ASPEN MARKET INSIGHTS Q4 | 2023 in Review
1422 W Buttermilk Road | $32,900,000 6 BR, 9 BA | Approx. 9,964sf
02 // MARKET INSIGHTS: Q4 2023
SASLOVE & WARWICK // 03
# 1 TEAM IN ASPEN
*
Based on Sales Volume, 2020–2022
$4+ BILLION
$200 MILLION
$11.8 MILLION
Total Closed Sales
Sales in 2023
Average Sale Price, 2023
© 2024 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. 630 EAST HYMAN AVENUE, STE 101, ASPEN, CO, 81611. 970.925.8810. *TEAM RANKINGS BASED ON 2023 REALTRENDS AND TOM FERRY THE THOUSAND, BASED ON SALES VOLUME FROM DOUGLAS ELLIMAN REAL ESTATE, 2022 AND AS SEEN IN THE WALL STREET JOURNAL. TEAM SALES STATISTCS BASED ON SALES VOLUME AT DOUGLAS ELLIMAN REAL ESTATE, 2023.
Saslove & Warwick was founded by Joshua Saslove and Riley Warwick. The Saslove & Warwick Team approaches Aspen’s real estate landscape with an auspicious blend of experience, deep community ties, and forward-thinking. The team possesses a plethora of knowledge regarding real estate in all areas of the Roaring Fork Valley, while also specializing in Red Mountain, Central Core, West Aspen, and East Aspen, specifically. Together, the team has over 60 years of experience and $4+ Billion in Closed Sales.
SASLOVE & WARWICK // 02
TABLE OF CONTENTS
1422 W Buttermilk Road | $32,900,000 6 BR, 9 BA | Approx. 9,964sf
03 // MARKET INSIGHTS: Q4 2023
NOTEWORTHY SALES
07
ASPEN
11
SNOWMASS VILLAGE
23
OLD SNOWMASS
33
CONTACT
44
SASLOVE & WARWICK // 04
05 // MARKET INSIGHTS: Q4 2023
RECENT & NOTEWORTHY SALES
550 Lazy Chair Ranch Road $22,875,000 Represented Buyer and Seller
132 Placer Lane $55,000,000 Represented Buyer and Seller
212 North Monarch Street $9,500,000 Represented Seller
315 West Smuggler Street $21,000,000 Represented Buyer and Seller
07 // MARKET INSIGHTS: Q4 2023
212 East Durant Avenue $22,000,000 Represented Seller
615 East Hopkins Avenue $17,900,000 Represented Buyer
233 East Cooper Avenue, C4 $13,500,000 Represented Buyer and Seller
411 Wood Road, #10 $6,400,000 Represented Buyer
A R T I ST R E N D E R I N G
SASLOVE & WARWICK // 08
800 S Monarch Street | $10,495,000 3 BR, 3 BA | Approx. 1,550sf
09 // MARKET INSIGHTS: Q4 2023
I have total trust and respect for the Saslove & Warwick Team... Very hard-working, knowledgeable and smart. Total professionals who I bring in on every transaction. S&W CLIENT
SASLOVE & WARWICK // 10
Q4
11
2023 Market Insights
ASPEN
TOTAL Q4 TRANSACTION QUANTITIES YEAR OVER YEAR
Q4 2023
51 TRADES
Q4 2022
42 TRADES
Q4 2021
112 TRADES
Q4 2020
140 TRADES
The market is generally flat year-on-year in terms of the number of transactions and average price per square foot. The exception is below US $10 million, which saw sales decrease 31% on an annual basis and a 9% decrease in prices. RILEY WARWICK AS SEEN IN ELLIMAN INSIDER, 2023
13 // MARKET INSIGHTS: Q4 2023
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 TRANSACTION QUANTITIES BY LOCATION YEAR OVER YEAR
CENTRAL CORE Q4 2023
RED MOUNTAIN Q4 2023
20
Q4 2022
Q4 2021
54
Q4 2020
Q4 2021
EAST ASPEN Q4 2023
Q4 2023
Q4 2022
7
Q4 2021
Q4 2021
12
Q4 2020
14
Q4 2020
5
Q4 2021
3
16
15
Q4 2020
SMUGGLER
8
7
Q4 2022
4
Q4 2020
46
Q4 2022
Q4 2023
1
Q4 2022
16
WEST END
19
MCLAIN FLATS Q4 2023
2
1
Q4 2022
3
Q4 2021
4
9
Q4 2020
5
3
9
WEST ASPEN Q4 2023
Q4 2022
Q4 2021
Q4 2020
12
2
21
27
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
SASLOVE & WARWICK // 14
ASPEN
TOTAL Q4 SALES VOLUME YEAR OVER YEAR
Q4 2023
$447.356M+
Q4 2022
$517.865M+
Q4 2021
$929.248M+
Q4 2020
1.030B +
The top end of the market, $20M+, continues to be resilient. The lack of inventory in this sector continues to push prices higher and we believe this will continue throughout 2024. RILEY WARWICK AS SEEN IN ELLIMAN INSIDER, 2023
15 // MARKET INSIGHTS: Q4 2023
