Aspen

Through the first nine months of 2025:

• Single family home sales are steady compared to last year, although the average sale price has moderated down to the mid $16m range (from nearly $20m last year)

• The average price per square foot for SFH sales is up (again) this year, and the market is pacing for a 5-7% +/- increase in prices compared to 2024

• Importantly, there have been 4 sales above $35m through the end of September, compared to 7 for all of 2024. The highest end of the market remains strong, although SFH sales above $20m have accounted for just under 50% of all SFH sales in 2025, compared to 66% of all SFH sales in 2024

• There are some signs of oversupply at the high-end of the Aspen market with 20+ listings over $30m – this implies a 2-3+ year supply of listings at that price range

• Overall SFH listing inventory is up about 10% compared to a year ago, but under contract activity is also up so I don’t see any specific concerns about the flow of transactions (other than the aforementioned overweight at the top-end of the market)

• The Aspen condo/townhome segment is relatively stable with regard to listing inventory, perhaps a tad slower on the transaction front compared to 2024, and prices are tracking to increase 7%+ this year

• Residential properties are selling at 94% of the list price (on average), and keep in mind the range is anywhere from closings above the asking price down to 30% or more off the asking price; the modest 6% average discount from the list price in the face of rising prices does indicate that sellers still have negotiating strength

Overall, it’s hard to make a case that the Aspen market is slowing down substantially. Price per square foot continues to push upward and SFH sales remain on pace with 2024. Listing inventory hasn’t changed significantly compared to last year at this time. I point out the “hard to make a case” for a slowdown because the media and rhetoric around the U.S. these days seems to focus quite heavily on a real estate slowdown.

NOTE: The drop in average sales price for Aspen SFH’s is reflective of the finicky nature of the ultra high-end market in Aspen – it only takes a few high-dollar sales to move the average sales price up or down; and many stat junkies will say that median price is a better indicator to track sales price movements. Frankly, there are pros and cons to using average and median to track the Aspen market. The reality is that the data set (i.e. number of sales) is relatively small so I don’t feel median is a consistent measure. Average price per square foot is probably the most accurate metric to follow, and coupled with observing the quantity of sales at particular price points allows for a solid understanding of the market trends.

Snowmass Village

Through the first nine months of 2025:

• The single family home market remains historically tight – 29 sales through the end of September nearly matched the 32 sales for the entirety of 2024, and with approximately 15 active listings at the end of September there’s less than a six-month supply (this is considered extremely low for a resort real estate market where 18-24 months of supply is fairly typical)

• Average price per square foot for SFH’s is up 15%+ this year compared to 2024, thanks in large part to the supply/demand fundamentals

• Condo/townhome listing inventory and under contract activity in Snowmass is challenging to understand at a high-level because of the “noise” from the Base Village new-construction sales efforts. On paper listing inventory is up significantly compared to last year at this time, but so are under-contract listings

• The average price per square foot broke the $2,000 barrier this year for condo sales (SFH sales exceeded $2,000 per square foot on average last year)

• Snowmass sellers have even more negotiating power than their Aspen counterparts, with properties selling for more than 95% of the asking price (one average)

• There has been one sale over $20m this year in Snowmass Village (compared to 14 such sales in Aspen YTD)

• The average price per square foot for all residential sales in Snowmass Village has been tracking about 35% below Aspen this year, this compares to historic norms in the 40-50% range, so there is absolutely relative “value” to be found in Snowmass Village, but the price differential is shrinking

Overall

Price per square foot has increased 10%+ on average every year over the past 10 years across Aspen Snowmass residential property sales, this is significant and should not be overlooked given the continued price appreciation taking place currently in the market. It’s important keep perspective that a high-level overview of the market isn’t fair to individual buyers, sellers, and interested parties because the more nuanced trends at a neighborhood level can be dramatically different. Some segments of the local real estate market have slowed down, it’s important to get more granular than just painting the market in broad trends.