Aspen/Snowmass Market Update – April 2019
Commercial Real Estate sales volume of $16.2M with 4 transactions YTD in 2019 in Aspen/Snowmass is significantly down 55% compared to $36M sales with 8 transactions YTD in 2018. Residential Real Estate sales in Pitkin County of $691M YTD in 2019 was up 8.2% compared to sales in 2018 of $638M. Sales Taxes were up 6.9% YTD in 2019 compared to taxes collected YTD in 2018. New developments include new W Hotel to open Fall 2019, new Aspen City Hall is under construction and Lift One project has been approved by voters.
ASPEN/SNOWMASS MARKET UPDATE
Item
Q2 2018
Q2 2019
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Sales Volume
$36M
$16.2M
-55%
Item:
Q2 2018:
Q2 2019:
% +/- :
Commercial Transactions
8
4
-50%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
Q2 2018:
Q2 2019:
% +/- :
All Sales Taxes
$308M
$331M
6.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Retail Sales Taxes
$60.8M
$64.8M
7.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Restaurant Sales Taxes
$47M
$56.7M
19.1%
Item:
Q2 2018:
Q2 2019:
% +/- :
Lodging Sales Taxes
$98.2M
$108.6M
10.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Weedtail Sales Taxes
$5.1M
$5.3M
3.9%
Item:
Q2 2018:
Q2 2019:
% +/- :
RE Transfer Taxes
$4.5M
$4.3M
-4.4%
VACANCY RATE
Q2 2018:
Q2 2019:
% +/- :
VACANCY RATE
2.5%
3% (30,000 SF)
20%
CAP RATES
Q2 2018:
Q2 2019:
% +/- :
CAP RATES
3.5% – 5.5%
3.5% – 5.5%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
Q2 2018:
Q2 2019:
% +/- :
Residential Total Sales
$638.4M
$691M
8.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Average Price All Types – Aspen
$4M
$4.4M
9%
Item:
Q2 2018:
Q2 2019:
% +/- :
Average Price All Types – Snowmass
$1.6M
$2.1M
34.8%
Item:
Q2 2018:
Q2 2019:
% +/- :
Aspen Residential Days on Market
284
258
-9.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Aspen Residential Listed for Sale
275
258
-6.2%
Item:
Q2 2018:
Q2 2019:
% +/- :
Snowmass Residential Days on Market
200
253
26.5%
Item:
Q2 2018:
Q2 2019:
% +/- :
Snowmass Residential Listed for Sale
250
201
-19.6%
DEVELOPMENTS
- New W Hotel to open Fall 2019
- New Aspen City Hall is under construction
- Lift One project has been approved by voters
