Aspen's real estate market ended 2015 on a good note, with the third quarter setting a high for sales and the fourth quarter showing more positive signs. Prices were trending up in the fourth quarter of 2015 compared to the same period last year, according to a report from Douglas Elliman, even if the number of sales fell slightly.
Aspen's median sales price for the fourth quarter was $2,687,500, which is 18 percent higher than 2014's fourth quarter. The average sales price was up 16.5 percent over the same period during the previous year, at $4,221,824. Both those figures were down compared to the third quarter, but 2015's yearly figures compared well to 2014.
The average sales price for 2015 ($3,975,538) was 8.3 percent higher than 2014 while the median sales price ($2,500,000) dropped just 1 percent year-over-year. Despite some fluctuations in sizes of condos and single-family homes sold compared to the previous period, the average price per square foot was up for the quarter (9 percent) and year to date (10.3 percent). Sales were also up, with 295 in 2015 marking a nearly 10 percent increase over 2014's 269 sales. It was the most sales activity in Aspen in eight years.
Aspen's luxury market did well, too. For the top 10 percent of sales in the fourth quarter, the average price per square foot hit $2,023 — up more than 20 percent over the previous year and a record for the 12 years Douglas Elliman has been tracking the statistic.
All this activity and positive pricing news looks like it's drawing more people into the market. Not only did listing volume rise in the fourth quarter (5.2 percent over the third quarter and 8.3 percent over the last year), the absorption rate (the number of months it would take to sell through the available inventory) grew despite a drop in days on market, both compared to the same period in 2014. But with more homes available, buyers might be getting a bit of an edge when it comes time to negotiate — the listing discount rose to 13 percent, mostly stemming from the single-family home market.
Find more info about specific segments of Aspen's real estate market and the market in Snowmass in the full Douglas Elliman report.
· Douglas Elliman [Official site]
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