Aspen first quarter sales are up! 26% up! We'll take it! 2015 was our best year ever; so when we took a 43% year to year hit in 2016 Aspen real estate sales the real estate junkies questioned the strength of the Aspen market.
I was asked "why?" as often as I was asked for directions to Smuggler.
If you enjoy real estate micro analysis it started with unstable financial markets at the beginning of the year, followed by Brexit, followed by the uncertainty of the election followed by......
If you are more in line with macro analysis it's really about a seven year cycle. Prices can't continue to go up forever and seven seems to be that cyclical number.
Either way it is history now and we are up Q1 2017 vs. 2016. For the real estate junkies starved for data; Q1 2015-our banner year represented $220M in Aspen sales; so we are down Q1 2017 $136M in sales versus Q1 2015 about 38%.
What does this all mean? Not really sure; other than we are starting to enjoy a more robust market. Micro analysis? Stock market at all time highs? Pull profits off the table before a correction? Move money into real estate? Macro analysis first year after correction? Get in while the getting is good?
At the end of the day (or quarter-ha) as along as there are people who want to be in Aspen and there is limited square footage available the rules of simple supply and demand will continue to prevail. Is there a better place to enjoy your investment?
Q1 Aspen sales 2016 vs. 2017
Q1 Snowmass sales 2016 vs. 2017
Q1 Mid Valley sales 2016 vs. 2017
Posted on 3/31/2017 at 9:16:00 AM