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spen Snowmass Sotheby's broker Tim Estin reports that the first quarter of 2025 saw a significant surge in both pricing and sales volume across Aspen and Snowmass Village. This rise was driven by two distinct market forces: newly-built luxury condos in Snowmass and high-end home sales in Aspen.

    In Snowmass, the launch of Stratos Snowmass in January fueled a surge in market activity, with 68 units under contract by mid-April, representing 76% of the project. As these premium residences sell quickly, they're exerting upward pressure on the broader market, narrowing the gap between old and new inventory and driving up values.

    Estin notes that owners of older condos are also investing in renovations, further lifting values. This has led to a recalibration of buyer expectations across the village. In Aspen, price growth is being driven by high-end sales at record-breaking prices per square foot, with several deals in the $5,000 to $7,000 range.

    Estin attributes this trend to the town's restrictive zoning, which limits new construction. As a result, buyers are opting for older properties or moving to Snowmass for new builds. The series of high-end home sales has driven up values across Aspen, with at least seven verified sales in the $6,000-$7,000 per square foot range over the past 12 months.

    The billionaire influence is also shaping Aspen's luxury market, with an estimated 100-125 billionaire property owners calling the city home. However, macroeconomic uncertainty is beginning to weigh on buyer confidence, causing some buyers to hesitate or walk away from deals.

    Estin notes that Aspen remains a safe harbor for investors, but the current market uncertainty may impact sales. The upcoming summer season will be a critical test of whether the market can sustain its momentum. Despite caution, Aspen's reputation as a shelter in uncertain times continues to attract capital, while Snowmass' new inventory reshapes the market from the ground up.