Total real estate sales in Aspen hit $1.1 billion, highest since 2007

The best real estate deals in Aspen have been picked off and average prices in the posh resort town are up, Aspen real estate broker Tim Estin wrote in his quarterly Aspen Real Estate Market Intelligence report released Friday.

For the combined Aspen Snowmass market, the average sales price jumped 23 percent to $2.8 million as of Sept. 30, compared with $2.3 million during the same period last year

Through Dec. 22, 315 sales closed in Aspen, Brush Creek, Woody Creek and Old Snowmass, compared with 276 in 2013. The total value rose to $1.1 billion this year, compared with $793 million last year. This year’s total is the highest since 2007, Estin.

Estin said there was a major spike in the sale of homes priced above $7.5 million. Among homes priced $1 million to $2 million, sales declined 42 percent, mostly because there is little for-sale inventory. In 2013, 1,078 homes were offered for sale, compared with 956 this year.

Estin said the market “continues to be very competitive and price sensitive as buyers still have a number of options to choose from in many cases. Unless priced well, it remains challenging to sell most ‘average’ properties.

The average cost of condos in Aspen jumped 20 percent this year to $1,176 per square foot, compared with $976 per square foot last year.

In the Snowmass Village market, 138 sales closed, compared with 156 last year and total value dropped to $212 million from $203 million in 2013. For-sale inventory dropped 17 percent to 487 properties this year.

Sales of single-family homes in Snowmass Village priced at $1 million to $2 million jumped to 18 in 2014 from 10 least year.