Prices Up As Inventory Drops Across Region

Douglas Elliman Real Estate, the second largest independent residential real estate brokerage in the United States by sales volume, today released its fourthquarter 2019 sales reports for Aspen and Snowmass Village.

In Aspen, results showed a year-over-year increase in average price per square foot for the second straight quarter. While the number of sales declined after four quarters of increases, listing inventory was down across the region.

“Report results for Aspen were encouraging this quarter,” said Stephen Kotler, CEO of Douglas Elliman’s Western Region. “We’re seeing more single-family sales, less inventory and evidence that sellers are gradually aligning more closely with the market changes that have presented themselves over the past eighteen months.”

Inventory was also down in Snowmass Village, where year-to-date overall sales and price trends were up in the fourth quarter. This was the third straight quarter of listing inventory dropping for single-family properties.

“Data out of Aspen and Snowmass Village looked good as we closed out the year,” said Jonathan Miller, President of Miller Samuel, Inc. and author of the report. “As in other regions around the U.S., Colorado is benefitting from lower mortgage rates and from sellers gradually syncing up with market realities.”

ASPEN SALES HIGHLIGHTS

Trends

“Price per square foot moved higher as listing inventory declined across the region.”

- The second straight quarter with a year over year increase in average price per square foot

- Listing inventory fell short of year-ago levels for the third consecutive quarter

- The first decline in the number of sales after four quarters of annual gains

- Condo average price per square foot rose year over year for the second time in three quarters

- Single-family sales increased annually for the third time in four quarters

- After four quarters of year over year declines, the luxury average price per square foot surged

- Luxury listing inventory declined annually for the first time after five consecutive quarters of increases

Key Trend Metrics (compared to same year ago period)

- Average price per square foot rose 14.7% to $1,463

- Number of sales declined 10.4% to 60
- Days on market was 229, down from 271
- Listing discount was 8.4%, down from 8.6%

- Listing inventory declined 14.3% to 263

- Average square footage jumped 18.9% to 3,217

SNOWMASS VILLAGE SALES HIGHLIGHTS

Trends

“Year to date overall sales and price trends were up, and listing inventory was down.”

- The sixth year over year increase in average price per square foot in the last seven quarters

- Listing inventory declined year over year for the third consecutive quarter

- The number of sales declined annually for the third time in the last four quarters

- Condo average price per square foot increased year over year for the fifth straight quarter

- Single-family listing inventory has declined year over year for three straight quarters

- Listing inventory fell sharply year over year for the third time in four quarters

- Average price per square foot declined 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 19.4% to $918

- Number of sales declined 21.2% to 52

- Days on market expanded 25.4% to 336
- Listing discount was 9.3%, up from 5.7%

- Listing inventory fell 5.6% to 238

- Average square footage jumped 35.9% to 2,501

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.