Real Estate in the News — April 2022 by Mountain & Valley

Real Estate in the News April 2022

Tory@ToryThomas.net 415 East Hyman Avenue, Aspen CO 81611 c 970-948-1341 | t 970-925-6060 | f 970-920-9993

"Spring is the time of the year, when it is summer in the sun and winter in the shade." — Charles Dickens

Happy Spring Everyone! Overall listing inventory is down about 60-65% compared to this same time last year in Aspen Snowmass (and last year was down significantly compared to the year prior). This doesn’t necessarily mean there’s “nothing to sell” – for sure it’s slim pickings out there, but the lower inventory levels are accompanied by much shorter average days on market (new listings are selling in 1/3-1/2 the time they used to take to sell). The highest priced sale of the year was $50m (the second ever $50m+ sale in our market) and that same home sold for just over $30m only a few months ago –this shows a trend of an increasing acceptance of higher priced sales in our area and the opportunity of buying at one price to sell at another in a short amount of time. It doesn’t seem possible for properties to double every 5 years which is what has happened in the last 5. At some point price increases will need to slow substantially. But the big question is when. With the experience of Covid for the last 2 years, Buyers are not afraid to spend what they must to be where they want to live.

Tory Tory@ToryThomas.net 415 East Hyman Avenue, Aspen CO 81611 c 970-948-1341 | t 970-925-6060 | f 970-920-9993

Aspen

Tommy Hilfiger Flips Aspen Home for $19 Million Profit Fashion icon Tommy Hilfiger and his wife Dee Ocleppo thought they found their dream home when they purchased it in December 2021, the Aspen Daily News reported. But when an undisclosed buyer came along offering $19 million more than they paid for it, it became time to find a different dream home. The 7,150-square-foot, sevenbedroom, eight-bathroom at 550 Aspen Alps Road sold for $50 million in February, and though unlisted, the sale was represented by broker Steven Shane of Compass. The sale drew national headlines for its remarkable profit margin in a market that’s already producing draw-dropping transactions. Paepcke Hub Getting Upgrade Improvements to the second busiest bus stop in Aspen will be made this year, despite that the project has increased from $1.9 million to $4.4 million, the Aspen Times reported. The Paepcke Transit Hub project at Main and Garmisch streets was supposed to be built last fall, but no contractors bid on the project in June 2021. The city went out for bid again in September and it received only one bid from Gould Construction. The city is moving forward because delaying it would

mean losing $800,000 in Colorado Department of Transportation grants, which expire next year. Current conditions at the intersection are unsafe for pedestrians and the bus stop infrastructure is subpar as well. Gorsuch Haus Flips for Seven Times Price A Miami-based development firm founded by a Russian-born billionaire paid $76.25 million for nearly 1 acre of land at the base of Aspen Mountain where the sellers had planned to build a slope-side hotel called the Gorsuch Haus, the Aspen Times reported. The deal came less than one year after Norway Island LLC — a partnership including Jim DeFrancia of Lowe’s Development, Jeff Gorsuch and Bryan Peterson — acquired the same piece of land for $10 million from Aspen Skiing Co. in July. This week’s closing amount surpassed last year’s price by more than seven times. The property covers 41,268 square feet, which equates to 0.95 acre. It also comes with entitlements to build a voterapproved hotel. Aspen Gets on CDOT’s Radar for Entrance The city of Aspen last month applied for placement on the Colorado Department of Transportation’s regional list of projects and to be considered for $200 million toward

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Aspen March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 22.2%

- 20.0%

Sold Listings

- 41.7%

- 37.9%

Median Sales Price*

$6,550,000

$13,250,000

+ 102.3%

$7,750,000

$15,225,000

+ 96.5%

Average Sales Price*

$6,426,250

$21,253,571

+ 230.7%

$9,525,159

$18,309,167

+ 92.2%

94.1%

97.1%

+ 3.2%

94.6%

95.6%

+ 1.1%

Days on Market Until Sale

211

200

- 5.2%

222

109

- 50.9%

Inventory of Homes for Sale

106

- 58.5%

Months Supply of Inventory

6.6

3.7

- 43.9%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 51.5%

- 36.2%

Sold Listings

- 56.5%

- 16.7%

Median Sales Price*

$2,500,000

$3,542,500

+ 41.7%

$2,056,000

$2,817,500

+ 37.0%

Average Sales Price*

$3,070,616

$5,388,400

+ 75.5%

$2,708,764

$4,188,850

+ 54.6%

96.1%

97.6%

+ 1.6%

96.0%

97.9%

+ 2.0%

Days on Market Until Sale

- 31.6%

- 56.7%

Inventory of Homes for Sale

107

- 80.4%

Months Supply of Inventory

6.2

1.0

- 83.9%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Aspen —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$12,000,000

