Client Newsletter Spring 2025

ASPEN REAL ESTATE

SPRING 2025

(click on the images throughout this email to see the listings)

July 2, 2025

Is now the best time to sell your home in Aspen?

To answer that question, we will go over the 2024 Annual Review (as of March) from Aspen’s leading appraiser. We’ll also examine this spring’s market activity and explore a discreet strategy to test the market for your home— while maintaining your privacy.

2024 marked a spectacular rebound for Aspen real estate, achieving $3.8 billion in total sales volume—a 20% increase from 2023's $3.1 billion and the third-highest year ever recorded. This performance approached the record years of 2021 ($4.645 billion) and 2020 ($4.2 billion), driven by unprecedented luxury sales and new inventory absorption.

• Total Sales Volume: $3.8 billion (up 20% from 2023)

• Number of Transactions: ~900 sales (consistent with 2022-2023)

• Historical Context: Only 2020 and 2021 exceeded 2024's performance

• Market Driver: Sales over $20 million and Base Village new construction

The Aspen condominium market maintained its premium positioning with healthy fundamentals despite a modest decline in volume.

Market Performance

• Dollar Volume: $343 million (down from $361M in 2023)

• Median Price: $2.95 million (+7% from 2023)

• Average Price: $3.8 million (down 8% from $4.15M in 2023)

• Price Per Square Foot: $3,200 (up from $2,800 in 2023)

Sales Activity Analysis

• Total Sales: 90 units

• 80 sales over $2,000/sq ft (89% of total)

• 52 sales over $3,000/sq ft

• 9 sales between $4,000-$5,000/sq ft

• 4 sales over $5,000/sq ft

Historical Price Records

• All-Time Per Sq Ft Record: $7,545/sq ft (Monarch on the Park P2, 2022, $25.875M)

• 2024 Highest: $6,905/sq ft (Connor Cabins townhouse, off-market sale)

$10M+ Market Performance

• 2024: 7 sales over $10 million

• 2023: 8 sales over $10 million

Current Record Holder: Motherlode Penthouse at $47.9 million (2023)

• Previously sold for $36.5M in 2021

• Offered off market now for $70 million

Inventory Dynamics

• Year-End Listings: 66 units (vs. 61 in 2023)

• Historical Context: Pre-COVID inventory typically 90-130 units

• Market Condition: 6-12 months supply (strong seller's market)

• Trend: Seller's market since 2017

Aspen Homes

2024 achieved record-breaking average pricing while demonstrating a complete transformation to the ultra-luxury market.

Core Performance Metrics

• Sales Volume: $1.13 billion (down 10% from 2023)

• Number of Sales: 54 homes (down 24% from 71 in 2023)

• Average Price: $21 million (highest ever recorded)

• Median Price: $16.75 million (up from $13M in 2023)

• Price Per Square Foot: $3,300 (up from $2,900 in 2023)

   

Ultra-Luxury Market Dominance

$10M+ Sales Concentration: 70-80% of all house sales (2022-2024 consistent)
$20M+ Sales Impact: One in every three sales exceeded $20 million

Neighborhood Price Analysis (Price Per Square Foot)

• Central Core: $5,900/sq ft average (3 sales)

• West End: $4,000/sq ft average

• Red Mountain: $4,000/sq ft average

• Pitkin Creek: $4,000/sq ft average

• Smuggler Area: $1,900/sq ft

Most Active Neighborhoods (2024)

• West End: 12 sales

• East Aspen: 11 sales

• West Aspen: 11 sales

Historical Price Evolution

• 2022: $20M average, $14M median

• 2023: $17M average, $13M median (17% decline)

• 2024: $21M average, $16M median (record highs)

Snowmass Condos

2024 marked the most extraordinary year in Snowmass condominium history, with new Base Village developments completely transforming market dynamics.

Volume and Transaction Data

• Total Dollar Volume: $680 million (doubled from 2023)

• Number of Sales: 178 units (+23% from 2023)

• Average Sale Price: $3.8 million (essentially doubled from 2023)

• Median Price: $2.7 million (+50% from 2023)

Base Village Impact

• Aura & Cirque Sales: 69 units closed

• Stratos Pre-Sales: 89 units reserved in under 48 hours

Historic Price Milestones

Previous Record: $9 million (Lumen and Havens units)
2024 Breakthrough: Nine sales exceeded $10 million (all in Aura)

Record-Breaking Sales:

• Aura 501 Penthouse: $11.9 million (October 2024, under contract since 2022)

• Ultimate Record: $15 million (November 2024) at $5,027/sq ft

• Price Per Square Foot Record: $5,027/sq ft

Market Transformation Metrics

• Price/Sq Ft Evolution: $650 (2015) → $2,200 (2024) = 238% increase over 10 years

• Premium Sales Activity: 92 sales over $2,000/sq ft (vs. 22 in 2023)

• Ultra-Premium: 36 sales over $3,000/sq ft, including 5 over $4,000/sq ft

Current Inventory

• Year-End Listings: 142 units (+25% from 2023)

• Stratos Component: 89 of 142 listings (63% of inventory)

• Market Absorption: Strong with majority of new inventory pre-sold

Snowmass Homes

The Snowmass house market demonstrated remarkable strength with dramatic price appreciation despite lower transaction volumes.

Performance Metrics

• Sales Volume: $273 million (+11% from 2023, second-highest ever)

• Number of Sales: 28 homes (down from peak of 72 in 2021)

• Average Price: $9.75 million (+34% from 2023)

• Median Price: $8.45 million (up from $5.5 million in 2023)

• Price Per Square Foot: $1,950 (up from $1,600 in 2023)

Market Segmentation

• $5M+ Sales: 85% of all transactions (vs. 60% in 2023)

• $10M+ Sales: 12 transactions (highly impressive volume)

• Sub-$5M Market: Essentially non-existent

Market Positioning

• Value Comparison: Snowmass houses average 50% less than comparable Aspen properties

• Supply Metrics: 6-12 months inventory as of 2024 (optimal seller's market range)

ASPEN Ultra-Luxury Market Deep Dive

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