Fourth Quarter 2016 ASPEN SNOWMASS REAL ESTATE MARKET REPORT · I’m excited to share my 2016 Aspen Snowmass Market Report with you. It was an inter-esting 2016 for residential real

Fourth Quarter 2016

ASPEN SNOWMASS

presented by

KLUG PROPERTIES

[email protected] KlugProperties.com

CHRIS KLUG 970.948.7055

REAL ESTATE MARKET REPORT

Happy 2017! I hope you’re enjoying a great winter season. What a start to the year it has

been for skiers and snowboarders after getting pounded with snow the first two week of

2017. The conditions on our local mountains have been awesome!

I’m excited to share my 2016 Aspen Snowmass Market Report with you. It was an inter-

esting 2016 for residential real estate sales in the Upper Roaring Fork Valley. After a slow

start to the year on the heels of a great 2015, we saw sales activity pick up in the third and

fourth quarter. Macro economic forces including the strength of the Dollar, oil, equities and

the election all played a major role in 2016. Buyer’s were on edge much of the first half of

2016. Overall we saw dollar volume in Aspen, Snowmass and Woody Creek for residential,

whole ownership sales of improved and vacant land decrease from about $1.55 billion in

2015 to just under one billion in 2016. Ever since 2009 we’ve experienced year over year

increases in the number of sales and dollar volume until 2016. This was our first down year

since the bottom of the market in 2009.

Aspen single-family home sales dollar volume and # of sales saw about half the activity of

2015, while Aspen condos were about 25% off overall. Ten million plus sales in Aspen had a

huge impact on the numbers with 29 sales in Aspen last year compared to just 13 in 2016.

The average sold price for Aspen single-family homes decreased from $7.39 million in 2015

to $6.44 million in 2016, while average single-family sold price per sq. ft. was also down $55

from $1,389 in 2015 to $1,344 in 2016. Aspen condo average sold price increased slightly

from $1.97 million in 2015 to $2 million in 2016 with average sold price per sq. ft. also up

from $1,182 in 2015 to $1,235 in 2016, about a 4% increase.

The sale of Base Village to Aspen Skiing Company, East West Partners and KSL in De-

cember is so exciting for Snowmass Village. The positive momentum in Snowmass Village

going into 2017 helped drive single-family sold volume up slightly from $144 million to $149

million in 2016, while condo sales were almost identical to 2015, which is a huge victory

Klug Properties

2016 YEAR END MARKET REPORT SUMMARY

CHRIS KLUG [email protected] KlugProperties.com

considering all of the questions around the world in 2016 - and the slump we saw in Aspen

single-family and condo sales activity. Average single-family sold price in Snowmass Village

was $3.9 million in 2016 compared to $4.1 million in 2015 with average sold price per sq. ft.

for single-family homes down slightly from $922 in 2015 to $886 in 2016, about a 4% de-

crease. Snowmass condos saw a slight increase in average sale prices and almost exactly the

same sold price per sq. ft. in 2015 and 2016 at $634, which is almost half of that for Aspen

condos on average. With a huge investment in Base Village in the years ahead, I’m very

bullish on Snowmass Village. There are some great single-family and ski-in/ski-out condo

opportunities available now.

At the end of 2016 there were 394 active single-family, condo and vacant land listings com-

pared to 374 at the end of November and 352 at the end of 2015. Inventory of all property

types in Aspen is up about 10% year over year. Snowmass Village had 260 single-family,

condo and vacant land listings compared to 251 in November 2016 and 246 in December

2015, a 5% increase year over year. Basalt’s inventory was nearly the same at the end of

2016 compared to the end of 2015.

We saw about 15 sales over $2,000 a sq. ft. in 2016 in Aspen and two sales at $4,275 a sq.

ft. for the Monarch on the Park Penthouse, and just over $5,000 a sq. ft. for the unfinished

Dancing Bear Penthouse, which is now listed t $10,000 a sq. ft. finishes, a new record.

Showing activity was as busy as I’ve seen it in nearly a decade between Christmas and New

Years. I think we’re set-up for a great winter selling season ahead after a slower 2016. Buy-

ers seem to have a little more confidence heading into 2017. I hope my analysis is helpful.

I study the market every day and am here full-time ready to help you. Please call or email

anytime with questions or if you’d like a free analysis of your property’s value today. Thank

you for keeping me in mind. Wishing you a healthy and happy 2017 ahead!