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 TRANSACTION QUANTITIES BY PRICE POINT YEAR OVER YEAR
$0–$5M Q4 2023
Q4 2022
$5–$10M Q4 2023
23
Q4 2021
53
Q4 2020
70
31
Q4 2021
Q4 2020
30
Q4 2020
Q4 2022
Q4 2021
Q4 2020
$30–$40M Q4 2023
3
2
Q4 2021
7
10
Q4 2020
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
3
0
8
17
30
$40M+
0
Q4 2022
5
12
Q4 2022
9
Q4 2021
$20–$30M Q4 2023
Q4 2023
11
Q4 2022
16
$10–$20M
Q4 2023
2
Q4 2022
2
Q4 2021
Q4 2020
1
0
SASLOVE & WARWICK // 16
ASPEN
TOTAL Q4 T R ANSACT ION QUA N T I T I E S BY T YP E YEAR OV ER YE A R
80 70 60 50 40 30 20 10 0 Q4 2020
SINGLE FAMILY
17 // MARKET INSIGHTS: Q4 2023
Q4 2021
CONDO/TOWNHOME/DUPLEX
Q4 2022
Q4 2023
VACANT LAND/TEAR DOWN
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 SAL ES VOLUME BY T YP E YEAR OV ER YE A R
$800M
$600M
$400M
$200M
$0 Q4 2020
SINGLE FAMILY
Q4 2021
CONDO/TOWNHOME/DUPLEX
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
Q4 2022
Q4 2023
VACANT LAND/TEAR DOWN
SASLOVE & WARWICK // 18
Pitkin County [set] the maximum buildable square footage from 15,000 to 9,250 or smaller. That has bolstered prices for existing large homes, according to agent Riley Warwick of Douglas Elliman, who said buyers are scrambling to purchase properties they won’t be able to build again. THE WALL STREET JOURNAL Record Sales and Off-Market Trades: Why Aspen’s Luxury Market Seems Unstoppable, October 18, 2023
19 // MARKET INSIGHTS: Q4 2023
PREMIER RENTAL 132 Placer Lane | $200,000/Month 6 BR, 6.5 BA | Approx. 12,111sf
SASLOVE & WARWICK // 20
108 West Hyman Avenue, Unit 1 | $3,470,000 3 BR, 3 BA | Approx. 1,145sf
21 // MARKET INSIGHTS: Q4 2023
SASLOVE & WARWICK // 22
Q4
23
2023 Market Insights
SNOWMASS
SNOWMASS VILLAGE
TOTAL Q4 T R ANSACT ION QUA N T I T I E S Y E A R OVE R YEAR
Q4 2023
30 TRADES
Q4 2022
30 TRADES
Q4 2021
76 TRADES
Q4 2020
123 TRADES
25 // MARKET INSIGHTS: Q4 2023
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 SAL ES VOLUME Y E A R OVE R YEAR
Q4 2023
$113.37M+
Q4 2022
$89.78M+
Q4 2021
$211.3M+
Q4 2020
$301.0M+
The last quarter of 2023 had significantly more transactions than in Q4 of 2022, though the total sales volume was significantly lower. This shows more sales at lower sale prices. Due to its physical footprint, number of condominium buildings and new base development, Snowmass Village has a higher inventory of condos than Aspen. Many of these condos, which are selling swiftly after coming to market, remain at a more approachable price-per-square-foot value than condos in Aspen. EMERY HOLTON S&W BROKER ASSOCIATE
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
SASLOVE & WARWICK // 26
SNOWMASS VILLAGE
TOTAL Q4 T R ANSACT IO N QUA N T I T I E S BY PRICE POINT YEAR OVE R YE A R
$0–$5M
$5–$10M
Q4 2023
21
Q4 2023
Q4 2022
24
Q4 2022
Q4 2021
27 // MARKET INSIGHTS: Q4 2023
Q4 2023
8
6
Q4 2021
61
Q4 2020
$10–$20M
109
Q4 2020
15
12
1
Q4 2022
0
Q4 2021
0
Q4 2020
2
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
SASLOVE & WARWICK // 28
SNOWMASS VILLAGE
TOTAL Q4 T R ANSACT ION QUA N T I T I E S BY T YP E YEAR OV ER YE A R
100
80
60
40
20
0 Q4 2020
SINGLE FAMILY
29 // MARKET INSIGHTS: Q4 2023
Q4 2021
CONDO/TOWNHOME/DUPLEX
Q4 2022
Q4 2023
VACANT LAND/TEAR DOWN
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 SAL ES VOLUME BY T YP E YEAR OV ER YE A R
$200M
$150M
$100M
$50M
$0 Q4 2020
SINGLE FAMILY
Q4 2021
CONDO/TOWNHOME/DUPLEX
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
Q4 2022
Q4 2023
VACANT LAND/TEAR DOWN
SASLOVE & WARWICK // 30
1500 Ridge of Wildcat Drive | $34,500,000 7 BR, 12 BA | Approx. 12,836sf
31 // MARKET INSIGHTS: Q4 2023
Buyers continue to flock to Snowmass both for its affordability and amenities, such as the Snowmass Club and the continuous improvements at Base Village. We expect prices to increase in Snowmass through 2024.
