ASPEN & SNOWMASS VILLAGE AREA
REAL ESTATE MARKET ACTIVITY REPORT -- 1999

This data is based on figures published by the Aspen Board of Realtors Multiple Listing Service, and totals for Pitkin County, Colorado. The Aspen Board of Realtors data summarizes nearly all of the total annual sales in this area. The Pitkin County data is for all sales within the county for a given year.

The Aspen and Roaring Fork Valley real estate market continues to be strong, posting the following Pitkin County total sales figures for the past few years.

For most of the 1990’s, actually since the late 1970’s, we have experienced a strong seller’s market. There always seems to be a lack of inventory from which to choose, when working to find a buyer the property they desire. This is due to high demand, and the strict county growth controls, which affect all real estate development in Pitkin County. Recently, there has been a moratorium proposed by the county commissioners, against new construction of any homes larger than 3,500 s.f., without further review by the county, and additional charges to build a larger home The political fallout from this proposal has been tremendous, and if in fact this gets enacted in one form or another, it will surely drive prices in Aspen and the Roaring Fork Valley even higher.

Honestly, the only buyers who have not made a “good” deal are those who are waiting to buy an Aspen property, while the market doubles; AGAIN and AGAIN! From the Aspen Board of Realtors figures, we see that year after year, 70 % of all sales in Aspen are cash, foreclosures are virtually non-existent, and properties historically, on average, sell for 94% to 97% of list price.

1999 ASPEN MARKET DATA:

118 Single Family Homes Sold

Price Range: $720,000 to $13,500,000
Average sale: $2,551,488
Median price: $2,025,000

32 Half Duplexes Sold

Price Range: $460,000 to $9,200,000
Average sale: $1,458,776
Median price: $1,047,500

21 Three Bedroom Condominiums Sold

Price Range: $675,000 to $3,380,000
Average sale: $1,069,861
Median price: $754,000

61 Two Bedroom Condominiums Sold

Price Range: $280,000 to $2,400,000
Average sale: $594,865
Median price: $479,500

14 One Bedroom Condominiums Sold

Price Range: $230,000 to $650,000
Average sale: $397,071
Median price: $376,500

Some studios sell for more than $200,000. In the Real Estate For Sale section of this website, see the property information and sales data on a Hunter Creek Studio, for which I was the selling agent in February of 1999. Of course, prices are substantially lower for properties in Basalt (just 18 miles from Aspen), Carbondale and Glenwood Springs. Snowmass Village prices are on par with Aspen. While Snowmass homes and condominiums may sell for less, Snowmass Village homes in the new Two Creeks and Pines Subdivisions sell for more than the average Aspen home.

The year I began selling Aspen real estate, 1977, the average sales price for an Aspen home was $130,446. By 1987 that figure had increased to $597,970. In 1997, the average Aspen single family home sale was over $1,990,000. The numbers for 1999 appear above.

Golf developments throughout the Roaring Fork Valley, and the new Aspen Highlands base area development, are the freshest product we have available today. These are very exciting offerings with many amenities. Sales have been strong in all localities.

1999 SNOWMASS VILLAGE MARKET DATA:

61 Single Family Homes Sold

Price Range: $470,000 to $11,360,000
Average Sale: $2,108,460
Median Price: $1,385,000

1 Half Duplex Sold

Sales Price: $617,500

20 Three Bedroom Condominiums Sold

Price Range: $400,000 to $1,500,000
Average Sale: $891,000
Median Price: $832,500

51 Two Bedroom Condominiums Sold

Price Range: $275,000 to $1,100,000
Average Sale: $506,883
Median Price: $530,000

10 One Bedroom Condominiums Sold

Price Range: $191,000 to $387,500
Average Sale: $269,325
Median Price: $237,500

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