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Aspen/Snowmass Market Report – April 2021

Commercial Real Estate sales volume in Aspen/Snowmass of $84.5M with 7 transactions in Q1 2021 was significantly up 108% compared to $40.7M with 7 transactions in Q1 2020. Residential Real Estate sales in Pitkin County of $544.3M in Q1 2021 was up 67.6% compared to sales in Q1 2020 of $324.8M. Sales Taxes for the City of Aspen were down 1% in Q1 2021 compared to taxes collected in Q1 2020. The Mountain Chalet sold for $68M in March 2021.

ASPEN/SNOWMASS MARKET UPDATE

Item
Q1 2020
Q1 2021
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
Q1 2020:
Q1 2021:
% +/- :
Commercial Sales Volume
$40.7M
$84.5M
108%
Item:
Q1 2020:
Q1 2021:
% +/- :
Commercial Transactions
7
7
0%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
Q1 2020:
Q1 2021:
% +/- :
All Retail Sales
$241M
$238.6M
-1%
Item:
Q1 2020:
Q1 2021:
% +/- :
Lodging
$81.8M
$60.1M
-26%
Item:
Q1 2020:
Q1 2021:
% +/- :
Restaurant
$40.4M
$30.8M
-24%
Item:
Q1 2020:
Q1 2021:
% +/- :
Sporting Goods
$19.5M
$24.1M
24%
Item:
Q1 2020:
Q1 2021:
% +/- :
Clothing
$15.3M
$25.8M
69%
Item:
Q1 2020:
Q1 2021:
% +/- :
Food & Drug
$15.2M
$16.1M
6%
Item:
Q1 2020:
Q1 2021:
% +/- :
Liquor
$3.2M
$3.8M
19%
Item:
Q1 2020:
Q1 2021:
% +/- :
Miscellaneous
$16.2M
$20.8M
4.6%
Item:
Q1 2020:
Q1 2021:
% +/- :
Construction
$14M
$19.6M
40%
Item:
Q1 2020:
Q1 2021:
% +/- :
Luxury Goods
$13.1M
$8.8M
-33%
Item:
Q1 2020:
Q1 2021:
% +/- :
Utilities
$15.3M
$15.4M
1%
Item:
Q1 2020:
Q1 2021:
% +/- :
Automobile
$4M
$7.6M
90%
Item:
Q1 2020:
Q1 2021:
% +/- :
Weedtail
$3.3M
$3.3M
0%
Item:
Q1 2020:
Q1 2021:
% +/- :
RE Transfer Taxes
2.2M
3.6M
64%
VACANCY RATE
Q1 2020:
Q1 2021:
% +/- :
VACANCY RATE
2.5%
3% (30,000 SF)
1%
CAP RATES
Q1 2020:
Q1 2021:
% +/- :
CAP RATES
3.5% – 5.5%
3.5% – 5.0%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
Q1 2020:
Q1 2021:
% +/- :
Residential Total Sales
$324.8M
$544.3M
67.6%
Item:
Q1 2020:
Q1 2021:
% +/- :
Average Price All Types – Aspen
$6.6M
$5.4M
-17.8%
Item:
Q1 2020:
Q1 2021:
% +/- :
Item:
Q1 2020:
Q1 2021:
% +/- :
Average Price All Types – Snowmass
$2.3M
$2.4M
6.3%
Item:
Q1 2020:
Q1 2021:
% +/- :
Aspen Residential Days on Market
268
248
-7.5%
Item:
Q1 2020:
Q1 2021:
% +/- :
Aspen Residential Listed for Sale
259
168
-35.1%
Item:
Q1 2020:
Q1 2021:
% +/- :
Snowmass Residential Days on Market
392
176
-55.1%
Item:
Q1 2020:
Q1 2021:
% +/- :
Snowmass Residential Listed for Sale
191
107
-44%
DEVELOPMENTS
  • The Mountain Chalet sold for $68M in March 2021.

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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.