An Inside Look at Today’s Real Estate in the Roaring Fork Valley
Halfway through the year, some market sectors are slowing down while others are setting new records. The overall number of sales transactions has declined by over 20% year-over-year in the Aspen area, but total sales dollars stayed the same due to significantly increased sales prices.
The average price per square foot for condominiums in town is up 50% to $2,817 and the average cost of a condominium in the city has doubled to $4.65m.
As of this writing, inventory has increased and sales have slowed down considerably. There are currently 25 properties priced under $6m for sale in the core of town with only 3 under contract. Price reductions seem to be a daily occurrence suggesting the current market may not support such aggressive initial listing prices.
The average price of a single-family home has climbed 49% from $13.195m in 2021 to $19.7m today. There have been 37 $10m+ sales in Q2 2022 compared to 32 in Q2 2021, 14 $20m+ through Q2 2022 versus 9 last year, and 9 $30m+ sales in the first six months of 2022 vs. three in Q2 2021.
Luxury Market Dominance
Aspen Snowmass Sotheby’s International Realty is proud to produce one of the most comprehensive midyear real estate market reports offered by any brokerage in the Roaring Fork Valley, sharing invaluable market insight on all twelve cities and towns in the valley, spanning from Aspen to Rifle. As we enter the second-half of 2022, there are a few signs pointing toward a shift in the Aspen area real estate market; listing inventory is starting to climb for the first time since 2020.
Despite several notable high-end sales, there has been an increasing number of price reductions as sellers try to catch buyers who are becoming more pragmatic in their purchase process. However, a strong increase in sale prices has masked the slowdown in the pace of transactions, increasing the sales dollar volume year-to-date in Aspen. The high-end market remains strong, with 10 sales over $30 million in Aspen so far this year – that’s more than any other entire year, ever!
New & Exclusive Listings
After serving as the rental listing agent for 901 E. Hyman over the past 18-months, this 2-bedroom, 2-bathroom unit was recently listed for sale. During the peak season, the unit saw a 94% occupancy rate with an average daily rate of $650. Located just four blocks from the gondola with easy access to everything downtown Aspen has to offer – the unit is a great investment property or a place to call home. Let me know if you, or someone in your network, would be interested in owning this prime investment property in Aspen.
Off Market Long Term Rental
An opportunity to live directly on the Roaring Fork River in one of the mid-valley’s most desirable neighborhoods doesn’t come along too often. This riverfront property is available for long-term rental starting in August for $9,000 a month.
180 River Oaks Lane is a 2,350 square foot single-family home featuring three bedrooms, 2.5 baths, a 2-car garage, main floor primary bedroom, picturesque outdoor entertaining space, mature growth trees, and a fenced-in yard perfect for pets. Located on three-quarters of an acre in close proximity to the Roaring Fork Club and Willits Town Center – the River Oaks cul-de-sac is truly one of the best locations in all of Basalt. The property is being updated and is available for long-term rentals starting mid-August. Reach out with any questions.
Need a quick getaway to a wind sports mecca?
If you’re looking for a quick getaway to a wind sports mecca, look no further than Hood River, Oregon. The Columbia River Gorge offers some of the most consistent and powerful winds in the world. Located about 50 minutes from Portland, Oregon, the Gorge offers up numerous launch sites to kite, wing, kite foil, pump foil, and downriver foil. People travel from around the world to spend time here. It’s an easy journey and I was on the water by 3pm after leaving Aspen at 9am.
Hood River also sports some great wineries as well as restaurants and bars. 3 Rivers Grill is one of my personal favorites and it didn’t disappoint this time around. Jimmy and his wife run an amazing establishment with one of the better margaritas I have ever had. Sit on the deck and take in the views of the Columbia River as the sun sets.
Freshies is the place to go for breakfast and coffee. Located right downtown, they make the bagels on site that are always warm and fresh – this place is the perfect fuel-up spot before a day on the water.
For wind gear, the two best shops in town are Big Winds and Pure Stoke Sports. TJ at big winds is one of the most knowledgeable foil experts in the country. I picked up a new Ozone Wing at Pure Stoke at a great price.
You will not regret a trip to Hood River.
