Sales Rise in Aspen and Stabilize in Snowmass Village; Listing Inventory Falls in Both Markets

Douglas Elliman Real Estate, the second largest independent residential real estate brokerage in the United States by sales volume, today releases the third quarter 2019 Aspen and Snowmass Village Sales Market Reports. In Aspen, the number of sales increased for the fourth straight quarter, while in Snowmass Village, sales stabilized. Both areas saw listing inventory slip.

In Aspen, the pace of the market accelerated with the average price per square foot pressing higher year over year. Condo sales continued to surge, as single-family listing inventory slipped in two of the last three quarters. Luxury listing inventory continued to expand for the fourth consecutive quarter.

“We are very positive about the Aspen market, which is seeing rising sales and less supply,” said Stephen Kotler, CEO of Douglas Elliman’s Western Region. “The market is tightening in Snowmass Village with rising prices amid a drop in inventory. Both of these markets continue to offer a wonderful lifestyle and to be an exciting draw for buyers.”

Median sales price rose year-over-year for the fifth time in six quarters, while the number of sales was unchanged, in Snowmass Village. Both luxury listing inventory and overall listing inventory plummeted when compared to this period last year.

“With sales declining year-over-over for the past two quarters, the market is finally stabilizing in Snowmass Village,” said Jonathan Miller, President and CEO of Miller Samul Inc. and author of the report. “In the luxury market, average price per square foot surged annually despite a drop in average sales size.”

ASPEN SALES HIGHLIGHTS

Trends

“More sales with fewer listings as pace of market accelerated.”

- The fourth straight quarter with the number of sales rising above the prior-year quarter

- Listing inventory declined year over year for the second straight quarter

- Average price per square foot rose year over year after four quarters of declines

- Condo sales surged year over year in the fourth quarter without a decline

- Single-family listing inventory declined in two of the last three quarters

- Luxury entry-threshold declined annually for fourth straight quarter

- Luxury listing inventory expanded year over year for the fourth consecutive quarter

Key Trend Metrics (compared to same year ago period)

- Average price per square foot rose 7.3% to $1,478

- Number of sales rose 3.7% to 56
- Days on market was 223, down from 230
- Listing discount was 7.7%, up from 5%

- Listing inventory declined 17.9% to 288

- Average square footage declined 10.9% to 2,563

SNOWMASS VILLAGE SALES HIGHLIGHTS

Trends

“Sales stabilized as listing inventory slipped.”

- Tied for the highest number of third quarter sales in fourteen years

- Listing inventory declined annually for the third consecutive quarter

- Median sales price rose year over year for the fifth time in six quarters

- Luxury average price per square foot surged annually despite drop in average sales size

- Luxury listing inventory fell year over year for the second time in three quarters

Key Trend Metrics (compared to same year ago period)

- Average price per square foot rose 12.7% to $788

- Number of sales was unchanged at 49

- Days on market shortened 13.1% to 225
- Listing discount was 10.6%, down from 11.6%

- Listing inventory fell 7.3% to 265

- Average square footage rose 14.4% to 2,309

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 120 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado, Massachusetts and Texas. 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.