ASPEN
| SNOWMASS
Aspen and Snowmass Fourth Quarter 2023 Market Report Report Written By: Elliot F. Eisenberg, Ph.D. Source: Aspen Board of Realtors Multiple Listing Service
Economic Overview Nationally By: Elliot F. Eisenberg, Ph.D.
In terms of the national economy, 2023 turned out much better than we could have hoped for at the beginning of the year. 23Q3 annualized real GDP growth came in at a stellar 4.9%, while 23Q4 growth is currently forecasted to come in between 1.5-2%. Overall, in the calendar year 2023, GDP growth will likely turn out to be around 2.4%, built on the strength of a strong labor market and solid consumer spending, with a late season assist from rising asset prices in general and the stock market in particular. We very fortunately avoided a recession in 2023, and inflation came down dramatically with help from improved supply chains, increases in the labor force participation rate, and increased legal immigration, as well as the Fed’s painful but necessary rate hikes.
“If inflation continues to slow and the labor market cools somewhat, the Fed will reward us with...” As we look towards 2024, it likely won’t be a year of significant economic growth with fiscal policy contractionary, and bank lending and thus the money supply contracting due to high interest rates. Importantly, consumer spending is likely to pull back because the current very low savings rate is not sustainable and must necessarily rise, and as more than 28 million borrowers have resumed payments on student loans. As an example of the financial stress on some households, the 23Q3 credit card delinquency rate was 8%, up from a low of 4.3% in 21Q3 and at its highest level since 11Q3 when we were extricating ourselves from the housing bust and the unemployment rate was a staggering 9.1%. Similarly, in 23Q3, 7.4% of auto loans transitioned into delinquency, up from their low of 5.0% in 21Q3. Seeing this much credit deterioration with a 3.7% unemployment rate is somewhat troubling. While the current bull market has been a boon to investors and household retirement accounts, equities are at or above historic P/E ratios, and it’s also an unusual market in that 72% of equities in the S&P 500 have underperformed the index, the highest level since at least 2000. As such, earnings will play a key role in stock market performance in 2024. Private-equity deal activity dropped from $1.44 trillion in 2022 to $846 billion in 2023, a decline of 41%. In 2021, private-equity deal-making exceeded $2 trillion, so there is plenty of room for growth in 2024, and as interest rates fall, we may start to see rising deal activity and IPOs. All signs are that the labor market continues to slowly soften. In November, job openings slumped to 8.8 million, from 10.8 million Y-o-Y and a peak of 12.0 million in March 2022. Thus, the number of available jobs/ unemployed person fell to a still high 1.4, but down from 1.8 Y-o-Y and a peak of 2.0 in March 2022. Relatedly, the quit rate is now 2.2%, down from 2.7% Y-o-Y and a peak of 3.0 in November 2021. The December jobs report provided mixed signals, with job creation at a solid 216,000 and unemployment unchanged at a low 3.7%. On the flip side, the labor force participation rate sank to 62.5% from 62.8%, suggesting that either the slowing job market is making job hunting less appealing or the pool of eligible workers is running low. With December wage growth up a strong 0.44% and Y-o-Y wage growth still too strong at 4.1%, the Fed will be keeping a sharp eye on labor markets before they contemplate rate cuts. If inflation continues to slow and the labor market cools somewhat, the Fed will reward us with rate cuts no later than June, hopefully slightly earlier. However, households and businesses with existing mortgages or business loans have thus far shown little sensitivity to interest rate changes because of their ‘locked-in’ low rates. That works in both directions, and as a result, the expected rate cuts may not be as stimulative as hoped. I suspect that with a little bit of luck, we will see GDP growth somewhere around 1% in 2024, with a reasonable possibility of a mild and shallow recession sometime during the year.
