Aspen’s luxury market became subdued following peak ski season, according to a Douglas Elliman report Thursday.
During the second quarter, the popular ski resort in Colorado registered only six luxury sales, defined as the top 10% of the overall market. The figure was 33.3% less than the nine sales during the same three-month period last year.
The six sales had an average price of $13.8 million, down 7.2% on an annual basis. The luxury median sales price fell 1.9% year-over-year to $13.2 million.
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The market seemed to cool in comparison to a busier-than-usual 2017 after a slow 2016, according to Jonathan Miller, author of the Douglas Elliman report and chief executive of Miller Samuel, a real estate appraisal firm.
"Aspen is a small market, so it has a lot of volatility," Mr. Miller said.
From April to June, there were 78 luxury homes available on the Aspen market, a 24.3% decrease from the same period last year. The decline in inventory might also contribute to a lower market.
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By another metric, though, prices surged. The average price per square foot in the second quarter was $2,626, a 23.8% increase year to year, Mr. Miller said.
Additionally, the entry threshold for the Aspen luxury market, or the lowest sale price of the six sales, was $12.1 million, the highest record for the 14 years Douglas Elliman has been tracking major markets across the country, Mr. Miller said.
By comparison, the entry threshold for Palm Beach, Florida, was $6.78 million, while it was $4.25 million for Manhattan.
The most expensive sale in Aspen in the second quarter was a 5,895-square-foot, six-bedroom house on West Bleeker Street. It was listed for $18.95 million in January and closed for $17.5 million in June.