Second Quarter 2016 REAL ESTATE MARKET REPORT...2015 2016 Downtown Core Downtown Core 59 Properties...
Transcript of Second Quarter 2016 REAL ESTATE MARKET REPORT...2015 2016 Downtown Core Downtown Core 59 Properties...
Second Quarter 2016
REAL ESTATE MARKET REPORT
presented by KLUG PROPERTIES
[email protected] KlugProperties.com
CHRIS KLUG 970.948.7055
CHRIS KLUG [email protected] KlugProperties.com
I hope you’re enjoying a great summer. It has been a fun one in Aspen Snowmass. The weath-
er has been spectacular. Our town is full and so is our community calendar with non-stop
activities and events. There’s no place like Aspen in the summer. The cliché rings true, “Come
for the winter, stay for the summer.” Come experience it!
I am proud to share my Second Quarter 2016 Aspen Snowmass Klug Properties Market
Report with you. I study the market every day. Here’s what’s going on in our local real estate
market today. We’re off to a slower first half to 2016 compared to last year. 2015 is looking
really strong midway through 2016. Dollar volume so far in 2016 is off by 51% in Aspen
and the number of transactions in Aspen is down 47%. Inventory of all property types has
increased 25% in Aspen. Pending sales volume is down about 30% through June 30, 2016.
Driven by strong single-family home sales Snowmass highlights the Upper Roaring Fork
Valley market with the strongest first two quarters in terms of sold volume since 2008 with
$127,098,375 sold. The number of transactions however are down about 21% overall. While
dollar volume is way up for single-family homes in Snowmass Village through the first two
quarters, thanks in part to a second 10-million plus sale on Edgewood lane in the past year,
condo sales have been terrible. Dollar volume of Snowmass Village condo sales is down
about 36% and transactions are down about the same. Until we see cranes back in Base
Village, and a clearer future picture for Base Village, I think Snowmass condo sales will remain
slow. If you’re looking for an opportunity this is it. There are some fantastic ski-in/ski-out
condo options available today at one of the best family ski/snowboard resorts in the world,
and it’s only going to get better in the future. I still think Snowmass is the land of opportunity,
one of the reasons I just built a brand new home there myself.
With thirty-three ten million plus home sales last year, thirteen through the first six months
of 2015, we’ve only seen seven so far this year this year. There’s over one hundred 10-million
plus choices in our valley today. In McLain Flats alone there’s 23 listings. I am proud to have
the only property currently under contract in McLain Flats and Starwood. I believe this is
Klug Properties
SECOND QUARTER 2016 ANALYSIS
CHRIS KLUG [email protected] KlugProperties.com
another undervalued area today. If you want to sell today you’ve got to be a price leader,
staged right and marketed aggressively. I believe my comprehensive personal and Sotheby’s
International Realty marketing platform delivers this better than anyone.
Looking at the mid valley market Basalt sold volume is down from 59 million to 48 million,
an 18% decrease with transactions also down from 72 to 64, a 10% decrease. Average sold
price in Basalt through the first six months of 2016 is $754,527 versus $822,406 in 2015,
while average sold price per sq. ft. increased from $291 to $327, an 11% increase. Average
days on market in Basalt are about the same with 214 days. Inventory is pretty consistent
with last year at 159 properties, while pending volume is about half of last year at this time.
I was excited to sell 73 Cains Lane last week for $2,650,000, the second highest sale in Mis-
souri Heights in 2016.
The irony of the slower start the numbers portray, especially in Aspen is that I’m busier than
ever now. I had six different showings in a single day this week, and have shown multiple
properties every day. Our town is 100% occupancy now with lots of buyers looking. The
best selling months are in front of us. Despite a headwind created by cheap oil, a stronger
US Dollar, fluctuating equity markets in the first quarter, and the election our town is full and
visitors and locals are loving it. Don’t write off 2016 yet. It isn’t going to be as strong as 2015,
but the selling season is now. Let’s see where we are in a few months.