Housing Market Overview Nationally Across the country, active inventories remain incredibly tight, largely due to the unwillingness of existing homeowners to forfeit their low current mortgage rate and venture out into the world of 6-7% mortgages. The last quarter of 2023, at least in terms of the housing market, was particularly tough as rates hovered near 8% for much of the fall while limited inventories kept pushing prices higher. During November, after annualization and seasonal adjustment, 3.82 million existing homes sold, up from a slightly worse 3.79 million in October, and that was the weakest monthly sales activity since August 2010, during the depths of the Housing Bust. With rates now south of their October highs, existing inventory improving, albeit slightly, and new single-family construction approaching pre-Covid peaks, home sales and mortgage applications should rise. However, as a potential warning light, some 45,000 home purchases fell through during November 2023, 16.9% of homes under contract, and the highest rate since recordkeeping commenced in January 2017. The previous record was the April 2020 Covid peak of 16.8%, while pre-Covid the rate was about 12.5%. This rise in cancellations may simply be cases of cold feet, but it could also be an indication that we are approaching the upper limit of many buyers’ finances.
“...the 2024 housing market will likely start out relatively weak and then improve gradually as the year progresses, especially as the...” In terms of new construction, a staggering number of new apartments will be brought online in 2024, and that is likely to push vacancy rates still higher and rents down. Add to that high interest rates, and thus high cap rates, and the multifamily market is likely to struggle in 2024. Still, while apartment vacancies hit 5.4% in 23Q4, up from 4.9% Y-o-Y, and near their pandemic peak of 5.5%, they’re not close to the 8% of 2010. By contrast, office vacancies hit 19.6%, surpassing the previous top of 19.3% set in 1986, when building was unstoppable, and 1991, during the S&L crisis induced recession. While builders have stepped up the pace of new home construction with the resolution of many Covid supply chain issues, high interest rates, materials inflation, and higher labor costs mean those homes are more costly to build, and as a result, they are likely to be higher end homes, as builders have limited incentive to build entry-level homes. In summary, the 2024 housing market will likely start out relatively weak and then improve gradually as the year progresses, especially as the Fed lowers rates and more potential sellers finally step off the sidelines. Importantly, the spread between the 10-year Treasury and the 30-year mortgage should fall because the fear of mortgage re-fi will decline as interest rates decline. Overall, 2024 is likely to be a year of transition for the housing market, better than 2023, but not by much, and we will probably have to wait until 2025 to see a return to pre-Covid activity levels.
Housing Market Overview Colorado
Unemployment in Colorado is 3.3% as of 11/23, up from last November’s 2.8%, after hitting a peak of 11.6% in 05/20 (for comparison, the pre-pandemic rate was 2.8%) and well below the U.S. national average, making it difficult for Colorado employers to fill positions. Statewide continuing claims for unemployment hit a high of 265,499 for the week ended 5/16/20 (compared to a pre-pandemic level of 20,735) and are now at 32,332 for the week ended 12/30/23, a year ago it was 29,038. In Pitkin County, the November unemployment rate was 5.0%; a year ago, it was 4.7%, and for comparison, pre-Covid in 11/19, it was 5.7%. While Colorado’s job growth, at 1.1% over the past year, is below the U.S. rate of 1.8%, job growth in the Colorado mountain areas is among the highest in the state. Statewide, the December 2023 median price of a single-family home of $549,950 was 3.8% higher than December 2022, while the year-over-year average price rose 8.7% to $703,502. In the condo/townhome market, the year-over-year median price gained 3.0% to $424,995, while the average price increased 8.2% to $569,881. Through December, closed sales across the state are down 19.1%, while new listings are down 16.3%. There are 14,941 active listings statewide at the end of December, down 14.8% compared to December 2022, representing 2.1 months’ supply of inventory. Across the state, the percentage of list price received at sale was 98.1%, the same as last year and down from 98.7% at the end of September 2023, and days-on-market has increased to 62 days, up from 56 days last year, suggesting a market that is slightly weakening but still very strong.