RILEY WARWICK S&W BROKER ASSOCIATE
SASLOVE & WARWICK // 32
Q4
33
2023 Market Insights
OLD SNOWMASS
OLD SNOWMASS
TOTAL Q4 T R ANSACT ION QUA N T I T I E S Y E A R OVE R YEAR
Q4 2023
2 TRADES
Q4 2022
6 TRADES
Q4 2021
10 TRADES
Q4 2020
9 TRADES
35 // MARKET INSIGHTS: Q4 2023
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 SALES VOLUME YEAR OVER YEAR
Q4 2023
$8.87M+
Q4 2022
$42.6M+
Q4 2021
$43.7M+
Q4 2020
$45.6M +
The quarterly drop in year-over-year number of sales and sales volume can be attributed mostly to inventory selling off during 2020 and 2021. Inventory in Old Snowmass is still very low and prices have increased significantly from 2019. We feel prices will taper off in 2024. RILEY WARWICK S&W BROKER ASSOCIATE
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
SASLOVE & WARWICK // 36
OLD SNOWMASS
TOTAL Q4 TRANSACTION QUANTITIES BY PRICE POINT YEAR OVER YEAR
$5–$10M
$0–$5M
Q4 2023
Q4 2022
1
3
Q4 2023
1
Q4 2023
Q4 2022
1
Q4 2022
Q4 2021
7
Q4 2021
Q4 2020
7
Q4 2020
37 // MARKET INSIGHTS: Q4 2023
$10–$20M
2
0
0
2
Q4 2021
Q4 2020
2
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
SASLOVE & WARWICK // 38
OLD SNOWMASS
TOTAL Q4 T R ANSACT ION QUA N T I T I E S BY T YP E YEAR OV ER YE A R
7 6
5
4
3
2
1
0 Q4 2020
SINGLE FAMILY
39 // MARKET INSIGHTS: Q4 2023
Q4 2021
Q4 2022
Q4 2023
VACANT LAND/TEAR DOWN
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
TOTAL Q4 SAL ES VOLUME BY T YP E YEAR OV ER YE A R
$50M
$40M
$30M
$20M
$10M
0 Q4 2020
SINGLE FAMILY
Q4 2021
Q4 2022
Q4 2023
VACANT LAND/TEAR DOWN
*DATA SOURCED FROM THE ASPEN/GLENWOOD MLS, 2024.
SASLOVE & WARWICK // 40
TBD Conundrum Creek Road | $19,995,000 Approx. 24 acres Build up to 13,500sf, No TDRs Required
41 // MARKET INSIGHTS: Q4 2023
Riley Warwick is a hardworking, honest, capable and experienced partner that helped us with a significant asset sale. He stayed focused and diligent throughout. My recommendation could not be more confident.
S&W CLIENT
*Approx. Property Outline Shown
SASLOVE & WARWICK // 42
EXPERIENCE THE BEST of the Roaring Fork Valley
BUY, SELL , OR RENT WITH The #1 Team in Aspen*
© 2024 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. 630 EAST HYMAN AVENUE, STE 101, ASPEN, CO, 81611. 970.925.8810. *TEAM RANKINGS BASED ON 2023 REALTRENDS AND TOM FERRY THE THOUSAND, BASED ON SALES VOLUME FROM DOUGLAS ELLIMAN REAL ESTATE, 2022 AND AS SEEN IN THE WALL STREET JOURNAL. TEAM SALES STATISTCS BASED ON SALES VOLUME AT DOUGLAS ELLIMAN REAL ESTATE, 2023.
We feel so fortunate to do what we love in our favorite place on earth, Aspen. It’s about more than homes to us— the Roaring Fork Valley offers an unparalleled lifestyle that we deeply cherish sharing with others every day. This genuine passion, along with our unwavering dedication to our clients and extensive market knowledge, have been the foundation of our success for over 60 years. Please contact us to learn more.
O 970.925.8810 520 East Durant Avenue, Aspen saslovewarwick.com
SASLOVE & WARWICK // 44
630 E HYMAN AVE, STE 101, ASPEN, CO 81611. 970.925.8810. © 2024 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.