I hope my analysis is helpful. This is not a hobby for me. Please call or email anytime with
questions. I’m here full-time ready to help you. Thank you for considering me when buying or
selling in the upper Roaring Fork Valley. I’ve lived here most all my life. I just built a new home
in Snowmass Village that I moved my family into on July 1. There’s no place I’d rather live,
work, play and raise my family. I know the best places on and off the mountain; I am happy to
share my experience and my knowledge and of course my passion for “Living Aspen” with
you. Enjoy the rest of your summer. I hope to catch up with you soon.
Chris Klug
Klug Properties
SECOND QUARTER 2016 ANALYSIS
2015 2016Downtown Core Downtown Core59 Properties Sold 41 Properties SoldAvg. Sold Price: $2,499,551 Avg. Sold Price: $2,649,841Avg. Sold $/SF: $1,432 Avg. Sold $/SF: $1,485Avg. Days on Market: 245 Avg. Days on Market: 199
Downtown Core Downtown CoreSingle Family Homes Single Family Homes4 Properties Sold 2 Properties SoldAvg. Sold Price: $9,762,875 Avg. Sold Price: $8,137,500Avg. Sold $/SF: $2,334 Avg. Sold $/SF: $1,885Avg. Days on Market: 177 Avg. Days on Market: 76
Downtown Core Downtown CoreCondos Condos55 Properties Sold 39 Properties Sold Avg. Sold Price: $1,971,309 Avg. Sold Price: $2,368,423Avg. Sold Price: $1,366 Avg. Sold Price: $1,465Avg. Days on Market: 250 Avg. Days on Market: 205
East Aspen East Aspen12 Properties Sold 5 Properties SoldAvg. Sold Price: $3,739,375 Avg. Sold Price: $5,445,000Avg. Sold $/SF: $1,006 Avg. Sold $/SF: $1,082Avg. Days on Market: 260 Avg. Days on Market: 146
East Aspen East AspenSingle Family Homes Single Family Homes9 Properties Sold 3 Properties SoldAvg. Sold Price: $4,372,500 Avg. Sold Price: $7,683,333Avg. Sold $/SF: $1,026 Avg. Sold $/SF: $1,254Avg. Days on Market: 292 Days on Market: 142
East Aspen East AspenCondos Condos3 Properties Sold 2 Properties SoldAvg. Sold Price: $1,840,000 Avg. Sold Price: $2,087,500Avg. Sold $/SF: $946 Avg. Sold $/SF: $824Avg. Days on Market: 164 Avg. Days on Market: 151
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
KLUG PROPERTIES REAL ESTATE MARKET REPORT
YTD Through June 30, 2015 & 2016
2015 2016Red Mountain Red Mountain7 Properties Sold 4 Properties SoldAvg. Sold Price: $8,667,857 Avg. Sold Price: $7,506,364Avg. Sold $/SF: $1,378 Avg. Sold $/SF: $1,666Avg. Days on Market: 331 Avg. Days on Market: 373
McLain Flats McLain Flats1 Property Sold 0 Properties SoldAvg. Sold Price: $19,300,000 Avg. Sold Price: 0Avg. Sold $/SF: $1,214 Avg. Sold $/SF: 0Avg. Days on Market: 330 Avg. Days on Market: 0
Smuggler Smuggler11 Properties Sold 4 Properties SoldAvg. Sold Price: $1,221,618 Avg. Sold Price: $1,350,425Avg. Sold $/SF: $829 Avg. Sold $/SF: $987Days on Market: 253 Days on Market: 136
Smuggler SmugglerSingle-Family Homes Single-Family Homes3 Properties Sold 2 Properties Sold Avg. Sold Price: $1,809,167 Avg. Sold Price: $2,169,100Avg. Sold $/SF: $676 Avg. Sold $/SF: $1,102Avg. Days on Market: 334 Avg. Days on Market: 182
Smuggler SmugglerCondos Condos8 Properties Sold 2 Properties SoldAvg. Sold Price: $1,001,288 Avg. Sold Price: $531,500Avg. Sold $/SF: $887 Avg. Sold $/SF: $872Avg. Days on Market: 223 Avg. Days on Market: 90
West Aspen West Aspen 27 Properties Sold 10 Properties SoldAvg. Sold Price: $4,430,481 Avg. Sold Price: $3,568,677Avg. Sold $/SF: $882 Avg. Sold $/SF: $837Avg. Days on Market: 369 Avg. Days on Market: 188