Economic Overview ASPEN SNOWMASS
The median price of a single-family home in Aspen through December 2023 was $12.4 million, a 9% decline compared to the same period of 2022, while the average price declined 13% to $16 million. Aspen townhomes and condominiums remained very comparable to last year, with a median price of $3.2 million (up less than 1% from last year) and an average price of just over $4.8 million (up 3% from last year). In Snowmass Village, the single-family median price declined 12% to $5.5 million, while the average price dipped about 1% to just under $7.2 million. Snowmass Village townhomes and condominiums saw the largest median price gains in the area, increasing 10% to nearly $1.8 million, although the average price was virtually flat at just over $2.1 million. Across the Aspen/Snowmass Village area, closed sales were up about 12% compared to last year, and overall sales volume rose 2% to nearly $2.4 billion. The percentage of sold price to original listing price was down about 2% across the area and days on market increased compared to last year except for Snowmass Village single-family homes, where average days on market declined.
“With easing financial conditions, partly the result of rising equity prices, I expect to see more private equity and IPO deals to be consummated in 2024, which should further strengthen the portfolios of...” Aspen continues to burnish credibility in the ski world with the recent Aspen Mountain Hero terrain expansion, which added 153 acres of new skiing and increased skiable acreage by more than 20 percent, served by a new, high-speed quad chairlift. And Snowmass topped a recent Conde Nast Traveler’s reader’s choice ranking of North American ski resorts, while Aspen Mountain was fifth and Aspen Highlands was 14th. In their report, Conde Nast cited: “Investments in the Snowmass Base Village have turned it into a social hub complete with an ice-skating rink and great dining venues. On-mountain dining options rival what you’d find in Europe.” While many speculated that the luxury home market would suffer in 2023, it clearly did not in Aspen and Snowmass Village, where the top ten home sales of 2023 exceeded $25 million each. As Pitkin County finalized the 9,250 square foot cap on new home sizes as part of their plan to reduce greenhouse gas emissions, they signaled that 2024 could bring a further reduction to 8,750 square feet. Existing homes that exceed that size limit will become even more desirable as stock remains fixed. While some of the factors that fed the flight out of the cities during the pandemic have faded, such as work-from-home, the overall appeal of the Aspen Snowmass area has not. Dr. Eisenberg comments: “With easing financial conditions, partly the result of rising equity prices, I expect to see more private equity and IPO deals to be consummated in 2024, which should further strengthen the portfolios of potential buyers. I would not be surprised to see 2024 exceed 2023 in terms of record-setting prices in Aspen and Snowmass Village.”
