Real Estate in the News - Includes 2021 Fourth Quarter Reports

Real Estate in the News

Includes 2021 Fourth Quarter Reports

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

Aspen Council Institutes Mortarium on Rentals, Building Aspen’s elected officials capped the year off of unprecedented real estate speculation when they abruptly put the brakes on residential development and the issuance of permits for short-term rentals via emergency ordinance, the Aspen Times reported. Aspen City Council and staff plan to hit the gas hard in the beginning of 2022 to start the complicated and controversial work to align the municipal government’s policies and land-use code with what they see as unmitigated growth in the residential sector of the community. The residential moratorium is in place until June 8, with the short-term rental pause scheduled to be lifted after Sept. 30.

Aspen Homeless Shelter Shuts Down After 13 years of service, the nonprofit Aspen Homeless Shelter will discontinue its services as of March 31, the Aspen Daily News reported. Reasons cited for the nonprofit’s shuttering include increased need, recent upheavals in the local service network that supports the homeless, and the retirement of the organization’s longtime director. The nonprofit’s interim director also resigned.

The winter overnight shelter at the Aspen Chapel, operated by AHS and Resources Recovery, is also closed. The seasonal shelter originally was intended to be in place through March. The Aspen Homeless Shelter operates a day center in the county’s health and human services ­building, where Recovery Resources also has offices and a detox facility.

Two Aspen Childcare Businesses to Close Aspen Mountain Tots and Playgroup Aspen recently announced their decision to permanently close because of new lease terms enforced by the city, which owns the buildings from which they operate, the Aspen Daily News reported. When accounting for both organizations’ closures, the total number of potentially lost childcare spaces per week is 256, a significant number in an already tight market.

New lease terms set to take effect in September 2023 mandate that each organization offer childcare services eight hours per day, from 9 a.m. and 4 p.m., five days per week. Currently, each organization operates four days a week. The childcare groups receive below-market rents, and city officials say operators with more hours may be able to move into these spaces.

Aspen School District Buys Teacher Housing The Aspen School District is marching along on its voter-approved directive to acquire more housing for teachers and staff with the acquisition of seven units, located on the corner of 8th and Hallam streets, for $6.6 million, the Aspen Daily News reported. The seven units include 18 bedrooms, and employees are moving in this weekend. The Hallam development was part of the city’s housing credit program, in which developers build affordable housing to mitigate for employee housing requirements on commercial projects.

Voters approved a $94.3 million bond in 2020, with $45 million of it dedicated to housing for teachers.

Currently the district houses 69 employees, or 26% of its staff. With the new bond money, the district aims to offer housing for 54% of staff by 2023. Additional purchases include a North Ridge threebedroom townhome in Snowmass for $959,485, a one-bedroom Waterview condo for $445,000, a Mill Street one-bedroom unit for $500,000 and two units on Main Street for $1.48 million.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Aspen December

