The leading market of our Central region has dipped after a steady 5-year climb in sales prices. Starting at an average sales price of $17M in 2018, prices have grown by a staggering 294% to the peak in 2023 of $50M average. This top luxury market did dip again in 2024 but still averaged $39M in the top 10 sales, ranking it the third highest market of all 56 analyzed. With numbers this big also comes more volatility over the years. The average Days On Market (DOM) was typically over 400, even surpassing 700 in 2020 and 2022. In the last two years, properties started to sell faster at 434 and 266 days, in 2023 and 2024.
Highlights
Aspen average sale price soared 294% in 6 years from a $17M in 2018 to a $50M peak in 2023, before settling at $39M in 2024, ranking the market the third highest of all 56
DOM improved dramatically from 700+ days to just 266 in 2024
Achieved 100%+ of list price in both 2021 and 2023 before dropping nearly 10% in 2024
Flying high
Aspen stands out in our Central region due to high sales prices and efficient DOM. Aspen’s sale-to-list price also shows some noteworthy dynamics. In two years, many luxury properties in Aspen sold for more than their list prices, making the average sale to list price 100% in 2021 and 101% in 2023. This is unprecedented in the luxury market. Buyers often pay considerably less than the original list price of the property. Because of these irregularly high sales-to-list prices, we don't see a stark difference between the sale prices based on properties’ time on the market. Although, in 2024, as the market began to stabilize, the difference in the sales-to-list price ratio based on DOM began to widen, dropping nearly 10% on average. Properties sold within 180 days were 8% closer to their list price compared to those that took longer to sell.
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