News

Check out market updates

Aspen/Snowmass Market Update – December 2020

Commercial Real Estate sales volume in Aspen/Snowmass of $51.1M with 12 transactions in 2020 is the same compared to $51M with 17 transactions in 2019. Residential Real Estate sales in Pitkin County of $2.1B in 2020 was up 91% compared to sales in 2019 of $1.1B. Sales Taxes for the City of Aspen were down 9.7% in 2020 compared to taxes collected in 2019. Aspen Skiing Company uses ticket pricing to spread out ski crowds, not reservations. Steadman Clinic joins Aspen Valley Hospital. Aspen Orthopedic Practice joings Valley View Hospital and opens office in Aspen.

ASPEN/SNOWMASS MARKET UPDATE

Item
Q3 2019
Q3 2020
% +/-
——————————————————————————————————————————————————————————————————
VELOCITY (Source – Aspen Board Of Realtors)
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Sales Volume
$51M
$51M
0%
Item:
Q3 2019:
Q3 2020:
% +/- :
Commercial Transactions
12
12
0%
SALES TAX INDICATORS (Source – City of Aspen/ACRA)
Item:
Q3 2019:
Q3 2020:
% +/- :
All Sales Taxes
$266.8M
$241M
-9.7%
Item:
Q3 2019:
Q3 2020:
% +/- :
Retail Taxes
$74.1M
$70.3M
5.1%
Item:
Q3 2019:
Q3 2020:
% +/- :
Restaurant Taxes
$46M
$40.4M
-12.2%
Item:
Q3 2019:
Q3 2020:
% +/- :
Lodging Taxes
$96M
$81.8M
-14.8%
Item:
Q3 2019:
Q3 2020:
% +/- :
Weedtail Sales
$4M
$3.3M
-17.5%
Item:
Q3 2019:
Q3 2020:
% +/- :
RE Transfer Taxes
$2.9M
$2.8M
-3.4%
VACANCY RATE
Q3 2019:
Q3 2020:
% +/- :
VACANCY RATE
2.5%
5% (30,000 SF)
200%
CAP RATES
Q3 2019:
Q3 2020:
% +/- :
CAP RATES
3.5% – 5.5%
3.5% – 5.5%
0%
PITKIN COUNTY RESIDENTIAL REAL ESTATE
Item:
Q3 2019:
Q3 2020:
% +/- :
Residential Total Sales
$1.1B
$2.1B
91%
Item:
Q3 2019:
Q3 2020:
% +/- :
Average Price All Types – Aspen
$4.4M
$7.2M
63.3%
Item:
Q3 2019:
Q3 2020:
% +/- :
Average Price All Types – Snowmass
$2.1M
$2.1M
0%
Item:
Q3 2019:
Q3 2020:
% +/- :
Aspen Residential Days on Market
259
242
-6.6%
Item:
Q3 2019:
Q3 2020:
% +/- :
Aspen Residential Listed for Sale
253
239
-5.5%
Item:
Q3 2019:
Q3 2020:
% +/- :
Snowmass Residential Days on Market
227
213
-6.2%
Item:
Q3 2019:
Q3 2020:
% +/- :
Snowmass Residential Listed for Sale
263
175
-33.5%
DEVELOPMENTS
  • Aspen Skiing Company uses ticket pricing to spread out ski crowds, not reservations.
  • Steadman Clinic joins Aspen Valley Hospital.
  • Aspen Orthopedic Practice joings Valley View Hospital and opens office in Aspen.

Signup for FREE Market Report

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.