For the first five months of 2016, volatile financial markets and global uncertainty with an unpredictable Presidential race may all be contributing factors to the staggering drop in Aspen real estate gross sales and transactions as compared to the same period last year. The market slow-down follows a $2 billon year for Pitkin County that was one of the strongest on record in terms of the numbers of transactions and sales volume.
Real estate statistics for single family homes in Aspen for sale during 2016 illustrate that listings are up 16.7 percent, from 66 to 77 and sold listings are down 61.1 percent from 36 to 14. The average sales price is down 16.0 percent, with the average home price at $5.7 million with a 13 percent discount and reduced days on the market at 188. We are seeing an increased supply of homes coupled with a decrease in sales price.
Townhomes and Condominiums reporting in Aspen during 2016 show new listings are flat at 106, sold listings are down 33.3 percent from 75 to 50 with the average price up 6.7 percent at $2.2 million with a 5 percent discount and average of 152 days on market. Conversely, we are seeing a stable supply of townhomes/condominiums coupled with an increase in the average sales price.
To the extent that these five months have illustrated a possible correction in the market, we are uncertain of the future trends, and we will continue to monitor and report as the year unfolds.
Frias Properties of Aspen offers local and knowledgeable Aspen real estate brokers, available 7 days a week, to help you sell your property. Whether you are interested in selling or upgrading - or if you just want to learn more about the real estate market - we are here to share our decades of local real estate knowledge. Contact us today to discuss what is happening with Aspen.