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spen's real estate market is stabilizing, with a slight increase in unit sales, while Snowmass Village experiences strong appreciation and a surge in new condo offerings. According to Tim Estin, a broker with Aspen Snowmass Sotheby's, the gap between Aspen and Snowmass properties has narrowed due to Snowmass' new inventory.
Historically, Snowmass properties sold at a 25-30% discount compared to Aspen, but this gap widened to 50-60% from 2010 to 2017. However, Estin notes that the gap is narrowing as Snowmass attracts buyers seeking value and investment potential with its modern, high-end condos.
Aspen continues to command premium pricing, with new single-family home listings often set 10-20% above comparable sales. High-profile off-market transactions have pushed the market upward, while Snowmass sees across-the-board price increases, signaling strong buyer demand.
In 2024, Aspen's market shows a 3% increase in unit sales, though total dollar sales dipped by 3%. Single-family home sales dropped 12%, largely due to a lack of high-quality inventory, while condo sales fell 9%, likely impacted by short-term rental regulations enacted in 2022.
A divide has emerged in Aspen's condo market; properties within the Lodge Zone are outperforming those outside unless they offer exceptional attributes. Inventory increased by 4%, providing buyers slightly more options, though it remains historically low.
STR regulations have made it more challenging for condo owners to rent out their properties, citing a significant STR tax structure. Traditional lodge property is taxed at 11.30%, owner-occupied or lodge-exempt properties at 16.30%, and investment or second-home properties at 21.30%.
Median home prices in Aspen have held steady at $13.4 million after a previous 14% decline, while condo prices have risen 5% to $2.85 million. The price per square foot is seeing modest gains of 4-7% across all property types.
Aspen's market is normalizing at higher price points, with 40% of active listings priced above $4,000 per square foot. As of January 2025, Aspen had 174 active listings, with 44% priced above $15 million and 13% exceeding $30 million.
The highest price per square foot was achieved by a $43 million penthouse at Monarch on the Park, which sold for $8,215 per square foot. Today, properties exceeding $5,000 per square foot are more common, reinforcing Aspen's status in the ultra-luxury market.
Aspen's strict demolition allotments complicate new property construction, driving property owners toward remodels. Limited vacant land further drives property owners toward remodels, making them a more predictable and cost-effective choice.
Pitkin County plans to introduce similar code changes in late 2025, reinforcing a shift toward adaptive reuse. Estin also highlighted ongoing challenges in affordable housing, stating that there is a significant affordable housing fee that developers or builders have to pay, placing more of a strain on mid-valley areas like Glenwood Springs.
As a lifelong local and 18-year publisher of the Aspen real estate market reports, Estin notes that demand has increased significantly, and there is just not enough supply. Prices are really a function of inventory and supply, and there just isn't enough to meet demand.
