 50% in both the single family home and condo markets.  What has been selling this Fall and Winter are the higher end properties.

Carbondale Report November 2015
The Carbondale market has been steady when comparing with 2014.  That’s not surprising as 2014 was a great year in real estate in Carbondale.

Glenwood Springs Report November 2015
Glenwood is another marketplace that did well in 2014 in sales, and continues through 2015.  This market is about full-time residents, and we’re not going to see as much volatility in this market.  Inventory definitely makes this a Seller’s market.

Old Snowmass November 2015
Old Snowmass has lots of inventory and few sales since the Aspen School District has started to enforce the boundaries of its district. I would say the median sales price of $1,100,000 is pretty darn accurate.

Snowmass Village Report November 2015
Snowmass has really taken off this year.  Last year it was the condo market, primarily driven by the Viceroy.  This year it’s single-family homes and lots.  Great to see this market getting healthy.  With the Base Village construction starting up again in March after such a long delay, Buyers are feeling confident again.