Chris Klug

Klug Properties

2016 YEAR END MARKET REPORT SUMMARY


2015 2016Downtown Core Downtown Core

117 Properties Sold 83 Properties Sold Avg. Sold Price: $2,571,350 Avg. Sold Price: $2,364,431 Avg. Sold $/SF: $1,444 Avg. Sold $/SF: $1,454 Days on Market: 237 Days on Market: 227

East Aspen East Aspen 27 Properties Sold 13 Properties Sold Avg. Sold Price: $4,211,783 Avg. Sold Price: $4,175,385 Avg. Sold $/SF: $1,145 Avg. Sold $/SF: $1,031 Days on Market: 225 Days on Market: 209

Red Mountain Red Mountain 19 Properties Sold 8 Properties Sold Avg. Sold Price: $10,544,149 Avg. Sold Price: $10,128,182 Avg. Sold $/SF: $1,589 Avg. Sold $/SF: $1,697 Days on Market: 389 Days on Market: 357

McLain Flats McLain Flats 5 Properties Sold 2 Properties Sold Avg. Sold Price: $52,912,500 Avg. Sold Price: $5,125,000 Avg. Sold $/SF: $1,252 Avg. Sold $/SF: $616 Days on Market: 199 Days on Market: 238

Smuggler Smuggler 24 Properties Sold 21 Properties Sold Avg. Sold Price: $1,549,800 Avg. Sold Price: $1,585,486 Avg. Sold $/SF: $870 Avg. Sold $/SF: $955 Days on Market: 194 Days on Market: 187

Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug

KLUG PROPERTIES REAL ESTATE MARKET REPORT

YTD Sales Comparison Through December 31, 2016


2015 2016West Aspen West Aspen60 Properties Sold 30 Properties SoldAvg. Sold Price: $4,572,905 Avg. Sold Price: $3,978,726Avg. Sold $/SF: $894 Avg. Sold $/SF: $889Days on Market: 300 Days on Market: 418

West End West End46 Properties Sold 34 Properties SoldAvg. Sold Price: $4,262,299 Avg. Sold Price: $ 3,808,137Avg. Sold $/SF: $1,355 Avg. Sold $/SF: $1,328Days on Market: 214 Days on Market: 220

Snowmass Village Snowmass Village101 Properties Sold 88 Properties SoldAvg. Sold Price: $1,733,715 Avg. Sold Price: $2,072,602Avg. Sold $/SF: $709 Avg. Sold $/SF: $737Days on Market: 301 Days on Market: 363

Brush Creek Village Brush Creek Village2 Properties Sold 4 Properties SoldAvg. Sold Price: $1,637,500 Avg. Sold Price: $1,764,500Avg. Sold $/SF: 531 Avg. Sold $/SF: $491Days on Market: 365 Days on Market: 194

Basalt Basalt179 Properties Sold 117 Properties SoldAvg. Sold Price: $736,449 Avg. Sold Price: $723,356Avg. Sold $/SF: $313 Avg. Sold $/SF: $347Days on Market 191 Days on Market: 192


KLUG PROPERTIES REAL ESTATE MARKET REPORT

YTD Sales Comparison Through December 31, 2016



ASPEN


0

500000

1000000

1500000

2000000

2500000

3000000

3500000

4000000

4500000

5000000

5500000

6000000

6500000

7000000

7500000

8000000

8500000

2007 2008 2009 2010 20112012 2013 2014 2015 2016

$7,500,000

$7,000,000

$6,500,000

$6,000,000

$5,500,000

$5,000,000

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

Aspen Single-Family Avg Sold Price

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

20072008

20092010

20112012

20132014

20152016

$1400

$1300

$1200

$1100

$1000

$900

$800

$700

$600

$500

$400

$300

$200

$100

Aspen Single-Family Avg Sold Price/Sq Ft

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

050000000

100000000150000000200000000250000000300000000350000000400000000450000000500000000550000000600000000650000000700000000750000000800000000850000000900000000