Basalt SINGLE FAMILY HOMES $2.5M
Median Sold Price
Average Sold Price
$2M
30%
$1.75M $1.5M
2022 vs 2023
$1.25M
47%
2022 vs 2023
$1M $750K $500K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $200M
59%
2022 vs 2023
$169M
$100M
$146M
$131M
$150M
Million
Thousand/Million
$2.25M
$92M
$90M
$50M $0 2019
2020
2021
2022
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
78
97
94
54
66
2019
2020
2021
2022
2023
Fourth Quarter YTD of
22%
2022 vs 2023
2023
Rental Listing - 500 Riverside Drive Basalt, Colorado 4 BEDS | 3 BATHS | 3,412 SF
What’s Selling? SINGLE FAMILY HOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Single Family Homes Sold Fourth Quarter YTD Studio - 1 Bedroom
2
$2,700,000 - $4,150,000
$3,425,000
16
177
2 - 3 Bedrooms
22
$932,000 - $4,750,000
$1,615,000
3
88
4 - 5 Bedrooms
41
$875,000 - $6,000,000
$1,850,000
3
129
6+ Bedrooms
1
$6,085,000
$6,085,000
6
83
Basalt SINGLE FAMILY HOMES Average Price Per Square Foot $1,000
$830
$800 $600
$414
$561
$494
27%
$654
2022 vs 2023
$400 $200 $0
2019
2020
2021
2022
2023
Fourth Quarter YTD of
% Sold Price to Original List Price
2%
95%
96%
97%
98%
96%
2019
2020
2021
2022
2023
2022 vs 2023
Fourth Quarter YTD of
Average Days on Market
158 2019
180 2020
148 2021
Fourth Quarter YTD of
93 2022
116 2023
25%
2022 vs 2023
Basalt, Colorado
What’s For Sale? SINGLE FAMILY HOMES Active
Pending
Active Asking Price Range
Median Asking Price
Single Family Homes Active & Pending Studio - 1 Bedroom
1
0
$1,695,000
$1,695,000
2 - 3 Bedrooms
4
3
$998,000 - $4,179,000
$2,832,500
4 - 5 Bedrooms
17
0
$1,595,000 - $13,400,000
$4,150,000
6+ Bedrooms
3
0
$8,999,000 - $21,000,000
$10,750,000
Basalt CONDO / TOWNHOMES $1.5M
9%
$1.2M $1.05M
2022 vs 2023
$900K
4%
2022 vs 2023
$750K $600K $450K $300K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $120M
0%
2022 vs 2023
$80M $60M
$106.9M $106.5M
$96M
$100M
Million
Thousands/Millions
Median Sold Price
Average Sold Price
$1.35M
$81M $58M
$40M $20M $0
2019
2020
2021
2022
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
89
117
94
93
85
2019
2020
2021
2022
2023
Fourth Quarter YTD of
9%
2022 vs 2023
2023
302 Wild Spring Lane
Basalt, Colorado
3 BEDS | 2F, 1H BATHS | 2,121 SF
What’s Selling? CONDOS AND TOWNHOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Condo / Townhomes Sold Fourth Quarter YTD Studio - 1 Bedroom
19
$220,000 - $1,187,500
$597,000
0
221
2 - 3 Bedrooms
60
$305,000 - $5,100,000
$1,257,500
0
147
4 - 5 Bedrooms
6
$970,000 - $2,860,000
$1,327,500
5
205
6+ Bedrooms
-
$-
$-
-
-
Basalt CONDOS / TOWNHOMES Average Price Per Square Foot $1,000
$711
$800 $600
21%
$859
$434
$561
$497
2022 vs 2023
$400 $200 $0
2019
2021
2020
2022
2023
Fourth Quarter YTD of
% Sold Price to Original List Price
1%
2022 vs 2023
98%
98%
100%
100%
99%
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Average Days on Market
189 2019
173 2020
85 2021
Fourth Quarter YTD of
155 2022
167 2023
8%
2022 vs 2023
Rental Listing - 331 Branding Way Basalt, Colorado
2 BEDS | 2F, 1H BATHS | 1,779 SF
What’s For Sale? CONDOS AND TOWNHOMES Active
Pending