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
KLUG PROPERTIES REAL ESTATE MARKET REPORT
YTD Through June 30, 2015 & 2016
CHRIS KLUG 970.948.7055 [email protected]
2015 2016West Aspen West AspenSingle-Family Homes Single-Family Homes8 Properties Sold 5 Properties SoldAvg. Sold Price: $8,605,375 Avg. Sold Price: $6,369,544Avg. Sold $/SF: $1,156 Avg. Sold $/SF: $1,028Avg. Days on Market: 285 Avg. Days on Market: 263
West Aspen West AspenCondos Condos19 Properties Sold 5 Properties SoldAvg. Sold Price: $2,672,632 Avg. Sold Price: $767,800Avg. Sold $/SF: $767 Avg. Sold $/SF: $646Avg. Days on Market: 404 Avg. Days on Market: 113
West End West End19 Properties Sold 9 Properties SoldAvg. Sold Price: $3,108,947 Avg. Sold Price: $2,416,684Avg. Sold $/SF: $1,337 Avg. Sold $/SF: $1,158Days on Market: 182 Days on Market: 213
West End West EndSingle-Family Homes Single-Family Homes10 Properties Sold 1 Property SoldAvg. Sold Price: $4,698,000 Avg. Sold Price: $5,065,000Avg. Sold $/SF: $1,699 Avg. Sold $/SF: $1,172Avg. Days on Market: 179 Avg. Days on Market: 381
West End West EndCondos Condos9 Properties Sold 8 Properties SoldAvg. Sold Price: $1,343,333 Avg. Sold Price: $2,085,644Avg. Sold $/SF: $933 Avg. Sold $/SF: $1,156Avg. Days on Market: 185 Avg. Days on Market: 192
Snowmass Village Snowmass Village72 Properties Sold 57 Properties SoldAvg. Sold Price: $1,713,671 Avg. Sold Price: $2,229,796Avg. Sold $/SF: $733 Avg. Sold $/SF: $758Avg. Days on Market: 295 Avg. Days on Market: 384
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
KLUG PROPERTIES REAL ESTATE MARKET REPORT
YTD Through June 30, 2015 & 2016
2015 2016Snowmass Village Snowmass VillageSingle-Family Homes Single-Family Homes15 Properties Sold 21 Properties Sold
Avg. Sold Price: $4,333,267 Avg. Sold Price: $4,286,048 Avg. Sold $/SF: $915 Avg. Sold $/SF: $945 Avg. Days on Market: 234 Avg. Days on Market: 384
Snowmass Village Snowmass Village Condos Condos 72 Properties Sold 36 Properties Sold Avg. Sold Price: $1,713,671 Avg. Sold Price: $1,030,316 Avg. Sold $/SF: $733 Avg. Sold $/SF: $648 Avg. Days on Market: 295 Avg. Days on Market: 385
Brush Creek Village Brush Creek Village 0 Properties Sold 0 Properties SoldAvg. Sold Price: 0 Avg. Sold Price: 0
Avg. Sold $/SF: 0 Avg. Sold $/SF: 0Avg. Days on Market: 0 Avg. Days on Market: 0
Woody Creek Woody Creek5 Properties Sold 5 Properties SoldAvg. Sold Price: $8,883,333 Avg. Sold Price: $ 1,805,090Avg. Sold $/SF: $1,212 Avg. Sold $/SF: $701Avg. Days on Market: 832 Avg. Days on Market: 175
Woody Creek Woody CreekSingle-Family Homes Single-Family3 Properties Sold 5 Properties SoldAvg. Sold Price: $8,883,333 Avg. Sold Price: $1,805,090Avg. Sold $/SF: $1,212 Avg. Sold $/SF: $701Avg. Days on Market: 832 Avg. Days on Market: 175
Woody Creek Woody CreekCondos Condos2 Properties Sold 0 Properties SoldAvg. Sold Price: $ 254,500 Avg. Sold Price: $0Avg. Sold $/SF: $458 Avg. Sold $/SF: $0Avg. Days on Market: 121 Avg. Days on Market: 0
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
KLUG PROPERTIES REAL ESTATE MARKET REPORT
YTD Through June 30, 2015 & 2016
2015 2016Old Snowmass Old Snowmass
8 Properties Sold 6 Properties SoldAvg. Sold Price: $4,935,143 Avg. Sold Price: $769,417Avg. Sold $/SF: $1,555 Avg. Sold $/SF: $294Avg. Days on Market: 902 Avg. Days on Market 195
