2024 Q2 Market Report

2024 SECOND QUARTER, JANUARY – JUNE Q1 Market Update 2024 | Q2 Market Update 2024 | 2024 SECOND QUARTER, APRIL-JUNE Market Report Market Report Andrew Ernemann, President Today’s Real Estate in  the Roaring Fork Valley 1 | Q2 Market Update 2024 Q2 Market Update 2024 | 2 Add your own letter here Welcome to the Aspen Snowmass Sotheby’s International Realty 2024 Q2 market report! For the past year or so, we’ve heard more buyers indicating they are concerned about “buying at the peak,” and, of course, that’s a valid concern in any market. Conversely, many of our sellers continue to feel emboldened by continued price increases and relatively low listing inventory in many neighborhoods. It’s always interesting to compare the local real estate market with other areas around the country, and over the past year, there are many U.S. markets that have slowed significantly. That hasn’t been the case in the Aspen / Snowmass area. Despite some communities in the Roaring Fork Valley experiencing a trend of increasing listing inventory, there continues to be solid sales activity, modest price increases in most neighborhoods, and historically tight discounts off the list price. Whether it’s buying, selling or renting, we have you covered. Aspen Snowmass Sotheby’s International Realty has been the #1 real estate firm in the Roaring Fork Valley for over 20 years. 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 Q2 Market Update 2024 | 3 5 8 Local Market Dominance 3 Top 10 Companies Sides $ Volume Market Share Aspen Snowmass Sotheby's International Realty Hyman Mall (ASSHMA) 31 $487,972,500 21.94% Douglas Elliman Real Estate 15 $461,100,000 20.74% Compass Colorado 25.5 $410,387,500 18.45% Christie's International Real Estate 20 $274,570,000 12.35% Coldwell Banker Mason Morse 16.5 $265,375,000 11.93% Engel & Völkers 10 $109,000,000 4.9% The Agency Aspen 1 $36,975,000 1.66% Aspen Luxury Sales 2 $32,000,000 1.44% Aspen International Properties 1 $28,795,000 1.29% AG Aspen 2 $21,750,000 0.98% All Others 12 $95,850,000 4.32% 10 8 Q2 Market Update 2024 | 4 8 Compass Colorado 4 9 6 5 1 10 6 5 Aspen Snowmass Sotheby's International Realty 7 7 Douglas Elliman Real Estate 4 All closings from January 1 through June 30, 2024. Information is deemed to be reliable, but is not guaranteed. Source: The Aspen Glenwood MLS 9 Coldwell Banker Mason Morse 2 9 2 We’ve been the local market leader for more than twenty years. Coldwell Banker Mason Morse 7 4 4 1 3 | Q2 Market Update 2024 3 All closings from January 1 through June 30, 2024. 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 Hyman Mall (ASSHMA) 319 $865,722,402 19.65% Douglas Elliman Real Estate 73.5 $578,950,533 13.14% Compass Colorado 114.5 $550,896,058 12.51% Coldwell Banker Mason Morse 200 $455,474,884 10.34% Christie's International Real Estate 68 $379,558,727 8.62% Engel & Völkers 104.5 $264,042,745 5.99% Hall and Hall Partners 3 $103,150,000 2.34% Slifer Smith & Frampton RFV 71.5 $80,056,495 1.82% The Property Shop 69.5 $47,696,952 1.08% Eagle Land Brokerage 6 $43,979,500 1% All Others 1214.5 $1,035,250,297 23.51% 1 1 10 Douglas Elliman Real Estate 2 Christie's International Real Estate 2 6 5 Christie's International Real Estate Closings Over $5 Million in Aspen & Snowmass Village 4 3 5 Aspen Snowmass Sotheby's International Realty 1 2 3 Compass Colorado Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $4,463,079 $4,211,616 -6% Average Sold Price per Sq. Ft. $2,848 $3,073 8% Average Days on Market 131 153 17% % Sold Price to Original List Price 95% 95% 0% Lowest Sold Price $830,000 $1,050,000 27% Highest Sold Price $22,000,000 $14,000,000 -36% Number of Properties Sold 38 57 50% Total Dollar Volume Sold $169,597,000 $240,062,125 42% +22% Active Residential Listings as of July 1, 2024 47% Q2 Market Update 2024 | 6 Highest Sale of 2024, represented by Douglas Elliman Real Estate Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $401,710 $312,164 -22% Average Sold Price per Sq. Ft. $200 $169 -15% Average Days on Market 224 281 25% % Sold Price to Original List Price 91% 89% -2% Lowest Sold Price $10,000 $20,000 100% Highest Sold Price $2,800,000 $2,350,000 -16% Number of Properties Sold 66 58 -12% Total Dollar Volume Sold $26,512,865 $18,105,500 -32% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $16,588,491 $22,177,879 34% Average Sold Price per Sq. Ft. $3,453 $3,427 -1% Average Days on Market 165 253 53% % Sold Price to Original List Price 93% 92% -1% Lowest Sold Price $3,459,000 $3,800,000 10% Highest Sold Price $65,000,000 $108,000,000 66% Number of Properties Sold 37 33 -11% Total Dollar Volume Sold $613,774,154 $731,870,000 19% SHARED OWNERSHIP Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $389,139 $440,750 13% Average Sold Price per Sq. Ft. $202 $407 101% Average Days on Market 162 146 -10% % Sold Price to Original List Price 93% 94% 1% Lowest Sold Price $210,000 $290,000 38% Highest Sold Price $600,000 $609,000 2% Number of Properties Sold 18 12 -33% Total Dollar Volume Sold $7,004,500 $5,289,000 -24% SHARED OWNERSHIP 5 | Q2 Market Update 2024 15 Aspen 137 Aspen Snowmass Sotheby’s International Realty Total Sides Market Share 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE Aspen Snowmass Sotheby’s International Realty Total $ Volume Market Share 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE 6 Active Listings as of July 1, 2024 Increase in Active Inventory (Q2 2023 vs. Q2 2024) 195 $108M Snowmass Village  Shared Ownership Properties for Sale Over $50M SINGLE FAMILY HOMES Active Listings as of July 1, 2024 43% Aspen  Shared Ownership CONDOMINIUMS, TOWNHOMES & DUPLEXES SINGLE FAMILY HOMES 131 Active Listings as of July 1, 2024 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE CONDOMINIUMS, TOWNHOMES & DUPLEXES Snowmass Village Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $3,338,333 $14,350,000 330% Average Sold Price per Sq. Ft. $1,202 $1,407 17% Average Days on Market 101 280 177% % Sold Price to Original List Price 97% 85% -12% Lowest Sold Price $660,000 $14,350,000 2074% Highest Sold Price $8,600,000 $14,350,000 67% Number of Properties Sold 3 1 -67% Total Dollar Volume Sold $10,015,000 $14,350,000 43% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $2,278,184 $2,673,295 17% Average Sold Price per Sq. Ft. $1,620 $1,845 14% Average Days on Market 543 103 -81% % Sold Price to Original List Price 98% 95% -3% Lowest Sold Price $450,000 $200,000 -56% Highest Sold Price $8,789,377 $9,500,000 8% Number of Properties Sold 98 67 -32% Total Dollar Volume Sold $223,262,000 $179,110,755 -20% $24.5M Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $7,360,625 $9,061,583 23% Average Sold Price per Sq. Ft. $1,691 $1,857 10% Average Days on Market 149 157 5% % Sold Price to Original List Price 92% 94% 2% Lowest Sold Price $2,290,000 $3,686,000 61% Highest Sold Price $17,812,500 $24,500,000 38% Number of Properties Sold 12 18 50% Total Dollar Volume Sold $88,327,500 $163,108,500 85% Total Sales Volume of Aspen Snowmass Sotheby's International Realty Woody Creek 7 | Q2 Market Update 2024 -9% Q2 Market Update 2024 | 8 $176M+ Decrease in Active Inventory (Q2 2023 vs Q2 2024) Active Listings as of July 1, 2024 Highest Sale in 2024, represented by Douglas Elliman Real Estate Aspen Snowmass Sotheby’s  International