2024 Q1 Market Report

2024 FIRST QUARTER, JANUARY – MARCH Q1 Market Update 2024 | Market Report Andrew Ernemann, President Today’s Real Estate in  the Roaring Fork Valley 1 | Q1 Market Update 2024 Q1 Market Update 2024 | 2 Add your own letter here I’m pleased to welcome you to the Aspen Snowmass Sotheby’s International Realty 2024 Q1 market report. It’s an exciting time for the Aspen area real estate market, after local home prices paused their decade-plus climb in 2023 it appears that upward price pressure has resumed in the early stages of 2024. Overall, available listing inventory in the Roaring Fork Valley is quite low compared to historical levels and although current interest rate levels appear to have softened many real estate markets around the country, the relative paucity of listings in the Aspen area market has kept buyers from shifting negotiating power too far in their favor. There’s been a lot of news this year about the future of real estate agents and their value proposition for buyers and sellers. My observation is that buying and selling real estate in Aspen, Snowmass Village and the various areas throughout the Roaring Fork Valley continues to be a highly specialized proposition due to the complex and ever changing land use codes, short-term rental regulations and unique differences between properties on the same street (much less the same neighborhood or town). Aspen Snowmass Sotheby’s International Realty has been the #1 real estate firm in the Roaring Fork Valley for over 20 years – our mission is to be the firm in the Roaring Fork Valley and surrounding areas where real estate clients want to do business and real estate professionals want to work. 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 Q1 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) 18 $250,200,000 29.23% Compass Colorado 13.5 $149,890,000 17.51% Christie's International Real Estate 11 $139,650,000 16.32% Coldwell Banker Mason Morse 8.5 $95,075,000 11.11% Douglas Elliman Real Estate 6 $70,150,000 8.20% Engel & Volkers 5 $60,400,000 7.06% The Agency Aspen 1 $36,975,000 4.32% AG Aspen 1 $9,750,000 1.14% Whitman Fine Properties 1 $9,700,000 1.13% Slifer Smith & Frampton 1 $8,400,000 0.98% All Others 4 $25,750,000 3.00% 10 8 Q1 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 April 1, 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 | Q1 Market Update 2024 3 All closings from January 1 through April 1, 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 ASSHMA) 153 $442,977,072 23.06% Christie's International Real Estate 37.5 $199,163,417 10.37% Compass Colorado 41 $197,760,000 10.30% Coldwell Banker Mason Morse 81 $169,327,000 8.82% Douglas Elliman Real Estate 38.5 $138,243,500 7.20% Engel & Volkers 50 $131,194,164 6.83% Hall and Hall Partners 2 $82,150,000 4.28% Eagle Land Brokerage 3 $42,780,000 2.23% Slifer Smith & Frampton 36 $37,805,922 1.97% The Agency Aspen 1 $36,975,000 1.92% All Others 497 $442,489,579 23.02% 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 Q1 2023 Q1 2024 % Change Average Sold Price $4,332,364 $4,643,004 7% Average Sold Price per Sq. Ft. $2,704 $3,124 16% Average Days on Market 133 138 4% % Sold Price to Original List Price 94% 96% 2% Lowest Sold Price $830,000 $1,050,000 27% Highest Sold Price $22,000,000 $14,000,000 -36% Number of Properties Sold 22 32 45% Total Dollar Volume Sold $95,312,000 $148,576,125 56% $266M Active Residential Listings as of April 1, 2024 39.27% Q1 Market Update 2024 | 6 Highest Sale of 2024 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $392,299 $298,457 -24% Average Sold Price per Sq. Ft. $212 $161 -24% Average Days on Market 269 195 -28% % Sold Price to Original List Price 92% 90% -2% Lowest Sold Price $19,000 $20,000 5% Highest Sold Price $2,250,000 $2,350,000 4% Number of Properties Sold 38 23 -39% Total Dollar Volume Sold $14,907,365 $6,864,500 -54% Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $12,968,377 $15,681,333 21% Average Sold Price per Sq. Ft. $2,886 $3,389 17% Average Days on Market 205 264 29% % Sold Price to Original List Price 92% 91% -1% Lowest Sold Price $1,175,000 $4,000,000 