Aspen/Snowmass Market Update Q4 2021
The economy and real estate market in the Aspen Snowmass area continued to strengthen in 2021 over 2020. New all-time records were set for retail, restaurant and lodging sales, as well as new records for real estate sales. Sales tax receipts were up 30.4% over 2020.
Residential property sales hit $3.7 billion a 12.5% increase over the previous record of $3.3 billion set in 2020. Total residential sales in 2021 were nearly double the several year average pre-pandemic. The average price of a residential single family home in Aspen increased 17% over 2020 to a record price of $12.2 million. At the same time, the inventory of residential properties for sale declined to record low of 182 throughout the Aspen Snowmass market.
Commercial retail and office rents set another record with office rents reaching $80 – $90 per SF NNN and retail rents ranging from $200 – $300 per SF NNN in the Aspen commercial core. Commercial investment opportunities are few and far between, and if anything came on the market, the CAP rates are in the 3.5% range.
By far 2020 and 2021 have been the two best years for Aspen residential and commercial real estate in modern history.
| 2020 YTD | 2021 YTD | %+- | |
| Velocity (Source – Aspen Board of REALTORS) | |||
| Commercial Sales Volume | $54.1M | $48.7M | -10% |
| Commercial Transactions | 15 | 22 | 46.7% |
| Residential Real Estate | |||
| Residential Total Sales (millions) | $3,254.138 | $3,659,287 | 12.5% |
| Aspen Residential Average Price (Single Family Home) | $10,432,041 | $12,219,436 | 17.1% |
| Snowmass Residential Average Price (Single Family Home) | $4,188,173 | $5,437,514 | 29.8% |
| Aspen Residential Days on Market | 194 | 136 | -29.9% |
| Snowmass Residential Days on Market | 194 | 140 | -27.8% |
| Aspen Residential Listed For Sale | 193 | 72 | -62.7% |
| Snowmass Residential Listed For Sale | 137 | 42 | -69.3% |
| VACANCY RATE (1.0 mil SF DT Aspen) | 2.5% | 3.0% (30,000 SF) | 1.0% |
| CAP RATES | 3.5-5.0% | 3.5-5.0% | 0.0% |
| Sales Tax Indicators (Source – Town/City of Aspen- 01/01/2021 – 10/31/2021) | |||
| All Sales Taxes | $631.9M | $824.1M | 30.4% |
| Lodging Taxable Revenue | $133.1M | $199.1M | 33.3% |