$3,000,000

$10,000,000

$2,500,000

$8,000,000

$2,000,000

$6,000,000

$1,500,000

$4,000,000

$1,000,000

$2,000,000

$500,000

$0 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$0 1-2017

1-2018

1-2019

1-2020

Entire MLS — Aspen —

1-2021

1-2022

the Entrance to Aspen, the Aspen Times reported. It’s a list that has a lot of competition from other counties and cities on the Western Slope, and to get a place in line for Highway 82 — the busiest rural highway in the state — city officials decided it’s time to get the ball rolling again on what could be a 10-year wait. The package for the entrance to Aspen is CDOT’s preferred alternative identified in the agency’s Record of Decision in 1998 that identifies Marolt

Open Space as the vehicle alignment coming into town with light rail. Also known as the modified direct route, it would screen off the S-curves and instead include four traffic lanes — two public transit-only lanes and two normal traffic lanes — across the open space, located just east of the roundabout. That construction would include a tunnel and a new bridge across Castle Creek farther south from the current bridge, and would hook up with Main Street via Seventh Street.

Woody Creek

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Woody Creek March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

- 33.3%

Sold Listings

Median Sales Price*

Average Sales Price*

Percent of List Price Received*

0.0%

Days on Market Until Sale

Inventory of Homes for Sale

- 28.6%

Months Supply of Inventory

4.0

3.6

- 10.0%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

Sold Listings

Median Sales Price*

Average Sales Price*

Percent of List Price Received*

0.0%

Days on Market Until Sale

Inventory of Homes for Sale

Months Supply of Inventory

0.0

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Woody Creek —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$14,000,000

$700,000

$12,000,000

$600,000

$10,000,000

$500,000

$8,000,000

$400,000

$6,000,000

$300,000

$4,000,000

$200,000

$2,000,000

$100,000

$0 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$0 1-2017

1-2018

1-2019

1-2020

Entire MLS — Woody Creek —

1-2021

1-2022

Snowmass Village

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Snowmass Village March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

0.0%

- 22.2%

Sold Listings

- 20.0%

- 18.2%

Median Sales Price*

$3,075,000

$7,222,500

+ 134.9%

$3,555,000

$6,495,000

+ 82.7%

Average Sales Price*

$4,469,000

$7,386,250

+ 65.3%

$4,523,182

$7,837,333

+ 73.3%

95.8%

99.8%

+ 4.2%

95.3%

0.0%

Days on Market Until Sale

263

110

- 58.2%

226

124

- 45.1%

Inventory of Homes for Sale

- 67.9%

Months Supply of Inventory

4.4

1.5

- 65.9%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 20.8%

130

- 65.4%

Sold Listings

- 74.2%

- 55.7%

Median Sales Price*

$960,000

$1,400,000

+ 45.8%

$860,000

$1,690,000

+ 96.5%

Average Sales Price*

$1,233,129

$1,553,738

+ 26.0%

$1,357,170

$2,157,367

+ 59.0%

96.2%

100.9%

+ 4.9%

96.6%

100.8%

+ 4.3%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

Days on Market Until Sale

102

- 93.1%

112

- 76.8%

Inventory of Homes for Sale

102

- 82.4%

Months Supply of Inventory

5.6

1.0

- 82.1%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Snowmass Village —

$6,000,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Snowmass Village —

$1,200,000

$5,000,000

$1,000,000

$4,000,000 $800,000 $3,000,000 $600,000 $2,000,000 $400,000

$1,000,000

$0 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$200,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Old Snowmass March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 50.0%

- 42.9%

Sold Listings

0.0%

+ 40.0%

Median Sales Price*

$1,325,000

$2,300,000

+ 73.6%

$1,775,000

$2,300,000

+ 29.6%

Average Sales Price*

$1,325,000

$2,300,000

+ 73.6%

$2,766,000

$8,096,429

+ 192.7%

98.1%

78.0%

- 20.5%

94.6%

93.4%

- 1.3%

Days on Market Until Sale

+ 276.0%

+ 26.3%

Inventory of Homes for Sale

- 73.3%

Months Supply of Inventory

6.2

1.8

- 71.0%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

Sold Listings

0.0%

Median Sales Price*

$405,000

$328,449

- 18.9%

Average Sales Price*

$405,000

$328,449

- 18.9%

0.0%

97.6%

102.6%

+ 5.1%

Days on Market Until Sale

190

291

+ 53.2%

Inventory of Homes for Sale

Months Supply of Inventory

0.0

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Old Snowmass —

$3,000,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Old Snowmass —

$1,000,000

$2,500,000

$800,000

$2,000,000 $600,000 $1,500,000 $400,000 $1,000,000 $200,000

$500,000

$0 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$0 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

