As we lean into the tail end of summer, the Aspen real estate market remains highly active. June's market update shows a steady pace of continued growth with year-to-date sold listings up nearly 190% for single-family homes and up more than 46% for condos and townhomes compared to 2016.
The Frias team has been busy closing sales this summer with 14 deals completed in the last three months.
If you are interested in Aspen real estate, you have likely read conflicting reports, with some brokers saying current conditions favor buyers and others (including us at Frias) firmly opinionated that it's a seller's market.
Those in the buyer's-market camp point to the pace of sales in comparison to new listings, a ratio that is slowing down but has so far shown to be keeping up with high demand for Aspen real estate.
Those who are adamant that the current real estate conditions are in the sellers' favor point beyond the data.
"Sellers and buyers are placing a high value on the newest or the best located properties, and Aspen's desirability is at an all-time high. Given the historic low inventory available, sellers should capitalize on this market." said Frias Properties Managing Partner Chuck Frias. "Both sellers and buyers have access to many different sources for real estate data, which is why it's important to work with a professional broker who knows more than the numbers might indicate."
How are seasoned professionals reaching such disparate conclusions? Frias brokers say some algorithms that look at monthly data points are skewed by the relatively small number of transactions and outlying sale prices that can be far from the median.
"I think part of the problem with statistical analyses is the small sample sizes," said Frias Properties Broker Dennis Jung. "Drawing conclusions about trends based on these numbers doesn't always make sense."
Based on historical cycles, including the last continued period of increasing prices, we believe there are a few months left for sellers to take advantage of the hot market.
"A lot of the remaining inventory right now is stagnant and not priced correctly," said Frias Properties Broker Andrew Myatt. "If you're considering selling your property in the next three years, the time to list it is now."
Call it old-fashioned, but we prefer to have a real conversation about what's going on in the market and how it affects your specific real estate goals. Start the conversation by contacting a Frias broker here.