2023 Q3 ASSIR Market Report

Q1 Market Update 2024 | All images are cited with a comment including the address and listing broker, if an image is not cited, it's a stock image we own. Market Report 2023 THIRD QUARTER, JANUARY-SEPTEMBER Market Report Andrew Ernemann, President Today’s Real Estate in  the Roaring Fork Valley 1 | Q3 Market Update 2023 Q3 Market Update 2023 | 2 Add your own letter here As the leading real estate firm in the Roaring Fork Valley and beyond, we are pleased to present the Aspen Snowmass Sotheby’s International Realty 2023 Third Quarter Market Report. It’s been nothing short of a spectacular autumn season in the Aspen area, and although the bountiful fall colors are starting to wane and give way to early winter snow it’s clear that the local real estate market continues to hum along right through the “off-season." In this report, you’ll notice that real estate prices have continued to increase all over the Roaring Fork Valley in 2023. The total number of sales this year-to-date compared to last year has varied greatly depending on the price point, location, and property type. Overall listing inventory levels have continued to rise across the board, but they still remain well below historical levels prior to the great market reset that began in mid-2020. Some of the recent changes in the market point to a potential softening (i.e. increasing inventory, slightly larger discounts on average and some areas of weakening sales activity) while other trends indicate that the desirability of the Roaring Fork Valley continues to outrun any potential slowdown (i.e. increasing prices, relatively strong off-season activity, and relatively low days on market). In the following pages, you will find the latest local real estate statistics spanning all residential property types in the Roaring Fork Valley and beyond. Enjoy our latest report! CONTENTS 1 | President’s Message 3 | Local Market Dominance 4 | The Luxury Market NEIGHBORHOOD DATA 5 | Aspen 6 | Shared Ownership 7 | Snowmass Village 8 | Woody Creek 9 | Old Snowmass 10 | Basalt 11 | Carbondale 12 | Glenwood Springs 13 | New Castle 15 | Silt 16 | Rifle 18 | Residential Land Report Q3 Market Update 2023 | 3 5 Douglas Elliman Real Estate 8 Local Market Dominance 3 Updated charts are in! Top 10 Companies Sides $ Volume Market Share Aspen Snowmass Sotheby's International Realty 58 $763,222,624 25.64% Douglas Elliman Real Estate 28 $435,545,154 14.63% Coldwell Banker Mason Morse 27 $406,916,314 13.67% Compass Colorado 22 $331,744,500 11.14% Slifer Smith & Frampton 16 $203,750,000 6.84% Christie's International Real Estate 14 $184,770,000 6.21% Aspen Luxury Sales 2 $127,500,000 4.28% Whitman Fine Properties 7 $112,550,000 3.78% Engel & Volkers 9 $108,481,240 3.64% AG Aspen 2 $68,000,000 2.28% All Others 15 $234,481,116 7.89% 10 8 Compass Colorado Q3 Market Update 2023 | 4 8 Compass Colorado 4 Slifer Smith & Frampton 9 6 5 1 10 6 5 Aspen Snowmass Sotheby's International Realty 7 7 4 All closings from January 1 through September 30, 2023. Information is deemed to be reliable, but is not guaranteed. Source: The Aspen Glenwood MLS 9 Douglas Elliman Real Estate 2 9 2 We’ve been the local market leader for more than twenty years. 7 4 4 1 3 | Q3 Market Update 2023 Coldwell Banker Mason Morse 3 All closings from January 1 through September 30, 2023. Information is deemed to be reliable, but is not guaranteed. Source: The Aspen Glenwood MLS The Luxury Market Top 10 Companies Sides $ Volume Market Share Aspen Snowmass Sotheby's International Realty 673.5 $1,607,267,692 25.52% Coldwell Banker Mason Morse 346 $735,035,280 11.67% Compass Colorado 192 $612,306,504 9.72% Douglas Elliman Real Estate 112.5 $600,470,415 9.54% Slifer Smith & Frampton 245 $487,918,146 7.75% Christie's International Real Estate 78 $300,583,367 4.77% Engel & Volkers 182.5 $284,914,665 4.52% Aspen Luxury Sales 2 $127,500,000 2.02% Whitman Fine Properties 8 $116,350,000 1.85% The Agency Aspen 25 $80,835,939 1.28% All Others 1817.5 $1,344,076,862 21.36% 1 1 10 Slifer Smith & Frampton 2 Coldwell Banker Mason Morse 2 