Douglas Elliman Real Estate, the second largest independent residential real estate brokerage in the United States by sales volume, today releases the first quarter 2019 Aspen and Snowmass Village Market Reports. In Aspen, the number of market-wide sales rose for the second straight quarter. Larger sales size skewed price trends higher in Snowmass Village, while sales slowed.

“Aspen has seen an uptick in sales this quarter that is entirely due to single family home sales, and not condos, which remained unchanged,” said Stephen Kotler, CEO of Douglas Elliman’s Western Region. “This really differentiates Aspen from what we have seen in other luxury markets nationwide, as does its nominal change in inventory.”

In Snowmass Village, the median sales price jumped more than 50%, consistent with the surge in average sales size. Like Aspen, the luxury market also showed only a small increase in supply. As the number of sales declined faster than listing inventory, the market pace slowed.

“Both the average size and the average price per square foot of a luxury sale rose year-over-year in Snowmass Village,” said Jonathan Miller, author of the report. “Even with the decline in sales this quarter, there still wasn’t a large expansion in supply. Overall I’d characterize the Aspen and Snowmass Village regions as more stable than most of the other luxury housing markets we track.”

ASPEN SALES HIGHLIGHTS

Overview

“Market-wide sales continued to see annual gains for the second straight quarter.”

- The number of sales expanded year over year for the second straight quarter

- Average sales sized increased annually for the second time in three quarters

- Listing inventory annually edged higher for four straight quarters

- Luxury average price per square foot declined and listing inventory expanded annually for three straight quarters

- The entry-threshold drifted lower year over year for three consecutive quarters

Key Trend Metrics (compared to same year ago period)

- Average price per square foot declined 14.8% to $1,277

- Median sales price slipped 1.3% to $1,437,500

- Number of sales jumped 13% to 52
- Days on market was 230, down from 334
- Listing discount was 9.8%, unchanged

- Listing inventory rose 1% to 302

- Average square footage rose 3.3% to 3,433

SNOWMASS VILLAGE SALES HIGHLIGHTS

Overview

“Larger sales size skewed price trends higher as sales slowed.”

- The average sales size surged, skewing all price trend indicators sharply higher

- The number of sales declined faster than listing inventory, slowing the market pace

- The number of sales declined annually for the first time in eleven quarters

- Luxury average price per square foot rose year over year for the second straight quarter

- The average size of a luxury sale jumped from the year-ago level

Key Trend Metrics (compared to same year ago period)

- Average price per square foot surged 43.1% to $1,029

- Median sales price jumped 51.9% to $807,500

- Number of sales declined 31.3% to 33

- Days on market expanded 33.1% to 209
- Listing discount was 4.5%, down from 4.7%

- Listing inventory fell 3.7% to 290

- Average square footage surged 26.9% to 2,130

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 118 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado and Massachusetts. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.