Basalt

Midland Avenue to Get Biggest Upgrade Ever Basalt launched an $11.7 million, three-year initiative that will be one of the biggest projects ever undertaken by the town government, the Aspen Times reported. The town received citizen buy-in, prior to construction starting on the main street in the business core. Last fall, town voters approved the extension of an existing property tax to allow issuance of bonds for the Midland project as well as affordable housing projects and environmentally friendly initiatives as part of a program called Basalt Forward 2030. This year will be the planning phase. In summer 2023, the water and sewer lines buried beneath the street will be replaced and the storm water system updated. In summer 2024, sidewalks will be widened, pedestrian safety amenities added, bicycle parking created and landscaping enhanced. Forest Service Weighing Midvalley Land Sale For the second time in less than five years the U.S. Forest Service is taking public comments on a proposal to sell or lease land next to Crown Mountain Park in El Jebel, the Aspen Times reported. The White River National Forest staff is working on an Environmental Assessment on

the possible sale or lease of 30 acres along Valley Road. Eagle and Pitkin counties have the first right of refusal. Eagle County hired a consultant in 2021 to hold “listening sessions” with stakeholders and a limited number of public to determine potential uses for the 30 acres on the upper parcel. Affordable housing (including senior housing), an expansion of Crown Mountain Park and preservation of open space were the favored directions. Basalt Officials Consider “BuyDown” Program Town Council members have hired a consultant to consider a “buy down” program where developers or operators of rental properties would be compensated to reduce the rents by a certain amount over a given period, the Aspen Times reported. The deed-restricted units would be rented to people who qualify through the town guidelines, with limits on income and assets. Additionally, the town might consider acquiring perpetual deed restrictions from private property owners by buying down the sale prices for local working residents. Basalt voters approved a bond issuance in November that includes $6 million earmarked specifically for affordable housing.

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Basalt March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 75.0%

Sold Listings

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

- 64.7%

- 33.3%

- 52.4%

Median Sales Price*

$2,110,000

$1,450,000

- 31.3%

$1,660,000

$1,630,000

- 1.8%

Average Sales Price*

$3,087,500

$1,570,375

- 49.1%

$1,934,452

$1,747,050

- 9.7%

Percent of List Price Received*

93.8%

96.2%

+ 2.6%

95.4%

97.4%

+ 2.1%

Days on Market Until Sale

116

+ 169.8%

150

- 43.3%

Inventory of Homes for Sale

- 76.2%

Months Supply of Inventory

3.0

0.9

- 70.0%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

+ 120.0%

Sold Listings

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

+ 26.3%

+ 22.2%

+ 35.7%

Median Sales Price*

$615,000

$1,380,000

+ 124.4%

$618,000

$1,105,000

+ 78.8%

Average Sales Price*

$711,083

$1,318,545

+ 85.4%

$673,911

$1,160,579

+ 72.2%

Percent of List Price Received*

98.0%

101.1%

+ 3.2%

97.3%

101.6%

+ 4.4%

Days on Market Until Sale

- 68.3%

104

- 75.0%

Inventory of Homes for Sale

+ 71.4%

Months Supply of Inventory

1.6

3.2

+ 100.0%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Basalt —

$1,600,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Basalt —

$800,000

$1,400,000 $700,000 $1,200,000 $600,000

$1,000,000 $800,000

$500,000

$600,000 $400,000 $400,000 $200,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$300,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

Missouri Heights

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Missouri Heights March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

0.0%

- 20.0%

Sold Listings

- 33.3%

Median Sales Price*

$1,875,000

$2,262,500

+ 20.7%

$1,575,000

$1,698,750

+ 7.9%

Average Sales Price*

$1,579,167

$3,165,588

+ 100.5%

$1,739,948

$2,690,981

+ 54.7%

97.0%

97.3%

+ 0.3%

96.8%

97.2%

+ 0.4%

Days on Market Until Sale

128

+ 146.2%

146

+ 175.5%

Inventory of Homes for Sale

- 61.5%

Months Supply of Inventory

3.0

1.6

- 46.7%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

Sold Listings

Median Sales Price*

Average Sales Price*

0.0%

Days on Market Until Sale

Inventory of Homes for Sale

Months Supply of Inventory

0.0

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Missouri Heights —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$1,750,000