Realty Total $  Volume Market Share 39% 12 SINGLE FAMILY HOMES 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE CONDOMINIUMS, TOWNHOMES & DUPLEXES 94 Basalt Old Snowmass Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $1,287,536 $1,276,469 -1% Average Sold Price per Sq. Ft. $839 $799 -5% Average Days on Market 173 146 -16% % Sold Price to Original List Price 98% 98% 0% Lowest Sold Price $220,000 $685,000 211% Highest Sold Price $2,860,000 $2,200,000 -23% Number of Properties Sold 37 21 -43% Total Dollar Volume Sold $47,638,850 $26,805,859 -44% of all Basalt Residential Listings are Under Contract as of July 1, 2024 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $2,435,673 $3,655,382 50% Average Sold Price per Sq. Ft. $860 $1,288 50% Average Days on Market 132 128 -3% % Sold Price to Original List Price 96% 97% 1% Lowest Sold Price $1,025,000 $930,000 -9% Highest Sold Price $6,000,000 $15,000,000 150% Number of Properties Sold 26 17 -35% Total Dollar Volume Sold $63,327,500 $62,141,500 -2% 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $4,478,009 $2,455,250 -45% Average Sold Price per Sq. Ft. $1,541 $883 -43% Average Days on Market 113 149 32% % Sold Price to Original List Price 90% 85% -6% Lowest Sold Price $1,800,000 $2,385,500 33% Highest Sold Price $8,300,000 $2,525,000 -70% Number of Properties Sold 8 2 -75% Total Dollar Volume Sold $35,824,070 $4,910,500 -86% $3,392,341 4,223 20 SINGLE FAMILY HOMES +24% SINGLE FAMILY HOMES Active Listings as of July 1, 2024 Total Square Foot - The Average Size of Available Homes Q2 Market Update 2024 | 10 9 | Q2 Market Update 2024 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE Active Listings as of July 1, 2024 27% Increase in Active Inventory (Q2 2023 vs Q2 2024) Current Average Asking Single Family Home Price Current Highest Asking Residential List Price +7% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $501,231 $503,167 0% Average Sold Price per Sq. Ft. $435 $470 8% Average Days on Market 76 68 -11% % Sold Price to Original List Price 98% 99% 1% Lowest Sold Price $195,000 $225,000 15% Highest Sold Price $900,000 $839,000 -7% Number of Properties Sold 26 35 35% Total Dollar Volume Sold $13,031,999 $17,610,840 35% CONDOMINIUMS, TOWNHOMES & DUPLEXES Q2 Market Update 2024 | 12 23.5% Year Over Year Q2 2023 Q2 2024 % Change Average Sold price $969,306 $1,046,957 8% Average Sold Price per Sq. Ft. $430 $446 4% Average Days on Market 91 108 19% % Sold Price to Original List Price 97% 98% 1% Lowest Sold Price $395,000 $360,000 -9% Highest Sold Price $3,350,000 $2,195,000 -34% Number of Properties Sold 60 49 -18% Total Dollar Volume Sold $58,158,352 $51,300,901 -12% Active Listings as of  July 1, 2024 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $2,259,099 $2,401,706 6% Average Sold Price per Sq. Ft. $638 $718 13% Average Days on Market 160 153 -4% % Sold Price to Original List Price 98% 98% 0% Lowest Sold Price $890,000 $895,000 1% Highest Sold Price $7,650,000 $4,750,000 -38% Number of Properties Sold 47 41 -13% Total Dollar Volume Sold $106,177,665 $98,469,927 -7% of all Carbondale Residential Listings are Under Contract as of July 1, 2024 Carbondale Glenwood Springs SINGLE FAMILY HOMES 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE $4,750,000 Increase in Active Inventory (Q2 2023 vs Q2 2024) 66 Increase in Active Inventory (Q2 2023 vs Q2 2024) $2,950,000 Highest Aspen Glen Sale of 2024 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $1,082,621 $1,091,439 1% Average Sold Price per Sq. Ft. $555 $658 19% Average Days on Market 99 135 36% % Sold Price to Original List Price 96% 97% 1% Lowest Sold Price $278,000 $455,000 