Old Snowmass Old SnowmassSingle-Family Homes Single-Family Homes7 Properties Sold 6 Properties SoldAvg. Sold Price: $2,350,143 Avg. Sold Price: $769,417Avg. Sold $/SF: $830 Avg. Sold $/SF: $294Avg. Days on Market: 769 Avg. Days on Market: 195
Old Snowmass Old SnowmassCondos - Farm/Ranch Condos - Farm/Ranch1 Property Sold 0 Properties SoldAvg. Sold Price: $2,585,000 Avg. Sold Price: $0Avg. Sold $/SF: $726 Avg. Sold $/SF: $0Avg. Days on Market: 133 Avg. Days on Market:
Basalt Basalt72 Properties Sold 64 Properties SoldAvg. Sold Price: $822,406 Avg. Sold Price: $754,527Avg. Sold $/SF: $291 Avg. Sold $/SF: $327Avg. Days on Market: 217 Avg. Days on Market: 214
Basalt BasaltSingle-Family Homes Single-Family Homes33 Properties Sold 32 Properties SoldAvg. Sold Price: $718,294 Avg. Sold Price: $855,665Avg. Sold $/SF: $280 Avg. Sold $/SF: $302Avg. Days on Market: 267 Avg. Days on Market: 185
Basalt BasaltCondos Condos 36 Properties Sold 31 Properties SoldAvg. Sold Price: $437,319 Avg. Sold Price: $631,080Avg. Sold $/SF: 274 Avg. Sold $/SF: $351Avg. Days on Market: 171 Avg. Days on Market: 243
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
KLUG PROPERTIES REAL ESTATE MARKET REPORT
YTD Through June 30, 2015 & 2016
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
ASPEN
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
$320,000,000
$300,000,000
$280,000,000
$260,000,000
$240,000,000
$200,000,000
$180,000,000
$160,000,000
$140,000,000
$120,000,000
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,0000
20000000400000006000000080000000
100000000120000000140000000160000000180000000200000000220000000240000000260000000280000000300000000320000000340000000360000000
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Aspen Single-Family Sold Volume
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Aspen Single-Family Average Sold Price Per Sq Ft$1500
$1400
$1300
$1200
$1100
$1000
$900
$800
$700
$600
$500
$400
$300
$200
$100
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
4500000
5000000
5500000
6000000
6500000
7000000
7500000
8000000
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$7,000,000
$6,500,000
$6,000,000
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,150,000
$1,000,000
$500,000
Aspen Single-Family Average Sold Price
ASPEN
Aspen Condo Sold Volume$180,000,000$170,000,000$160,000,000$150,000,000$140,000,000$130,000,000$120,000,000$110,000,000$100,000,000$90,000,000$80,000,000$70,000,000$60,000,000$50,000,000$40,000,000$30,000,000$20,000,000$10,000,000
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
ASPEN
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
0
200
400
600
800
1000
1200
1400
1600
1800
2000
2200
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$2,000
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
Aspen Condo Average Sold Price Per Sq Ft
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0
200000
400000
600000
800000
1000000
1200000
1400000
1600000
1800000
2000000
2200000
2400000
2600000
20072008
20092010
20112012
20132014
20152016
Aspen Condo Average Sold Price
$2,200,000
$2,000,000
$1,800,000
$1,600,000
$1,400,000
$1,200,000
$1,000,000
$800,000
$600,000
$400,000
$200,000
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
SNOWMASS VILLAGE
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
$160,000,000
$150,000,000