Single Family

Year to Date Percent Change from Previous Year

2020

New Listings

13

9

- 30.8%

235

171

- 27.2%

Sold Listings

25

20

- 20.0%

177

154

- 13.0%

Median Sales Price*

$7,000,000

$8,950,000

+ 27.9%

$8,750,000

$9,475,000

+ 8.3%

Average Sales Price*

$10,763,960

$15,706,273

+ 45.9%

$10,432,041

$12,219,436

+ 17.1%

92.7%

95.0%

+ 2.5%

92.1%

94.8%

+ 2.9%

Days on Market Until Sale

196

130

- 33.7%

194

136

- 29.9%

Inventory of Homes for Sale

119

45

- 62.2%

--

--

--

Months Supply of Inventory

8.1

3.5

- 56.8%

--

--

--

Percent of List Price Received*

2021

Percent Change from Previous Year

Key Metrics

Thru 12-2020

Thru 12-2021

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

December

Townhouse/Condo

Year to Date

2021

Percent Change from Previous Year

Thru 12-2020

17

8

- 52.9%

258

225

- 12.8%

23

21

- 8.7%

185

250

+ 35.1%

Median Sales Price*

$1,868,000

$2,600,000

+ 39.2%

$2,625,000

$2,091,000

- 20.3%

Average Sales Price*

$3,249,917

$5,376,571

+ 65.4%

$3,738,396

$3,129,674

- 16.3%

92.7%

99.4%

+ 7.2%

95.0%

97.3%

+ 2.4%

Days on Market Until Sale

88

62

- 29.5%

141

93

- 34.0%

Inventory of Homes for Sale

112

13

- 88.4%

--

--

--

Months Supply of Inventory

7.3

0.6

- 91.8%

--

--

--

Key Metrics

2020

New Listings Sold Listings

Percent of List Price Received*

Thru 12-2021

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 —

$10,000,000

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

Entire MLS — Aspen —

$3,000,000

$2,500,000

$8,000,000

$2,000,000 $6,000,000 $1,500,000 $4,000,000 $1,000,000 $2,000,000

$0 1-2016

$500,000

1-2017

1-2018

1-2019

1-2020

1-2021

$0 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Woody Creek December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

2

0

- 100.0%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

10

11

+ 10.0%

1

1

0.0%

7

11

+ 57.1%

Median Sales Price*

$3,425,000

$3,730,000

+ 8.9%

$4,094,000

$10,525,000

+ 157.1%

Average Sales Price*

$3,425,000

$3,730,000

+ 8.9%

$6,020,571

$11,579,545

+ 92.3%

Percent of List Price Received*

95.1%

99.5%

+ 4.6%

95.9%

96.7%

+ 0.8%

Days on Market Until Sale

32

128

+ 300.0%

293

187

- 36.2%

Inventory of Homes for Sale

8

3

- 62.5%

--

--

--

Months Supply of Inventory

4.6

2.2

- 52.2%

--

--

--

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

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

0

0

--

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

0

0

--

Sold Listings

0

0

--

0

0

--

Median Sales Price*

$0

$0

--

$0

$0

--

Average Sales Price*

$0

$0

--

$0

$0

--

Percent of List Price Received*

0.0%

0.0%

--

0.0%

0.0%

--

Days on Market Until Sale

0

0

--

0

0

--

Inventory of Homes for Sale

0

0

--

--

--

--

Months Supply of Inventory

0.0

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 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$0 1-2016

1-2017

1-2018

1-2019

Entire MLS — Woody Creek —

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Snowmass Village December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

3

1

- 66.7%

77

61

- 20.8%

Sold Listings

3

5

+ 66.7%

68

73

+ 7.4%

Median Sales Price*

$2,415,000

$5,700,000

+ 136.0%

$3,623,750

$5,200,000

+ 43.5%

Average Sales Price*

$2,496,667

$5,285,000

+ 111.7%

$4,188,173

$5,437,514

+ 29.8%

93.6%

96.2%

+ 2.8%

94.1%

96.5%

+ 2.6%

Days on Market Until Sale

65

59

- 9.2%

194

140

- 27.8%

Inventory of Homes for Sale

35

6

- 82.9%

--

--

--

Months Supply of Inventory

5.1

1.0

- 80.4%

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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.

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

17

7

- 58.8%

228

262

+ 14.9%

Sold Listings

23

13

- 43.5%

200

242

+ 21.0%

Median Sales Price*

$935,000

$1,229,000

+ 31.4%

$876,500

$962,500

+ 9.8%

Average Sales Price*

$1,643,761

$1,875,538

+ 14.1%

$1,392,749

$1,438,309

+ 3.3%

98.2%

98.6%

+ 0.4%

95.6%

97.8%

+ 2.3%

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

Days on Market Until Sale

120

35

- 70.8%

164

90

- 45.1%

Inventory of Homes for Sale

82

11

- 86.6%

--

--

--

Months Supply of Inventory

4.9

0.5

- 89.8%

--

--

--

* 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 —

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

$6,000,000

$1,000,000

$5,000,000

$900,000

Entire MLS — Snowmass Village —

$800,000

$4,000,000

$700,000 $3,000,000 $600,000 $2,000,000

$500,000

$1,000,000

$0 1-2016

$400,000

1-2017

1-2018

1-2019

1-2020

1-2021

$300,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Basalt Final Component of Tree Farm Under Contract The land for the fourth and final major component of the Tree Farm project in the El Jebel area is under contract for sale to a Scottsdale real estate developer and his family, the Aspen Times reported. Walt Brown Jr., founder and CEO of Diversified Partners has grand plans for the property which borders Kodiak Ski Lake across from Willits.

