Wrapping up the Winter season - March/April 2024 Market Update

Apr 4

Key metrics

Aspen new listings down 58.8% from last year
NO sales closed last month in Missouri Heights, Marble, Redstone, Old Snowmass
The median sales price went down 17% through 2024 so far compared to what it was last year through the first months of 2023… Meanwhile the average sales price went up 20%.

Disclaimer: these numbers were just published by our local board of Realtors. They were late to publish them this time around, and we are just now looking at stats for the month of February 2024.

A sleepy market going into the slow season.

Typically we see the least amount of new listings brought to the market late in the Winter. Still, even as compared to the same month last year, there are still almost 10% less new listings than in February of 2023. We know that the averages can easily be skewed out of such small numbers.

Median sales price down 17%, Average sales price up 20%? Duh?

Seems contradictory doesn't it? Well, it actually reflects what we see out there pretty well. There are really 2 types of listings out there right now: The good houses sell quickly and for a lot of money, and the less than average ones that can only sell in a very good market like now. The first type pushes the median price up and the second type pushes the average price down. If you are about to list your house, make it move in ready, you will get that money back and then some!

What to expect from the Spring and Summer ahead?

We are about to leave the slow season behind and head into the busy time of the year. Starting the buying process in the Spring and moving in during the Summer months, or coming to visit in the Summer and buy a second home then, is the most popular and convenient timing for most people. We are starting off the busy season with no inventory and a lot of buyers on the fence, ready to pull the trigger when the right property comes up. Don’t expect prices to come down if you are looking to buy!

As a seller, this should be an exciting time. You will have little to no competition on your listing. It will be different then the COVID frenzy years though. The pool of buyers in today’s rate environment is much less than it was a few years ago. You will have less showings, and it might take more time, but your sale should yield just as much or more than it would have then.