Dear Friends,
As we wrap up the third quarter of 2024, Aspen's real estate market remains dynamic, with
several key trends shaping the landscape for both buyers and sellers. Here's a breakdown of
what we've seen over the past few months:
Market Snapshot
- Median Sales Price: The median sales price for single-family homes in Aspen increased by 7% compared to Q2, reaching $12.5 million. The luxury market continues to thrive, driven by strong demand for high-end properties, especially those with ski-in/ski-out access and proximity to Aspen’s core.
- Condo and Townhome Market: Condos and townhomes also saw a price increase, with the median price rising to $3.8 million, up 5% from Q2. Buyers are attracted to properties that offer convenience, amenities, and a turn-key lifestyle, especially as interest in short-term rentals continues to grow.
- Inventory: Inventory remains tight, with a slight decrease in available listings. We’re seeing about 12% fewer properties on the market than this time last year. This has led to competitive bidding, especially in the sub-$5 million range, as buyers are eager to secure their Aspen getaway or investment property before winter.
- Days on Market: Homes spent an average of 90 days on the market in Q3, down from 112 days in Q2. This suggests that well-priced homes are selling more quickly, especially in the luxury segment where buyers are ready to move fast to acquire prime properties before the winter season.
Luxury Market Insights
The high-end segment of Aspen’s market continues to drive overall growth. Properties over $10 million are still performing strongly, with several record-breaking sales closing in Q3. Buyers are particularly drawn to newly constructed or recently remodeled homes that offer the latest in luxury amenities, including home automation, wellness features like saunas and gyms, and expansive outdoor entertaining spaces.
Additionally, buyers from New York, California, and Texas continue to drive demand, seeking second homes or investment properties in Aspen due to its year-round appeal and strong rental potential during both the winter and summer seasons.
Trends to Watch
- Short-Term Rental Demand: With Aspen’s new regulations on short-term rentals in full effect, properties in the "Lodge Zone" and other STR-friendly areas have become even more valuable. Investors are targeting homes with strong rental histories and future income potential. If you own property in an STR-eligible area, now is a great time to explore its rental potential.
- Sustainability & Eco-Friendly Homes: Sustainability is an emerging trend, with buyers increasingly seeking energy-efficient homes. Features like solar panels, geothermal heating, and eco-friendly building materials are becoming a selling point for luxury properties.
- Buyer Competition: As winter approaches, we anticipate a surge in buyer interest, particularly for properties with ski access. With inventory tightening, buyers should be prepared for competitive offers and quick decision-making.
Opportunities for Sellers
If you're considering selling, now is an excellent time to list your home. With fewer properties on the market and high buyer demand, particularly in the luxury and rental markets, you’re likely to attract serious, well-qualified buyers. Pricing remains strong, and with Q4's ski season on the horizon, we expect continued interest from both local and international buyers.
Looking Ahead to Q4
The upcoming winter season traditionally brings even more activity to Aspen’s real estate market, especially from buyers seeking a home before the holidays or the peak ski season. If you’re thinking of buying or selling in the next few months, now is the time to prepare. Whether you're looking to invest, buy a vacation home, or sell, I’m here to guide you through the process with a strategy tailored to your needs.
Thank you for trusting me with your real estate goals. If you’d like a personalized market
analysis or want to discuss your options for buying, selling, or investing in Aspen, don’t hesitate
to reach out!
Warmly,
Amanda Vanderpool Flynn
Aspen Real Estate Specialist
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