Asking Price Range
Median Asking Price
Condominiums / Townhomes Active & Pending Studio - 1 Bedroom
3
2
$849,000 - $1,180,000
$1,125,000
2 - 3 Bedrooms
23
18
$944,000 - $5,500,000
$2,183,512
4 - 5 Bedrooms
4
-
$1,150,000 - $4,655,000
$1,250,000
6+ Bedrooms
1
-
$2,200,000
$2,200,000
Carbondale SINGLE FAMILY HOMES $2.5M $2.25M $2M
Average Sold Price
17%
$1.5M $1.25M
2022 vs 2023
Median Sold Price
19%
2022 vs 2023
$1M $750K $500K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $250M
41%
2022 vs 2023
$150M
$201M
$182M $187M
$200M
Million
Million
$1.75M
$143M $105M
$100M $50M $0
2019
2020
2021
2022
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
101
140
121
74
89
2019
2020
2021
2022
2023
Fourth Quarter YTD of
20%
2022 vs 2023
2023
Carbondale, Colorado
What’s Selling? SINGLE FAMILY HOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Single Family Homes Sold Fourth Quarter YTD Studio - 1 Bedroom
-
$-
$-
-
-
2 - 3 Bedrooms
24
$795,000 - $3,250,000
$1,568,000
1
75
4 - 5 Bedrooms
60
$340,000 - $7,650,000
$2,262,500
3
154
6+ Bedrooms
5
$2,065,000 - $4,355,000
$2,600,000
6
180
Carbondale SINGLE FAMILY HOMES Average Price Per Square Foot $800 $700
$662
$590
$600
12%
$497
$500
$322
$400
$382
2022 vs 2023
$300 $200 $100 $0
2019
2020
2021
2022
2023
Fourth Quarter YTD of
% Sold Price to Original List Price
0%
2022 vs 2023
96%
97%
98%
97%
97%
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Average Days on Market
186 2019
156 2020
97 2021
Fourth Quarter YTD of
130 2022
134 2023
3%
2022 vs 2023
Carbondale, Colorado
What’s For Sale? SINGLE FAMILY HOMES Active
Pending
Active Asking Price Range
Median Asking Price
Single Family Homes Active & Pending Studio - 1 Bedroom
-
-
$-
$-
2 - 3 Bedrooms
4
6
$975,000 - $3,995,000
$2,395,000
4 - 5 Bedrooms
20
4
$2,225,000 - $6,250,000
$3,335,000
6+ Bedrooms
1
-
$2,000,000
$2,000,000
Carbondale CONDO / TOWNHOMES $1.2M
14%
$1M $900K
2022 vs 2023
$800K
7%
2022 vs 2023
$700K $600K $500K $400K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $80M
$67M
$70M
1%
2022 vs 2023
$60M $50M
Million
Hundred Thousands
Median Sold Price
Average Sold Price
$1.1M
$42M
$44M
2019
2020
$49M
$48M
2022
2023
$40M $30M $20M $10M $0
2021
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
73
73
96
54
47
2019
2020
2021
2022
2023
Fourth Quarter YTD of
13%
2022 vs 2023
Carbondale, Colorado
What’s Selling? CONDOS AND TOWNHOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Condo / Townhomes Sold Fourth Quarter YTD Studio - 1 Bedroom
3
$278,000 - $525,123
$525,000
0
54
2 - 3 Bedrooms
38
$306,818 - $2,250,000
$777,500
2
79
4 - 5 Bedrooms
5
$700,000 - $2,365,000
$2,325,000
5
183
6+ Bedrooms
1
$2,178,000
$2,178,000
0
51
Carbondale CONDOS / TOWNHOMES Average Price Per Square Foot $600
$506
11%
$434
$500 $400
$562
$317
$339
2022 vs 2023
$300 $200 $100 $0
2019
2021
2020
2022
2023
Fourth Quarter YTD of
% Sold Price to Original List Price
2%
2022 vs 2023
98%
99%
100%
99%
97%
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Average Days on Market
112 2019
157 2020
139 2021
Fourth Quarter YTD of
157 2022
