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3rd Quarter Sales in Aspen Reach 7-Year High

The number of condo and single-family home sales in Aspen this past quarter, at 82, is the highest quarterly mark in the past seven years, according to a new report released by Douglas Elliman. Overall, the Aspen real estate market continues its upward march. Median sales prices were up 37 percent, to $3,429,500, compared to the previous year. Average prices were also up, with listing inventory reacting to the rising prices and jumping 14 percent year-over-year. What didn't see as dramatic of a spike was the luxury market, defined as the top 10 percent of all sales. The median sales price in this segment, about $11.8 million, barely budged from last year.

Driving some of the increases in Aspen were condo median sales prices, which were up 26 percent to $1.35 million while single family median sales prices actually fell about 5 percent compared to the previous year. The average square footage of condos sold during this period was virtually unchanged, so it was really more expensive listings.

Real estate trends for Snowmass Village were a little more of a mixed bag. While inventory increased 12 percent compared to the same quarter last year, residential sales were down 3 percent. Along with the area's slowing absorption rate, the median sales price took a hit while the average sales price stayed strong.

More detail about both of these markets for the previous quarter can be found in the full Douglas Elliman report.

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