2016 Aspen Area Real Estate Market Report

Information for

2016 Market Highlights

©Amy Doherty

 

1.       Compared to the four years of 2010-2014, 2016-dollar volume tracked about even, coming in at approximately $1.45 billion.

2.       The second half of 2016 exhibited a 56% increase in total dollar volume sold over the first half.

3.       November 2016 was the second best performing month (just behind September) of 2016 and was the first month of 2016 that exhibited more sales than the same month in 2015.

4.       Months of inventory have declined from 19.24 in January 2015 to 11.34 in December 2016.

5.       Aspen single family sales transactions and dollar sold volume doubled in the second half of 2016.

6.       Red Mountain single family home sales per square foot pushed up on average to $1700 per square foot in 2016 from $1600 per square foot in 2015.

7.       In the West End, several closings just under or over $2000 per square foot occurred in 2016.

8.       The McLain Flats area did not experience the same sort of growth in sales in 2015 as the rest of the Aspen single family market and continued to remain stagnant in 2016.

9.       In 2016, the premium paid for “new” properties was $1790 on average per square foot, which is 34% greater than the overall average sale per square foot.

10.   In 2016, there were 19 sales above $2000 per square foot: 9 in the Central Core, 1 in Old Snowmass, 2 on Red Mountain, 1 in West Aspen, and 6 in the West End.

11.   The central core of Aspen Condo/Townhouse/Duplex/Half Duplex inventory continues to shrink (off ~14% in 2016).

12.   Vacant land sales have been a bright spot in the market for the last several years of steady improvement since the recession in 2008/2009, but total sold dollar volume dropped off in 2016, partly due to the fact there are fewer listings (50% fewer), especially below $3 million.


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