$700,000

$1,500,000

$600,000

Entire MLS — Missouri Heights —

$500,000

$1,250,000

$400,000 $1,000,000 $300,000 $750,000

$200,000

$500,000

$250,000 1-2017

$100,000

1-2018

1-2019

1-2020

1-2021

1-2022

$0 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

Carbondale

Carbondale Gets First Bookstore are known for the experimental in 12 Years approach to agriculture. Since 2010, Carbondale has been without a bookstore. That changed on March 3, when White River Books opened its doors on North 2nd Street, the Aspen Daily News reported. Opened by Izzy Stringham, she saw a void in not only the book industry, but locally owned businesses. White River Books is Stringham’s latest endeavor after raising two daughters, teaching ski school and, when her body got tired of that, working in retail for the past five years. She prepared the space with her family, and White River Books will carry a variety of genres, from history to children’s books in Spanish. Sustainable Settings’ Thompson Creek Ranch Hits Market for $24 Million Rose and Brook LeVan bought the 244 acres of Thompson Creek Ranch in Carbondale in 2003 to restore the land, the Aspen Times reported. Now that it’s healed, they are selling it for a starting price of $24.25 million. Sustainable Settings, the nonprofit they cofounded, purchased the land in 2003 for $2 million. The LeVans

The sale of the property would include all 244.5 acres as well as a two-bedroom ranch house built in 1893, a bath house built in 2017, an outdoor kitchen, barns, a guest house, a dairy, a ranch store and office, ranch shop, root cellar, three greenhouses, an electrical corridor and a solar electric system tied to the grid. The ranch has water rights that date back to the 1800s.

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Carbondale March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 21.1%

- 18.8%

Sold Listings

- 30.0%

- 42.5%

Median Sales Price*

$1,617,500

$1,000,000

- 38.2%

$1,500,000

$1,110,000

- 26.0%

Average Sales Price*

$1,403,378

$1,729,454

+ 23.2%

$1,505,998

$1,915,341

+ 27.2%

97.9%

99.2%

+ 1.3%

97.8%

98.7%

+ 0.9%

Days on Market Until Sale

- 16.2%

+ 54.5%

Inventory of Homes for Sale

- 35.6%

Months Supply of Inventory

2.5

2.1

- 16.0%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 28.6%

- 29.4%

Sold Listings

- 90.9%

- 60.9%

Median Sales Price*

$598,500

$710,000

+ 18.6%

$630,000

$934,000

+ 48.3%

Average Sales Price*

$639,103

$710,000

+ 11.1%

$666,172

$1,047,928

+ 57.3%

101.0%

99.3%

- 1.7%

100.3%

98.6%

- 1.7%

Days on Market Until Sale

- 9.4%

112

126

+ 12.5%

Inventory of Homes for Sale

- 66.7%

Months Supply of Inventory

2.3

0.8

- 65.2%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Carbondale —

$1,600,000

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

Entire MLS — Carbondale —

$700,000

$1,400,000 $600,000

$1,200,000 $1,000,000

$500,000 $800,000 $600,000

$400,000

$400,000 $200,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$300,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

Glenwood Springs

GOCO Awards Grant to Refurbish Creek Fire burn-scar area. The trail’s closure forced the Hanging Lake Trail cancellation of more than 15,000 Great Outdoors Colorado trail reservations. At $12 per announced it was awarding a shuttle ticket, reservation fees $2.28 million grant to the National for Hanging Lake provide a Forest Foundation and the city of significant source of revenue that Glenwood Springs to restore the supports trail improvements, lake Hanging Lake Trail, the Aspen Daily protection, shuttle operations and News reported. The trail and lake staffing. It is estimated that the east of Glenwood Springs closed direct economic value of Hanging following extensive damage from Lake to Glenwood Springs exceeds last July’s debris flows in the Grizzly $4.6 million annually.

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

Glenwood Springs March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 48.3%

- 45.2%

Sold Listings

0.0%

- 15.4%

Median Sales Price*

$713,500

$657,250

- 7.9%

$679,000

$761,000

+ 12.1%

Average Sales Price*

$816,024

$808,171

- 1.0%

$763,263

$886,810

+ 16.2%

95.4%

98.5%

+ 3.2%

96.8%

98.7%

+ 2.0%

Percent of List Price Received*

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

Days on Market Until Sale

105

- 39.0%

- 21.7%

Inventory of Homes for Sale

- 42.9%

Months Supply of Inventory

2.1

1.3

- 38.1%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date Percent Change from Previous Year