6 5 Closings Over $5 Million in Aspen & Snowmass Village 4 3 5 Aspen Snowmass Sotheby's International Realty 1 2 3 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $4,610,583 $5,328,520 16% Average Sold Price per Sq. Ft. $2,802 $2,894 3% Average Days on Market 97 133 37% % Sold Price to Original List Price 98% 96% -2% Lowest Sold Price $280,000 $825,000 195% Highest Sold Price $20,000,000 $47,910,078 140% Number of Properties Sold 96 63 -34% Total Dollar Volume Sold $442,615,999 $335,696,783 -24% $753.5M Active Residential Listings as of September 30, 2023 $27.7M Q3 Market Update 2023 | 6 Highest Sale of 2023 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $496,225 $343,819 -31% Average Sold Price per Sq. Ft. $202 $175 -13% Average Days on Market 153 225 47% % Sold Price to Original List Price 94% 92% -2% Lowest Sold Price $14,000 $10,000 –29% Highest Sold Price $2,638,000 $2,800,000 6% Number of Properties Sold 125 100 -20% Total Dollar Volume Sold $62,028,072 $34,381,865 -45% Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $18,392,902 $17,624,998 -4% Average Sold Price per Sq. Ft. $3,109 $3,465 11% Average Days on Market 166 160 -4% % Sold Price to Original List Price 97% 93% -4% Lowest Sold Price $1,300,000 $3,459,000 166% Highest Sold Price $60,000,000 $76,000,000 27% Number of Properties Sold 52 57 10% Total Dollar Volume Sold $956,430,909 $1,112,015,000 16% SHARED OWNERSHIP Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $374,637 $359,227 -4% Average Sold Price per Sq. Ft. $285 $268 -6% Average Days on Market 233 150 -36% % Sold Price to Original List Price 96% 91% -5% Lowest Sold Price $165,000 $180,000 9% Highest Sold Price $635,000 $600,000 -6% Number of Properties Sold 51 33 -35% Total Dollar Volume Sold $19,106,500 $11,854,500 -38% SHARED OWNERSHIP 5 | Q3 Market Update 2023 20 Aspen 115 We Represented More Than Half of Aspen Fractional Transactions 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER Aspen Snowmass Sotheby’s  International Realty Total $  Volume Participation 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER 207 Active Listings as of September 30, 2023 Aspen Snowmass Sotheby’s International Realty Total $ Volume Sold 155 $76M Snowmass Village  Shared Ownership Total Sides Aspen Snowmass  Sotheby’s International  Realty Represented SINGLE FAMILY HOMES Active Listings as of September 30, 2023 54% Aspen  Shared Ownership CONDOMINIUMS, TOWNHOMES & DUPLEXES SINGLE FAMILY HOMES 123 Active Listings as of September 2023 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER CONDOMINIUMS, TOWNHOMES & DUPLEXES Snowmass Village Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $787,000 $8,600,000 993% Average Sold Price per Sq. Ft. $569 $2,026 256% Average Days on Market 75 190 153% % Sold Price to Original List Price 95% 91% -4% Lowest Sold Price $585,000 $8,600,000 1370% Highest Sold Price $989,000 $8,600,000 770% Number of Properties Sold 2 1 -50% Total Dollar Volume Sold $1,574,000 $8,600,000 446% Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $1,992,704 $2,273,996 14% Average Sold Price per Sq. Ft. $1,512 $1,617 7% Average Days on Market 88 447 408% % Sold Price to Original List Price 98% 98% 0% Lowest Sold Price $145,000 $169,000 17% Highest Sold Price $6,600,000 $9,000,000 36% Number of Properties Sold 89 127 43% Total Dollar Volume Sold $177,350,650 $288,797,500 63% Average Days on Market for  a Single Family Home 151 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $7,398,176 $7,918,854 7% Average Sold Price per Sq. Ft. $1,613 $1,631 1% Average Days on Market 183 167 -9% % Sold Price to Original List Price 96% 92% –4% Lowest Sold Price $2,925,000 $2,290,000 –22% Highest Sold Price $18,250,000 $22,425,000 23% Number of Properties Sold 29 24 -17% Total Dollar Volume Sold $214,547,114 $190,052,500 -11% Aspen Snowmass Sotheby’s  International Realty Total $  Volume Market Share Woody Creek 7 | Q3 Market Update 2023 167 Q3 Market Update 2023 | 8 32% Active Listings as of September 30, 2023 Total Sold Properties in 2023 Aspen Snowmass Sotheby’s  International Realty Total $  