240% Highest Sold Price $35,000,000 $36,975,000 6% Number of Properties Sold 19 15 -21% Total Dollar Volume Sold $246,399,154 $235,220,000 -5% SHARED OWNERSHIP Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $402,778 $429,286 7% Average Sold Price per Sq. Ft. $201 $206 3% Average Days on Market 167 170 2% % Sold Price to Original List Price 94% 93% -1% Lowest Sold Price $210,000 $290,000 38% Highest Sold Price $600,000 $605,000 1% Number of Properties Sold 9 7 -22% Total Dollar Volume Sold $3,625,000 $3,005,000 -17% SHARED OWNERSHIP 5 | Q1 Market Update 2024 17 Aspen 132 Aspen Snowmass Sotheby’s International Realty Total Sides Market Share 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Aspen Snowmass Sotheby’s International Realty Total $ Volume Market Share 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH 26.03% Active Listings as of April 1, 2024 Total $ Volume Sold by Aspen Snowmass Sotheby's International Realty in Q1 2024 175 $48M Snowmass Village  Shared Ownership Aspen Snowmass Sotheby's International Realty $ Volume Participation SINGLE FAMILY HOMES Active Listings as of April 1, 2024 41.30% Aspen  Shared Ownership CONDOMINIUMS, TOWNHOMES & DUPLEXES SINGLE FAMILY HOMES 138 Active Listings as of April 1, 2024 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH CONDOMINIUMS, TOWNHOMES & DUPLEXES Snowmass Village Year Over Year Q1 2023 Q1 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 Q1 2023 Q1 2024 % Change Average Sold Price $2,827,100 $2,450,903 -13% Average Sold Price per Sq. Ft. $1,573 $1,746 11% Average Days on Market 266 89 -67% % Sold Price to Original List Price 96% 96% 0% Lowest Sold Price $450,000 $200,000 -56% Highest Sold Price $8,789,377 $9,500,000 8% Number of Properties Sold 20 34 70% Total Dollar Volume Sold $56,542,000 $83,330,700 47% $12.9M Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $5,352,143 $7,150,000 34% Average Sold Price per Sq. Ft. $1,518 $1,736 14% Average Days on Market 159 96 -40% % Sold Price to Original List Price 92% 94% 2% Lowest Sold Price $2,290,000 $4,900,000 114% Highest Sold Price $10,750,000 $12,900,000 20% Number of Properties Sold 7 8 14% Total Dollar Volume Sold $37,465,000 $57,200,000 53% Lowest Sale in 2024 Woody Creek 7 | Q1 Market Update 2024 $72M Q1 Market Update 2024 | 8 $200K Aspen Snowmass Sotheby’s  International Realty Total $  Volume Market Share Active Listings as of April 1, 2024 Highest Sale in 2024 Aspen Snowmass Sotheby’s  International Realty Total $  Volume Market Share 44.90% 7 SINGLE FAMILY HOMES 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH CONDOMINIUMS, TOWNHOMES & DUPLEXES 78 Basalt Old Snowmass Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $1,106,050 $1,319,500 19% Average Sold Price per Sq. Ft. $803 $809 1% Average Days on Market 74 181 145% % Sold Price to Original List Price 97% 98% 1% Lowest Sold Price $685,000 $685,000 0% Highest Sold Price $2,225,000 $1,995,000 -10% Number of Properties Sold 10 12 20% Total Dollar Volume Sold $11,060,500 $15,834,000 43% Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $2,170,250 $5,515,833 154% Average Sold Price per Sq. Ft. $792 $1,967 148% Average Days on Market 134 130 -3% % Sold Price to Original List Price 97% 98% 1% Lowest Sold Price $1,025,000 $1,600,000 56% Highest Sold Price $4,000,000 $15,000,000 275% Number of Properties Sold 12 6 -50% Total Dollar Volume Sold $26,043,000 $33,095,000 27% 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $3,241,357 $2,525,000 -22% Average Sold Price per Sq. Ft. $979 $826 -16% Average Days on Market 99 242 144% % Sold Price to Original List Price 94% 74% -21% Lowest Sold Price $1,800,000 $2,525,000 40% Highest Sold Price $5,074,070 $2,525,000 -50% Number of Properties Sold 3 1 -67% Total Dollar Volume Sold $9,724,070 $2,525,000 -74% 9 SINGLE FAMILY HOMES 29.81% Lowest Sale in 2024 $15M SINGLE FAMILY HOMES Active Listings as of April 1, 2024 Highest Sale in 2024 Q1 Market Update 2024 | 10 9 | Q1 Market Update 2024 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Please note: Deed-restricted housing units have been excluded from statistics in this report. Active