Aspen and Greater Pitkin County have seen a housing boom of historic proportions in the last year. With sales of nearly $4 billion in 2020, inventories are low and demand remains strong. Due to the influx of buyers from all over the U.S. making the move to the mountains permanently or part-time, new and updated properties have sold for a premium.
Pitkin’s First Quarter of 2021—What’s Next?
The first quarter of 2021 has been steady and indicates that the trend of moving to the Rocky Mountains is continuing. Aspen has 1/3rd of its residential listings under contract, with Basalt and Snowmass at 50% each. Our sales volume for the year so far is -14% below last year at this time, but inventory is up by 77%. As we go through the second quarter, we will keep you up to date on the latest market trends.
In response to the overwhelming demand for Aspen properties, and not enough real estate to go around, Pitkin County commissioners have been considering revising their zoning codes. One proposal suggested that there should be a maximum size for new homes.
Reducing home sizes has been on the county’s radar for a while, but the impact of this has been complicated due to the second-home industry being an economic driver in Pitkin County. Earlier in 2020, Pitkin County passed new building regulations, increasing the minimum energy efficiency of new residences, and the county commissioners are considering putting even more regulations into place. So, for those hoping to build a home for themselves in Aspen, these changes mean they need to move quickly.
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Looking to buy a home or property in the Aspen, Snowmass area? Contact us at RE/MAX Signature today. Reach us at (970) 429-8275 to talk about your next move.