First Quarter Market Report
Spring is upon us as the ski season comes to a close. And just like the sunny spring weather we have been experiencing, the real estate market is also heating up. Here are some highlights from the first quarter of 2017 for Aspen and Snowmass:
- This marks the highest first quarter since 2011 in terms of sales volume, aside from 2015.
- Sales activity exploded as dollar sales reached nearly $210 million and 75 properties hit the closing table.
- During March, 89 properties went under contract. That’s double the amount in March 2016 and a strong indicator of demand.
- In the last week alone, 10 homes went under contract.
- The luxury market is strengthening.
- Of the 88 properties currently pending, over 25% are priced over $7 million and over 1/3 are priced over $5 million.
- Two Red Mountain estates priced at $36.5 million and $21.5 million are now under contract.
- A home at East Hyman and Original recently sold for nearly $15 million. At $2,269/sq ft, it sets the record for highest price per square foot in the first quarter.
- The new One Aspen project near Lift One is well underway. Five of the 14 townhomes are under contract at asking prices between $10.3 to $17 million.
- The single-family market is making a robust comeback.
- In Aspen, single-family dollar sales increased nearly 90% and unit sales rose by 2/3.
- The median sale to list price ratio rose 7%.
On a national level, the soaring stock market and other economic indicators are boosting optimism. Real estate in the Valley is also experiencing a renewed vigor, a much-welcomed departure from the subdued 2016. Given the stellar performance during quarter one, if you’re considering selling or upgrading, now could be the perfect time.