Thru 03-2021

Percent Change from Previous Year

Key Metrics

2021

2022

New Listings

+ 11.1%

+ 10.5%

Sold Listings

+ 266.7%

+ 144.4%

Median Sales Price*

$375,000

$605,000

+ 61.3%

$430,000

$552,500

+ 28.5%

Average Sales Price*

$387,333

$555,273

+ 43.4%

$418,556

$516,500

+ 23.4%

99.2%

98.2%

- 1.0%

99.4%

99.5%

+ 0.1%

Days on Market Until Sale

140

+ 1900.0%

115

+ 2200.0%

Inventory of Homes for Sale

- 71.4%

Months Supply of Inventory

3.6

0.7

- 80.6%

Percent of List Price Received*

Thru 3-2022

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — Glenwood Springs —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$300,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$200,000 1-2017

1-2018

1-2019

1-2020

Entire MLS — Glenwood Springs —

1-2021

1-2022

Local Market Update for March 2022 A Research Tool Provided by the Colorado Association of REALTORS®

New Castle March

Single Family

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

- 11.1%

Sold Listings

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

- 37.0%

- 54.5%

- 53.8%

Median Sales Price*

$485,000

$583,000

+ 20.2%

$485,000

$576,250

+ 18.8%

Average Sales Price*

$500,045

$557,800

+ 11.5%

$529,394

$571,875

+ 8.0%

Percent of List Price Received*

98.8%

102.0%

+ 3.2%

98.7%

100.3%

+ 1.6%

Days on Market Until Sale

- 34.1%

- 30.8%

Inventory of Homes for Sale

- 76.9%

Months Supply of Inventory

1.5

0.4

- 73.3%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

March

Townhouse/Condo

Year to Date

Key Metrics

2021

2022

Percent Change from Previous Year

New Listings

+ 40.0%

Sold Listings

Thru 03-2021

Thru 3-2022

Percent Change from Previous Year

+ 25.0%

- 14.3%

- 38.5%

Median Sales Price*

$333,500

$338,045

+ 1.4%

$285,000

$340,000

+ 19.3%

Average Sales Price*

$335,943

$332,015

- 1.2%

$319,354

$354,699

+ 11.1%

Percent of List Price Received*

101.7%

99.2%

- 2.5%

100.1%

99.3%

- 0.8%

Days on Market Until Sale

- 20.0%

+ 21.4%

Inventory of Homes for Sale

+ 150.0%

Months Supply of Inventory

0.4

0.9

+ 125.0%

* Does not account for seller concessions and/or down payment assistance. | Activity for one month can sometimes look extreme due to small sample size.

Median Sales Price – Single Family Rolling 12-Month Calculation

Entire MLS — New Castle —

Median Sales Price – Townhouse-Condo Rolling 12-Month Calculation

$600,000

$700,000

$550,000

$600,000

$500,000

$450,000

$400,000

$300,000

$350,000 1-2017

1-2018

1-2019

1-2020

1-2021

1-2022

$200,000 1-2017

1-2018

1-2019

1-2020

Entire MLS — New Castle —

1-2021

1-2022

Pitkin County

Aspen Airport Pares Summer Schedule

Back Cindy Houben Retires as CommDev Director After Nearly Four Decades This summer’s commercial flight schedule for the Aspen-Pitkin Cindy Houben, Pitkin County’s County Airport isn’t shaping up community development director, to be the record-breaker that last announced her retirement last summer’s lineup was, the Aspen month after holding the position Daily News reported. It will be on for 27 years, and being in the par with the pre-pandemic peak of department for 10 more, the Aspen 2019, when 20 commercial flights Daily News reported. She will landed daily at ASE. This summer, officially retire from her position 19-20 daily flights are planned on July 1 but will remain on in a from United and American airlines, limited capacity through 2022 to short of last summer’s 23. assist with ongoing projects. Part of the reason is the muchreported news about pilot shortages and flight-schedule cuts. American will be trimming back its schedule from 10 daily flights last summer to five this summer. Those include three daily from Dallas-Fort Worth and one each from Chicago and Los Angeles. Last year’s offering from Phoenix has been suspended. But the airline is retaining its relatively new Saturday-only flight from Austin. United, meanwhile, is planning the same frequency as last summer with a total of up to 14 daily flights from five hubs. Specifically, that means seven flights daily from Denver (eight beginning June 24), two daily from both Los Angeles and Houston, and one daily from both San Francisco and Chicago.

During her time as a planner and director of a planning department, Houben was a driving force behind the creation and implementation of the county’s rural-and-remote zoning designation. Intended to protect the county’s abundance of rural and remote land, the zoning classification comes up regularly during land-use issues, including lately concerning short-term rental regulations in unincorporated Pitkin County. In 2018, Houben became one of the first women from Colorado to be inducted into the College of Fellows for the American Institute of Certified Planners. Pitkin County will begin its search for a new community development director next month.

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