2023 Year in Review: What Sold in Aspen & The Roaring Fork Valley in 2023 and Where? Who Bought Homes?

A client asked me a simple question - who bought homes in Aspen & The Roaring Fork Valley in 2023, and what sold? Which led me to conduct a ton of research using the Aspen/Glenwood MLS, Realist, Remine, Pitkin, Eagle, and Garfield County Public Records, and more. Here were my findings. 

ASPEN

Most Aspen home sales in 2023 transacted locally with people who already own property or live in Aspen. About 47% of Aspen buyers had registered addresses in the Roaring Fork Valley. Those buyers purchasing from outside of the Roaring Fork Valley, mostly come from states such as Texas, Florida, California, and New York. We do see some international buyers, but not as many as you may suspect. International buyers usually come from countries such as Canada, Australia, or the UK, and sometimes from Mexico, Argentina, or Russia. 

Most home buyers desired to spend time in town during the peak winter ski season, or to enjoy pleasant weather during the summer months. ⅓ of Aspen homebuyers in 2023 were registered on title as owner-occupants, the other ⅔ were purchased under corporate ownership with LLCs - for the tax benefits, to reduce personal liability, and maintain homeowner privacy. 

With interest rates rising in 2023, the bulk majority of the Aspen buyer pool, or 75% of closed transactions, consisted of cash buyers. The advantage to purchasing an Aspen single family home in 2023, was that the market slightly favored buyers. This resulted in more opportunities to negotiate good deals on the initial purchase price, or buyers getting additional repairs, credits, or price reductions on inspection negotiations. 

Aspen real estate sales can take time for homeowners looking to sell. Only 10% of Aspen homes in 2023 closed within the first 30 days of being on the market. 47% of homes that closed this year were on the market for over 120 days, with the average days on market across all closed units this year being around 161 days. The average sale price of all closed properties this year (both attached and detached combined) was $9,985,525, an average closed price per square foot of $2,937/SF. The average sold to list price ratio was 93.96% of list price. Total closed volume for Aspen home sales for the entire year, was $2,033,753,478.

The Aspen properties that actually sold this year were in close geographic proximity to the Aspen Core. Of the 180 sales that closed during 2023 in Aspen, 81 were single family homes, and 77 were condos. Most of the single family homes were completely turnkey, remodeled, or new construction homes, complete with luxurious high end finishes and amenities. The condo units that sold were similar in nature, or if they were older properties that needed remodeling, were in ideal locations, that had great investment potential over time.

SNOWMASS VILLAGE

194 home sales closed in Snowmass Village in 2023, for a grand total of $637,536,000 in sales volume for the year. Of the homes that sold, only 36 were single family homes, and 133 were condos. 57% of listings were on the market over 120 days, which was the vast majority of listings. The average sales to list price ratio was 96.76% of list price. The most expensive home sold in Snowmass closed for $22,425,000, and the lowest priced timeshare traded hands for $150,000. 

BASALT

153 home sales occurred in Basalt in 2023. Mid-valley home sales move a little faster than in Aspen and Snowmass, so 33% of homes sold between 1-2 months of being on the market, for the year. However, if the home wasn't presented well, was expensive given 2023 interest rates, or wasn't properly priced, it might sit a little longer, which is why 32% of homes sold after being on the market for 120 days. $286,424,408 of total Basalt real estate sales volume traded hands during 2023 for Willits, downtown Basalt homes, homes in Emma, Shadowrock Townhomes, homes by Blue Lake, and homes off the Frying Pan all the way to Meredith. The average sale to list price ratio was 97.6% of asking price. The most expensive home sale in Basalt was $15,500,000. 54 of the homes that sold were condo units, and 66 were single family homes. The average sale price for both attached and detached units was about $2.2M. 

CARBONDALE

140 transactions took place in Carbondale during 2023. Similar to Basalt, 38% of units were on the market between 1-2 months, but otherwise, if not absorbed then, 30% of units were on the market for over 120 days when they missed their mark. 89 of the homes that sold were single family, 18 were condos, and 21 were townhomes. The average sold price for detached and attached homes combined was $1.8M. The sold to list price ratio on average was 97%. The most expensive home that sold in Carbondale for the year was $7,650,000. About $270,189,695 of Carbondale real estate traded hands in 2023. Average days on market was 117. Most of the homes that sold in 2023 were in popular master planned golf course communities such as Aspen Glen, Ironbridge, River Valley Ranch, and horse communities like Aspen Equestrian Estates or were properties in close walking proximity to Main Street and central, downtown Carbondale.