Volume Market Share 67% 11 SINGLE FAMILY HOMES 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER CONDOMINIUMS, TOWNHOMES & DUPLEXES 78 Basalt Old Snowmass Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $1,186,201 $1,426,747 20% Average Sold Price per Sq. Ft. $746 $857 15% Average Days on Market 150 149 -1% % Sold Price to Original List Price 100% 98% -2% Lowest Sold Price $340,000 $430,000 26% Highest Sold Price $2,998,000 $5,100,000 70% Number of Properties Sold 77 56 -27% Total Dollar Volume Sold $91,337,500 $79,897,850 –13% Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $1,600,368 $2,387,773 49% Average Sold Price per Sq. Ft. $628 $876 40% Average Days on Market 104 117 13% % Sold Price to Original List Price 99% 96% -3% Lowest Sold Price $805,000 $970,000 20% Highest Sold Price $4,400,000 $6,085,000 38% Number of Properties Sold 34 51 50% Total Dollar Volume Sold $54,412,500 $121,776,400 124% Increase in Average Price  Per Square Foot (Q3 2022 vs Q3 2023) 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $5,853,267 $4,851,852 -17% Average Sold Price per Sq. Ft. $1,112 $1,609 45% Average Days on Market 217 117 -46% % Sold Price to Original List Price 95% 91% -4% Lowest Sold Price $395,000 $1,675,000 324% Highest Sold Price $41,000,000 $12,200,000 -70% Number of Properties Sold 15 13 -13% Total Dollar Volume Sold $87,799,000 $63,074,070 -28% 13 SINGLE FAMILY HOMES 41% Increase in Average Single Family Home Price per Square Foot (Q3 2022 vs. Q3 2023) 28% SINGLE FAMILY HOMES 100 Active Listings as of September 30, 2023 Increase in Total Residential Sales Volume (Q3 2022 vs. Q3 2023) Q3 Market Update 2023 | 10 9 | Q3 Market Update 2023 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER Please note: Deed-restricted housing units have been excluded from statistics in this report. Active Listings as of September 30, 2023 | Q3 Market Update 2023 Aspen Snowmass Sotheby’s  International Realty Total $  Volume Market Share $248 Total $ Volume Sold in 2023 28% More Single Family Homes Sold (Q3 2022 vs. Q3 2023) Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $533,656 $514,955 -4% Average Sold Price per Sq. Ft. $362 $420 16% Average Days on Market 95 71 -25% % Sold Price to Original List Price 99% 98% -1% Lowest Sold Price $130,000 $160,000 23% Highest Sold Price $879,000 $900,000 2% Number of Properties Sold 81 33 -59% Total Dollar Volume Sold $43,226,120 $16,993,499 -61% CONDOMINIUMS, TOWNHOMES & DUPLEXES Q3 Market Update 2023 | 12 Year Over Year Q3 2022 Q3 2023 % Change Average Sold price $964,765 $992,942 3% Average Sold Price per Sq. Ft. $402 $438 9% Average Days on Market 90 92 2% % Sold Price to Original List Price 99% 97% –2% Lowest Sold Price $295,000 $395,000 34% Highest Sold Price $2,300,000 $3,350,000 46% Number of Properties Sold 129 105 -19% Total Dollar Volume Sold $124,454,724 $104,258,913 -16% 27% Active Listings as of  September 30, 2023 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $1,910,120 $2,258,498 18% Average Sold Price per Sq. Ft. $600 $660 10% Average Days on Market 127 140 10% % Sold Price to Original List Price 98% 97% -1% Lowest Sold Price $600,000 $795,000 33% Highest Sold Price $7,500,000 $7,650,000 2% Number of Properties Sold 51 72 41% Total Dollar Volume Sold $97,416,116 $162,611,850 67% Average Sold Price of Condos, Townhomes, & Duplexes  (Q3 2022 vs. Q3 2023) Carbondale Glenwood Springs SINGLE FAMILY HOMES 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER 16% Aspen Snowmass Sotheby’s  International Realty Total $ Volume Market Share 21 65 Highest Priced Sale in 2023 $269.5M Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $911,212 $1,154,376 27% Average Sold Price per Sq. Ft. $506 $577 14% Average Days on Market 178 105 -41% % Sold Price to Original List Price 100% 97% –3% Lowest Sold Price $335,000 $278,000 –17% Highest Sold Price $2,350,000 $2,365,000 1% Number of Properties Sold 43 35 -19% Total Dollar Volume Sold $39,182,109 $40,403,158 3% Total $ Volume Sold 2023 SINGLE FAMILY HOMES 11 | Q3 Market Update 2023 9% CONDOMINIUMS, TOWNHOMES & DUPLEXES 59 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER Active Listings as of  September 30, 2023 18 Unrivaled results, everytime. 