Three lots closest to the lake, the “A lots,” will have 14 condominiums and 13,556 square feet of commercial space. The “B lots,” located west of the A lots, will have 36 rental condos in roughly 38,000 square feet of space. The “C lot” on the northwest corner of the intersection of Highway 82 and Willits Lane will have about 3,000 square feet of commercial space on the lower floor and 10 deedrestricted, affordable housing sale units on the upper floor. The entire Tree Farm project is approved for nearly 135,000 square feet of commercial space and 340 homes. Construction is set to begin in the spring.

Downtowner Pilot Program Approved Traveling within and between Basalt’s two halves via mass transit should be a lot easier next year thanks to an experiment being funded by the town and Roaring Fork Transportation Authority, the Aspen Times reported. RFTA and the town of Basalt will split the cost of free, on-demand service called the Downtowner. RFTA will provide a $190,000 grant. Basalt will contribute an equal amount.

Basalt is shaped like a barbell with weights. Willits is at the west weight of the barbell. Old town and Southside are the east-end weight. Basalt officials have long coveted cost-effective, flexible mass transit that connects the two sides of town and makes travel easier within the pods.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Basalt December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

6

2

- 66.7%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

91

73

- 19.8%

5

9

+ 80.0%

78

76

- 2.6%

Median Sales Price*

$1,225,000

$1,450,000

+ 18.4%

$1,072,500

$1,472,500

+ 37.3%

Average Sales Price*

$2,016,000

$1,830,556

- 9.2%

$1,510,414

$2,049,479

+ 35.7%

Percent of List Price Received*

95.2%

94.4%

- 0.8%

95.6%

95.9%

+ 0.3%

Days on Market Until Sale

164

107

- 34.8%

144

110

- 23.6%

Inventory of Homes for Sale

27

8

- 70.4%

--

--

--

Months Supply of Inventory

4.2

1.3

- 69.0%

--

--

--

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

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

2

21

+ 950.0%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

94

122

+ 29.8%

4

3

- 25.0%

102

85

- 16.7%

Median Sales Price*

$715,000

$585,000

- 18.2%

$623,450

$714,000

+ 14.5%

Average Sales Price*

$708,750

$596,667

- 15.8%

$790,461

$820,796

+ 3.8%

Percent of List Price Received*

99.4%

97.9%

- 1.5%

97.8%

99.6%

+ 1.8%

Days on Market Until Sale

28

50

+ 78.6%

113

44

- 61.1%

Inventory of Homes for Sale

9

29

+ 222.2%

--

--

--

Months Supply of Inventory

1.1

4.1

+ 272.7%

--

--

--

* 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 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$300,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Carbondale December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

13

6

- 53.8%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

226

199

- 11.9%

21

14

- 33.3%

208

181

- 13.0%

Median Sales Price*

$1,260,000

$1,573,750

+ 24.9%

$1,103,750

$1,425,000

+ 29.1%

Average Sales Price*

$1,512,462

$1,889,148

+ 24.9%

$1,302,102

$1,546,287

+ 18.8%

97.4%

97.6%

+ 0.2%

96.8%

98.0%

+ 1.2%

56

87

+ 55.4%

117

57

- 51.3%

Percent of List Price Received* Days on Market Until Sale Inventory of Homes for Sale