$140,000,000
$130,000,000
$120,000,000
$110,000,000
$100,000,000
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,0000
100000002000000030000000400000005000000060000000700000008000000090000000
100000000110000000120000000130000000140000000150000000160000000170000000180000000
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SMV Single-Family Sold Volume
CHRIS KLUG [email protected] KlugProperties.com
0100200300400500600700800900
100011001200130014001500160017001800
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SMV Single-Family Average Sold Price Per Sq Ft$1600$1500$1400
$1300$1200$1100$1000
$900
$800
$700
$600
$500
$400$300
$200
$100
SNOWMASS VILLAGE
CHRIS KLUG [email protected] KlugProperties.com
Aspen Condo Sold Volume$70,500,000
$70,000,000
$60,500,000
$60,000,000
$50,500,000
$50,000,000
$40,500,000
$40,000,000
$30,500,000
$30,000,000
$20,500,000
$20,000,000
$10,500,000
$10,000,000
$5,000,000
0
5000000
10000000
15000000
20000000
25000000
30000000
35000000
40000000
45000000
50000000
55000000
60000000
65000000
70000000
75000000
80000000
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SMV Condo Sold Volume
0
500000
1000000
1500000
2000000
2500000
3000000
3500000
4000000
4500000
5000000
5500000
6000000
6500000
7000000
7500000
8000000
8500000
20072008
20092010
20112012
20132014
20152016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$8,000,000
$7,500,000
$7,000,000
$6,500,000
$6,000,000
$5,500,000
$5,000,000
$4,500,000
$4,000,000
$3,500,000
$3,000,000
$2,500,000
$2,000,000
$1,150,000
$1,000,000
$500,000
SMV Single-Family Average Sold Price
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
SNOWMASS VILLAGE
Information is deemed to be reliable but is not guaranteed. © 2016 MLS and FBS .• Prepared by Chris J. Klug
CHRIS KLUG [email protected] KlugProperties.com
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 0
100000
200000
300000
400000
500000
600000
700000
800000
900000
1000000
1100000
1200000
1300000
1400000
20072008
20092010
20112012
20132014
20152016
SMV Condo Average Sold Price$1,300,000
$1,200,000
$1,100,000
$1,000,000
$900,000
$800,000
$700,000
$600,000
$500,000
$400,000
$300,000
$200,000
$100,000
0
100
200
300
400
500
600
700
800
900
1000
1100
1200
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
$1,100
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
SMV Condo Average Sold Price Per Sq Ft
Source: Aspen Board of Realtors Multiple Listing Service
# Top 10 Companies $ Volume Market Share1 Aspen Snowmass Sotheby’s $ 374,935,958 24.962 Coldwell Banker Mason Morse $ 255,589,663 17.013 Douglas Elliman Real Estate $ 70,033,088 4.664 Aspen Snowmass Properties/ $ 58,944,913 3.92 BJ Adams and Company 5 Whitman Fine Properties $ 44,250,000 2.956 Shane/Compass Aspen $ 42,152,788 2.817 The Property Shop Inc $ 38,146,446 2.548 Lorrie B Aspen $ 37,190,000 2.489 Aspen Associates Realty $ 34,304,500 2.2810 Vicki Lee Green Realtors $ 32,958,314 2.19
All Other Companies $ 513,760,308 34.2 $1,502,265,978 100
The P
rope
rty S
hop
Inc.
All Others
Coldwell Banker Mason Morse
Shan
e/C
ompa
ss A
spen
Whi
tman
Fin
e Pro
pert
ies
Aspen
Asso
ciates
Realty
Aspe
n Sn
owm
ass P
rope
rtie
s/
BJ A
dam
s and
Com
pany
#1
24.96%
Vicki Lee Green Realtors L
LC
Douglas Elliman
Real Estate
Lorri
e B A
spen
2016 MARKET SHARE January 1,2016 to June 30, 2016
CHRIS KLUG [email protected] KlugProperties.com