13 | Q3 Market Update 2023 Active Listings as of September 30, 2023 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $392,893 $463,770 18% Average Sold Price per Sq. Ft. $298 $309 4% Average Days on Market 48 139 190% % Sold Price to Original List Price 101% 99% -2% Lowest Sold Price $255,000 $293,000 15% Highest Sold Price $692,000 $752,500 9% Number of Properties Sold 46 31 -33% Total Dollar Volume Sold $18,073,090 $14,376,858 -20% 18% 38 Brokerage in rentals and sales Increase in Average Sold Price  for Condominiums, Townhomes  & Duplexes (Q3 2022 vs Q3 2023) 20+ Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $670,041 $666,506 -1% Average Sold Price per Sq. Ft. $309 $335 8% Average Days on Market 85 79 -7% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $380,000 $245,000 –36% Highest Sold Price $1,300,000 $1,250,000 -4% Number of Properties Sold 66 51 -23% Total Dollar Volume Sold $44,222,680 $33,991,825 -23% 225 Total $ Volume Sold 2023 Years as market leader SINGLE FAMILY HOMES $110M New Castle Expert broker associates, the largest local network Exclusive luxury vacation rentals,  more than any other local agency 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER Expert luxury rental specialists CONDOMINIUMS, TOWNHOMES & DUPLEXES 190+ Q3 Market Update 2023 | 14 #1 24 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $553,023 $563,004 2% Average Sold Price per Sq. Ft. $287 $292 2% Average Days on Market 85 89 5% % Sold Price to Original List Price 99% 98% -1% Lowest Sold Price $305,000 $200,000 -34% Highest Sold Price $1,200,000 $1,380,000 15% Number of Properties Sold 61 57 -7% Total Dollar Volume Sold $33,734,433 $32,091,230 -5% Active Listings as of September 30, 2023 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $490,569 $489,439 -0.23% Average Sold Price per Sq. Ft. $271 $268 -1% Average Days on Market 78 66 -15% % Sold Price to Original List Price 99% 98% -1% Lowest Sold Price $140,000 $150,000 7% Highest Sold Price $1,500,000 $998,888 -33% Number of Properties Sold 119 83 -30% Total Dollar Volume Sold $58,377,655 $40,623,458 -30% $112M 15 | Q3 Market Update 2023 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER Fewer Single Family Homes Sold CONDOMINIUMS, TOWNHOMES & DUPLEXES Less Days to Sell a Condominiums, Townhomes or Duplex (Q3 2022 vs Q3 2023) SINGLE FAMILY HOMES Silt Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $281,903 $305,383 8% Average Sold Price per Sq. Ft. $221 $231 4% Average Days on Market 112 55 -51% % Sold Price to Original List Price 100% 99% –1% Lowest Sold Price $150,000 $155,500 4% Highest Sold Price $375,000 $500,000 33% Number of Properties Sold 31 30 -3% Total Dollar Volume Sold $8,739,000 $9,161,500 5% Total $ Volume Sold 2023 Active Listings as of September 30, 2023 Q3 Market Update 2023 | 16 Rifle SINGLE FAMILY HOMES 50 $85.6M 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER 57 4 CONDOMINIUMS, TOWNHOMES & DUPLEXES Total $ Volume Sold 2023 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $365,444 $429,611 18% Average Sold Price per Sq. Ft. $244 $247 1% Average Days on Market 47 52 11% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $180,000 $377,000 109% Highest Sold Price $439,000 $505,000 15% Number of Properties Sold 9 9 0% Total Dollar Volume Sold $3,289,000 $3,866,500 18% Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $2,850,000 No Sales Average Days on Market 115 No Sales Number of Properties Sold 1 No Sales Total Dollar Volume Sold $2,850,000 No Sales 1 $2,349,000 Average Current List Price Average Current List Price 18 Interested in learning more about housing market trends? WOODY CREEK SNOWMASS VILLAGE End of Quarter Active Inventory Average Current List Price End of Quarter Active Inventory Q2 Market Update 2023 | 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER At Aspen Snowmass Sotheby’s International Realty, we take a client–first  approach, publishing a variety of publications to reveal what’s happening in every sector of the real estate markets, at both a local and global scale.   