47

26

- 44.7%

--

--

--

Months Supply of Inventory

2.7

1.7

- 37.0%

--

--

--

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

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

6

0

- 100.0%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

108

83

- 23.1%

6

9

+ 50.0%

87

105

+ 20.7%

Median Sales Price*

$975,000

$1,086,818

+ 11.5%

$555,000

$650,000

+ 17.1%

Average Sales Price*

$1,028,286

$1,119,499

+ 8.9%

$673,514

$742,550

+ 10.3%

99.6%

99.6%

0.0%

99.1%

100.0%

+ 0.9%

127

15

- 88.2%

97

52

- 46.4%

Percent of List Price Received* Days on Market Until Sale Inventory of Homes for Sale

23

2

- 91.3%

--

--

--

Months Supply of Inventory

3.2

0.2

- 93.8%

--

--

--

* 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 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$300,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Carbondale Town Trustees Consider Limiting Short-Term Rentals A discussion led by Community First Carbondale, a group formed about six months ago to address the effects of short-term rentals, drew praise from Carbondale Board of Town Trustees, The Aspen Daily News reported. CFC collected 110 signatures toward a ballot initiative to limit short-term rentals — defined as “a property, dwelling unit or sleeping room rented for a period of 29 consecutive days or less” — to only primary residences in Carbondale, and to leverage an associated 10% tax plus licensing fees toward ­implementation and enforcement, with any leftover funds allocated to affordable housing. The group’s proposal also designates that medium-term rental — between 30 and 90 consecutive days — are allowed with a permit for residences not occupied by a full-time citizen.

Pool Likely Going to Voters Carbondale voters will likely be asked in the April 2022 election whether the town should take on debt to fund an estimated $7 million rebuild of the municipal pool facility, the Aspen Times reported.

The plan calls for converting the existing pool facility at the southeast corner of Main and Seventh streets to include multiple bodies of water, a dedicated three- or four-lane lap pool, a 3,000 squarefoot entertainment pool, a 2,500-square-foot splash pad, and a 200-square-foot hot tub. The project would also feature a new 3,800-square-foot bathhouse with optional second-floor space and a shaded lounge area along the west side. An analysis determined that a bond issue could be accomplished using existing revenues from a dedicated recreation sales and use tax, but operational expenses continue to be the big question

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Marble December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

0

0

--

9

6

- 33.3%

Sold Listings

1

0

- 100.0%

11

7

- 36.4%

Median Sales Price*

$650,000

$0

- 100.0%

$547,500

$651,000

+ 18.9%

Average Sales Price*

$650,000

$0

- 100.0%

$606,636

$708,000

+ 16.7%

93.5%

0.0%

- 100.0%

90.7%

99.8%

+ 10.0%

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

Days on Market Until Sale

28

0

- 100.0%

181

96

- 47.0%

Inventory of Homes for Sale

3

1

- 66.7%

--

--

--

Months Supply of Inventory

2.5

0.9

- 64.0%

--

--

--

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

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

0

0

--

0

0

--

Sold Listings

0

0

--

0

0

--

Median Sales Price*

$0

$0

--

$0

$0

--

Average Sales Price*

$0

$0

--

$0

$0

--

0.0%

0.0%

--

0.0%

0.0%

--

Days on Market Until Sale

0

0

--

0

0

--

Inventory of Homes for Sale

0

0

--

--

--

--

Months Supply of Inventory

0.0

0.0

--

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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 — Marble —

$700,000

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

Entire MLS — Marble —

$700,000 $600,000

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

$400,000 $300,000

$400,000

$200,000 $300,000 $100,000 $200,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$0 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Missouri Heights December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

2

1

- 50.0%

49

40

- 18.4%

Sold Listings

7

4

- 42.9%

46

42

- 8.7%

Median Sales Price*

$1,750,000

$1,573,750

- 10.1%

$1,472,500

$1,631,250

+ 10.8%

Average Sales Price*

$1,815,286

$2,515,625

+ 38.6%

$1,741,568

$1,859,383

+ 6.8%

94.5%

92.8%

- 1.8%

94.8%

96.0%

+ 1.3%

Days on Market Until Sale

43

112

+ 160.5%

167

98

- 41.3%

Inventory of Homes for Sale

15

7

- 53.3%

--

--

--

Months Supply of Inventory

3.6

2.0

- 44.4%

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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.