Listings as of April 1, 2024 | Q1 Market Update 2024 Aspen Snowmass Sotheby’s International Realty Total Sides Market Share $684K 30.21% Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $526,928 $528,122 0% Average Sold Price per Sq. Ft. $445 $448 1% Average Days on Market 76 85 12% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $195,000 $225,000 15% Highest Sold Price $900,000 $839,000 -7% Number of Properties Sold 14 11 -21% Total Dollar Volume Sold $7,376,999 $5,809,340 -21% CONDOMINIUMS, TOWNHOMES & DUPLEXES Highest Sale in 2024 Q1 Market Update 2024 | 12 $3.85M Year Over Year Q1 2023 Q1 2024 % Change Average Sold price $985,229 $1,020,411 4% Average Sold Price per Sq. Ft. $432 $403 -7% Average Days on Market 115 125 9% % Sold Price to Original List Price 94% 97% 3% Lowest Sold Price $395,000 $567,000 44% Highest Sold Price $3,350,000 $2,075,000 -38% Number of Properties Sold 20 18 -10% Total Dollar Volume Sold $19,704,584 $18,367,405 -7% Lowest Sale in 2024 Lowest Sale in 2024 Active Listings as of  April 1, 2024 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $2,165,233 $2,386,520 10% Average Sold Price per Sq. Ft. $663 $734 11% Average Days on Market 150 147 -2% % Sold Price to Original List Price 96% 97% 1% Lowest Sold Price $960,000 $895,000 -7% Highest Sold Price $5,250,000 $3,850,000 -27% Number of Properties Sold 15 18 20% Total Dollar Volume Sold $32,478,500 $42,957,365 32% Carbondale Glenwood Springs SINGLE FAMILY HOMES 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Aspen Snowmass Sotheby’s  International Realty Total $ Volume Market Share $230K 52 Total Residential Sales Over $1M $285K Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $983,841 $1,277,667 30% Average Sold Price per Sq. Ft. $520 $574 10% Average Days on Market 104 272 162% % Sold Price to Original List Price 97% 94% -3% Lowest Sold Price $278,000 $700,000 152% Highest Sold Price $1,900,500 $2,100,000 10% Number of Properties Sold 10 6 -40% Total Dollar Volume Sold $9,838,410 $7,666,000 -22% $2.8M Highest Sale in 2024 SINGLE FAMILY HOMES 11 | Q1 Market Update 2024 8 CONDOMINIUMS, TOWNHOMES & DUPLEXES 62 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Active Listings as of  April 1, 2024 SINGLE FAMILY HOMES $825K New Castle 13 | Q1 Market Update 2024 Active Listings as of April 1, 2024 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $480,055 $471,888 -2% Average Sold Price per Sq. Ft. $289 $314 9% Average Days on Market 194 89 -54% % Sold Price to Original List Price 99% 99% 0% Lowest Sold Price $365,000 $260,000 -29% Highest Sold Price $665,000 $705,257 6% Number of Properties Sold 11 9 -18% Total Dollar Volume Sold $5,280,600 $4,246,994 -20% $120K 26 Lowest Sale in 2024 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $605,329 $635,690 5% Average Sold Price per Sq. Ft. $303 $356 17% Average Days on Market 99 122 23% % Sold Price to Original List Price 98% 99% 1% Lowest Sold Price $320,000 $510,000 59% Highest Sold Price $1,190,000 $825,000 -31% Number of Properties Sold 12 10 -17% Total Dollar Volume Sold $7,263,950 $6,356,895 -12% Highest Sale in 2024 CONDOMINIUMS, TOWNHOMES & DUPLEXES Q1 Market Update 2024 | 14 30 Active Listings as of April 1, 2024 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $537,050 $622,357 16% Average Sold Price per Sq. Ft. $267 $377 41% Average Days on Market 90 79 -12% % Sold Price to Original List Price 95% 97% 2% Lowest Sold Price $300,000 $250,000 -17% Highest Sold Price $1,076,000 $1,560,000 45% Number of Properties Sold 18 14 -22% Total Dollar Volume Sold $9,666,900 $8,713,000 -10% Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $483,619 $466,750 -3% Average Sold Price per Sq. Ft. $252 $281 12% Average Days on Market 81 102 26% % Sold Price to Original List Price 96% 96% 0% Lowest Sold Price $174,000 $300,000 72% Highest Sold Price $935,000 $900,000 -4% Number of Properties Sold 21 20 -5% Total Dollar Volume Sold $10,156,000 $9,335,000 -8% $1.5M 15 | Q1 Market Update 2024 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Highest Sale in 2024 $130K CONDOMINIUMS, TOWNHOMES & DUPLEXES SINGLE FAMILY HOMES Silt