Visit our website or get in touch today. AspenSnowmassSIR.com | 970.925.6060 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $13,313,750 $8,895,000 -33% Average Days on Market 303 398 31% Number of Properties Sold 8 5 -38% Total Dollar Volume Sold $106,510,000 $44,475,000 -58% $9,995,000 $10,761,056 End of Quarter Active Inventory End of Quarter Active Inventory Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $6,200,000 No Sales Average Days on Market 52 No Sales Number of Properties Sold 4 No Sales Total Dollar Volume Sold $24,800,000 No Sales Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $5,750,000 No Sales Average Days on Market 380 No Sales Number of Properties Sold 1 No Sales Total Dollar Volume Sold $5,750,000 No Sales OLD SNOWMASS $11,995,000 5 Average Current List Price 1 ASPEN 17 | Q3 Market Update 2023 Q3 Market Update 2023 | 18 Residential Land Report RESIDENTIAL LAND REPORT 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER $1,018,803 RIFLE $600,750 12 17 19 | Q3 Market Update 2023 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $710,412 $626,923 -12% Average Days on Market 188 210 12% Number of Properties Sold 17 13 -24% Total Dollar Volume Sold $12,077,000 $8,150,000 -33% CARBONDALE End of Quarter Active Inventory End of Quarter Active Inventory 38 SILT RESIDENTIAL LAND REPORT 2022 VS. 2023 THIRD QUARTER, JANUARY – SEPTEMBER MISSOURI HEIGHTS End of Quarter Active Inventory Average Current List Price GLENWOOD SPRINGS BASALT 36 $303,285 $498,487 End of Quarter Active Inventory PARACHUTE/BATTLEMENT MESA 12 $1,115,730 End of Quarter Active Inventory $281,430 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $114,304 $131,192 15% Average Days on Market 114 64 -44% Number of Properties Sold 38 13 -66% Total Dollar Volume Sold $4,343,570 $1,705,500 -61% Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $449,985 $609,573 35% Average Days on Market 129 186 44% Number of Properties Sold 33 32 -3% Total Dollar Volume Sold $14,849,500 $19,506,325 31% Average Current List Price Average Current List Price Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $263,574 $389,690 48% Average Days on Market 158 124 -22% Number of Properties Sold 56 21 -63% Total Dollar Volume Sold $14,760,150 $8,183,500 -45% 43 Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $960,000 $656,450 -32% Average Days on Market 133 182 37% Number of Properties Sold 12 20 67% Total Dollar Volume Sold $11,520,000 $13,129,000 14% Average Current List Price Average Current List Price Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $167,376 $178,696 7% Average Days on Market 119 207 74% Number of Properties Sold 55 13 -76% Total Dollar Volume Sold $9,205,675 $2,323,050 -75% 20 37 End of Quarter Active Inventory $1,601,500 Average Current List Price End of Quarter Active Inventory $1,886,294 NEW CASTLE Q3 Market Update 2023 | 20 End of Quarter Active Inventory Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $82,150 $67,900 -17% Average Days on Market 61 197 223% Number of Properties Sold 6 5 -17% Total Dollar Volume Sold $492,900 $339,500 -31% Average Current List Price Year Over Year Q3 2022 Q3 2023 % Change Average Sold Price $184,208 $159,833 -13% Average Days on Market 169 157 -7% Number of Properties Sold 24 9 -63% Total Dollar Volume Sold $4,421,000 $1,438,500 -67% Average Current List Price AspenSnowmassSIR.com | 970.925.6060 HYMAN MALL (FLAGSHIP OFFICE) 415 E. Hyman Avenue Aspen, CO 81611 970.925.6060 SPRING STREET 300 S. Spring Street Aspen, CO 81611 970.925.6060 EAST DURANT 730 East Durant Avenue Aspen, CO 81611 970.925.1100 SNOWMASS  VILLAGE MALL 50 Snowmass Village Mall Snowmass Village, CO 81615 970.923.2006 BASALT 201 Midland Avenue Basalt, CO 81621 970.927.8080 WILLITS 780 East Valley Road Basalt, CO 81621 970.927.8080 CARBONDALE 333 River Valley Ranch Drive Carbondale, CO 81623 970.963.0400 GLENWOOD SPRINGS 150 West Meadows Drive Glenwood Springs, CO 81601 970.366.3511 Stop by any of our offices in the Roaring Fork Valley today.