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

0

0

--

0

0

--

Sold Listings

0

0

--

0

0

--

Median Sales Price*

$0

$0

--

$0

$0

--

Average Sales Price*

$0

$0

--

$0

$0

--

0.0%

0.0%

--

0.0%

0.0%

--

Days on Market Until Sale

0

0

--

0

0

--

Inventory of Homes for Sale

0

0

--

--

--

--

Months Supply of Inventory

0.0

0.0

--

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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 1-2016

$100,000

1-2017

1-2018

1-2019

1-2020

1-2021

$0 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Redstone December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

1

0

- 100.0%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

19

23

+ 21.1%

1

1

0.0%

12

24

+ 100.0%

Median Sales Price*

$950,000

$1,575,000

+ 65.8%

$682,500

$774,500

+ 13.5%

Average Sales Price*

$950,000

$1,575,000

+ 65.8%

$774,542

$926,906

+ 19.7%

Percent of List Price Received*

95.5%

93.8%

- 1.8%

97.1%

94.6%

- 2.6%

Days on Market Until Sale

48

231

+ 381.3%

129

45

- 65.1%

Inventory of Homes for Sale

4

3

- 25.0%

--

--

--

Months Supply of Inventory

2.3

1.3

- 43.5%

--

--

--

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

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

0

0

--

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

1

2

+ 100.0%

Sold Listings

0

0

--

2

2

0.0%

Median Sales Price*

$0

$0

--

$164,500

$242,500

+ 47.4%

Average Sales Price*

$0

$0

--

$164,500

$242,500

+ 47.4%

Percent of List Price Received*

0.0%

0.0%

--

93.3%

100.2%

+ 7.4%

Days on Market Until Sale

0

0

--

162

6

- 96.3%

Inventory of Homes for Sale

0

0

--

--

--

--

Months Supply of Inventory

0.0

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 — Redstone —

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

$1,000,000

$700,000

$900,000

$600,000

$800,000

$500,000

$700,000

$400,000

$600,000

$300,000

$500,000

$200,000

$400,000

$100,000

$300,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$0 1-2016

1-2017

1-2018

1-2019

Entire MLS — Redstone —

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Pitkin County

County Eyes Short-Term Rental Policy

Pitkin County commissioners preliminarily approved an ordinance in December that regulates the short-term rental industry in unincorporated areas of the county and will require a license, the Aspen Times reported. The proposed ordinance — scheduled for public comment at a hearing with commissioners Jan. 26 — is a bid to both collect sales tax on properties rented for less than 30 days and protect neighborhoods in Woody Creek, Old Snowmass and on Red Mountain from being hotelized by out of town, investment property owners.

Under the proposal, a non-primary residence cannot be rented on a short-term basis. For properties owned by legal entities like LLCs or trusts, the applicant must have an interest in the property. The ordinance could also prohibit short-term rentals in the Rural and Remote zone, and only allow shortterm rental licenses to primary residents.

TDR Sells for $1.8 Million The Aspen area’s super-heated real estate market has helped push the price of transferable development rights from $360,000 last year to close to $2 million now, the Aspen Times reported. A TDR sold for $1.8 million in December. The transferable development rights, often called TDRs, are tied to Pitkin County’s unique program to severely limit development of the back-country.

One benefit of this program was the Alfred A. Braun Hut system, which received a gift 14 years ago that has blossomed into a $1 million endowment for the community institution. The organization received 5 acres of land on Richmond Ridge in 2007 from the Gale and Ellie Spence family and the John and Betty Oakes family. Gale Spence and John Oakes co-founded Aspen Sports in 1953. The hut system sold a transferable development right from the property on Sept. 30 for $1 million.

