Real Estate
Aspen Real Estate Market Is Returning to Pre-Pandemic ‘Normalcy’
Low inventory and high interest rates are contributing to a 40% drop in dollar volume, even as prices have tripled.
Source: The Haldeman Banner Team, Christie’s International Real Estate Aspen Snowmass
The Aspen, Colorado, market for mansions has contracted from the levels seen during the pandemic; year-to-date dollar volume is down by 40% compared to last year’s. But don’t expect sale prices to drop because inventory is still tight.
“The market has returned to what’s being referred to as the pre-pandemic ‘normalcy’ of the 2016-2019 years,” Tim Estin, a broker with Aspen Snowmass Sotheby’s International Realty, writes in his market report, “Normalcy means a healthy, active market but not the explosive ‘urban exodus’ market of 2020-2022.”