20072008

20092010

20112012

20132014

20152016

$800,000,000

$750,000,000

$700,000,000

$650,000,000

$600,000,000

$550,000,000

$500,000,000

$450,000,000

$400,000,000

$350,000,000

$300,000,000

$250,000,000

$200,000,000

$150,000,000

$100,000,000

$50,000,000

Aspen Single-Family Sold Volume

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016



ASPEN

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

4000000

4500000

5000000

5500000

6000000

6500000

7000000

7500000

8000000

8500000

20072008

20092010

20112012

20132014

20152016

$7,500,000

$7,000,000

$6,500,000

$6,000,000

$5,500,000

$5,000,000

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

Aspen Single-Family Avg Sold Price

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

50000000

100000000

150000000

200000000

250000000

300000000

350000000

400000000

450000000

20072008

20092010

20112012

20132014

20152016

Aspen Condo Sold Volume

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

$400,000,000

$350,000,000

$300,000,000

$250,000,000

$200,000,000

$150,000,000

$100,000,000

$50,000,000



ASPEN


0

200000

400000

600000

800000

1000000

1200000

1400000

1600000

1800000

2000000

2200000

2400000

2600000

2800000

3000000

3200000

20072008

20092010

20112012

20132014

20152016

$2,800,000

$2,600,000

$2,400,000

$2,200,000

$2,000,000

$1,800,000

$1,600,000

$1,400,000

$1,200,000

$1,000,000

$800,000

$600,000

$400,000

$200,000

Aspen Condo Avg Sold Price

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

20072008

20092010

20112012

20132014

20152016

$1400

$1300

$1200

$1100

$1000

$900

$800

$700

$600

$500

$400

$300

$200

$100

Aspen Condo Avg Sold Price/Sq Ft

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016



SNOWMASS VILLAGE


0

100

200

300

400

500

600

700

800

900

1000

1100

1200

1300

1400

1500

1600

20072008

20092010

20112012

20132014

20152016

$1400

$1300

$1200

$1100

$1000

$900

$800

$700

$600

$500

$400

$300

$200

$100

SMV Single-Family Avg Sold Price/Sq Ft

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

20000000

40000000

60000000

80000000

100000000

120000000

140000000

160000000

180000000

200000000

220000000

240000000

20072008

20092010

20112012

20132014

20152016

$200,000,000

$180,000,000

$160,000,000

$140,000,000

$120,000,000

$100,000,000

$80,000,000

$60,000,000

$40,000,000

$20,000,000

SMV Single-Family Sold Volume

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


SNOWMASS VILLAGE


0

10000000

20000000

30000000

40000000

50000000

60000000

70000000

80000000

90000000

100000000

110000000

120000000

130000000

140000000

150000000

160000000

170000000

20072008

20092010

20112012

20132014

20152016

$150,000,000

$140,000,000

$130,000,000

$120,000,000

$110,000,000

$100,000,000

$90,000,000

$80,000,000

$70,000,000

$60,000,000

$50,000,000

$40,000,000

$30,000,000

$20,000,000

$10,000,000

SMV Condo Sold Volume

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

500000

1000000

1500000

2000000

2500000

3000000

3500000

4000000

4500000

5000000

5500000

6000000

6500000

7000000

7500000

20072008

20092010

20112012

20132014

20152016

$6,500,000

$6,000,000

$5,500,000

$5,000,000

$4,500,000

$4,000,000

$3,500,000

$3,000,000

$2,500,000

$2,000,000

$1,500,000

$1,000,000

$500,000

SMV Single-Family Avg Sold Price

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016



SNOWMASS VILLAGE


0

100000

200000

300000

400000

500000

600000

700000

800000

900000

1000000

1100000

1200000

1300000

1400000

1500000

1600000

20072008

20092010

20112012

20132014

20152016

$1,400,000

$1,300,000

$1,200,000

$1,100,000

$1,000,000

$900,000

$800,000

$700,000

$600,000

$500,000

$400,000

$300,000

$200,000

$100,000

SMV Condo Avg Sold Price

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

0

100

200

300

400

500

600

700

800

900

1000

1100

1200

20072008

20092010

20112012

20132014

20152016

$1000

$900

$800

$700

$600

$500

$400

$300

$200

$100

SMV Condo Avg Sold Price/Sq Ft

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016


#1

# Top 10 Companies $ Volume Market Share1 Aspen Snowmass Sotheby’s $ 962,979,581 25.762 Coldwell Banker Mason Morse $ 519,877,751 13.913 Compass Aspen/Shane $ 175,791,996 4.74 Douglas Elliman Real Estate $ 169,273,968 4.535 Aspen Associates Realty $ 142,846,522 3.826 Berkshire Hathaway Home Services | $ 129,978,932 3.48 Aspen Snowmass Properties 7 The Property Shop Inc $ 77,934,196 2.098 Vicki Lee Green Realtors, LLC $ 69,801,416 1.879 Fleisher Real Estate $ 61,506,095 1.6510 Lorrie B Aspen $ 57,020,938 1.53 All Other Companies $1,370,565,239 36.66 $3,737,576,634 100

The P

rope

rty S

hop

All Others

Coldwell Banker Mason Morse

25.76%

Aspen Associates

Realty

Vicki L

ee G

reen

Compass Aspen/ ShaneDouglas

Elliman Real Estate

Lorrie B

Asp

en

Fleish

er R

eal E

state

Berk

shire

Hat

hawa

y Hom

e Ser

vice

s/

Aspe

n Sn

owm

ass P

rope

rtie

s

Source: Aspen Board of Realtors Multiple Listing Service

2016 MARKET SHARE January 1,2016 to December 31, 2016


Documents

Fourth Quarter 2016 ASPEN SNOWMASS REAL ESTATE MARKET REPORT · I’m excited to share my 2016 Aspen Snowmass Market Report with you. It was an inter-esting 2016 for residential real