88 2023
44%
2022 vs 2023
Carbondale, Colorado
What’s For Sale? CONDOS AND TOWNHOMES Active
Pending
Asking Price Range
Median Asking Price
Condominiums / Townhomes Active & Pending Studio - 1 Bedroom
-
-
$-
$-
2 - 3 Bedrooms
6
1
$720,000 - $1,399,000
$1,165,000
4 - 5 Bedrooms
6
1
$810,000 - $3,100,000
$2,675,000
Missouri Heights SINGLE FAMILY HOMES $2.5M
$2M
Average Sold Price
8%
$1.75M $1.5M $1.25M
2022 vs 2023
Median Sold Price
15%
2022 vs 2023
$1M $750K $500K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $100M
16%
2022 vs 2023
$80M
$80M
Million
Thousand/Million
$2.25M
$60M
$78M $57M
$54M
$40M $20M $0
2019
2020
2021
2022
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
45
46
42
26
28
2019
2020
2021
2022
2023
Fourth Quarter YTD of
$66M
8%
2022 vs 2023
2023
Missouri Heights, Colorado
What’s Selling? SINGLE FAMILY HOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Single Family Homes Sold Fourth Quarter YTD Studio - 1 Bedroom
-
$-
$-
-
-
2 - 3 Bedrooms
13
$910,000 - $2,950,000
$1,725,000
4
149
4 - 5 Bedrooms
14
$1,550,000 - $6,500,000
$2,400,000
4
127
6+ Bedrooms
1
$2,250,000
$2,250,000
10
101
Missouri Heights SINGLE FAMILY HOMES Average Price Per Square Foot
$800 $700
$605
$600
9%
$479
$500 $400
$661
$380 $306
$300
2022 vs 2023
$200 $100 $0
2019
2020
2021
2023
2022
Fourth Quarter YTD of
% Sold Price to Original List Price
2%
94%
95%
96%
97%
95%
2019
2020
2021
2022
2023
2022 vs 2023
Fourth Quarter YTD of
Average Days on Market
222 2019
239 2020
153 2021
Fourth Quarter YTD of
160 2022
136 2023
15%
2022 vs 2023
Missouri Heights, Colorado
What’s For Sale? SINGLE FAMILY HOMES Active
Pending
Active Asking Price Range
Median Asking Price
Single Family Homes Active & Pending Studio - 1 Bedroom
-
-
$-
$-
2 - 3 Bedrooms
3
1
$1,697,000 - $6,599,000
$5,495,000
4 - 5 Bedrooms
13
2
$1,399,000 - $7,150,000
$3,200,000
6+ Bedrooms
2
1
$2,495,000 - $6,950,000
$4,722,500
Glenwood Springs SINGLE FAMILY HOMES $1.2M
$1M
Median Sold Price
Average Sold Price
5%
$900K $800K
2022 vs 2023
$700K
4%
2022 vs 2023
$600K $500K $400K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $185M
$200M
$158M
$155M
11%
2022 vs 2023
$150M
Million
Hundred Thousand
$1.1M
$100M
$94M
$50M $0
2019
2020
2021
2022
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
154
230
221
161
137
2019
2020
2021
2022
2023
Fourth Quarter YTD of
$141M
15%
2022 vs 2023
2023
Glenwood Springs, Colorado
What’s Selling? SINGLE FAMILY HOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Single Family Homes Sold Fourth Quarter YTD Studio - 1 Bedroom
2
$665,000 - $750,000
$707,500
5
194
2 - 3 Bedrooms
86
$410,000 - $2,200,000
$827,500
1
96
4 - 5 Bedrooms
45
$395,000 - $2,495,000
$1,100,000
3
96
6+ Bedrooms
4
$850,000 - $3,350,000
$2,005,000
9
83
Glenwood Springs SINGLE FAMILY HOMES Average Price Per Square Foot $500
$345
$400 $300
$244
$395
$436
10%
$271
2022 vs 2023
$200 $100 $0
2019
2020
2021
2022
2023
Fourth Quarter YTD of
% Sold Price to Original List Price
1%
2022 vs 2023
98%
98%
99%
98%
97%
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Average Days on Market