Glenwood Springs REI Coming to Glenwood Glenwood Springs is set to become home to the ninth Colorado location for the popular memberowned REI Co-op outdoor specialty store, the Aspen Times reported. The national retailer plans to open the new store next summer, featuring apparel and gear for camping, cycling, running, hiking, fitness, climbing and snow sports.

The store’s location is 3216 S. Glen Ave., in a 20,030-square-foot space at the Roaring Fork Marketplace that was formerly occupied by Office Depot. Store amenities are to include a full-service bike and ski shop, gear rentals and online order pickup services, both in-store and curbside.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Glenwood Springs December

Single Family

Year to Date Thru 12-2021

Percent Change from Previous Year

270

232

- 14.1%

233

220

- 5.6%

$625,000

$768,949

+ 23.0%

$703,667

$838,906

+ 19.2%

- 1.0%

98.1%

99.2%

+ 1.1%

48

+ 92.0%

54

37

- 31.5%

16

- 51.5%

--

--

--

0.9

- 47.1%

--

--

--

Key Metrics

2020

New Listings

11

6

- 45.5%

Sold Listings

24

11

- 54.2%

Median Sales Price*

$717,000

$930,000

+ 29.7%

Average Sales Price*

$809,065

$868,236

+ 7.3%

99.1%

98.1%

Days on Market Until Sale

25

Inventory of Homes for Sale

33

Months Supply of Inventory

1.7

Percent of List Price Received*

2021

Percent Change from Previous Year

Thru 12-2020

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

December

Townhouse/Condo

2021

Year to Date Percent Change from Previous Year

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

Key Metrics

2020

New Listings

4

6

+ 50.0%

98

102

+ 4.1%

Sold Listings

3

13

+ 333.3%

81

95

+ 17.3%

Median Sales Price*

$86,500

$448,000

+ 417.9%

$330,000

$401,500

+ 21.7%

Average Sales Price*

$121,833

$456,038

+ 274.3%

$331,789

$403,075

+ 21.5%

94.1%

99.8%

+ 6.1%

98.0%

100.1%

+ 2.1%

Days on Market Until Sale

270

130

- 51.9%

59

38

- 35.6%

Inventory of Homes for Sale

21

8

- 61.9%

--

--

--

Months Supply of Inventory

3.1

1.0

- 67.7%

--

--

--

Percent of List Price Received*

* 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

$700,000

$600,000

$600,000

$500,000

$500,000

$400,000

$400,000

$300,000

$300,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$200,000 1-2016

1-2017

1-2018

1-2019

Entire MLS — Glenwood Springs —

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

New Castle December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

11

2

- 81.8%

116

109

- 6.0%

Sold Listings

5

11

+ 120.0%

98

107

+ 9.2%

Median Sales Price*

$430,000

$585,000

+ 36.0%

$437,000

$555,000

+ 27.0%

Average Sales Price*

$439,400

$589,636

+ 34.2%

$475,687

$586,321

+ 23.3%

98.4%

99.2%

+ 0.8%

98.6%

99.0%

+ 0.4%

Days on Market Until Sale

23

43

+ 87.0%

57

38

- 33.3%

Inventory of Homes for Sale

18

6

- 66.7%

--

--

--

Months Supply of Inventory

2.2

0.7

- 68.2%

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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.

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

5

9

+ 80.0%

70

70

0.0%

Sold Listings

3

4

+ 33.3%

57

64

+ 12.3%

Median Sales Price*

$325,000

$361,500

+ 11.2%

$290,000

$348,000

+ 20.0%

Average Sales Price*

$301,000

$371,616

+ 23.5%

$292,898

$349,087

+ 19.2%

98.0%

99.1%

+ 1.1%

99.7%

100.3%

+ 0.6%

Days on Market Until Sale

64

28

- 56.3%

67

17

- 74.6%

Inventory of Homes for Sale

10

4

- 60.0%

--

--

--

Months Supply of Inventory

2.1

0.8

- 61.9%

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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 — New Castle —

