April 2024 Real Estate Recap for Aspen and the Roaring Fork Valley
Stephanie Kroll
Stephanie Kroll
What was the latest news in Aspen real estate during April of 2024? Our thoughts can be found below:
April 2024 was a landmark month for the Aspen and Roaring Fork Valley real estate market, showing significant growth and record-breaking sales. Here's a detailed overview of the latest trends and data from our vibrant community.
Aspen's single-family home market experienced a remarkable surge in sold volumes compared to April 2023. The average sold price year-to-date (YTD) for single-family homes skyrocketed to $24.3 million. This increase is attributed to three extraordinary sales in April, each over $50 million, including the highest sale in Aspen's history at $108 million on Lower Red Mountain. The average sold price per square foot (PPSF) for Aspen single-family homes also saw a notable increase of 26%, reaching $3,558.
The condo market in Aspen mirrored the single-family home market's upward trajectory with a 74% increase in sold volume. While pricing remained relatively flat compared to the first four months of 2023, the surge in volume indicates strong demand and a healthy market.
Snowmass Village experienced modest increases in single-family home volumes. However, transaction numbers were down, primarily due to fewer early purchase closings (EPL) this spring. Despite the decrease in transactions, prices for single-family homes in Snowmass Village increased, reflecting sustained interest and value in the area.
The high-end market continues to drive overall performance. In 2024, there have been 29 sales over $10 million, a 26% increase from the 23 sales during the same period last year. The ultra-high-end segment saw an even more dramatic rise, with 10 sales over $20 million compared to 7 last year, marking a 43% increase.
Inventory trends showed mixed results between Aspen and Snowmass Village. Aspen saw a 23% increase in the inventory of all whole ownership free market property types compared to last year. Conversely, Snowmass Village experienced a 21% decrease in inventory. Overall, from Aspen to Old Snowmass, inventory increased by 14.5%, though it remains 47% below the levels seen in April 2020.
Pending sales figures also suggest a robust market ahead. At the end of April 2024, Aspen had 26 properties pending sale totaling $267 million, a significant rise from 14 pending sales totaling $143 million at the same time last year. Snowmass Village also showed strength with 77 properties pending sale at the end of April 2024, totaling $420 million compared to 65 properties totaling $240 million last year.
The strong pending sales figures indicate a promising Q2 and Q3 for the Aspen and Roaring Fork Valley markets. Notably, significant sales are anticipated with the upcoming closings of properties in Aura and Cirque next year, expected to further drive market growth.
As we continue to navigate the dynamic real estate landscape of Aspen and the Roaring Fork Valley, our commitment remains steadfast in providing unparalleled service and insights to our valued clients. Whether you're buying your first home, upgrading, or investing in a vacation property, our expertise and local knowledge are here to guide you every step of the way.
Contact the real estate team at Avant Garde Aspen to sell your property, buy luxury ski property, and browse resort homes for sale in Aspen, Basalt, Carbondale, and the rest of the Roaring Fork Valley.