112 2019
87
93 2020
2021 Fourth Quarter YTD of
90 2022
97 2023
8%
2022 vs 2023
Glenwood Springs, Colorado
What’s For Sale? SINGLE FAMILY HOMES Active
Pending
Active Asking Price Range
Median Asking Price
Single Family Homes Active & Pending Studio - 1 Bedroom
-
-
$-
$-
2 - 3 Bedrooms
7
4
$719,000 - $1,440,000
$885,000
4 - 5 Bedrooms
13
9
$640,000 - $2,400,000
$1,050,000
6+ Bedrooms
-
-
$-
$-
Glenwood Springs CONDO / TOWNHOMES $600K
1%
$500K $450K
2022 vs 2023
1%
2022 vs 2023
$400K $350K $300K
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Total Dollar Volume $45M
$50M $40M
11%
2022 vs 2023
Million
Hundred Thousand
Median Sold Price
Average Sold Price
$550K
$39M $32M $27M
$30M
$23M
$20M $10M $0
2019
2020
2021
2022
Fourth Quarter YTD of
Number of Properties Sold SOLD
SOLD
SOLD
SOLD
SOLD
100
81
96
85
42
2019
2020
2021
2022
2023
Fourth Quarter YTD of
51%
2022 vs 2023
2023
Glenwood Springs, Colorado
What’s Selling? CONDOS AND TOWNHOMES Number Sold
Sold Price Range
Median Sold Price
Median % Off Asking Price
Avg. Days On Market
Condo / Townhomes Sold Fourth Quarter YTD Studio - 1 Bedroom
6
$160,000 - $399,000
$247,500
1
68
2 - 3 Bedrooms
33
$325,000 - $900,000
$541,000
0
66
4 - 5 Bedrooms
3
$700,000 - $854,000
$802,500
2
70
Glenwood Springs CONDOS / TOWNHOMES Average Price Per Square Foot $500
17%
$424 $363
$400 $300
$252
$267
2019
2020
$308
2022 vs 2023
$200 $100 $0
2021
2022
2023
Fourth Quarter YTD of
% Sold Price to Original List Price
1%
2022 vs 2023
98%
98%
100%
99%
98%
2019
2020
2021
2022
2023
Fourth Quarter YTD of
Average Days on Market
100 2019
87 2020
80 2021
Fourth Quarter YTD of
93 2022
67 2023
28%
2022 vs 2023
Glenwood Springs, Colorado
What’s For Sale? CONDOS AND TOWNHOMES Active
Pending
Asking Price Range
Median Asking Price
Condominiums / Townhomes Active & Pending Studio - 1 Bedroom
1
-
$299,950
$299,950
2 - 3 Bedrooms
6
3
$340,000 - $725,000
$574,500
4 - 5 Bedrooms
-
-
$-
$-
1
#
2023 Top Sales
1001 Ute Avenue | Aspen $76,000,000
3
#
2
#
Rose Spur Road | Snowmass $24,000,000
294 Draw Drive | Aspen $21,000,000
Our Property Collection
Brush Creek Ranch $29,000,000
6 BEDS | 6 BATHS | 4,995 SF | 102+ ACRE RANCH 660 BRUSH CREEK ROAD, SNOWMASS VILLAGE
West End Retreat $28,500,000
5 BEDS | 5F, 2H BATHS | 6,019 SF 810 W SMUGGLER STREET, ASPEN
Red Mountain Ranch $25,000,000
5 BEDS | 5 BATHS | 3 CAR GARAGE 804 HUNTER CREEK ROAD, ASPEN
Red Mountain Sanctuary
West End Retreat
$21,500,000 OPEN-LIVING CONCEPT
$28,500,000 NEW CONSTRUCTION
4 BEDS | 4F, 2H BATHS | 4,744 SF 349 DRAW DRIVE, ASPEN 60
5 BEDS | 5F, 2H BATHS | 6,019 SF 810 W SMUGGLER STREET, ASPEN 60
Unbeatable + Rare Lake Views
Luxurious West End
$19,950,000 WEST END LIVING
$17,900,000 PERFECT FOR HOSTING
5 BEDS | 4F, 1H BATHS | 4,457 SF 280 LAKE AVENUE, ASPEN 60
4 BEDS | 4F, 1H BATHS | 5,482 SF 101 W FRANCIS STREET, ASPEN
Majestic Maroon Court
Havens 8
$18,500,000 NEW CONSTRUCTION
$17,600,000 SKI-IN/SKI-OUT
5 BEDS | 8 BATHS | 5,066 SF 30 MAROON COURT, ASPEN 660
4 BEDS | 4F, 1H BATHS | 3,349 SF 411 WOOD ROAD 8, SNOWMASS VILLAGE
