Homebuyers in the valley are finding a shrinking inventory of homes.
The sales numbers for the past year in Aspen have been staggering: The media list price was $11.9 million, with the average price per square foot hovering near $2,238. Longtime Coldwell Banker agent Carrie Wells (carriewells.com), who recently closed nearly $70 million in sales for three luxury Aspen properties, sat down with us to offer tips for navigating the market in the year ahead.
Real estate pro Carrie Wells.
Your recent sales achievement is impressive—what does it say about this market?
Yes, this was an exceptional week that was the product of a few sizable sales, in both square footage and price. These were three great homes close to downtown, with space and remarkable views. It shows the continued movement of the market’s serious buyers, who are looking for luxury property and ready to close quickly.
Do you see this trend continuing?
It depends on what happens with the inventory of homes on the market. At the moment, we still have plenty of demand from buyers looking for full-time residences and second homes, but there are fewer options available. The trend of buyers coming from urban areas will likely continue, as more people discover the appeal of having a home close to the beauty and nature of Aspen.
Before making an offer, Wells says buyers should identify their must-haves, including outstanding views from premium outdoor spaces like this one designed by Ro | Rockett.
What’s your advice to those looking to buy in Aspen or the valley this year?
Identify the most important [home] qualities for you and your family. Do you need outdoor space, numerous bedrooms or a home office? Consult with a broker who specializes in your preferred neighborhoods, and start the search process. Have the understanding that the perfect place may not yet be available, but when something great comes to market, you’ll be ready to go for it.
Is there an area of the valley that might be overlooked, and what is the next hot area?
There aren’t many overlooked areas in the valley right now; demand is high from Aspen to Glenwood. I do think buyers are looking for those hidden-gem properties—homes or land close to in-town amenities, with extra leg room and green space. Some of these exceptional places still exist, although they can be difficult to find. Snowmass Village is also growing with the development of Base Village and nearby luxury properties, making it an attractive option for many new buyers.
Any advice to sellers in this market?
The limited inventory and current propensity of buyers looking to close quickly have created an ideal climate for home sales. My advice to sellers on the fence: Communicate your goals and expectations with your broker, and list when you’re really ready to sell. Also, most buyers are looking for something turnkey, so don’t be opposed to making essential improvements to achieve the highest price for your home.
Photography by: Property Images Courtesy of RO | ROCKETT DESIGN. Portrait Courtesy of Carrie Wells.