Aces Rock Bottom Ranch
For those who have not been down to Rock Bottom Ranch in the mid-valley, one of their amazing events should not be missed. The 113-acre farm is operated by Aspen Center for Environmental Studies and offers sustainable agriculture and education programs for all ages.
It was my pleasure to attend a talk last week and had the opportunity to meet their llama Cindy who had just given birth to Conrad four days earlier. The llamas are there to protect the herd of sheep and goats from predators in the area.
The Market
As we head into the summer the most frequent question, I am getting is, “What is the future of the market?”
From May 25 to June 15, we have seen 14 properties close for a total of $240 million. That is a staggering number! While our year-to-date transactions are down by 30%, the total sales volume remains close to the first half of 2021. What this means is that our home pricing has remained strong, which is a great position to be in as a seller.
At this time, less expensive properties seem to be sitting. There are currently 13 properties listed below $5 million in the core of Aspen, none of which are under contract as of June 16th.
Our absorption rate hovers at 2.3 months, showing that we still have very little inventory. The average days on market are slowly rising from 134 in May 2021 to 147 in May 2022. So what is going on?
The building moratorium is fueling a fear that you will not be able to purchase land and build legacy properties. People are in a rush to grab the larger homes. Of those fourteen properties which sold, four closed for over $32 million each.
The condo market is seeing some hesitancy, with rising interest rates, increased fuel costs, the war in Ukraine, and our political uncertainty. Potential buyers seem to be sitting on the sidelines, waiting to see what the future holds.
Food & Wine Aspen
Summer has finally arrived in Aspen. The town is filling up as patrons and vendors arrive for the annual Food & Wine Classic. The schedule is packed with three incredible days of cooking demonstrations, wine tastings, and panel discussions by renowned chefs and wine experts. Food & Wine marks the unofficial start of summer in Aspen.
