Mid Year Market Update
It’s crazy to think that we are already half way through 2023. This year started off with widespread fears about inflation, the fed raising rates, suspicions of another housing bubble and a recession to follow. Thankfully, headlines sell news and don’t actually predict the future. Focusing on the Aspen Real Estate Market, here are my following observations for this year to date.
Transactions are down from 2022, and down further from 2021. Take into account that 2021 was a record breaking year and the culmination of a frenzied pandemic market, a reduction in transactions was expected. Prices were high yet interest rates were at a 40 year low and everybody wanted a piece of Aspen. Now the market is course correcting and heading towards a more balanced market.
With that said, prices remain strong with price reductions coming only from opportunistically priced properties. Unique and one-of-a-kind homes continue to sell at a premium as well, exceeding the average $3000 per square foot by 30% or more, occasionally much more.
Inventory is on the rise. While we are still at 50% of historical averages, the reduced number of transactions combined with resilience in property values has added to the total number of homes for sale.
Off-market deals remain a strong part of the business. Smart buyers who know exactly what they want are still finding great opportunities, but often at a premium.
Ultimately, it is unlikely we will see a general reduction in property values in the Aspen area. Basalt has seen sustained appreciation due to the competitive nature of the Aspen market. Desire to be here remains as strong as ever. New restaurants are opening as well national and international retail brands, forever adding to the dynamic mosaic of Aspen. Now is the time to outline your Aspen Real Estate goals and get ready to strike. The ‘wait and see’ approach will likely only cost you more in the long run and we can’t put a price on time.
“Decisiveness pays dividends, reaction will cost you.”
Get in touch today and let’s discuss a strategy and timeline to achieve your Aspen Real Estate Goals.
