News

Check out market updates

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 YTD2021 YTD%+-
Velocity
(Source – Aspen Board of REALTORS)
Commercial Sales Volume$54.1M$48.7M-10%
Commercial Transactions152246.7%
Residential
Real Estate
Residential Total Sales (millions)$3,254.138$3,659,28712.5%
Aspen Residential Average Price (Single Family Home)$10,432,041$12,219,43617.1%
Snowmass Residential Average Price (Single Family Home)$4,188,173$5,437,51429.8%
Aspen Residential Days on Market194136-29.9%
Snowmass Residential Days on Market194140-27.8%
Aspen Residential Listed For Sale19372-62.7%
Snowmass Residential Listed For Sale13742-69.3%
VACANCY RATE (1.0 mil SF DT Aspen)2.5%3.0% (30,000 SF)1.0%
CAP RATES3.5-5.0%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$824.1M30.4%
Lodging Taxable Revenue$133.1M$199.1M33.3%

About The Author

William Small, Zenith Realty Advisors

William Small brings over 28 years of experience in all aspects of commercial real estate to Zenith Realty Advisors. Based in Aspen, Bill Small provides commercial real estate investment consulting and advisory services to major US and foreign corporations and institutions.

Market Update Signup

Subscribe Now to Receive Rocky Mountain Commercial Broker Market Updates by Email

Archives