64% Highest Sold Price $2,365,000 $2,339,000 -1% Number of Properties Sold 26 18 -31% Total Dollar Volume Sold $28,148,158 $19,645,900 -30% Current Average Asking Single Family Home Price SINGLE FAMILY HOMES $1,511,433 11 | Q2 Market Update 2024 +10% CONDOMINIUMS, TOWNHOMES & DUPLEXES 62 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE Active Listings as of  July 1, 2024 of All New Castle Residential Listings are Under Contract as of July 1, 2024 SINGLE FAMILY HOMES $955,091 40 New Castle 13 | Q2 Market Update 2024 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $463,248 $521,887 13% Average Sold Price per Sq. Ft. $299 $343 14% Average Days on Market 168 77 -54% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $293,000 $260,000 -11% Highest Sold Price $717,358 $819,000 14% Number of Properties Sold 22 24 9% Total Dollar Volume Sold $10,191,458 $12,525,289 23% Active Listings as of  July 1, 2024 44.4% +25% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $649,208 $713,674 10% Average Sold Price per Sq. Ft. $323 $360 11% Average Days on Market 83 88 6% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $245,000 $300,000 22% Highest Sold Price $1,250,000 $1,165,000 -7% Number of Properties Sold 31 31 0% Total Dollar Volume Sold $20,125,450 $22,123,895 10% Increase in Active Inventory (Q2 2023 vs Q2 2024) Current Average Asking Single Family Home Price CONDOMINIUMS, TOWNHOMES & DUPLEXES Q2 Market Update 2024 | 14 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $542,592 $624,082 15% Average Sold Price per Sq. Ft. $285 $380 33% Average Days on Market 83 82 -1% % Sold Price to Original List Price 97% 97% 0% Lowest Sold Price $200,000 $250,000 25% Highest Sold Price $1,076,000 $1,560,000 45% Number of Properties Sold 36 34 -6% Total Dollar Volume Sold $19,533,300 $21,218,800 9% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $494,313 $555,827 12% Average Sold Price per Sq. Ft. $275 $305 11% Average Days on Market 69 95 38% % Sold Price to Original List Price 98% 97% -1% Lowest Sold Price $150,000 $300,000 100% Highest Sold Price $998,888 $2,500,000 150% Number of Properties Sold 51 52 2% Total Dollar Volume Sold $25,209,988 $28,902,995 15% 15 | Q2 Market Update 2024 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE 34 CONDOMINIUMS, TOWNHOMES & DUPLEXES SINGLE FAMILY HOMES Silt Decrease in Active Inventory (Q2 2023 vs Q2 2024) Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $298,062 $324,620 9% Average Sold Price per Sq. Ft. $236 $241 2% Average Days on Market 59 64 8% % Sold Price to Original List Price 99% 98% -1% Lowest Sold Price $155,500 $235,000 51% Highest Sold Price $370,000 $399,300 8% Number of Properties Sold 16 15 -6% Total Dollar Volume Sold $4,769,000 $4,869,300 2% 32 Q2 Market Update 2024 | 16 Rifle Highest Residential Sale in 2024 $1.2M Increase in Active Inventory (Q2 2023 vs Q2 2024) Active Listings as of  July 1, 2024 SINGLE FAMILY HOMES Current Lowest Asking Residential List Price $713,582 -40% $419,900 Current Lowest Asking Residential List Price 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE $345,000 CONDOMINIUMS, TOWNHOMES & DUPLEXES Current Average Residential List Price Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $414,300 $510,000 23% Average Sold Price per Sq. Ft. $230 $255 11% Average Days on Market 51 67 31% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $377,000 $510,000 35% Highest Sold Price $500,000 $510,000 2% Number of Properties Sold 5 1 -80% Total Dollar Volume Sold $2,071,500 $510,000 -75% Active Listings as of  July 1, 2024 +31% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price No Sales No Sales Average Days