Aspen Real Estate Market 2022
What’s going on in Aspen real estate right now? Well, it depends on who you ask. Some say the market is slowing down, while others believe it’s still going strong. However, one thing is for sure-the Aspen real estate market is unique.
Who Is Right About Aspen’s Home Prices?
Realtor and Zillow have completely different stats on the Aspen market. That’s because Zillow looks at a narrowly defined stratum of homes- the type more people are likely to buy rather than the mega-mansions or unincorporated bare lots that can both skew the projected price you can actually expect to pay for a more “average” home.
There are a number of factors that contribute to this uniqueness, including the fact that Aspen is home to some of the world’s most luxurious properties. In addition, the town is situated in an area that receives a lot of tourism. As a result, there is always a healthy demand for vacation rentals and second homes in Aspen.
Another factor that makes the Aspen real estate market unique is the fact that it’s located in a ski resort town. This means that buyers can enjoy all the benefits of living in a resort community, while still having easy access to all the amenities that Aspen has to offer.
If you’re thinking of buying property in Aspen, it’s important to understand the current market conditions. Here’s a look at some of the things you should know:
The median sales price for a single-family home in Aspen is $2.6 million if you’re asking Zillow, or about $1.5 million if you’re asking Realtor. However, this number can fluctuate depending on the time of year and the type of property you’re interested in. For instance, the median sales price for a condo in Aspen is $3.2 million.
Coldwell Banker indicates only 119 homes in the entire Aspen/Snowmass real estate market, a 7% inventory decrease. Even so, prices seem to be trending down and days on market are going up a little.
Aspen’s real estate market is very dynamic and things change seasonally and fast.
How’s The Real Estate Market Impacted Seasonally?
Right now, the temperature in Aspen is 52 degrees. Snow is melting and ski season is just about at an end until fall. What is the demand for a ski in – ski out home or condo right now? You guessed it, there is not as much. If you’re selling, it’s going to take longer right now.
However, what about in the fall when the leaves start to change color and the air gets crisp? Buyers will be back and looking for that perfect second home or investment property in Aspen. So, if you’re thinking of buying property in Aspen, now is actually a good time to start.
The average days on market (DOM) for properties in Aspen is currently about 100 days. This number has been increasing over the past year or so. The economy is really turbulent now and fewer people are making quick decisions on real estate, especially second vacation homes.
Should I Sell Now?
This really depends on your personal situation. If you need to sell for any reason, then it’s probably best to do it sooner rather than later. However, if you’re not in a hurry, you may want to wait a while and see how the market fluctuates.
It’s also important to remember that the Aspen real estate market is very unique. So, even if the market is slow right now, that doesn’t mean it will stay that way forever. In fact, it’s likely that the market will rebound at some point in the future.
In general, if you’re thinking of buying property in Aspen, now is a good time to start looking. Prices are relatively low right now and there are some great deals to be had. However, if you’re thinking of selling, you may want to wait a while and see how the market develops. This is boilerplate advice, however, because every month that you keep a property in Aspen, is a mortgage and operating cost outlay that may exceed any gain in home values here.
The 2022 Market Has Only Surprises Ahead For Aspen CO
Despite the optimistic outlook portrayed by some agents interested in stimulating sales, it’s important to remember that the real estate market is notoriously difficult to predict, so these projections could change in the coming year.
If you want to buy a home in Aspen for investment or to actually live here or even both, now is as good a time to buy as any if you’re willing to pay for something you really want. Speculation is a game that can be lost at any time but a solid long term investment in a well-researched property can be great in a lot of circumstances.
If you’re thinking of buying a home in Aspen, now is a good time to start doing your research. Be sure to work with a knowledgeable and experienced real estate agent who can help you navigate the market and find the perfect home for you.
Looking to sell your Aspen home? You’re going to really want to determine the right asking price and marketing strategy to get your home sold, not just quickly but for top dollar. It’s time to get in touch with a very seasoned pro.