$600,000

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

Entire MLS — New Castle —

$700,000

$550,000

$600,000

$500,000 $500,000 $450,000 $400,000 $400,000 $300,000

$350,000

$300,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$200,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Silt December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

5

1

- 80.0%

104

120

+ 15.4%

Sold Listings

9

11

+ 22.2%

82

100

+ 22.0%

Median Sales Price*

$400,000

$489,000

+ 22.3%

$422,500

$483,750

+ 14.5%

Average Sales Price*

$419,244

$577,318

+ 37.7%

$469,077

$512,725

+ 9.3%

97.2%

99.2%

+ 2.1%

98.6%

98.9%

+ 0.3%

Days on Market Until Sale

53

30

- 43.4%

54

41

- 24.1%

Inventory of Homes for Sale

21

9

- 57.1%

--

--

--

Months Supply of Inventory

3.1

1.1

- 64.5%

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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.

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

0

2

--

21

12

- 42.9%

Sold Listings

2

1

- 50.0%

20

11

- 45.0%

Median Sales Price*

$299,000

$310,000

+ 3.7%

$282,500

$317,000

+ 12.2%

Average Sales Price*

$299,000

$310,000

+ 3.7%

$264,540

$331,909

+ 25.5%

99.9%

100.0%

+ 0.1%

99.4%

100.4%

+ 1.0%

Days on Market Until Sale

9

1

- 88.9%

75

22

- 70.7%

Inventory of Homes for Sale

1

1

0.0%

--

--

--

Months Supply of Inventory

0.3

0.5

+ 66.7%

--

--

--

Percent of List Price Received*

Thru 12-2020

Thru 12-2021

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 — Silt —

$600,000

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

Entire MLS — Silt —

$700,000

$600,000 $500,000 $500,000 $400,000

$400,000

$300,000 $300,000 $200,000 $200,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$100,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

Local Market Update for December 2021 A Research Tool Provided by the Colorado Association of REALTORS®

Rifle December

Single Family

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

13

10

- 23.1%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

231

248

+ 7.4%

16

22

+ 37.5%

189

218

+ 15.3%

Median Sales Price*

$338,750

$399,088

+ 17.8%

$339,900

$397,750

+ 17.0%

Average Sales Price*

$348,156

$460,599

+ 32.3%

$354,969

$420,176

+ 18.4%

Percent of List Price Received*

97.7%

97.9%

+ 0.2%

98.5%

99.0%

+ 0.5%

Days on Market Until Sale

36

55

+ 52.8%

41

41

0.0%

Inventory of Homes for Sale

40

18

- 55.0%

--

--

--

Months Supply of Inventory

2.5

1.0

- 60.0%

--

--

--

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

December

Townhouse/Condo

Year to Date

Key Metrics

2020

2021

Percent Change from Previous Year

New Listings

1

3

+ 200.0%

Sold Listings

Thru 12-2020

Thru 12-2021

Percent Change from Previous Year

86

72

- 16.3%

7

10

+ 42.9%

51

86

+ 68.6%

Median Sales Price*

$195,000

$323,750

+ 66.0%

$203,000

$268,500

+ 32.3%

Average Sales Price*

$214,500

$322,915

+ 50.5%

$206,519

$266,803

+ 29.2%

Percent of List Price Received*

99.5%

100.0%

+ 0.5%

98.1%

100.4%

+ 2.3%

Days on Market Until Sale

11

149

+ 1254.5%

38

59

+ 55.3%

Inventory of Homes for Sale

27

2

- 92.6%

--

--

--

Months Supply of Inventory

5.8

0.3

- 94.8%

--

--

--

* 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 — Rifle —

$600,000

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

Entire MLS — Rifle —

$700,000

$600,000 $500,000 $500,000 $400,000

$400,000

$300,000 $300,000 $200,000 $200,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

$100,000 1-2016

1-2017

1-2018

1-2019

1-2020

1-2021

Current as of January 5, 2022. All data from the Aspen/Glenwood Springs MLS Inc. Report © 2022 ShowingTime.

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