Mansion Global

Aspen Rising: 60% Surge in Sales Over Last Year

Luxury sales prices soar by 19% to a median price of $11.6 million

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A luxury home in Aspen selling for $19.9 million

Douglas Elliman
A luxury home in Aspen selling for $19.9 million
Douglas Elliman

The real estate market in the posh ski resort town of Aspen, Colorado, is hitting new peaks, according to a report Thursday.

The ski town, which has a year-round population of fewer than 7,000 that balloons to nearly 30,000 during the the high season, is seeing its fastest-moving property market since appraisers Miller Samuel began tracking absorption in 2011, according to a third quarter report by the firm for Douglas Elliman.

More:U.S. West Ski Homes Continue to See Steady Investment

In the first three quarters of this year, Aspen logged a 60% spike in the number of sales compared to the same period last year. And a busy season for property buying is still ahead as the ski season starts in the fourth quarter, said Jonathan Miller, president of Miller Samuel.

More activity and a trend toward buying larger single-family homes has caused prices in town to skyrocket. In the third quarter, the median sales price hit $2.95 million—a 60% increase from a year ago, when it was $1.85 million, according to the report.

The market for luxury, defined as the top 10% of sales, is also getting tighter in Aspen, with inventory dropping by one-third since this time last year. The median sales price has jumped 19% to $11.6 million, and these ultra pricey homes are selling twice as fast as they were a year ago, according to the report.

While some may attribute the sudden spike in sales to last season’s record snowfall attracting buyers to the market, Stephen Kotler, CEO of Douglas Elliman’s Western Region, said he is hesitant to claim a cause and effect, especially since summer is also popular in Aspen.

"They say people ‘come for the winter and they stay for the summer,’" he said.

Indeed, data from the past four years doesn’t show a clear correlation between more seasonal snowfall and positive market metrics, according to an analysis by Mansion Global.

More:Check Out These Under-the-Radar Ski Spots

More likely, a stressful presidential election last year led to the drop off in second-home purchases and created a lull in places like Aspen, Mr. Kotler added.

Third-quarter data also show a trend toward bigger single-family homes. The average size jumped 16.6% since the third quarter of last year to 2,814 square feet.

Bigger houses are a sign that buyers in town want a home over a fleeting investment, Mr. Miller said: "They are not speculating, they are looking at a long-term timeline."