Lowest Sale in 2024 $900K Lowest Sale in 2024 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $316,000 $301,667 -5% Average Sold Price per Sq. Ft. $237 $239 1% Average Days on Market 50 73 46% % Sold Price to Original List Price 99% 96% -3% Lowest Sold Price $155,000 $235,000 52% Highest Sold Price $365,000 $395,000 8% Number of Properties Sold 8 9 13% Total Dollar Volume Sold $2,528,000 $2,715,000 7% Q1 Market Update 2024 | 16 37 Rifle SINGLE FAMILY HOMES Active Listings as of April 1, 2024 $229K 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH Highest Sale in 2024 CONDOMINIUMS, TOWNHOMES & DUPLEXES Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $382,500 No Sales Average Sold Price per Sq. Ft. $310 No Sales Average Days on Market 14 No Sales % Sold Price to Original List Price 101% No Sales Lowest Sold Price $382,500 No Sales Highest Sold Price $382,500 No Sales Number of Properties Sold 1 No Sales Total Dollar Volume Sold $382,500 No Sales Year Over Year Q1 2023 Q1 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 3 $3,202,857 Average Current List Price Average Current List Price 21 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 FIRST QUARTER, JANUARY – MARCH 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 Q1 2023 Q1 2024 % Change Average Sold Price $6,000,000 $10,425,000 74% Average Days on Market 523 353 -33% Number of Properties Sold 1 4 300% Total Dollar Volume Sold $6,000,000 $41,700,000 595% $2,399,000 $10,172,167 End of Quarter Active Inventory End of Quarter Active Inventory Year Over Year Q1 2023 Q1 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 Q1 2023 Q1 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 $8,148,333 7 Average Current List Price 2 ASPEN 17 | Q1 Market Update 2024 Q1 Market Update 2024 | 18 Residential Land Report RESIDENTIAL LAND REPORT 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH $1,288,643 RIFLE $525,000 1 13 19 | Q1 Market Update 2024 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $490,000 $376,000 -23% Average Days on Market 203 168 -17% Number of Properties Sold 1 5 400% Total Dollar Volume Sold $490,000 $1,880,000 284% CARBONDALE End of Quarter Active Inventory End of Quarter Active Inventory 28 SILT RESIDENTIAL LAND REPORT 2023 VS. 2024 FIRST QUARTER, JANUARY – MARCH MISSOURI HEIGHTS End of Quarter Active Inventory Average Current List Price GLENWOOD SPRINGS BASALT 34 $352,763 $392,180 End of Quarter Active Inventory PARACHUTE/BATTLEMENT MESA 14 $838,087 End of Quarter Active Inventory $819,445 Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $95,833 $93,500 -2% Average Days on Market 109 61 -44% Number of Properties Sold 3 3 0% Total Dollar Volume Sold $287,500 $280,500 -2% Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $316,167 $445,000 41% Average Days on Market 112 283 153% Number of Properties Sold 3 5 67% Total Dollar Volume Sold $948,500 $2,225,000 135% Average Current List Price Average Current List Price Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $288,417 $368,250 28% Average Days on Market 54 255 372% Number of Properties Sold 6 4 -33% Total Dollar Volume Sold $1,730,500 $1,473,000 -15% 30 Year Over Year Q1 2023 Q1 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 Average Current List Price Average Current List Price Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $151,017 $128,000 -15% Average Days on Market 243 186 -23% Number of Properties Sold 3 6 100% Total Dollar Volume Sold $453,050 $768,000 70% 19 31 End of Quarter Active Inventory $1,052,000 Average Current List Price End of Quarter Active Inventory $2,444,077 NEW CASTLE Q1 Market Update 2024 | 20 End of Quarter Active Inventory Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price $79,000 $81,300 3% Average Days on Market 303 54 -82% Number of Properties Sold 1 5 400% Total Dollar Volume Sold $79,000 $406,500 415% Average Current List Price Year Over Year Q1 2023 Q1 2024 % Change Average Sold Price No Sales $162,833 Average Days on Market No Sales 92 Number of Properties Sold No Sales 6 Total Dollar Volume Sold No Sales $977,000 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.