on Market No Sales No Sales Number of Properties Sold No Sales No Sales Total Dollar Volume Sold No Sales No Sales 6 $14,302,692 Average Current List Price Average Current List Price 25 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 2024 | 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE 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 Q2 2023 Q2 2024 % Change Average Sold Price $9,708,333 $12,624,167 30% Average Days on Market 239 301 26% Number of Properties Sold 3 6 100% Total Dollar Volume Sold $29,125,000 $75,745,000 160% $2,399,000 $11,801,120 End of Quarter Active Inventory End of Quarter Active Inventory Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price No Sales No Sales Average Days on Market No Sales No Sales Number of Properties Sold No Sales No Sales Total Dollar Volume Sold No Sales No Sales Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price No Sales No Sales Average Days on Market No Sales No Sales Number of Properties Sold No Sales No Sales Total Dollar Volume Sold No Sales No Sales OLD SNOWMASS $5,782,500 13 Average Current List Price 2 ASPEN 17 | Q2 Market Update 2024 Q2 Market Update 2024 | 18 Residential Land Report RESIDENTIAL LAND REPORT 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE $1,203,865 RIFLE $1,273,127 11 23 19 | Q2 Market Update 2024 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $490,800 $407,250 -17% Average Days on Market 270 207 -23% Number of Properties Sold 5 10 100% Total Dollar Volume Sold $2,454,000 $4,072,500 66% CARBONDALE End of Quarter Active Inventory End of Quarter Active Inventory 34 SILT RESIDENTIAL LAND REPORT 2023 VS. 2024 SECOND QUARTER, JANUARY – JUNE MISSOURI HEIGHTS End of Quarter Active Inventory Average Current List Price GLENWOOD SPRINGS BASALT 29 $341,186 $1,343,763 End of Quarter Active Inventory PARACHUTE/BATTLEMENT MESA 17 $1,118,000 End of Quarter Active Inventory $575,009 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $108,375 $199,250 84% Average Days on Market 86 92 7% Number of Properties Sold 4 6 50% Total Dollar Volume Sold $433,500 $1,195,500 176% Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $528,708 $1,812,000 243% Average Days on Market 197 221 12% Number of Properties Sold 16 10 -38% Total Dollar Volume Sold $8,459,325 $18,120,000 114% Average Current List Price Average Current List Price Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $316,885 $336,182 6% Average Days on Market 107 175 64% Number of Properties Sold 13 11 -15% Total Dollar Volume Sold $4,119,500 $3,698,000 -10% 38 Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $640,235 $506,667 -21% Average Days on Market 153 75 -51% Number of Properties Sold 17 3 -82% Total Dollar Volume Sold $10,884,000 $1,520,000 -86% Average Current List Price Average Current List Price Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $213,228 $146,162 -31% Average Days on Market 263 287 9% Number of Properties Sold 9 15 67% Total Dollar Volume Sold $1,919,050 $2,192,425 14% 21 40 End of Quarter Active Inventory $1,917,176 Average Current List Price End of Quarter Active Inventory $1,265,043 NEW CASTLE Q2 Market Update 2024 | 20 End of Quarter Active Inventory Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $63,167 $83,000 31% Average Days on Market 234 109 -53% Number of Properties Sold 3 9 200% Total Dollar Volume Sold $189,500 $747,000 294% Average Current List Price Year Over Year Q2 2023 Q2 2024 % Change Average Sold Price $149,500 $180,577 21% Average Days on Market 186 156 -16% Number of Properties Sold 4 26 550% Total Dollar Volume Sold $598,000 $4,695,000 685% 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.