Discover Modern Elegance
Roaring Fork Riverfront Ski Home
4 BEDS | 5F, 1H BATHS | 4,900 SF 765 CEMETERY LANE, ASPEN
4 BEDS | 4F, 1H BATHS | 2,499 SF 1096 WATERS AVENUE, ASPEN
$14,900,000 NEW CONSTRUCTION
$14,895,000 DOWNTOWN ASPEN
Walking Distance to Aspen Mtn
Aspen’s Coveted West End
$14,900,000 DECK WITH VIEWS OF AJAX
$12,500,000 ASPEN RETREAT
4 BEDS | 5F, 1H BATHS | 5,095 SF 910 E COOPER AVENUE WEST, ASPEN
4 BEDS | 6 BATHS | 3,759 SF 604 N EIGHTH STREET, ASPEN
Design Your Dream Home
Tranquil Banks of Capitol Creek
$6,500,000 WHITE BOX - CUSTOMIZE IT
$5,995,000 BREATHTAKING VIEWS
4 BEDS | 3F, 2H BATHS | 5,740 SF
4 BEDS | 3F, 1H BATHS | 3,342 SF
340 MONASTERY CUTOFF RD, SNOWMASS
35 STARLIT LANE, SNOWMASS
Timber Ridge Retreat
Beautiful West End Victorian
$4,995,000 ASPEN CORE
$4,800,000 WALK TO EVERYTHING
4 BEDS | 3 BATHS | 1,523 SF 100 E DEAN STREET 1B & 1C, ASPEN
3 BEDS | 4 BATHS | 1,452 SF 124 E DURANT AVENUE 10, ASPEN
Breathtaking Aspen Mtn Views
Fasching Haus Aspen Core
$4,300,000 GANT UNIT - ASPEN CORE
2 BEDS | 2 BATHS | 965 SF 610 S WEST END ST H-401, ASPEN 60
$3,100,000 RARELY AVAILABLE
2 BEDS | 2 BATHS | 845 SF 718 S MILL STREET 11, ASPEN
Great Aspen Core Condo
Stunning Mountain Views
$2,975,000 A BLOCK FROM GONDOLA
$2,795,000 TIMBER RIDGE CONDO
2 BEDS | 2 BATHS | 932 SF 450 S ORIGINAL STREET 2, ASPEN 60
2 BEDS | 1F, 1H BATHS | 880 SF
Downtown Aspen Core
Privacy & Stunning Views
2 BEDS | 1 BATH | 771 SF 220 W MAIN STREET 210/P1/B6, ASPEN
3 BEDS | 2F, 1H BATHS | 2,121 SF 302 WILD SPRING LANE, BASALT
$2,495,000 NEWLY REMODELED
100 E DEAN STREET 3D, ASPEN
$2,385,000 THE WILDS
Historic Herron Mansion
Discover Mountain Luxury Living
$1,995,000 STR PERMITS AVAILABLE
$1,900,000 SKI-IN, SKI-OUT
1 BED | 1 BATH | 616 SF 333 W MAIN STREET 1-A, ASPEN
2 BEDS | 2 BATHS | 757 SF 130 WOOD ROAD 505 & 507, SMV
Your Aspen Sanctuary
Aspen Core Pied-à-Terre
$1,500,000 BEAUTIFULLY UPDATED
$1,475,000 CHRISTIANA ASPEN
1 BED | 1 BATH | 626 SF 1049 VINE STREET, ASPEN
1 BED | 1 BATH | 460 SF 501 W MAIN STREET A101, ASPEN
Quick Walk to Smuggler
Top-Floor Timberline Condo
$1,395,000 PARK CIRCLE
$1,295,000 SKI ACCESS TO FANNY HILL
1 BED | 1 BATH | 625 SF 425 PARK CIRCLE B, ASPEN
1 BED + LOFT | 2 BATH | 947 SF 690 CARRIAGE WAY A3F, SMV
Exquisite Luxury Penthouse
Least Expensive Aspen Core Condo
$1,195,000 DESIGNER FINISHES
$915,000 TURN-KEY STUDIO
STUDIO | 1 BATH | 263 SF 914 WATERS AVENUE 12, ASPEN
STUDIO | 1 BATH | 350 SF 725 E MAIN STREET #108, ASPEN
Timberline Deluxe Condominium
Colorado’s Western Slope
$825,000 AMAZING AMENITIES
$525,000 BREATHTAKING LANDSCAPE
1 BED | 1 BATH | 687 SF 690 CARRIAGE WAY UNIT B1B, SMV
10 ACRES WITH WATER RIGHTS 213 259A COUNTY ROAD, SILT
Sweeping Panoramic Views
Stunning Views
$500,000 BUILD YOUR DREAM HOME
$300,000 BUILD YOUR DREAM HOME
20 ACRES WITH STUNNING VIEWS 152 RUSTY SPUR TRAIL, RIFLE
10 ACRES WITH STUNNING VIEWS 152 RUSTY SPUR TRAIL, RIFLE
LIFESTYLE. LUXURY. LEGACY. 520 E Durant Ave Suite 205, Aspen • 970.544.5800 Properties@ChristiesAspenRE.com • ChristiesAspenRE.com