Douglas Elliman Releases Q2 2017 Aspen and Snowmass Village Market Report

Aspen Sees Surge in Sales; Snowmass Mirrors Trend at a Lesser Degree

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Jul 27, 2017, 09:00 ET

NEW YORK, July 27, 2017 /PRNewswire/ -- Douglas Elliman Real Estate, the fourth largest residential real estate company nationwide, today releases the second quarter 2017 Aspen and Snowmass Village Market Report. Aspen saw a surge of sales across all property types, with the entire market moving faster than a year ago. Snowmass also saw a rise in sales.

"The big takeaway in Aspen was the rapid increase in number of sales, leading to overall higher prices and tighter negotiability," Stephen Kotler, President of Brokerage-Western Region, Douglas Elliman. "The entire Aspen market really moved this quarter. Snowmass Village saw a similar phenomenon, but to a lesser degree than in neighboring Aspen."

"There was a surge in the number of sales across all Aspen property types, overpowering supply," added Jonathan Miller, author of the report. "Single family sales more than tripled and condo sales nearly doubled. Sales in Snowmass Village continued to rise, average prices edged higher, inventory slipped with the result being faster marketing times and less negotiability for the consumer."

Highlights of the Douglas Elliman Q2 Market Reports:

ASPEN HIGHLIGHTS

Overview
- Surge in the number of sales across property types overpowering supply
- Single family sales more than tripled and condo sales nearly doubled
- Much faster moving market when compared to last year
- Overall price per square foot moved higher as negotiability tightened
- Jump in average sales size skewed average and median sales price higher

Key Trend Metrics (compared to same year ago period)
- Average price per square foot rose 5.3% to $1,391
- Number of sales surged 128.9% to 87
- Days on market was 277, up 46.6%
- Listing discount was 7.8%, down from 8.5%
- Listing inventory declined 35.2% to 326
- Average square footage rose 16.2% to 2,964

SNOWMASS VILLAGE HIGHLIGHTS

Overview
- Market wide, the number of sales continued to rise as inventory slipped
- Despite the decline in sales size, average price per square foot edged higher
- Faster marketing time with less negotiability

Key Trend Metrics (compared to same year ago period)
- Average price per square foot edged up 1.2% to $788
- Number of sales rose 20.6% to 41
- Days on market fell 6.3% to 269
- Listing discount was 8.1%, down from 10.2%
- Listing inventory slipped 1.5% to 264
- Average square footage declined 12.1% to 2,335

About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 6,500 agents, the company operates approximately 90 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 59 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit www.elliman.com.